RBS to close 54 branches, steak restaurant Gaucho saved from collapse, and more top news

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RBS is preparing to close 54 branches in England and Wales, putting 258 staff out of work. The bank, which is 62% taxpayer-owned after its 2008 bailout, has announced 603 branch closures since March 2017. RBS has previously blamed a transition to mobile and online banking for closures. Meanwhile, Lloyds Banking Group is refunding thousands of people after a payments glitch resulted in some consumers being charged twice.

Steak restaurant Gaucho has been rescued from collapse, saving more than 700 jobs. The casual dining group is to be bought out of administration by Investec Bank and debt specialist SC Lowry. While the package is subject to the approval of a company voluntary arrangement, the rescue deal will allow the ailing business to keep open all 16 Gaucho restaurants. The Gaucho Group went into administration in July, resulting in the immediate closure of all 22 Cau outlets and the loss of 540 jobs.

Sales of electric vehicles in the UK reached a record high last month, accounting for one in every 12 new cars bought. The Society of Motor Manufacturers and Traders (SMMT) said 7,489 electric and alternative fuel vehicles were sold in August 2018, up from the 3,968 sold in August last year – making up 8% of the overall market. The surge in electric vehicle sales comes as the cost of petrol and diesel hit its highest level since July 2014.

The world’s largest offshore wind farm opens today off the Cumbrian coast. The ￡1bn facility, which already had 102 turbines before a further 87 were added earlier this year, covers an area equal to 20,000 football pitches – generating enough power for 600,000 homes. Operated by Danish energy firm Orsted, the Walney Extension project overtakes the London Array off the Kent coast as the largest offshore wind farm.

The UK and France have reached a truce to end the so-called ‘scallop war’ after fishermen from both countries clashed violently at sea last week. British fishermen will no longer operate in the Baie de Seine in return for compensation from the French government. The negotiations mark a stark turnaround from violent scenes last week. Rocks and smoke bombs were hurled as 35 French vessels confronted five larger British boats off the French coast, over claims of British overfishing.

Idea of the Day: Being successful is something that takes continued effort, and even the best entrepreneurs are not perfect, says Purple Cow Startup Fund founder Sheng Fu.

“Every successful entrepreneur has to work hard because although someone is a successful entrepreneur, they still can't be perfect in every aspect.”

— Natalie MacDonald