Toshiba withdraws from UK nuclear power station November 8, 2018 Toshiba is pulling out of a nuclear power project in Cumbria after failing to find a buyer, it said today. The Japanese conglomerate said it would begin winding up its Nugeneration subsidiary, which was overseeing the construction of the power plant, and expects to record losses of roughly ¥15bn (£100m) as a result. The company [...]
China’s Xi issues warning to Trump as he prepares to meet with Putin at G20 November 8, 2018 Chinese President Xi Jinping has warned US President Donald Trump to respect its choices, ahead of the two world leaders meeting at the G20 summit in Argentina later this month. China and the US have been embroiled in a trade war for several months, placing tariffs on hundreds of billions of dollars worth of goods on both [...]
Sainsbury’s and Asda merger could cut hole in shoppers’ pockets, Waitrose warns November 8, 2018 The proposed merger of Asda and Sainsbury’s will cause substantial harm to customers, rival chain Waitrose warned today. It said the merger could force independent retailers to close in the face of competition from the new giant, leaving shoppers with fewer alternatives, while prices could rise. In comments to the Competition and Markets Authority (CMA), which [...]
The government is finally turning its attention to the housing crisis, but what’s missing? November 8, 2018 There's no question that the housing market is in need of drastic reform. So it was welcome news last week when the chancellor announced that the government was turning its attention to reforming the supply side of the market through a £500m Housing Infrastructure Fund and British Business Bank guarantees for SME house builders. In broader terms, there seems to [...]
Italian bond yields jump as EU predicts slower growth and higher deficits November 8, 2018 Italian bond yields have jumped after the European Commission predicted a more pessimistic outlook for the country's economic than the Italian Government's forecast. The commission predicted Italy's budget would push its deficit to 2.9 per cent of GDP in 2019, rather than the 2.4 per cent estimated by Rome, and that it would rise to [...]
International trade secretary Liam Fox says UK must be able to withdraw from Irish backstop November 8, 2018 International trade secretary Liam Fox has said the UK must have the ability to leave the backstop arrangement that is taking centre stage in the Brexit negotiations. Fox rejected the idea that the backstop could be ended by mutual agreement with the EU, telling reporters that Britain could not "sub contract" the decision to the [...]
Game Digital narrows losses as it chases high margins with e-sports venture November 8, 2018 Game Digital narrowed its losses but still saw sales fall in its full year results published today. The figures Revenue came in flat ar £782.3m in the year to the end of July, while the video game retailer made a loss before tax of £7.4m, 26 per cent better than 2017's £10m, as the retailer bumped up cash [...]
National Grid profits take a battering from stormy weather as UK restructure rolls on November 8, 2018 Utilities provider National Grid reported a six per cent fall in profits for the six months to 30 September today, partially attributed to storm-related costs and the cancellation of a new pipeline in Avonmouth. Underlying operating profit was £1.3bn, down £83m from the same period last year and of which £4m was attributed to foreign exchange [...]
Bombardier to cull 5,000 jobs and sell off $900m in assets November 8, 2018 Bombardier outlined plans to axe 5,000 jobs from its global operations and sell off $900m (£687m) in non-core assets today, sending its share price crashing down by 15 per cent. The Canadian plane and train manufacturer has launched a company-wide restructure focused on streamlining production and slashing costs as it flattens management structures. Around 5,000 jobs will [...]
Dyson welcomes EU court battle victory that defeats ‘anti-competitive’ vacuum cleaner regulation November 8, 2018 Household appliance maker Dyson successfully overturned EU regulation on the energy labelling of vacuum cleaners today after a lengthy legal battle. The British manufacturer argued tests to establish the energy efficiency of vacuum cleaners were misleading. Billionaire James Dyson's company said the test, which calculates efficiency when vacuum dust bags are empty, discriminated against its own bagless products. [...]