December 1st, 2017 - Biz in 60

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RBS to close a quarter of UK branches The Royal Bank of Scotland is closing a quarter of its UK branches and cutting 680 jobs. Government-controlled RBS said the number of mobile transactions has increased by 73 percent since 2014, while the number of customers using branches in the UK has dropped by 40 percent. The latest round of closures will affect 62 RBS and 197 NatWest outlets. Amazon in talks with generic drugmakers Amazon has reportedly held preliminary talks with makers of generic drugs about entering the pharmaceuticals business. According to the reports, the e-commerce giant has spoken to Mylan and a unit of Novartis, but its plans are not yet clear. Shares of Mylan jumped nearly 2-and-a-half percent. Fonterra to pay $125M to Danone for recall An arbitration tribunal has ordered New Zealand-based dairy group Fonterra to pay French food giant Danone 125 million dollars over a product recall. Fonterra issued a warning in 2013 that supplies of its whey protein may have been infected with botulism. It turned out to be a false alarm. But the warning prompted Danone to recall infant milk powder in eight countries.

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