New US Federal Reserve boss Jerome Powell says “gradual” rate rises are needed February 27, 2018 Jerome Powell opened his innings as head of the world’s most powerful central bank today with a bullish view on the US economy and a vow to continue to raise interest rates. The new Federal Reserve chair told a US Congressional committee that the rate-setting Federal Open Market Committee will continue to pursue “further gradual [...]
4G on the moon? Vodafone partners with Nokia to give the Moon better signal than the London Underground February 27, 2018 Here’s one to think about next time you’re desperately trying to find some mobile signal on the Tube: Vodafone and Nokia have got together to launch a 4G network on the Moon. Vodafone said today it will launch the network as part of a mission by Berlin-based company PTScientists in 2019. The mission will land [...]
UK trade secretary Liam Fox savages Labour’s call for customs union with EU February 27, 2018 Trade secretary Liam Fox today savaged Jeremy Corbyn’s Brexit vision, saying remaining in a customs union with the EU would be a “complete sellout” for the UK. This week the Labour party made a comprehensive shift in its Brexit policy; in a speech yesterday, Corbyn said the UK must negotiate a “bespoke” customs deal with [...]
EE, Vodafone and Telefonica among approved bidders for 5G auction February 27, 2018 Six service providers have been approved to take part in an auction which will pave the way for the rollout of 5G. Ofcom is releasing more airwaves in a “spectrum auction”, improving broadband and opening the UK up for 5G. Airspan, EE, Connexin, Hutchison 3G, Telefónica UK, and Vodafone have now been approved as qualified [...]
Freezing weather is pushing wholesale gas prices up, causing one supplier to hike its prices February 27, 2018 Plummeting temperatures across the UK have caused a sharp rise in wholesale gas prices today, leading one supplier to hike its prices. Within-day gas prices jumped 25 per cent to 81p per therm while day-ahead prices were up 6p at 73p per therm as temperatures fell below zero degrees. The rise in wholesale prices caused [...]
RBS GRG changes described as “rebranding exercise” with 94 per cent of leadership still in jobs February 27, 2018 The vast majority of managers of Royal Bank of Scotland’s restructuring arm had jobs in the disgraced global restructuring group (RBS GRG), according to figures published today. RBS created a new restructuring unit after the scandal over GRG’s unethical behaviour, but out of 32 senior managers, only two had not previously worked at GRG, evidence [...]
Neil Woodford’s sharing a £300m windfall after Provident Financial’s surprise share price leap February 27, 2018 Embattled fund management duo Woodford and Invesco have today shared profits of more than £300m on Provident Financial’s meteoric rise. With Provident’s shares 75 per cent higher, more than £600m has been added to Provident’s market valuation in around three hours. Neil Woodford’s eponymous fund house and his former employer Invesco own 48 per cent [...]
Persimmon share price rockets as it sells more homes at higher prices February 27, 2018 Shares in housebuilder Persimmon jumped more than 13 per cent in early trading, after it unveiled a rise in profits and sales in 2017. The figures Pre-tax profits rose 25 per cent to £977.1m in the year to the end of December, while revenues rose nine per cent to £3.42bn. It sold 16,043 homes, up [...]
Snow in London: Met Office extends weather warning to the end of the week February 27, 2018 The Met Office has extended its yellow warnings for snow in London until the end of the week, as the so-called “beast from the east” continues to cast a chill over the UK. Temperatures will stay below 0°C for most of the week, according to forecasts, with snow showers and “significant” wind chill also set [...]
GKN share price lifts as profits have soar amid a battle with Melrose February 27, 2018 Engineering giant GKN revealed profit in 2017 more than doubled as it battles against a £7.4bn hostile bid from turnaround firm Melrose. The figures GKN’s profit before tax soared 125 per cent to £658m for the year, while sales rose 10 per cent to £9.8bn. The firm reduced its UK pension deficit by 44 per [...]