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RBS blame 'cyber attack' for banking glitch

A fault which left RBS and NatWest customers unable to login to their online banking yesterday has been blamed on a 'cyber attack'.

The banking glitch meant customers could not access their online accounts for 50 minutes Credit: Yui Mok/PA

A spokesman for the bank said: "The issues that some customers experienced accessing online banking on Friday was due to a surge in internet traffic deliberately directed at the website.

"This deliberate surge of traffic is commonly known as a distributed denial of service (DDoS) attack. At no time was there any risk to customers."

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RBS online banking glitch fixed after disruption

RBS said it was still investigating the cause of the problem. Credit: PA

A fault which left RBS, NatWest and Ulster Bank customers unable to login to their online banking this morning has been fixed, RBS has said.

The cause of the problem, which lasted around 50 minutes, was still being investigated.

We are aware that some customers experienced issues with online banking this morning.

This has now been resolved and our service is operating as normal. We apologise to those customers who experienced difficulties."

– RBS spokesperson

Lloyds sets aside £1.4bn more for PPI scandal payouts

State-backed Lloyds Banking Group has set aside a further £1.4 billion to take its bill for the mis-selling of payment protection insurance (PPI) to £13.4 billion.

Despite announcing a 38% rise in pre-tax profits for the first half of the year, Lloyds said it was "disappointed" to confirm the extra PPI scandal provision.

The Treasury's stake in Lloyds, which was rescued by the taxpayer at the height of the financial crisis, has shrunk to less than 15% in recent months. Credit: Stefan Rousseau/PA Wire

Pre-tax profits rose for the first half of 2015 to £1.19 billion, providing a 0.75p dividend for shareholders that amounts to £535 million.

Today's results demonstrate the strong progress we have made in the first half of the year.

We are disappointed to announce further provisions today, but we do so from a position of financial and capital strength.

– Chief executive Antonio Horta-Osorio

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Energy price row reignited as British Gas profits double

The row about high energy prices has been ignited after British Gas announced its profits had doubled in the first half of this year.

A report found Brits were paying 5% more for their energy bills that they should. Credit: PA

It comes as its parent group Centrica said it would be axing 4,000 jobs, not all of which will be in the UK.

The cut follows a strategic review aimed at delivering savings of £750 million a year by 2020.

British Gas profits were £528 million for the first half of the year, more than it made in the whole of 2014, even though it recently cut prices by 5%.

Which? executive director Richard Lloyd said: "While it's good to see the new commitment from Centrica to focus on serving customers, with British Gas profits high and wholesale prices low, customers will no doubt wonder why cuts to their bills haven't gone further, and haven't included electricity.

"Following the Competition and Markets Authority's blistering assessment of this sector, we expect big suppliers to pass on falling costs to their customers quickly and fairly."

Profits at Rolls-Royce plummet by £200m

Profits at engine maker Rolls-Royce slumped by almost a third in the first half of 2015, dropping more than £200 million since the same time last year.

Profits have dropped by almost a third Credit: PA

Underlying profit before tax was £439m, down from from £646m at this point in 2014 - a drop of 32 per cent - while revenue fell from £6.5bn to £6.3bn, a three per cent fall.

Earlier this month, Rolls-Royce issued its third profit warning in a year, citing weak demand for its aircraft engines.

But despite the latest fall, chief executive Warren East said the company was still on track to hit its 2015 full-year guidance.

British gas owner Centrica to cut 4,000 jobs

Centrica's head office in Windsor. Credit: PA

Centrica is to axe thousands of jobs following a strategic review, it was announced today.

The British Gas owner said it was reducing its headcount by 6,000 across the group, not all in the UK.

But the company will create 2,000 other jobs so the net effect will be 4,000 job losses.

British Gas' operating profit was up by 44%, according to today's interim first half results from the group, which was larger than expected.

The company said this was because of a colder year compared to 2014, with consumption up by 11%.

Royal Dutch Shell to cut 6,500 jobs this year

Around 6,500 jobs will be axed at Royal Dutch Shell this year as the oil giant struggles amid a slump in prices, it was announced today.

Shell chief executive Ben van Beurden said the firm was planning for a "prolonged downturn" in oil prices Credit: Reuters

The firm said it was "planning for a prolonged downturn" by cutting costs by 10 per cent - some $4 billion (£2.6bn) - during 2015, with further cost-cutting expected for 2016.

Investment for the year is also being slashed by a fifth, or $7bn (£4.5bn), with chief executive Ben van Beurden adding: "We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery."

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