Latest Scotland news

  • Insight - In new trend, European fund firms become banks in all but name 15 hours ago

    By Sinead Cruise and Simon Jessop LONDON (Reuters) - Australian Symon Drake-Brockman is on the front line of a revolution in European finance. The former head of global debt markets at Royal Bank of Scotland now runs Pemberton Asset Management in London's genteel Belgravia, several miles from the "Square Mile" City of London financial district where bankers work. Drake-Brockman is one of a growing number of financiers who are teaming up with insurers and pension funds to build loan books to rival banks, turning some fund firms into banks in all but name. More »

  • RBS Eyes Shock Bid For £13bn Mortgage Book
    RBS Eyes Shock Bid For £13bn Mortgage Book 19 hours ago

    The taxpayer-backed Royal Bank of Scotland (RBS) has emerged as a surprise bidder for parts of a £13bn state-owned mortgage portfolio earmarked for sale by George Osborne. Sky News has learnt that RBS is among a pack of prospective bidders which have registered an interest in acquiring Granite, a mortgage securitisation vehicle established by Northern Rock nearly 15 years ago. If RBS proceeds, it would be the first significant acquisition made by the lender since it was bailed out with £45.5bn of taxpayers' money more than six years ago. More »

  • RBS mulls bid for UK government-owned mortgage portfolio - Sky News
    RBS mulls bid for UK government-owned mortgage portfolio - Sky News 23 hours ago

    (Reuters) - Royal Bank of Scotland Group Plc (RBS) is one of many prospective bidders that have shown an interest in buying Granite, a £13 billion mortgage securitisation vehicle earmarked for sale by the UK government, Sky News reported, citing people familiar with the matter. RBS may team up with other bidders, including private equity firms to buy Granite, or may decide to not bid at all, Sky News said on Tuesday. The state-owned bank is looking to deploy some of its surplus funds through the potential purchase, and invest primarily in UK retail and commercial business to grow its position in mortgages, the website said. More »

  • FTSE sets two-week closing low, commodity and banking stocks weigh
    FTSE sets two-week closing low, commodity and banking stocks weigh Tue, May 26, 2015

    By Atul Prakash LONDON (Reuters) - Britain's top share index hit a two-week closing low on Tuesday, with banks slipping after Spanish regional election results put euro zone financials on the back foot, while falling oil and metals prices hit commodity stocks. Spanish Prime Minister Mariano Rajoy's People's Party suffered heavy losses in local elections on Sunday, throwing his re-election later this year into doubt and opening the door for the anti-austerity Podemos party. British banks with the most exposure to the euro zone, such as Royal Bank of Scotland , Barclays and Lloyds fell by 1.3 to 2.8 percent. More »

  • Scottish nationalists pledge to resist planned UK spending cuts
    Scottish nationalists pledge to resist planned UK spending cuts Tue, May 26, 2015

    Scottish National Party leader Nicola Sturgeon said on Tuesday her party would seek to resist UK-wide public spending cuts planned by Britain's newly-elected Conservative government, saying they would harm the economic recovery. Sturgeon's party, the SNP, ultimately wants Scotland to become independent and won 56 of 59 Scottish seats in the Westminster parliament on May 7 after successfully campaigning on an anti-austerity platform. Sturgeon, who is also Scotland's First Minister, said Scots had voted for neither austerity nor the Conservatives in large numbers. More »

  • Scotland to fight to stay in the EU
    Scotland to fight to stay in the EU Tue, May 26, 2015

    Nicola Sturgeon has said the Scottish Government will make a "strong and positive" case for the UK to remain in the EU to prevent Scotland being forced out against its will. More »

  • Montgomerie retains Senior PGA title by four shots
    Montgomerie retains Senior PGA title by four shots Sun, May 24, 2015

    (Reuters) - Colin Montgomerie of Scotland retained his Senior PGA Championship crown by a commanding four shots on Sunday at French Lick, Indiana as he earned his third major title in the over-50 ranks. Three ahead overnight, Montgomerie rebounded from a bogey on the opening hole with a superb display on the challenging Pete Dye course at the French Lick Resort, piling up six birdies and just two more bogeys on the way to a three-under-par 69. Montgomerie became the first player since American Hale Irwin (1996-1998) to successfully defend the Senior PGA Championship. More »

  • 'No decision' on HS2 Scotland link
    'No decision' on HS2 Scotland link Sun, May 24, 2015

    A decision on whether to extend the HS2 high-speed rail link to Scotland has yet to be made by ministers, the UK Government has said. More »

  • Monty leads Langer by three at Senior PGA
    Monty leads Langer by three at Senior PGA Sun, May 24, 2015

    (Reuters) - Defending champion Colin Montgomerie of Scotland took advantage of a late collapse by American Brian Henninger to seize a three-shot lead after the third round of the Senior PGA Championship on Saturday at French Lick, Indiana. Henninger tumbled out of a tie for the lead with a triple-bogey at the par-four 16th, after losing his ball in thick rough with his second shot, before Montgomerie finished off in style with a birdie at the last to card a two-under-par 70. Henninger wound up with a 74 for a share of third place at one under, level with fellow American Scott Verplank (70) and Mexico's Esteban Toledo (73). More »

  • Lehman leads Montgomerie, Henninger by one at Senior PGA
    Lehman leads Montgomerie, Henninger by one at Senior PGA Sat, May 23, 2015

    (Reuters) - Tom Lehman took advantage of some gentler conditions late in the day at the difficult French Lick Resort course to post a 67 and take a one-stroke lead at the halfway mark of the Senior PGA Championship on Friday. Lehman posted five birdies in the back nine after a challenging wind died down to reach four-under-par 140, one shot better than defending champion Colin Montgomerie of Scotland (69) and American Brian Henninger (67) at French Lick, Indiana. Another stroke back at 142 was Mexico's Esteban Toledo (68), with first-round leader Massy Kuramoto of Japan three shots off the pace after posting an even-par 72 for 143. More »

  • Dog found at summit of Scafell Pike
    Dog found at summit of Scafell Pike Fri, May 22, 2015

    An animal welfare charity is trying to trace the owner of a dog found at the top of England's highest mountain by holidaymakers who took him home to Scotland. More »

  • U.S. SEC Commissioner Stein issues dissent on waivers for five banks
    U.S. SEC Commissioner Stein issues dissent on waivers for five banks Fri, May 22, 2015

    By Sarah N. Lynch WASHINGTON (Reuters) - A top U.S. regulator issued a scathing dissent late on Thursday over her agency's decision to grant a series of regulatory waivers to five big banks which pleaded guilty to market manipulation on Wednesday. Securities and Exchange Commission Democratic member Kara Stein said in a statement that allowing the banks to "continue business as usual, after multiple and serious regulatory and criminal violations, poses risks to investors and the American public that are being ignored." Her statement comes just one day after the SEC gave JP Morgan Chase & Co , Citigroup Inc , UBS AG , Barclays Plc and the Royal Bank of Scotland Group Plc a series of waivers to let them continue their usual securities business. More »

  • New British banks seeing better returns and lending more - KPMG
    New British banks seeing better returns and lending more - KPMG Fri, May 22, 2015

    Britain's new banks are achieving superior returns than larger rivals, picking up customers shunned by bigger lenders since the 2007-9 financial crisis, consultancy KPMG said on Friday. Britain has seen the emergence of several new banks since the financial crisis, looking to pick up customers as bigger rivals slim down in order to bolster their balance sheets and meet tougher regulatory requirements. The KPMG report showed new British banks increased lending by 16 percent last year, compared with a decline of 2.1 percent at Britain's 'Big Five' retail players - Lloyds Banking Group , Royal Bank of Scotland , Barclays , HSBC and Santander UK . More »

  • Next move in gay ministers debate
    Next move in gay ministers debate Fri, May 22, 2015

    The Church of Scotland has moved a step closer to allowing people in same-sex marriages to be appointed as ministers. More »

  • Church of Scotland decision on married gay clergy delayed
    Church of Scotland decision on married gay clergy delayed Thu, May 21, 2015

    A Church of Scotland decision on whether to allow the ordination of married gay ministers was delayed on Thursday to allow wider consultation. More »

  • 'If You Aint Cheating, You Aint Trying': The Brazen Greed of the Currency-Manipulating …
    'If You Aint Cheating, You Aint Trying': The Brazen Greed of the Currency-Manipulating … Thu, May 21, 2015

    Did the world’s banking system nearly collapse because financiers were grabbing money wherever they could, no matter the costs, or was it because bankers failed to understand the risks caused by a housing bubble and credit crunch? An agreement between five banks and the federal government, announced Wednesday, forces five banks to pay a combined $5.6 billion and plead guilty to rigging markets. Four banks—Barclays, Citigroup, JPMorgan Chase, and the Royal Bank of Scotland—pled guilty to antitrust violations. More »

  • Bleisure Bits: Whisky primer at Glasgow's Pot Still
    Bleisure Bits: Whisky primer at Glasgow's Pot Still Thu, May 21, 2015

    GLASGOW, Scotland (AP) — Wreathed in myth and steeped in tradition, the wild and wonderful world of scotch whisky can take decades to explore. More »

  • Booker Agrees To Buy Londis And Budgens For £40m
    Booker Agrees To Buy Londis And Budgens For £40m Thu, May 21, 2015

    The food wholesale‎r Booker has agreed to buy the Londis and Budgens chains in England, Scotland and Wales for £40m from privately owned Musgrave Group. The deal, as reported by Sky News , will strengthen its status as an independent grocery retailer. Booker, Britain's biggest cash-and-carry wholesaler, said on Thursday it expects its purchase of Musgrave, which comprises the two chains, to be neutral to earnings in the first year before adding to its earnings thereafter. More »

  • U.S. SEC grants waivers to banks after guilty pleas
    U.S. SEC grants waivers to banks after guilty pleas Thu, May 21, 2015

    By David Henry and Sarah N. Lynch NEW YORK/LONDON (Reuters) - A U.S. regulator has granted a series of waivers to JPMorgan Chase & Co and four other major banks allowing them to continue their usual securities business, after they agreed to plead guilty to criminal charges. Four of the banks - Barclays Plc , JPMorgan, Citigroup Inc and the Royal Bank of Scotland Plc - pleaded guilty to manipulating foreign exchange rates, while UBS AG pleaded guilty to rigging benchmark interest rates. At the close of business on Wednesday, all of the various waivers the SEC granted were posted on the agency's website. More »

  • US, Britain fine six top banks nearly $6 bn for forex, Libor abuses
    US, Britain fine six top banks nearly $6 bn for forex, Libor abuses Wed, May 20, 2015

    The far-flung settlement included guilty pleas from Barclays Bank, JPMorgan Chase, Citicorp and the Royal Bank of Scotland for conspiring to manipulate the massive currency market More »

  • Booker To Buy Londis and Budgens Chains
    Booker To Buy Londis and Budgens Chains Wed, May 20, 2015

    The food wholesale‎r Booker is to buy the Londis and Budgens chains in England, Scotland and Wales in a deal that will strengthen its status as an independent grocery retailer. Sky News has learnt that Booker will announce a £40m deal on Thursday to buy the two so-called symbol groups from Musgrave Group, an Irish company. The takeover will add thousands more stores to Booker's network‎ across Great Britain and represents another bold move by its chief executive, Charles Wilson. More »

  • Global banks admit guilt in forex probe, fined nearly $6 billion
    Global banks admit guilt in forex probe, fined nearly $6 billion Wed, May 20, 2015

    By Karen Freifeld, David Henry and Steve Slater NEW YORK/LONDON (Reuters) - Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion (4.29 billion pounds) in another settlement in a global probe into the $5 trillion-a-day market. Citigroup Inc , JPMorgan Chase & Co , Barclays Plc , UBS AG and Royal Bank of Scotland Plc were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades. Bank of America Corp was fined but avoided a guilty plea over the actions of its traders in chatrooms. More »

  • Banks Fined Nearly £4bn Over Exchange Abuses
    Banks Fined Nearly £4bn Over Exchange Abuses Wed, May 20, 2015

    Barclays, Royal Bank of Scotland and three other banks have been fined almost £4bn over the manipulation of foreign exchange and currency rates. Four of the institutions - JPMorgan Chase, Citigroup, Barclays and RBS - have agreed to plead guilty to US criminal charges over manipulation of foreign exchange rates, the US Department of Justice said. In the final settlements under the foreign exchange (forex) market probe, Barclays agreed a £1.53bn fine with US and UK authorities, including £284.4m to Britain's Financial Conduct Authority (FCA). More »

  • FTSE rises near record high as banks and Vodafone advance
    FTSE rises near record high as banks and Vodafone advance Wed, May 20, 2015

    By Sudip Kar-Gupta LONDON (Reuters) - Britain's top share index climbed back towards earlier record highs on Wednesday, buoyed by gains in major bank stocks and after bid speculation lifted the shares of mobile network operator Vodafone . The blue-chip FTSE 100 index ended up 0.2 percent at 7,007.26 points, close to a record high of 7,122.74 points set in April. Barclays and Royal Bank of Scotland were among several major banks to plead guilty on Wednesday to trying to manipulate foreign exchange rates. More »

  • RBS says forex fines to influence future pay decisions Wed, May 20, 2015

    Royal Bank of Scotland said it would take into account the $669 million (430 million pound) paid in fines to U.S. authorities following misconduct in its foreign exchange business when making future pay decisions for its staff. State-backed RBS was one of four major banks which pleaded guilty to trying to manipulate foreign exchange rates and one of six banks to be fined a total of nearly $6 billion in a settlement that substantially ends a global probe into the $5 trillion-a-day market. The bank, 80 percent owned by the British government, said it had dismissed three people and suspended two more pending further investigation as part of its internal review into the matter. More »

  • RBS says forex fines will influence future staff pay decisions Wed, May 20, 2015

    LONDON (Reuters) - Royal Bank of Scotland said it would take into account the $669 million (430 million pounds) paid in fines to U.S. authorities following misconduct in its foreign exchange business when making future pay decisions for its staff. The bank, 80 percent-owned by the British government, also said that it had so far dismissed three people and suspended two more pending further investigation into its foreign exchange business. ... More »

  • Banks fined $2.5 billion, to plead guilty to market rigging
    Banks fined $2.5 billion, to plead guilty to market rigging Wed, May 20, 2015

    Four big banks will pay $2.5 billion in fines and plead guilty to criminally manipulating global currency market going back to 2007. JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired ... More »

  • Five big banks face criminal charges and $5 billion bill over FX rigging Wed, May 20, 2015

    LONDON/NEW YORK (Reuters) - Five of the world's biggest banks are expected to be hit with a combined bill of more than $5 billion (£3.2 billion) and criminal charges on Wednesday in a settlement with U.S. and British authorities over rigging of currency markets. U.S. banks JPMorgan and Citigroup and Britain's Barclays and Royal Bank of Scotland are expected to plead guilty to criminal charges with the U.S. Department of Justice related to forex manipulation, people familiar with the matter said. It would be unprecedented for the parent companies or main banking arms of so many major banks to plead guilty to criminal charges in a coordinated action. More »

  • King passed 'fit and proper' for Rangers role Tue, May 19, 2015

    Businessman Dave King is "fit and proper" to become the next Rangers chairman, the Scottish Football Association (SFA) ruled on Tuesday. King led a successful bid to oust the previous board at Ibrox in March, but had to wait for clearance from the SFA given his convictions over tax arrangements in South Africa. The SFA said in a statement that it was satisfied King had passed the necessary tests "after receiving specialist legal advice in Scotland and South Africa". More »

  • Fugitive Submariner Held By Navy Police
    Fugitive Submariner Held By Navy Police Tue, May 19, 2015

    A missing submariner who made claims about the safety of the Trident nuclear deterrent has been apprehended. Able Seaman William McNeilly was detained at Edinburgh Airport at 10pm on Monday, according to Sky Sources. A statement from the Royal Navy said: "We can confirm that AB McNeilly was apprehended last night and is now in the custody of the Royal Navy Police at a military establishment in Scotland where he is being afforded the duty of care that we give to all of our people. More »

  • Drink-Driving Limit Should Be Cut, Police Say
    Drink-Driving Limit Should Be Cut, Police Say Tue, May 19, 2015

    The drink-driving limit across England and Wales should be lowered to that of Scotland, a police body has recommended. The Police Federation, which represents rank-and-file officers, wants the limit lowered from the current 80mg of alcohol in 100ml of blood to 50mg. "We would like to see road safety back on the national and local agenda," said Victoria Martin, a chief inspector working at the Police Federation of England and Wales (PFEW), which meets for its annual conference later today. More »

  • RBS Accuser Embroiled In £3m Silverstone Row
    RBS Accuser Embroiled In £3m Silverstone Row Mon, May 18, 2015

    The entrepreneur who led a crusade against Royal Bank of Scotland (RBS) over its treatment of struggling small businesses has been accused of forcing a supplier to Britain's premier motor racing circuit into administration. Sky News can reveal that Lawrence Tomlinson, who served as the former business secretary Vince Cable's entrepreneur-in-residence during the last parliament, is named extensively in legal papers filed this month at the High Court. The claim has been lodged by Manolete Partners, a litigation funding group, which has taken on a case originally brought by Silverstone Hospitality, which provided catering services to the Northamptonshire venue. Silverstone Hospitality's contract was terminated last December by the British Racing Drivers' Club (BRDC), the owner of Silverstone Circuits and on whose board Mr Tomlinson sat at the time. More »

  • Another Irishman has been added to the bill for UFC Glasgow
    Another Irishman has been added to the bill for UFC Glasgow Mon, May 18, 2015

    They’re heading to Scotland for the first time in July. More »

  • Independence probable, says poll
    Independence probable, says poll Sun, May 17, 2015

    A majority of people across the UK believe that Scotland will be independent within the next decade, a poll suggests. More »

  • Church votes to allow gay ministers
    Church votes to allow gay ministers Sat, May 16, 2015

    The Church of Scotland has voted in favour of allowing people in same sex civil partnerships to be called as ministers and deacons. More »