Local News
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Royal Bank of Scotland Group PLC, Britain’s largest state-owned lender, plans to cut hundreds of U.S. jobs while shrinking its mortgage-trading business ahead of stiffer capital rules. more
French President Francois Hollande’s government said General Electric Co. improved its proposal for Alstom SA’s energy business as Chief Executive Officer Jeffrey Immelt pledged to create new jobs, softening its stance on the U.S. company’s takeover plans. more
Purchases of new U.S. homes rose in April for the first time in three months as buyers took advantage of falling mortgage rates. more
General Electric Co. agreed to a French government request to extend by three weeks the deadline for its planned $17 billion purchase of Alstom SA energy units. more
Santander UK PLC and Barclays PLC said they don’t plan to implement the kind of curbs on riskier home loans imposed by Britain’s two largest nationalized lenders. more
Applications for unemployment benefits in the U.S. rose to 317,000 last week, holding below this year’s average and signaling sustained progress in the labor market. more
The Federal Reserve extended deadlines until next year for new capital plans from Citigroup Inc. and the U.S. units of HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Banco Santander SA after objecting to earlier versions. more
Town selectmen have contracted Considine & Furey to help bring a resort casino to Somerset, agreeing to pay the Boston law firm 25 percent of first-year sums from licensed gaming, the Taunton Daily Gazette reported. more
Europe’s banks face a further $50 billion of legal costs as they catch up with their U.S. counterparts, according to analysts at Morgan Stanley. more
Fewer Americans are filing applications for unemployment benefits, consumer confidence is rising and manufacturing is picking up as the world’s largest economy shows additional signs of strengthening. more
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