RBS investor group accepts offer to end lawsuit over 2008 cash call

By Kirstin Ridley and Andrew MacAskill

LONDON  - A group representing Royal Bank of Scotland investors has accepted an out-of-court deal to settle a lawsuit that aimed to call disgraced former CEO Fred Goodwin to account over a 12 billion pound ($15 billion) cash call in 2008.

Organisers of the RBoS Shareholder Action Group, that had vowed to see the ba

Venezuela opposition accuses Goldman Sachs of financing dictatorship

CARACAS - The president of Venezuela's opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of "aiding and abetting the country's dictatorial regime" following a report that it had bought $2.8 billion in bonds from the cash-strapped country.

The Wall Street Journal on Sunday said Goldman paid 31 cents on the dollar

Akzo Nobel wins court case against dissident shareholders

By Toby Sterling and Bart Meijer

AMSTERDAM  - A Dutch court on Monday rejected a request by Akzo Nobel investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries, handing the Dutch company a victory in its efforts to repel the U.S. firm's 25 billion euro ($28 billion) proposed offer.

Greece, Italy tensions hit euro, Asian stocks, lift yen, gold

By Nichola Saminather

SINGAPORE  - Concerns about a Greek bailout, early Italian elections and comments by the European Central Bank chief about the need for continued stimulus all kept the euro under pressure on Tuesday.

The European geopolitical fears sapped risk appetite, weighing on Asian stocks and lifting safe havens including the yen and gold, th

Monetary Authority of Singapore fines Credit Suisse, UOB over 1MDB-linked transactions

SINGAPORE - Singapore's central bank said on Tuesday it had fined Credit Suisse  and United Overseas Bank (UOB) a total of S$1.6 million ($1.15 million) for breaches of anti-money laundering rules for transactions related to Malaysia's scandal-ridden state fund 1MDB.

The Monetary Authority of Singapore fined UOB S$900,000 and Credit Suisse S$700,000 as it

British Airways battles third day of disruption, image blow after IT meltdown

By Alistair Smout

LONDON  - British Airways was battling its third day of disruption on Monday after a global computer system failure stranded thousands of passengers over a holiday weekend and turned into a public relations disaster.

The airline said it was running a full schedule at London's Gatwick airport on Monday and planned to operate all its

Global Markets - Italian bank worries leak into second week

By Patrick Graham and Danilo Masoni

LONDON  - Concerns over Italy's banks and Britain's national election campaign dominated holiday-thinned European financial markets on Monday, prodding stock markets lower after Asian share indices fell back off 2-year highs.

Sterling, hammered by a slump for Prime Minister Theresa May's Conservatives in o

Analysis - China`s slam dunk "sharing economy" booms, but can it last?

By Yawen Chen and Ryan Woo

BEIJING  - Fancy shooting some hoops, but don't have a basketball? Caught in the rain with no umbrella? Smartphone run out of juice?

China's rapidly expanding "sharing economy", which already provides car rides and bicycle hire on demand, can help.

For just 2 yuan ($0.30) an hour, Nate Liu, a studen

ADB provides $616 million loan to improve power systems in Bangladesh

DHAKA - The Asian Development Bank (ADB) will provide a $616 million loan to Bangladesh to help the south Asian nation meet its goal of providing 100 percent access to electricity to its citizens by 2021.

The project includes rehabilitation and expansion of over 50,000 kilometers of rural distribution network across the country, construction of a 174-km 400 kV transmi

S&P likely to follow regular rating review schedule for China - executive

BEIJING  - Standard & Poor's is likely to follow its regular ratings review schedule for China, and does not see any basis at this point in time for an out-of-schedule committee meeting, a senior director at the ratings agency told Reuters on Monday.

S&P has an AA- rating on China with a negative outlook that it has maintained since March last year. T

Fed`s Williams says medium-term inflation trend "pretty favourable"

SINGAPORE  - San Francisco Federal Reserve President John Williams said on Monday that medium-term trends in inflation remain "pretty favourable," despite some recent soft U.S. consumer price data.

The U.S. economy continues to grow close to 2 percent, the unemployment rate is very low and job growth has been good, Williams said, adding that these condi

China Tower invites banks to pitch for role in up to $10 billion HK IPO - IFR

HONG KONG  - China Tower Corp, which owns and manages the mobile phone towers for China's three state-owned telecom operators, has invited investment banks to pitch for a role in a Hong Kong IPO worth up to $10 billion, IFR reported on Monday.

The IPO would take place in late 2017 or early 2018, said IFR, a Thomson Reuters publication, citing people close to

Samsung Electronics considers adding capacity at China chip plant

SEOUL  - Tech giant Samsung Electronics Co Ltd said on Monday it is considering adding memory chip production capacity at its manufacturing base in China amid an industry-wide boom that will likely fuel record sales for memory suppliers.

The firm was considering adding capacity at its facility in Xi'an but no specifics, including the potential investment amou

Asia stocks drift down from two-year highs, pound nurses losses

By Shinichi Saoshiro

TOKYO  - Asian stocks handed back earlier modest gains and drifted lower on Monday, running short of incentives to push past two-year highs with many key markets closed for holidays.

The pound, meanwhile, nursed losses after a poll showed a shrinking lead for

Israel`s Elbit Systems gets $390 million electronic intelligence deal

TEL AVIV - Israeli defence electronics company Elbit Systems said on Sunday it won a $390 million contract to supply ground electronic intelligence systems to a European country.

The contract, which includes various intelligence capabilities, as well as communications and command and control solutions, will be carried out over three years.

Elbit did not iden

Scuffles break out, tear gas fired at end of G7 protest

By Steve Scherer and Sasa Kavic

GIARDINI NAXOS, Italy  - A group of protesters sought to break through a police cordon at the end of a protest march against world leaders meeting on the island of Sicily on Saturday, scuffling with security forces, who fired tear gas to disperse them.

After hundreds of people had peacefully marched through the streets of

Saab hopeful Croatia will enter market for fighter jets

BRATISLAVA- Sweden's Saab is hopeful that Croatia could enter the market for fighter jets sooner rather than later, opening up another sales prospect for its Gripen aircraft, a company executive said on Saturday.

Magnus Lewis-Olsson, Saab's head of Europe, said the country looks to have decided to build a modern jet fighter force and would look to take offers

U.S. backs call for fight against protectionism in G7 communique - source

TAORMINA, Italy  - U.S. President Donald Trump has agreed to include a pledge to fight trade protectionism in a final communique due to be released later on Saturday at the end of a summit of Group of Seven leaders, a G7 source said.

Trump has previously endorsed protectionist measures, saying the United States was suffering due to unfair trade practices from som

ANALYSIS - Beijing bling: Hyundai plots China branding reboot after missile row

By Hyunjoo Jin and Jake Spring

SEOUL/BEIJING  - Bruised by anti-Korean sentiment in its biggest market and losing ground to local automakers, Hyundai Motor will open its first Chinese brand store, and may locally assemble its premium Genesis cars and accelerate the launch of a sport-utility vehicle (SUV), people familiar with the plans said.

The measure

Trade and Russia unresolved issues in G7 communique - source

TAORMINA, Italy  - U.S. President Donald Trump has agreed to include a pledge to fight trade protectionism in a final communique due to be released later on Saturday at the end of a summit of Group of Seven leaders, a G7 source said.

Trump has previously endorsed protectionist measures, saying the United States was suffering due to unfair trade p

China April industrial profits up 14 percent but slowing pace stokes economy worries

By Min Zhang and Sue-Lin Wong

BEIJING - Profits earned by Chinese industrial firms rose 14.0 percent in April from a year earlier, official data showed on Saturday, slowing from March's pace and adding to concerns that the world's second-largest economy may be losing steam.

Profits in April rose to 572.78 billion yuan ($83.59 billion), the Natio

Airbus Helicopters starts construction of assembly line in China

PARIS- Airbus Helicopters, the world's largest supplier of commercial helicopters, has started building an assembly line in China in what Europe's largest aerospace group said was a key step in its plans to tap into the Chinese market.

The company's final assembly line will be located in Qingdao, eastern China, with construction expected to be completed by

Adani has to pay royalties in full for coal mine - Australia state premier

SYDNEY - Adani Enterprises  will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said on Saturday.

Ministers from the centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offer

G7 makes 'substantial progress' on trade talks - French source

TAORMINA, Italy  - Group of Seven (G7) leaders have still not agreed to joint language on the issues of trade and Russia, a G7 source said, hours before their final communique is due to be published.

The source said diplomats had been unable to resolve whether the communique would include a pledge to fight against "protectionism" and a

Wall Street drifts before long weekend; consumer stocks up

U.S. stocks ended little changed on Friday ahead of the long holiday weekend, though indexes ended a two-week streak of losses and consumer shares were strong for a second day.

The S&P 500 and Nasdaq also eked out record closing highs, and the S&P 500 posted a seventh straight session of gains, matching a winning streak from February.

Helping the consumer staples ind