Wednesday 24 January 2018

In brief

Royal Bank of Scotland is in talks to sell its Indian private banking business to Sanctum Wealth Management, the bank said yesterday.

Switzerland's Union Bancaire Privee said in March it was buying the overseas business of British wealth manager Coutts from RBS, as part of the bank's drive to pull back from foreign markets and focus on UK retail and commercial banking.

RBS' India private banking business was not part of that deal.

GVC ups bid for Bwin

Online gambling firm GVC Holdings has raised its offer for Digital Entertainment to about £1bn, topping a recently-accepted bid from 888 Holdings.

Bwin, which put itself up for sale last year, accepted a cash and stock deal worth almost £900m from online casino and poker firm 888 earlier this month.

The recommended deal is the latest in a flurry of M&A activity in the industry, a trend set to continue as firms expand to help offset increasing taxes and tighter regulation and fund higher marketing and technology spend.

Fiat's $105m fine

The US car safety watchdog, toughening its stance against manufacturer defects, has issued a record $105 million in fines against Fiat Chrysler Automobiles over lapses in safety recalls involving millions of vehicles.

The Italian-US. carmaker's consent agreement with the National Highway Traffic Safety Administration contains an unprecedented buyback option covering hundreds of thousands of vehicles, including more than one million Jeep sport utility vehicles.

Fiat Chrysler also agreed to submit to an independent monitor's audit of its recall performance over a three-year period.

German confidence

German business confidence rose slightly in July, reflecting relief in Europe's biggest economy about the de-escalation in the Greece debt crisis, the Ifo economic institute has said.

The Ifo institute's closely watched business climate index rose to 108 points. This was the first increase in the index in three months, and was up from a revised 107.5 points in June, beating analysts' expectations.

Irish Independent

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