February 8, 2012 / 2:40 AM / 7 years ago

PRESS DIGEST - Financial Times - Feb 8

Financial Times

RBS BOSS SAYS RESTRUCTURING HAS COST 38 BILLION POUNDS

Stephen Hester has revealed that the dramatic restructuring of Royal Bank of Scotland has cost 38 billion pounds ($60.32 billion) in a rallying memo to staff days after the embattled chief executive waived a 1 million pound bonus.

MISYS AND TEMENOS AGREE ON KEY MERGER TERMS

Misys and Temenos have reached agreement on the key terms of a proposed 2 billion pound merger that would create the world’s largest supplier of risk-management computer software to banks.

US BANKS SNAP UP MORTGAGE PRODUCTS

Banks have been responding to low interest rates by snapping up billions of dollars of bundled mortgage products that resemble the sliced-and-diced debt blamed for the financial crisis.

YAHOO CHAIRMAN EXITS AS REVIEW DRAGS ON

Yahoo chairman Roy Bostock and three other directors are to step down as part of a boardroom clean-out, marking the latest attempt by the U.S. internet company to win back investor confidence as it continues to pursue a change in strategic direction.

TWO BIDDERS LEFT IN RUNNING FOR RBS ASIAN UNITS

Just two bidders remain in the running to buy Royal Bank of Scotland’s Asian equities, mergers and acquisitions and research businesses, after three potential buyers dropped out of the race.

BOMBARDIER SET TO ANNOUNCE UK JOB SECURITY

Workers at the UK’s last train maker are expected to hear this week that their jobs are safe from its Canadian owner Bombardier, ending months of uncertainty about the future of the factory in England.

UBS FIGHTS TO HANG ON TO KEY STAFF

UBS is paying out 300 million Swiss francs ($328.7 million) in long-term bonuses to its top bankers, as it fights to retain senior personnel following a $2.3 billion trading scandal and a sweeping restructuring of its investment banking business.

MOSCOW PLANS TO PUT DEAD LAWYER ON TRIAL

Russian investigators have said they may prosecute a dead lawyer who worked for a foreign investment fund in the latest bizarre twist to a case that has come to exemplify investor fears about Russia’s rule of law.

ELBARADEI URGES EGYPTIAN PEOPLE TO WORK TOGETHER

Egyptians must overcome economic and political differences to unite and put the country on the path to democracy and away from military rule, former presidential candidate Mohamed ElBaradei said on Wednesday.

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