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(MENAFN - AFP) Britain is to start selling off its shares in the Royal Bank of Scotland by disposing of 5.2 percent of the state-rescued institution, the Treasury announced Monday.

RBS was bailed out with public money at a cost of £45.5 billion ($70.9 billion, 64.7 billion euros) following the 2008 global financial crisis and the British government holds 78.3 percent of ...

 
(MENAFN - AFP) Romanian prosecutors on Monday sent Russian oil major Lukoil to trial on charges of defrauding its local refinery 1.7 billion euros ($1.9 billion).

Lukoil Europe Holdings BV based in the Netherlands, Petrotel Lukoil which runs the refinery in Ploiesti in southern Romania, and six executives including three Russian nationals were charged with money laundering ...

 
(MENAFN - AFP) French bank Societe Generale has been drawn into the corruption case against the son of Equatorial Guinea's president, a judicial source said on Monday.

Teodoro Obiang Nguema, one of the country's vice-presidents, was charged by French prosecutors in March 2014 with money laundering and misappropriation of public funds.

French authorities have already ...

 
(MENAFN - AFP) Greece's stock exchange took a historic beating Monday as trading resumed after a five-week shutdown forced by capital controls, with the main index registering its greatest-ever drop drop of 16.23 percent and bank shares particularly hard hit.

The ATHEX index plunged to 668.06 points on its worst fall in nearly 30 years amid a worsening economic climate and ...

 
(MENAFN - AFP) A British trader was jailed Monday for 14 years for rigging the Libor lending rate while working for UBS and Citibank, in a landmark conviction the judge said would send a message to the banking world.

Tom Hayes, 35, is the first person to be found guilty by a jury of rigging the benchmark inter-bank lending rate, a key reference for financial products around ...

 
(MENAFN - AFP) Two same-sex Philippine couples applied for marriage licences Monday in a first for the conservative Catholic nation, but were promptly rejected by the government.

Maria Arlyn Ibanez and her partner Joanne Reena Gregorio joined Pastor Crescencio Agbayani and his partner Marlon Pelipe in trooping to a civil registry office in Manila, hoping to raise awareness ...

 
(MENAFN - AFP) US manufacturing activity slowed slightly in July amid weaker export orders and a continued drag from falling oil prices, the Institute for Supply Management reported Monday.

The ISM purchasing managers index on the manufacturing sector fell to 52.7 in July from 53.5 in June. A reading above 50 indicates expansion. Analysts on average had expected the PMI would ...

 
(MENAFN - AFP) Greece's stock exchange closed Monday with a record drop of 16.23 percent on reopening after a five-week shutdown caused by capital controls.

The general index settled at 668.06 points with the nation's outflow-hit banks and top corporations taking a beating.

The exchange's previous worst showing was in 1987 when the index had lost 15.03 percent.

The ...

 
(MENAFN - AFP) Europe's main stock markets rose on Monday, appearing to shrug off a plunge in Athens as Greek trading resumed after a five-week shutdown.

London's benchmark FTSE 100 index edged up a slight 0.03 percent to stand at 6,698.15 points in afternoon deals, while its heavyweight oil and mining sectors were hit by more disappointing Chinese data, traders said.

Frankfurt's ...

 
(MENAFN - AFP) A trader who worked for UBS and Citigroup was jailed Monday for 14 years by a London court after becoming the first person to be found guilty by a jury of rigging the benchmark Libor inter-bank lending rate.

The verdict on Tom Hayes, 35, came after a two-month trial at a London court.

Hayes had denied eight counts of conspiracy to defraud between 2006 ...

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