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RBS reports £1.27 billion profit for third financial quarter

Royal Bank of Scotland has reported third quarter profits of £1.27 billion, compared with a loss of £634 million in the same period last year.

It is the first time the bank has reported a profit for three quarters in a row since the height of the financial crisis, in which the bank nearly collapsed.

Royal Bank of Scotland is 80% owned by the British taxpayer. Credit: PA Wire

RBS also said it was setting aside £400 million to settle foreign exchange rate-rigging allegations.

RBS, which is 80% owned by the taxpayer after being rescued during the financial crisis, said it was putting aside a further £100 million to cover compensation payouts for customers mis-sold payment protection insurance.

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Barclays sets aside £500m ahead of possible fine

Barclays has set aside £500 million in anticipation of fines from regulators over alleged rigging of foreign exchange markets.

The Serious Fraud Office (SFO) and the Financial Conduct Authority (FCA) have both launched investigations into the alleged manipulation of the £3 trillion-a-day foreign exchange market.

Barclays is expecting to pay hundreds of millions of pounds to regulators. Credit: Yui Mok/PA Wire

Last month, it was reported that Barclays was one of six banks facing fines of hundreds of millions of pounds after the FCA began talks to settle its inquiry into the scandal.

The bank announced the £500m provision as it posted a 4% rise in profits to £1.22bn in the third quarter of this year.

It said the £500 million set aside was "relating to ongoing investigations into foreign exchange with certain regulatory authorities".

Queen to open new Jaguar plant in Wolverhampton

Credit: PA

A new Jaguar plant will be officially opened by the Queen later this morning and is expected to create 1400 jobs in Wolverhampton.

The £500 million engine manufacturing centre will cover three counties - Wolverhampton, South Staffordshire, and Staffordshire.

Jaguar Land Rover (JLR) said the plant opening was a "seminal" moment in their history, as it was the first time they had built engines in house "in a generation".

JLR is known to have strong links with the monarchy - both Jaguar and Land Rover have held Royal Warrants since 1951. A Royal Warrant is awarded when a manufacturer has counted the royal family as customers for at least five years.

Last month JLR sponsored the Invictus Games, the sports event for sick and injured service personnel championed by Prince Harry.

Accounting watchdog 'considering' Tesco action

Accounting watchdog the Financial Reporting Council has said it is "giving careful consideration" to whether it should take regulatory action against Tesco after the company overstated its profits for the first half of this year.

In a statement the Council said: "The FRC is giving careful consideration to Tesco’s announcement of 23 October 2014 and will continue to gather information to determine whether it should take regulatory action."

Tesco confirms SFO probe over £263m profit overstatement

Tesco has confirmed that the Serious Fraud Office has launched an investigation into its accounting practices.

In a statement, the group said: "Tesco confirms that it has been notified by the Serious Fraud Office that it has commenced an investigation into accounting practices at the company. Tesco has been co-operating fully with the SFO and will continue to do so.

"Tesco has been notified by the Financial Conduct Authority that, in light of the SFO investigation, its investigation will be discontinued."

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Serious Fraud Office to investigate Tesco irregularities

The Serious Fraud Office is set to open an investigation into how Tesco misstated its profits by £263m, ITV News understands.

The company overstated its profits for the first half of this year, with new CEO Dave Lewis saying the mis-statement was due to booking income in the wrong accounting period.

Tesco is facing a possible probe from the Serious Fraud Office. Credit: Chris Radburn/PA Wire

Five of the company's executives have been suspended over the issue and city regulators are already investigating what went on.

Cable to urge banks to keep last branches in towns open

Business Secretary Vince Cable is set to write to big banks urging them to keep branches open in towns where there are no other banks open.

It follows an announcement from state-backed Lloyds bank that it is going to close 150 branches and make 9,000 staff redundant.

ITV News Business Editor Joel Hills is following developments.

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