RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push

More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org RBS on track for ninth straight year of losses, as struggling bank pressed to close branches and cut jobs in digital push Hayley Kirton Royal Bank of Scotland looks set to announce a multi-billion pound loss for 2016, its ninth straight year wallowing in the red, while it is also being pushed to cut branches as customers flee to digital banking.The 73 per cent state owned bank, which will reveal its annual results on 24 February, racked up losses attributable to shareholders of £2.5bn in the first nine months of 2016 alone. Sunday 12 February 2017 3:39 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeSunday DigestJennifer Lopez’s Net Worth Is HeartbreakingSunday DigestUndoillusion.funUse These Warnings From Nature To Avoid Emergencies Or Disastersillusion.funUndoShop Bras Online | Search AdsGorgeous Bra and Panty Sets (take a look)Shop Bras Online | Search AdsUndoLutemaSend your kids Back to School with the right protection!LutemaUndoInteresticleHe Bought A House And Found A Golden Mine Right UnderInteresticleUndoEveryday WellnessWhat Happens To Your Body When You Eat Two Bananas A DayEveryday WellnessUndoBuzzDestination12 Hot Tips on How To Flirt With a ManBuzzDestinationUndoHealth.recetasget5 Warning Cancer Signs and SymptomsHealth.recetasgetUndoFlight 10Man Buys Plane For $100,000 And Turns It Into His Home – Take A Look InsideFlight 10Undo Share Its fourth quarter is unlikely to deliver a remarkable turnaround, considering the lender announced last month it would be adding £3.1bn to a provision for its as yet unresolved fine from the US Department of Justice for mis-selling mortgage-backed securities and, last October said it would be putting aside £400m to compensate small businesses which claim they were mistreated while in its Global Restructuring Group (GRG).Read more: Tyrie tells City watchdog to spill the beans on RBS’ GRGIt is understood RBS is continuing to scale back its costs. Although it is unlikely it will announce a large round of job losses as part of next week’s results, the bank had already whittled down its full-time equivalent staff numbers to 82,500 by the end of last September, down 9,900 compared with the end of September 2015.City A.M. also understands RBS is also considering closing the doors on some of its branches, as people increasingly go online to sort out their banking needs.The Sunday Times reported the bank could need to cull as many as 15,000 jobs as it struggles to sort out its books. However, a spokesperson said the bank did not recognise this report. whatsapp Read more: RBS no closer to privatisation despite £3.1bn US fine provisionRBS is weighed down by a number of outstanding issues as it desperately tries to turn its business around. As well as the US mis-selling mega fine, predicted by some to potentially be as big as $12bn (£9.6bn), the lender is also yet to sell its Williams & Glyn operation and its 300-plus branch network.Although RBS has now had some promising interest in Williams & Glyn, it will no doubt be feeling the pressure of meeting the end of 2017 deadline for ditching the network to comply with the terms of its 2008 £45bn state bailout deal.  whatsapp read more

Hilcorp, BP want many of their answers to state regulators’ questions kept confidential

first_imgAlaska’s Energy Desk | Business | Energy & Mining | North Slope | State GovernmentHilcorp, BP want many of their answers to state regulators’ questions kept confidentialMay 6, 2020 by Tegan Hanlon, Alaska’s Energy Desk – Anchorage Share:Hilcorp’s Innovation drilling rig on the North Slope. (Photo courtesy of Hilcorp)As oil and gas company BP presses ahead with the sale of its Alaska business to privately-held Hilcorp, questions loom around how low oil prices are impacting the deal.On Monday, the companies released answers to a state agency that’s scrutinizing a key piece of the transaction, but with a catch: The companies and their affiliates want to keep much of the information out of public view, including whether plummeting oil prices have affected Hilcorp’s ability to borrow money to pay the $5.6 billion price tag.That answer and others are redacted in the public version of the companies’ response to questions posed by the Regulatory Commission of Alaska. The commission received the responses in full, but the companies are asking it to keep the answers confidential that they have blacked out in the public version of the 1,377-page document.(Screenshot of a section from the 1,377-page document that BP and Hilcorp affiliates filed with the RCA on Monday, May 4, 2020.)The document is the latest development in the commission’s months-long review of Hilcorp’s plan to purchase BP’s entire Alaska business. It’s one of the largest oil industry deals in state history, and would launch Hilcorp into the position of second-largest oil producer in Alaska.The sale includes BP’s stake in the massive Prudhoe Bay oil field and the trans-Alaska pipeline. The commission is reviewing the slice of the deal involving pipeline assets.The information the companies want to keep confidential in the review ranges from risk assessments to insurance policies to minutes from pipeline operator meetings. They also don’t want several pipeline studies to be made public, or a copy of a revised sales agreement that the companies announced last week, according a separate, 39-page petition for confidential treatment filed with the commission on Monday.The companies argue that the information includes trade secrets, and releasing it publicly would harm their businesses, and provide their competitors with an unfair advantage. Hilcorp and its affiliates are privately-held, the companies’ petition says, and “forcing public disclosure of this otherwise private information” would negate their competitive advantages.“Such a decision would essentially saddle the Hilcorp Entities with the disadvantages of being a publicly-held company without conveying any of the advantages,” the petition says.But some, including Philip Wight, a policy analyst for the Alaska Public Interest Research Group, are pushing back against the companies’ confidentiality request. He described it as “alarming.” The consumer advocacy organization has argued that Hilcorp must publicly disclose its finances to prove it has the money to operate the assets it wants to buy, and to respond to any costly oil spills.“What these requests for confidentiality reveal is that Hilcorp really has no desire to be open and honest with the Alaskan people, and they really have no desire for this to be a public input process,” Wight said. “They really just want to do things behind closed doors.”Wight said the public deserves to have the information, so it can weigh in on the sale, “in order to protect our environment and to make sure that we’re getting a good deal for the sale and monetization of our resources.”BP and Hilcorp declined to comment outside of the RCA filings.The companies’ public answers filed Monday include information on reportable oil spills and some information on prior pipeline repairs. The commission will ultimately decide whether the information currently redacted from the public version can stay confidential.The commission has already approved prior requests from BP and Hilcorp to keep certain financial statements confidential during its review process. The City of Valdez is currently challenging the commission’s decision in court.BP confirmed last week that the sale of its entire Alaska business to Hilcorp is still on, but under revised financial terms that reflect the turmoil in the oil industry amid a pandemic-driven crash in demand for fuel.BP said it expects to complete the sale in June. If the commission’s process takes longer, it said, it could close part of the deal this summer, and the pipeline portion later on.The Alaska Department of Natural Resources also continues to review a portion of the deal.BP says sale to Hilcorp is still on, but under revised termsShare this story:last_img read more