Business International

RBS stock slumps on writedown

Royal Bank of Scotland Group Plc, the United Kingdom's second-biggest lender, will sell 12 billion pounds of new shares to investors to boost capital depleted by writedowns.

AT&T rings up $3.5b profit

AT&T Inc, the biggest US phone company, said first-quarter profit rose 22 percent on sales of mobile handsets such as the iPhone and savings from the $86 billion purchase of BellSouth Corp.

Will Kurer become whipping boy?

Switzerland's biggest bank UBS, the worst hit of its global banking peers by the US subprime home loan crisis, faces a stormy shareholders' meeting today when a new chairman could emerge as the whipping boy.

Lockheed cashes in on govt orders

Lockheed Martin Corp, the world's largest defense company, said first-quarter earnings rose 5.8 percent as higher US government computer sales and revenue from development of new NASA spacecraft helped overcome lower F-16 deliveries.

IN BRIEF (Page 17)

Business International

US lender says net income fell 77%

Bank of America Corp, the second-largest US bank, said profit dropped for a third straight quarter as the company set aside $6.01 billion for bad loans.

UBS 'didn't recognize risks'

UBS AG, Switzerland's biggest bank, said senior management of its investment bank only recognized the severity of its subprime problem in late July.

High crude price helps up firm's earnings

Halliburton Co, the world's second-largest oilfield contractor, said first-quarter profit rose 5.8 percent as crude pushed beyond $100 a barrel, prompting customers to increase exploration and production spending.

Oil rises to record level of $117

Crude oil rose above $117 a barrel for the first time after OPEC said it will maintain production, rejecting calls from the United Kingdom and Japan to boost output.

IN BRIEF (Page 17)