RBS suffers first-ever loss after $12-billion writedown

A £5.9-billion ($12.1-billion) writedown on risky assets sent Royal Bank of Scotland PLC to a first-half loss of £691-million - better than feared, but still one of the biggest losses in British history. RBS swung to its first-ever reported loss from a £5.1-billion profit a year ago after being hit by the writedowns on credit products. This was in line with previous guidance and was partly offset by an £812-million reduction in the value of debt it carries. It had been expected to report a £1.2-billion loss. RBS (London) rose 7 ½pence to £2.40 ½ More Report on Business... [read full story]