LONDON (AP) — British Prime Minister David Cameron’s office says that Libyan Prime Minister Abdurrahim el-Keib will be in London for talks.
A Downing Street spokesman confirmed that el-Keib would be in the British capital on Thursday but declined to elaborate on what he and Cameron would be discussing. He spoke on condition of anonymity, in line with department policy.
El-Keib’s visit follows the death of Libyan agent Abdel Baset al-Megrahi, the only man convicted in the 1988 Lockerbie bombing. Discussions could touch on what further steps could be taken to clear up the mystery of who else was involved in the atrocity.
The visit might also focus on reconstruction in Libya, whose government has faced persistent criticism that it’s been ineffective in tackling the problems facing the deeply divided desert nation.
LONDON (AP) — Taxpayer-backed Royal Bank of Scotland announced Thursday it would cut 3,500 jobs in a reorganization and rebranding of its investment banking arm as the lender reins in its ambitions to be a global financial player.
The cuts, which are to be phased in over three years, will largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions. The division has 18,900 employees overall.
“Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall,” Chief Executive Stephen Hester said in a statement.
The bank has been under pressure from the British government to pull back from its expansion goals. The strategy of closing or selling unprofitable parts of its investment banking business dovetails with government efforts to force banks to separate their retail operations from their more volatile investment banking.
Under former chief Fred Goodwin, RBS led a takeover of Dutch bank ABN Amro in 2007, only to run into huge problems in 2008, when the global financial crisis caused a severe credit crunch. The group collapsed in 2008 and taxpayers had to bail RBS out. It is now 83 percent owned by the taxpayer.
Write-offs on the ABN deal helped swell the bank’s losses in 2008 to 24.3 billion pounds, a U.K. record.
The monumental losses put Goodwin — nicknamed “Fred the Shred” for his vigorous cost-cutting at RBS — under intense scrutiny. He left RBS with a pension of 703,000 pounds ($1.1 million) a year after leading the expansion spree, though he later negotiated an agreement to take a lump sum payment of 2.8 million and scaled back his pension payments.
The cuts announced Thursday are in addition to the 2,000 job losses announced by the bank last summer. The fresh losses mean 11,000 posts have been cut at the Global Banking and Markets division from the pre-banking crisis headcount of 24,000. RBS said it will now exit from mergers and acquisitions.
“This strategy has succeeded in making RBS stronger and placing us on the road to long-term success,” Hester said.
The job losses come amid reports that John Hourican, who as head of the investment banking division, will continue to oversee the restructuring of the business, is in line to pick up 4 million pounds ($6.1 million) in long-term incentive shares awarded in 2009.
The bank said in a statement that it now will focus on traditional strengths in debt financing, currency and money markets. It is considering the sale or closure of areas of the business dealing with cash equities, corporate broking, equity capital markets and mergers and acquisitions — all of which are unprofitable.
Union representatives sharply criticized the cuts.
“It is a disgrace that while on a daily basis stories are emerging about the massive bonuses at the top of the bank, increasing numbers of jobs are being cut from amongst the hardworking staff,” said David Fleming, a Unite national officer.
Meanwhile, an RBS subsidiary with offices in Ireland and Northern Ireland announced 950 more layoffs from its staff of 6,000.
Staff members at Ulster Bank notified about the losses early Thursday. The bank had been a player in the Irish property bubble, taking a hit when it went bust.
Larry Broderick, general secretary of Irish Bank Officials Association finance union said that the rank are “being asked to make the lion’s share of the sacrifices being demanded to restore the bank to health.”
“While those responsible have escaped with impunity — through golden parachutes and the like — and while those charged with restoring the fortunes of RBS are apparently due to be handsomely rewarded with generous bonuses, the ordinary staff throughout RBS have been called upon to bear a disproportionate amount of the pain,” Broderick said.
LONDON (AP) — Taxpayer-backed Royal Bank of Scotland announced Thursday it would cut 3,500 jobs, part of a reorganization of its investment banking arm as it reins in its ambitions to be a global financial player.
The cuts, which are to be phased in over three years, will largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions. The division has 18,900 employees overall.
“Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall,” Chief Executive Stephen Hester said in a statement.
The bank has been under pressure to pull back from its expansion goals. The strategy also dovetails with British government efforts to force banks to separate their retail operations from their more volatile investment banking.
Under former chief Fred Goodwin, RBS led a takeover of Dutch bank ABN Amro in 2007, only to run into huge problems in 2008, when the global financial crisis caused a severe credit crunch. The group collapsed in 2008 and taxpayers had to bail it out. It is now 83 percent owned by the taxpayer.
Write-offs on the ABN deal helped swell the bank’s losses in 2008 to 24.3 billion pounds, a U.K. record.
The monumental losses put Goodwin — nicknamed “Fred the Shred” for his vigorous cost-cutting at RBS — under intense scrutiny. He left RBS with a pension of 703,000 pounds ($1.1 million) per year after leading the expansion spree, though he later negotiated an agreement to take a lump sum payment of 2.8 million and scaled back his pension payments.
The latest cuts are in addition to the 2,000 losses announced by the bank last summer. The fresh losses mean 11,000 posts have been cut at the division from the pre-banking crisis headcount of 24,000. RBS said it will now exit from the mergers and acquisitions.
“This strategy has succeeded in making RBS stronger and placing us on the road to long-term success,” Hester said.
The job losses come amid reports that John Hourican, who will continue to oversee the restructuring of the business, is in line to pick up 4 million pounds ($6.1 million) in long-term incentive shares awarded in 2009.
Union representatives sharply criticized the cuts.
“It is a disgrace that while on a daily basis stories are emerging about the massive bonuses at the top of the bank, increasing numbers of jobs are being cut from amongst the hardworking staff,” said David Fleming, a Unite national officer.
Meanwhile, an RBS subsidiary with offices in Ireland and Northern Ireland announced 950 more layoffs from its staff of 6,000.
Staff members at Ulster Bank were notified about the losses early Thursday. The bank had been a player in the Irish property bubble, taking a hit when it went bust.
Larry Broderick, general secretary of the Irish Bank Officials Association, a finance union, said that the rank are “being asked to make the lion’s share of the sacrifices being demanded to restore the bank to health.”
“While those responsible have escaped with impunity — through golden parachutes and the like — and while those charged with restoring the fortunes of RBS are apparently due to be handsomely rewarded with generous bonuses, the ordinary staff throughout RBS have been called upon to bear a disproportionate amount of the pain,” Broderick said.
LONDON (AP) — Taxpayer-backed Royal Bank of Scotland announced Thursday it would cut 3,500 jobs, part of a reorganization of its investment banking arm as it reins in its ambitions to be a global financial player.
The cuts, which are to be phased in over three years, will largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions. The division has 18,900 employees overall.
“Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall,” Chief Executive Stephen Hester said in a statement.
The bank has been under pressure to pull back from its expansion goals. The strategy also dovetails with British government efforts to force banks to separate their retail operations from their more volatile investment banking.
Under former chief Fred Goodwin, RBS led a takeover of Dutch bank ABN Amro in 2007, only to run into huge problems in 2008, when the global financial crisis caused a severe credit crunch. The group collapsed in 2008 and taxpayers had to bail it out. It is now 83 percent owned by the taxpayer.
Write-offs on the ABN deal helped swell the bank’s losses in 2008 to 24.3 billion pounds, a U.K. record.
The monumental losses put Goodwin — nicknamed “Fred the Shred” for his vigorous cost-cutting at RBS — under intense scrutiny. He left RBS with a pension of 703,000 pounds ($1.1 million) per year after leading the expansion spree, though he later negotiated an agreement to take a lump sum payment of 2.8 million and scaled back his pension payments.
The latest cuts are in addition to the 2,000 losses announced by the bank last summer. The fresh losses mean 11,000 posts have been cut at the division from the pre-banking crisis headcount of 24,000. RBS said it will now exit from the mergers and acquisitions.
“This strategy has succeeded in making RBS stronger and placing us on the road to long-term success,” Hester said.
The job losses come amid reports that John Hourican, who will continue to oversee the restructuring of the business, is in line to pick up 4 million pounds ($6.1 million) in long-term incentive shares awarded in 2009.
Union representatives sharply criticized the cuts.
“It is a disgrace that while on a daily basis stories are emerging about the massive bonuses at the top of the bank, increasing numbers of jobs are being cut from amongst the hardworking staff,” said David Fleming, a Unite national officer.
Meanwhile, an RBS subsidiary with offices in Ireland and Northern Ireland announced 950 more layoffs from its staff of 6,000.
Staff members at Ulster Bank were notified about the losses early Thursday. The bank had been a player in the Irish property bubble, taking a hit when it went bust.
Larry Broderick, general secretary of the Irish Bank Officials Association, a finance union, said that the rank are “being asked to make the lion’s share of the sacrifices being demanded to restore the bank to health.”
“While those responsible have escaped with impunity — through golden parachutes and the like — and while those charged with restoring the fortunes of RBS are apparently due to be handsomely rewarded with generous bonuses, the ordinary staff throughout RBS have been called upon to bear a disproportionate amount of the pain,” Broderick said.
LONDON (AP) — Taxpayer-backed Royal Bank of Scotland announced Thursday it would cut 3,500 jobs, part of a reorganization of its investment banking arm as it reins in its ambitions to be a global financial player.
The cuts, which are to be phased in over three years, will largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions. The division has 18,900 employees overall.
“Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall,” Chief Executive Stephen Hester said in a statement.
The bank has been under pressure to pull back from its expansion goals. The strategy also dovetails with British government efforts to force banks to separate their retail operations from their more volatile investment banking.
Under former chief Fred Goodwin, RBS led a takeover of Dutch bank ABN Amro in 2007, only to run into huge problems in 2008, when the global financial crisis caused a severe credit crunch. The group collapsed in 2008 and taxpayers had to bail it out. It is now 83 percent owned by the taxpayer.
Write-offs on the ABN deal helped swell the bank’s losses in 2008 to 24.3 billion pounds, a U.K. record.
The monumental losses put Goodwin — nicknamed “Fred the Shred” for his vigorous cost-cutting at RBS — under intense scrutiny. He left RBS with a pension of 703,000 pounds ($1.1 million) per year after leading the expansion spree, though he later negotiated an agreement to take a lump sum payment of 2.8 million and scaled back his pension payments.
The latest cuts are in addition to the 2,000 losses announced by the bank last summer. The fresh losses mean 11,000 posts have been cut at the division from the pre-banking crisis headcount of 24,000. RBS said it will now exit from the mergers and acquisitions.
“This strategy has succeeded in making RBS stronger and placing us on the road to long-term success,” Hester said.
The job losses come amid reports that John Hourican, who will continue to oversee the restructuring of the business, is in line to pick up 4 million pounds ($6.1 million) in long-term incentive shares awarded in 2009.
Union representatives sharply criticized the cuts.
“It is a disgrace that while on a daily basis stories are emerging about the massive bonuses at the top of the bank, increasing numbers of jobs are being cut from amongst the hard-working staff,” said David Fleming, a Unite national officer.
LONDON (AP) — Dow Chemical Co. struck back at critics of its involvement in the 2012 London Olympics on Wednesday amid a simmering controversy over its links to the company accused in the 1984 Bhopal gas leak.
George Hamilton, vice president of Dow’s Olympic operations, told The Associated Press that like all big Olympic sponsors, the “chemistry company” of the games knew that taking part in the high-visibility event would open it up as a target for protests. But Hamilton says he did not anticipate that even some British politicians would protest and try to stop Dow from making a decorative curtain encircling London’s Olympic Stadium.
“The Olympics have been a great lightning rod … that was an expectation,” he said. “What has surprised me is that there have been a few politicians who have enthusiastically grabbed the issue related to Bhopal.”
Hamilton insists the facts are on Dow’s side. Dow bought Union Carbide 16 years after the 1984 accident in the central India city of Bhopal that killed an estimated 15,000 people and injured half a million. Dow maintains it was not responsible for the catastrophe.
But some politicians in Britain, particularly lawmaker Barry Gardiner, have said that Dow’s purchase of Union Carbide made the U.S.-based company responsible for groundwater contamination and other issues that linger in India. More than that, he argues that Dow’s involvement in the Olympics is offensive to the thousands of dead and injured in India and is bad for Britain, which has staked billions in making the 2012 Olympics a memorable showcase.
“It is attracting exactly the wrong sort of publicity to the London Games,” Gardiner said in a recent interview.
Dow’s creation of the so-called Olympic “wrap” has brought the controversy to the fore. The wrap is an innovative curtain that will be hung in strips from the rafters of the steel-latticed stadium in east London. Dow got involved after Olympic officials had scrapped plans for the “wrap” last year because its price tag of 7 million pounds ($11.4 million) had been deemed too expensive at a time of economic austerity.
Architects and artists had decried the decision, suggesting the look and image of the games would suffer immensely — never mind that people trying to find their seats would need something to make sense of the stadium’s crisscrossing girders.
But the wrap plan has brought a cascade of criticism down upon the Olympic organizing committee. Protesters in India have burned an effigy of Sebastian Coe, chairman of the London organizing committee, and one Indian official has even uttered the word boycott.
Indian athletes have written to the London organizing committee demanding an end to its association with Dow, and Amnesty International has condemned the wrap deal.
The issue is complicated by the fact that Dow is one of the elite club of sponsors that the International Olympic Committee places in its “top” category. Coe would have real trouble dumping a sponsor with such status even if he wanted to — and there are no indications that he does.
The Olympics’ feel-good image is part of the reason that Dow is paying so much to be sponsor.
Hamilton’s comments Wednesday suggested the company plans to fight back, to express its pride in being part of the so-called “Olympic Family” and to try to return media attention back to its products.
Hamilton noted proudly that Dow products could be found all over the Olympic Stadium, right down to the track where Usain Bolt and other stars hope to race to fame and glory. Dow Chemical products are also found on the Olympic field hockey pitches, in the cables that broadcasters use to show the games to the world and on the roofs of other Olympic sites, just to mention a few.
He also tried to underline that while Dow is based in Midland, Michigan, it is also deeply ingrained in the fabric of Britain, with 14 sites in the U.K.
“We are a neighbor. We are a citizen in the U.K.,” he said. “We didn’t just show up for the Olympics.”
The logo of the Royal Bank of Scotland is seen outside one of their offices in central London, Thursday, Jan. 12, 2012. Taxpayer-backed Royal Bank of Scotland announced Thursday it would cut 3,500 jobs, part of a reorganization of its investment banking arm as it reins in its ambitions to be a global financial player. (AP Photo/Alastair Grant)(Credit: AP) 
Belgium's Aagje Vanwalleghem prepares to compete on the uneven bars during the international gymnastics Olympics test and qualification event at the North Greenwich Arena in London, Wednesday, Jan. 11, 2012. (AP Photo/Matt Dunham)(Credit: AP) 