|Royal Bank of Scotland Group plc tries to quell staff fears over prospect of job cull|
|Wednesday, 21 December 2011 09:35|
News round up: RBS, Britain's credit rating, Royal Dutch Shell, financial stability, Amazon and RIM.
Britain's credit rating
Ratings agency Moody´s warned last night that Britain's credit rating could be cut if the euro crisis worsens, The Telegraph reports. In a statement, Moody’s Investors Service said: “The currently stable outlook on the UK government’s AAA rating depends in part on the assumption that the government will stay on track with its fiscal consolidation programme.
Royal Dutch Shell
Shell has suspended drilling at one of its Gulf of Mexico discoveries after spilling 319 barrels of drilling fluid just 26 miles from the site of BP’s fatal disaster. The Anglo-Dutch company said that it had temporarily abandoned the well while it carries out repairs. It said that the leak of chemicals, which can cause cancer, came from the rig’s “booster line” which provides extra drilling fluid and is not connected to the well.
One of the biggest threats to financial stability in the UK is potential interference by the European Union (EU) that would create a "race to the bottom" between regulators, the Bank of England has warned, according to The Telegraph. Brussels has demanded that key banking regulations are set centrally, making national supervisors little more than arms-length officials policing the EU code.
Amazon and RIM
Amazon hired an investment bank to review a potential merger with RIM, but was rebuffed because the BlackBerry maker wanted to fix its problems on its own. Although Amazon sought advice from the investment bank this summer, it did not make a formal offer, a source told Reuters. It is not clear whether informal discussions between Amazon and RIM ever led to specific price talk, or who else had approached RIM about a takeover.
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