RBS is closing 259 branches – one in four of its outlets – and cutting 680 jobs as more customers bank online. The closures involve 62 Royal Bank of Scotland and 197 NatWest branches. RBS, which is 71%-owned by the taxpayer, said it would try to ensure compulsory redundancies were “kept to an absolute minimum”.
UK manufacturing activity grew at its fastest pace in more than four years last month, according to a closely watched survey. The Purchasing Managers’ Index index compiled by IHS/Markit hit 58.2 in November, the best level in 51 months. The report said exports played a “big part” in the expansion. Separate official data showed that
Australian surf wear brand Billabong has received a takeover bid from rival Quiksilver which values the company at around $150m (£110m). It could be a lifeline for the troubled firm, which has only turned a profit in one of the last five years. Billabong suffered a $58m (£43m) wipeout this year, which was triple its
Toys R Us is preparing to close around a quarter of its 106 UK stores, with the loss of hundreds of jobs, the BBC understands. The closures would form part of a deal to renegotiate debts owed by the company to its landlords – which must be agreed by 75% of its creditors. The toy
Mr Stiglitz said the UK should not use its “scarce resources” chasing a post-Brexit agreement. President Donald Trump has previously said he was working on a “major trade deal” with the UK. But Mr Stiglitz said the UK should not trust the President over trade talks. Speaking to Today on BBC Radio 4, Mr Stiglitz,