if you can imagine that royal bank of scotla nd if you can imagine that royal bank of scotland are a ing product —— an interest rate. because the interest rates were going down... starting to go down that effectively built in what was a credit line that was unknown to me and many customers. for a loan of £1.3 million, there was a credit line unknown of £1.5 million. this push you into financial difficulty and that's when royal bank of scotla nd and that's when royal bank of scotland moved you into this gi and that's when royal bank of scotland moved you into this g! g —— push you. what pushed many businesses was simply we were complaining of what this interest rate hedging product was doing —— pushed you —— grg. rate hedging product was doing —— pushed you -- grg. what happened? you ended up losing the business? yes. we transferred to grg and we had a situation where there was over bullying, stopping direct payments, stopping my professional insurance, taking my lifeline away from providing for my family. in the end they fire sold the whole property, or properties, 11 in total in norw

the allegation is that the royal bank of scotland and this global restructuring group of royal bank ofhope of picking up their assets on the cheap. was your business part of that? at the time that wasn't clear to me. i was quite surprised because it was 2008 and it was before the financial crisis really hit. it was before rbs admitted that publicly they were in trouble. that was not until october, 2008. all this information that has come out since from the report that vince cable instructed showed that this was an organised plan by the geology department of rbs to get assets and funds —— global restructuring group of royal bank of scotland. that wasn't clear at the time but it has become clear since. they wanted my money. they took my assets. whether it was part of a bigger scheme, i certainly fall into that category. looking back now with everything you now know, how do you feel about how you were treated by rbs? at the time it was grossly unfair, completely unwarranted. there was no reason, no logical reason for it. there was no commercial reason for it. all it did was struck to the

a symbolic moment, royal bank of scotla nd a symbolic moment, royal bank of scotland returns to profit gb's women are up against sweden in the semifinal of the carling at the winter olympics. these are live pictures from pyeongchang. it's on bbc one, started around ten minutes ago. the winner will take at least a silver medal. but no score as yet in the opening was not another 0lympic athlete from russia has tested positive for a banned substance. the bobsleigh pilot is one of 168 russians who were allowed to compete as neutrals despite the country being banned. and there was a first gold medal of the games, a former 0lympic athlete from russia in the figure skating. she beat her team—mate and favourite. i will be back with more on those stories just after half past. we will take you straight back to one of those headline stories. rbs has reported its first full—year profit since being bailed out by taxpayers at the height of the financial crisis. it made £2.2 billion last year, compared to a loss of £4 billion in the year before. it could now pave the way for the bank to be re—privati

royal bank of scotland, which is majority—owned by taxpayers, has recorded an annual profit for the firston in 2017, compared with a loss of almost 7 billion the year before. the bank's chief executive says it's a really symbolic moment. our economics editor kamal ahmed is with me. sounds positive, what do we read into this? it is symbolic and good that a bank we have a stake in has made a profit for the first time in ten years, this was a big global whiskey bank. but it has trained up its act to an extent and sold a lot of foreign businesses, now mostly focused on the uk and republic of ireland, now still there are big risks. facing fines in america for involvement in the mortgage crisis, money to pay to compensate small businesses here, and the big question is, when will the taxpayer get our money back, for all of that money that we put into the bank when it nearly went bust in 2008. a little bit earlier today i spoke with the chief executive ross mckinnon and put that question straight to him. yes they have put in 45 billion but we are going to put in as much so that we can get as much

and as mps release a controversial report into how royal bank of scotland allegedly mistreated small we'll speak to a businessman who blames the bank forfailing to give him a loan. that's all ahead on bbc news. now on bbc news it's time for sportsday. hello and welcome to sportsday — i'mjohn watson. 0n the way. disqualified in herfinal event — history repeats itself for speed day eleven of the winter olympics and another day to forget for speed skater elise christie. after the disappointment of sochi four years ago, there was more today as she was disqualified from the heats of her third and final event the 1000m and and finishes another winter games without a medal. andy swiss is in pyonchang. just when we thought things could not get worse for elise christie remarkably they have. she emerged from the 1000 metres heat clearly still struggling with that ankle injury picked up in fall on saturday and what followed was an all too ‘of drama and ‘ of drama and desperate familiar of drama and desperate disappointment. right up untilan disappointment. right up until an hour before the race

banks so that some of this business has become pretty profitable barclays is another bank reporting its results this week it still gets to feel this in its investment banking r.b.s. the royal bank of scotland is still facing a huge fine in the united states for its mortgage selling and here in frankfurt this morning people are talking about deutsche bank which is reported or rumored to plan the layoff of more investment bankers investment bankers between two hundred fifty and five hundred investment bankers are said to have to go mostly in banks branches in london and new york we're talking about regulation conrad the e.u. is reported to be considering import tariffs on american goods including harley davidson motorbikes what's going on there. well the european union is getting prepared for the case that the united states impose import tariffs on european goods which the europeans would consider not in line with world trade regulation in this case the european union might impose import tariffs on american goods and services and that would make products like harley-davidson or jack daniels whiskey much more expensive here in europe but i have to say these are only rumors at this stage the e

eventually will be lower than this of course this will be a huge dent in any profits off a royal bank of scotland this year twenty eighteen and with this bank we also have to always mention the other impediment which is sort of looming over the share price the british state is still the most important shareholder off this bank it owns seventy one percent eventually this share will be sold and this will of course have an effect on the share price also out today results for v.w. the german car maker as it supervisory board discusses that monkey business. is quite likely that those strange experiments emission experiments including monkeys that. had initiated where discussed at this supervisory board meeting today for the market more important and more interesting where the numbers were twenty seventeen and let me tell you they just confirmed that this was a strong year for folks watching despite that these are scandal say never before this car maker has sold as many cars the dividend will be doubled still the share price of folks walking is one of the weaker ones here in frankfurt this friday the o

royal bank of scotland, is back in profit for the first time in a decade. lion loss the year before. but it's not out of the woods yet — there's still a potentially massive fine from the us department ofjustice over the sale of financial products linked to risky mortgages. iag is the parent group of british airways, aer lingus and iberia. group profits are up 12.5%, despite suffering that huge it collapse last summer. suffering that huge it collapse last summer. we spoke earlier to the chief executive about rises in air fa res across chief executive about rises in air fares across the industry. we expect or unit revenue to improve. prices came down in 2017. unit revenue is domination of the yield, average fares, but also how many seats we fill an aircraft and we saw in 2017 filling more seats on the aircraft and that was driving the overall performance of the business. it is not on the back of increasing prices, it is on the back of prices that were reduced in 2017. sticking with the theme of airlines, a revolution could be coming to airport security. the go

the head of royal bank of scotland says its return to profit, for the first time since it was bailed . rbs, a majority of which is still owned by the taxpayer, made an annual profit of £752 million in 2017 compared with a loss of nearly £7 billion the year before. our economics editor kamal ahmed reports. faced with one of the biggest crises since the second world war... a coordinated response to the financial crisis... for rbs, the government will take... it was an astonishing time, a global, risky bank on the verge of collapse, customers unsure if they could withdraw their own money, a rescue plan funded by the taxpayer to save the economy. a decade on, after years of losses, the man at the helm of a partially revived rbs said he believed the worst was behind them. this is actually very symbolic. i think not just for our colleagues at work but also for the uk, who did put a lot of money into this bank. and we've been restructuring it, taking losses through conduct and litigation issues. from the out of control rbs to the new, a focus on the simpler natwest, which rbs owns, and selli

royal bank of scotland is back in the black for the first time in a decade, the bank, still majority—ownedade an annual profit ofjust over $1 billion, compared with the $9.7 billion loss the year before. the troubled japanese firm takata has reached a settlement with 44 states in the us over claims it concealed dangerous defects in its exploding airbags. takata's airbags have been linked to more than a dozen deaths and over 100 injuries worldwide. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. chinese regulators say they're taking over anbang insurance for a year — and that its former chairman will face prosecution. —— 300 billion. the bbc‘s tim mcdonald has been following the story from singapore. this is a bit unusual, the company is in the hands of the chinese regulators who have taken it over and will hold onto it for a year, and there are former chairman has been charged with what is described as economic crimes. the overseas spending sprees are something that the chinese regulators are concerned about, they

yesterday it was announced that ten royal bank of scotland branches in scotla nd royal bank of scotlandh national party. 0n by the scottish national party. on three occasions i have asked the prime minister at prime minister ‘s questions to bring ross mcewan entered ten downing st. for the prime minister to accept responsibilities given that we on rbs. well the prime minister colin ross mcewan and join us and call for all the branches to remain open? —— call in ross mcewan? as i have said before of course it is important for customers, especially those vulnerable, to be able to call on the services they need. i welcome the services they need. i welcome the decision from the royal bank of scotland, and commercial decision for them. but if the right honourable gentleman is so keen on ensuring that communities and people perhaps in remote communities have access to the services they need, they should ask himself why it is they should ask himself why it is the scottish government has been such a failure in ensuring people in remote communities have broadband access to online banking. they n

a controversial report into how royal bank of scotland allegedly mistreated small businesses has justy, this brown envelope has been for this brown envelope has been for this report has been sitting in the last six months, we haven't been able to publish it ourselves, the concern of the regulator is so electrified, if you like, they hadn't been prepared to put it out themselves. mps have asked andrew bailey the chief executive of the financial conduct authority to publish it repeatedly and here are fused but then it was leaked to mp5, they threatened to publish it, the chair of the treasury select committee said regulator if you don't publish it, we demand you handed over, unusual step and published it ourselves, that's what they've just done. let me give you a flavour why it's such an explosive report. it's because it says grg history did thousands of small business customers and there was widespread and systematic mistreatment and that wasn't just an isolated thing. it was the thing of an intentional and coordinated strategy that management was aware of what should have been aware o

obviously, i welcome the decision of the royal bank of scotland. this is a commercial decision for them. but if the right honorable gentleman is so keen on insuring the people in perhaps remote communities have access to the services that they need, he should ask himself why it is that the scottish government has been such a failure in insuring the people in remote communities have broadband access to online banking. they need to get their act together because quite simply scotland is getting less behind. >> ian blackburn. >> mr. speaker, that was pathetic. the prime minister hasn't -- we saved the bank. mr. speaker, yesterday, we celebrated the achievements of the suffrageette movement which was about democracies, equality for women. however, 3.8 million women are not receiving the pension they are entitled too. i brought in this -- a vote in november received support, 288-0. calling on the government in london to do the right thing. will the prime minister do her best for gender equality and end seen by 1950's women? >> it is important that we eq

marginal impact from brexit , a lot of the biggest investment banks are still locating the european headquarters in london. nejra: we are looking ahead to royal bank of scotland the big focus is going to be the department of justice. what can we expect from that? stephen: i am not sure we're going to get anything tomorrow. one must assume that we are not going to hear anything. they were on schedule to make a decade of annual losses. they may actually flip to a profit. there is this huge potential overhang on the stock. it could be anywhere from $5 billion all the way up to $12 billion if you take the most apocalyptic estimates of this. it will be interesting, and also it is another window into brexit. we can see if it is affecting the economy yet because it is one of the biggest in the country. nejra: there still might be questions of that timeframe of selling shares to investors, basically. stephen: yes. the other back with a report this week, lloyd's has finally managed to sell for profit. certainly making a profit last year will help this, but i can't say we can see the government getting out of it anytime soon. nejra: thank you so much, bloomberg stephen

lauren: quickly here, shares of royal bank of scotland are definitely taking a hit this morning, what'sa lot of concerns around the department of justice's investigation, they are facing a big fine there from past misdemeanors and also lack of clarity on really the outlook in terms of earnings growth, so there's a lot of uncertainty. cheryl: a lot to watch, neil, thank you. >> thank you. lauren: thank you, everybody for tuning this week to fbn:am, we will say good morning to mornings with maria, maria bartiromo. maria: good morning, everybody, thanks for joining us. i'm maria bartiromo, it is friday february 23rd, top stories right now 6:00 a.m. on the east coast. promises made an promises kept, president trump set to speak at political conference cpac this morning, expect today address the turn in american economy and how it's taken a turn under his leadership. something vice president mike pence highlighted just yesterday. >> president trump promise today cut taxes across the board for working families and job creators and two months ago today president trump signed the largest tax cu

royal bank of scotland, which is majority owned by taxpayers, has recorded an annual profit for the first has been fined for failing to provide pension information. districtjudge gary lucie said there had been a complete lack of remorse from mr chappell after bhs collapsed leaving a pensions deficit. the actor and broadcaster stephen fry has revealed he's been battling prostate cancer. the 60—year—old tweeted a 13 minute video, in which he revealed that he discovered he had cancer in his prostate following an mri scan. here's what he had to say following his operation. as far as we know, it's all been got. are there greater chances of me getting other kinds of cancer now? apparently not. if you get prostate cancer, you don't necessarily find yourself more susceptible to other kinds. hmmm... but i won't know for sure until my psa levels are checked and they should be zero now because i have no prostate see because i have no prostate so the prostate specific antigen, the psa level, should be zero. but if there is anything left on the bed of the prostate where they have taken it out, then ma

can lawmakers have published a regulators report detailing disgraceful misconduct of the royal bank of scotland'sey identified inappropriate treatment to small companies. the rbf says it is deeply sorry for how it treated clients. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. is interesting what mark cudmore said about the fact that outside europe, most people are spdpaying attention to the votes and what it could mean for the german coalition. most people think it is done. the data out of germany this morning, pmi just dropping. 60.3, the number surveyed 60.5. a little softening in the german data, but from incredibly elevated levels. we have seen euro strength as part of this story. 55.3 is where the weakening is happening. the comp number at 57.4. let's talk about what is happening with your portfolio and the strategy may be applied to it. our cracks showing interest parity trading? treasury yields continuing to yell yell, balancing cross asset risk is looking more precarious than it once did. is risk parity a sust

the royal bank of scotland has posted the first full-year profit in a decade, but not much celebrating. rbs still has not settled the u.s. investigation into mortgage recovering's and until that deal is done, they cannot sell the british government the majority stake. she has agreed to sell the insurance business, the prize, $4.5 billion. it includes a 20% stake in phoenix standard life. aberdeen wants to focus on life management. jay powell is talking to goldman sachs about returning to the firm and that is according to the wall street journal. powell said she is looking at a more global role if he comes back. that is your bloomberg business flash. francine: thank you, taylor. taken control of anbang, prosecuting the chairman for fraud. cemented the politically connected dealmaker whose aggressive global expansion came to symbolize the financial overreach of china a's environment. joining us is edna curran. good morning. how significant is this move by the chinese regulators? >> good morning. i think it is quite significant money levels. on the other hand, there was risks.al and the w

the royal bank of scotland has swung to its first full-year profit in a decade, but the delay in settlingities probe is casting a shadow on any celebration. reported a full-year adjusted operating profit of 4.8 2 billion pounds. the bank expects restructuring charges. re says it expects to benefit from adjusted prices. reported a slump in net income to $331 million, down from $3.6 billion a year earlier. that followed one of the most costly hurricanes event in history. the company says it will raise its dividend and author is a new share buyback program. snap has lost luster, at least according to one social media influencer. shares of bp. company sank 6% yesterday. kylie jenner said she doesn't open the app anymore. wall street analysts have cited recent user engagement trends since the platform redesigned. -- since the platforms redesign. anna: thank you very much. is still with us. we need to finish the conversation we were having around mining and mining companies. let's put the focus to gold. during the period of market turmoil, specifically in equities, you might have expected gold

was commissioned to do an investigation into the global restructuring group, the gr g of royal bank of scotland. however, the financial conduct authority has not released this, has not published it. it says it can only publish it if it has the permission of the people who are quoted, who were being investigated. however, there has been a stand off with the treasury ‘s committee, who says it wa nts to treasury ‘s committee, who says it wants to see it, and now says it wa nts wants to see it, and now says it wants it published. it has given it until friday to publish. if it is not published, they will have to hand it over. the treasury select committee have a meeting on tuesday, on the 20th, when they will discuss the matter further. but on the 20th, when they will discuss the matterfurther. but it on the 20th, when they will discuss the matter further. but it has been a stand—off between these two forces, as it were, the treasury select committee, with the chair nicky morgan, and the financial conduct of warranty. it sounds like an unusual move. it sounds as though rbs could be in trouble over t

lawmakers have published a regulator's report detailing "disgraceful misconduct at the royal bank of scotland'sow defunct small business lending unit." the report identified inappropriate treatment of small companies in more than 60% of the cases reviewed. and windfarms produced a record 15% of britain's electricity last year. according to a report published by imperial college london, wind regeneration produced double the output of coal as several storms swept through the u.k., boosting turbine speed. global news 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries around the world. this is bloomberg. francine: the u.s. treasury optioned $179 billion of notes yesterday, sending yields to levels not seen since 2008. the offering saw a decent demand, considering the market is facing a flood of sales. the longer dated notes will come today and tomorrow with an issuance of more than $250 billion in just three days. could we see the 10-year crack 10%? what is next for treasury? joining us next for the hour, a man he knows a thing or two about central bank thinking. he

a symbolic moment — royal bank of scotland returns to profit for the first time in a decade.

royal bank of scotland, is back in profit for the first time in a decade. woods yet — there's still a potentially massive fine from the us department ofjustice over the sale of financial products linked to risky mortgages. those of us have an age, what on earth is snapchat? how can they wake of £1 billion of the market value of that? that is kylie. keep talking to me. snap does not make a profit, so the whole thing is on future expectations and on the amount of viewers that they gets the day. expectations and on the amount of viewers that they gets the daym isa viewers that they gets the daym is a social application, it gets rid of the message almost instantly. its bigger rival is insta gram. its viewer numbers are growing up. snapchat‘s dina groff going like that. that japanese to rebrand itself. —— snapchat. that. that japanese to rebrand itself. -- snapchat. begin to look differently, you are the point where is it going to get better or not, a lot of people are uncertain. you get kylie who says she does not like it any more and so people who've been worri