Business briefs: Dyson ‘spy’ sent secrets to China | RBS Citizens | Amazon fashion launch

Published on 03/12/2012 00:00

AN INDUSTRIAL spy accused of leaking Dyson design secrets to German rivals has also sent them to Chinese firms, legal documents have shown.

Yong Pang, who was fired from the British vacuum cleaner maker in June, is alleged to have passed sensitive information to at least four Chinese firms, as well as German industrial giant Bosch.

Dyson has filed a legal claim against Pang and his wife, Yali Li, who set up a company that received around £11,650 in payments from Bosch during the time the Chinese engineer worked for Dyson.

RBS determined to hold on to Citizens

THE Royal Bank of Scotland is expected to shrink its investment bank further after refusing to bow to pressure to sell off its American retail bank, Citizens.

Regulators, who are concerned about £60 billion of bad debts on UK banks’ balance sheets, have been trying to persuade RBS to sell the £10bn business to raise further capital. Last week, Sir Mervyn King, head of the Bank of England, warned that all banks need to boost capital reserves.

RBS believes it would be unlikley to find a buyer quick enough.

Amazon to try high–end fashion offering

ONLINE retail giant Amazon is to launch an online premium fashion store today in a bid to take on the likes of Net-A-Porter and Asos.

Amazon, which reportedly considered a bid for the highly-profitable Asos, is trying to find ways to replicate its success in books and technology with fashion.

Christopher North, managing director of Amazon.co.uk, said: “More and more customers are discovering the benefits of shopping for clothing online and we are rapidly expanding our fashion offering with a raft of aspirational brands and on-trend products.”