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Barclays first-half profit falls 21 percent as costs of shrinking bite

LONDON Barclays reported a 21 percent dip in first-half pretax profits despite improved returns in its core business, as the costs of selling and shrinking the bank's unwanted assets in a harsh economic environment took its toll on earnings.

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U.S. private equities behind UBS-Passera plan for Monte dei Paschi - source

MILAN Veteran Italian banker Corrado Passera is presenting to the board of Monte dei Paschi an alternative rescue plan which is backed by some U.S. private equity funds and sponsored by Swiss bank UBS , a source close to the matter said.

10:38am BST

UBS scraps return targets on volatility after second-quarter profit beat

ZURICH Switzerland's biggest bank UBS scrapped short-term guidance on profitability due to market uncertainty, even as it posted a lower second-quarter net profit that outstripped market expectations.

10:48am BST

New UK home registration hits highest since 2007 in run-up to EU vote

LONDON The number of new homes registered for construction in Britain rose in the second quarter to its highest since the financial crisis as building plans picked up before the EU referendum, an industry group said on Friday.

Money Home, Money, UK 8:57am BST

EU says Italy granted illegal state aid to airlines in Sardinia

BRUSSELS European Commission said on Friday that it found support granted by Italy's Sardinia region to selected airlines was an unfair advantage, ordering that the money be recovered.

Aerospace & Defence 10:59am BST

Volkswagen says regrets Washington decision to pursue $176 million fine

FRANKFURT Volkswagen said on Friday it regretted the Washington Department of Ecology's decision to fine it $176 million (£133.5 million) over its emissions scandal, saying the move ran counter to efforts to resolve U.S. consumer claims collectively.

10:47am BST
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