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RSS FeedsUK government to sell £2.6bn of RBS shares, Brexit hits UK construction- as it happened
(The Guardian China)

 
 

5 june 2018 01:17:48

 
UK government to sell £2.6bn of RBS shares, Brexit hits UK construction- as it happened
(The Guardian China)
 


All the day“s economic and financial news, as G7 ministers blast America over president Trump“s tariffsLatest: Eurozone investor morale index hits 20-month lowUK construction PMI: Brexit hitting buildersG7 finance ministers: US are undermining global tradeFrance: It“s more like G6 +1 No progress in US-China trade talksEuropean stock markets are up this morning 5.50pm BST The latest RBS stake sale by the UK government could hit the bank“s share price in the short term, says Laith Khalaf, senior analyst at Hargreaves Lansdown:The RBS share price has bounced back from its slump after the EU referendum, but the taxpayer is still going to be significantly out of pocket as the government sells down its stake. Few argue the RBS bailout was necessary to maintain financial stability, but the cost of that intervention is now starting to emerge. We will learn more when details of the share price attained in the sale are released. In August 2015 the government sold 5.4% of the bank at £3.30 per share, which the National Audit Office estimated crystallised a loss of £1.1 billion, or £1.9 billion if you include the cost of financing. 5.47pm BST As if to emphasise the market uncertainty facing the RBS share sale - which should be priced overnight after gauging demand from institutions- European markets have lost their early gains. However they still ended, for the most part, in positive territory. The final scores showed: 5.13pm BST Here“s our story on the RBS share sale:Philip Hammond has restarted the sale of government owned shares in Royal Bank of Scotland, offloading a stake worth almost £2.6bn to City investors.The chancellor, through UK Financial Investments, which owns RBS stake on behalf of the government, kickstarted the sale of 925 million shares, representing about 7.7% of the bank“s stock. Related: UK government to sell 7.7% stake in RBS worth almost £2.6bn 5.03pm BST This second sale of RBS shares by UK govt will cut taxpayer stake to 62.4%. Current RBS price i ...


 
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