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The City roundup video: Tale of two companies as RBS announce profit rise and retailer Next see good weather affect sales The City roundup video: Tale of two companies as RBS announce profit rise and retailer Next see good weather affect sales
(about 2 hours later)
Don't miss out on the goings on in the business world, with our daily roundup of the biggest news from the City.Don't miss out on the goings on in the business world, with our daily roundup of the biggest news from the City.
Royal Bank of Scotland's shares reached an 11-month high today, after the bank projected that it was on course to make low provisions for bad debts.Royal Bank of Scotland's shares reached an 11-month high today, after the bank projected that it was on course to make low provisions for bad debts.
RBS chief Ross McEwan said the bank had seen a major turnaround in its fortunes but warned that some uncertainties did still remain.RBS chief Ross McEwan said the bank had seen a major turnaround in its fortunes but warned that some uncertainties did still remain.
High-street fashion retailer were not as buoyant after they gave the stock market the first indication that fashion sales across the high street could see a major fall this Autumn. High-street fashion retailer Next were not as buoyant after they gave the stock market the first indication that fashion sales across the high street could see a major fall this Autumn.
According to Next's bosses, the unexpected warm weather had impacted on profits, with sales growing by only six per cent, nearly four per cent lower than expected. And finally, payday loan lender Wonga has seen its profits cut by nearly half. A significant part of the fall in profits cut is down to the multi-million pound bill the company had to pay as part of the 'Fake lawyer' letter scandal in June. According to Next's bosses, the unexpected warm weather had impacted on profits, with sales growing by only six per cent, nearly four per cent llower than expected. And finally, payday loan lender Wonga has seen its profits cut by nearly half. A significant part of the fall in profits cut is down to the multi-million pound bill the company had to pay as part of the 'Fake lawyer' letter scandal in June.
The company is bracing itself for further losses as new laws brought in by the government before April have seen greater restrictions placed on payday lenders.The company is bracing itself for further losses as new laws brought in by the government before April have seen greater restrictions placed on payday lenders.