Rbs May Create Its Own ‘bad Bank’ If Uk Rejects Breakup: Sources

UK Basketball: Towns Jr. excited about Ulis commitment, still recruiting others

The bank is coming to the end of a five-year recovery plan overseen by Chief Executive Stephen Hester who will leave in October. At the start of 2009, Hester and restructuring chief Rory Cullinan identified 258 billion pounds of RBS’s most risky loans that would be sold off or wound down. Only between 36 billion and 38 billion pounds worth of those loans are expected to remain by the end of the year, RBS said in August. New CEO Ross McEwan may decide to enlarge and revamp the non-core portfolio when he takes over in October, sources say, putting assets from the group’s Irish business, Ulster Bank, and more UK commercial real estate loans inside it. When the good bank/bad bank split was first mooted, RBS harbored hopes of reducing its Irish exposure by swapping some of Ulster Bank’s assets for the UK assets of an Irish bank. But the prospect of such a deal is fading. A source with knowledge of RBS’s efforts told Reuters the bank had learned that the two most obvious candidates (Ireland’s National Asset Management Agency and state-owned Allied Irish Banks (ALBK.I)) would not take part in an asset swap. Finance Minister George Osborne commissioned a review of RBS in June responding to a demand by the Parliamentary Commission on Banking Standards, which he had set up to examine ethics within the industry. The Treasury and Rothschild have reviewed different sizes of “bad bank” ranging from the “low 10s of billions” to as high as 120 billion of assets when more of Ulster Bank is included, sources familiar with the matter said. But Sanford Bernstein analyst Chirantan Barua said new state aid rules would be a major barrier. European Union regulators said in August that executives at “any bank in receipt of state aid in the form of recapitalization or impaired assets measures” should have their total pay capped at 15 times the national average or 10 times the average salary of employees in the bank. If applied to RBS that would limit the salary of its chief executive and other senior managers to 431,000 pounds. McEwan was appointed on a salary of 1 million pounds a year. “If the Treasury is a rational investor, we expect them to call off the bad bank good-bank idea,” said Barua. The government would also need to convince RBS’s minority investors to back it because UK Financial Investments, which manages the UK’s stake, cannot vote on a proposal it has put forward under Stock Exchange rules.

EDITH M. LEDERER and MATTHEW LEE 2 hours ago UNITED NATIONS (AP) Britain’s U.N. ambassador says key powers have reached agreement on a resolution to eliminate Syria’s chemical weapons arsenal. Mark Lyall Grant tweeted that the five permanent members of the U.N. Security Council Britain, France, the U.S., Russia and China agreed on a “binding and enforceable draft … resolution.” He says Britain will introduce the text to the 10 other members of the Security Council at a meeting Thursday night. The U.S. and Russia had been at odds on how to enforce the resolution. Politics & Government LONDON (AP) The eagle, red-handed. Associated Press Ruben Studdard didn’t even get one last pig-out session before making his way to “The Biggest Loser” ranch. Associated Press

UK: Deal reached on UN resolution on Syria weapons

eBay’s marketplace and Argos’ store network make a powerful and unique combination – a first for the UK. At least 50 eBay merchants will participate in this trial, enabling a wide range of merchandise to be readily available for collection by customers from around 150 Argos stores in primary locations nationally. As shoppers continue to use digital channels and demand a variety of convenient fulfilment methods for their orders, Click & Collect is expected to grow significantly in the UK. According to the Econsultancy Online Shopping Survey, 40% of UK shoppers used some form of Click & Collect service over Christmas 2012. This trial delivers what shoppers want: choice, convenience and speed the opportunity to shop anytime, anywhere, on any device. Customers want to feel inspired by the product on offer; engage in the shopping experience; feel reassured that their transaction is secure and that their purchase will be delivered on time to a location convenient to them. As Devin Wenig, President, eBay says; “The distinction between offline and online shopping continues to blur. At eBay we continue to find new ways to connect buyers and sellers. Our mission is connecting people with the things they need and love. Traditional retail isn’t going away; it is transforming. Smart retailers are innovating, reimagining the store and what it means to shop. We’re proud to join Argos on this journey. Their unique store network and operating model is fit for serving customers in a digital future. This exciting pilot takes us one step nearer to our goal of offering customers an inspired and seamless shopping experience.” John Walden, Managing Director, Argos said: “With the continuing growth of online shopping, customers increasingly expect faster, cheaper and more convenient fulfilment of their orders.

eBay launches click and collect for UK retailers, one-hour deliveries in London

eBay announces TKTK, partnering with in TK stores in the UK

said. I think playing for the Dominican team and being around the game at the highest level has given him the mindset to know what he needs to do to improve. I am so proud of him. We are best friends. We do everything together. Our father-son bond is strong. When we are in the gym, we are just like any father-son. We argue. We fight. He wants to do it one way, I want it another way. But once we put in our work, its all love and respect. In the gym its business, and he loves his time in the gym. Ive always told him his work and sacrifice would pay dividends, and it has. Now the New Jersey senior is ready to hopefully lead his team to another high school state championship. I am doing everything I can working out that will help me down the road at Kentucky. But what I am doing right now will also help my team this year, Towns said.