Tuesday newspaper round-up: RBS, Labour, First-time buyers

5th May 2015 06:44

The Times has said that RBS was under pressure to strip companies of their assets to improve its balance sheet. "The bank's global restructuring group, which was supposed to help businesses in trouble with debt, was given a remit by RBS's management to focus on reducing exposure to businesses that had badly affected its capital position," the paper said."Ed Miliband's commitment to set a legal target for decarbonising the UK power sector by 2030 is likely to cost upwards of £200bn", according to analysis conducted by The Telegraph.A report by KPMG has showed that first-time buyers in London need to earn at least £77,000 a year to be able to buy their first home, nearly double the £41,000 minimal national average, writes The Independent.The International Monetary Fund has warned Greece that it is so far off course on its bailout programme that it faces losing IMF support unless European lenders write off significant amounts of its sovereign debt, according to the Financial Times.The boss of McDonald's has admitted that the company needed an urgent reset after its recent poor performance, outlining a new focus on better-quality food and cost-cutting, according to The Times.Profits at UBS nearly doubled in the first quarter, helped by its core wealth management division and a boost from its pared-down investment bank, The Wall Street Journal said.The Institute of International Finance has said that evaporating liquidity and higher interest rates in the States will cause massive market swings "with potentially catastrophic consequences", The Telegraph writes.