Google admits it was partially to blame for one of its driverless cars crashing into a bus during a test last month March 1, 2016 Google has admitted partial blame for a crash involving one of its driverless cars for the first time, in what could be an embarrassing admission for proponents of the futuristic technology. The car, a Lexus SUV, was attempting to navigate around some sandbags at 2mph before it hit a bus, which was travelling at 15 mph, according to [...]
Fund managers predict 1-in-4 chance of a UK recession March 1, 2016 Fund managers are feeling increasingly gloomy about the outlook for the UK economy, according to a new survey. On average, they forecast a 23 per cent chance of a UK recession during the next eighteen months, according to investment bank and research house Liberum's UK SMID fund managers’ survey. The survey also showed they're pessimistic on all [...]
Property of the fortnight: Former Belgravia guest house Ormonde House in need of a £2m cash injection March 1, 2016 Belgravia is London’s land of grandeur, of embassies and white stucco-fronted mansions owned by Arab princes. It’s hardly the place you’d expect to find a fixer-upper, but Ormonde House is exactly that. And all it needs now is a millionaire with grand designs. It used to be a guest house, nestled in between Sloane Square [...]
Chinese firm Techrules set to unveil China’s first supercar at this week’s Geneva International Motor Show March 1, 2016 Techrules, a new Chinese car firm, is making its global debut at the 2016 Geneva International Motor Show, introducing China's first ever supercar. A prototype of the powerful motor was tested last month at Silverstone's race circuit, and is due to showcase the model at this week's Geneva International Motor Show on Thursday. The firm has developed a hybrid Turbine-Recharging [...]
London mayoral election 2016: Labour candidate Sadiq Khan wants to crack down on Uber drivers to “level the playing field” March 1, 2016 Labour London mayoral candidate Sadiq Khan has hinted that he might crack down on Uber if he is elected in May. During an interview on London radio station LBC, Khan noted there had been a spike in the number of private hire vehicles, including Uber, at the cost of the number of black cabs on the streets. [...]
More than 70 firefighters needed to tackle “massive” Enfield fire, prompting warnings for motorists on M25 March 1, 2016 The London Fire Brigade tackled a "massive" blaze on an industrial yard in Enfield, which affected motorists on the M25 this morning. In total, 10 fire engines and 72 firefighters and officers were needed to bring the fire, on Whitewabbs Lane, under control. The Brigade was called just after 2am this morning, and the fire was under control by 6am. [...]
Japanese government’s 10-year borrowing costs fall below zero for first time ever March 1, 2016 Investors now have to pay a small fee to lend to the Japanese government. The interest rate on Japanese government bonds – tradable IOUs – has fallen to minus 0.062 per cent today. It means after 10 years the government can pay back less than it borrowed initially. Japan's shorter-term borrowing costs have already fallen below [...]
Leading private bank: Don’t panic about Brexit despite warnings over the economy, the pound, and a leap into uncertainty March 1, 2016 A top private bank has told investors not to panic over the possibility of Britain leaving the European Union, despite warnings from UBS that sterling could fall to parity with the euro if UK voters decide to quit the EU. In a special report, Kleinwort Benson said while a so-called Brexit “presents a lot of uncertainty”, [...]
EU referendum: Lord Mandelson warns Brexit would lead to tariffs of up to 20 per cent on UK exports, inflicting “serious damage on competitiveness” March 1, 2016 Labour peer Peter Mandelson has warned Britain leaving the European Union would lead to tariffs of up to 20 per cent on UK exports, inflicting "serious damage on the competitiveness" of some industries. The former European Union trade commissioner said in a speech today that those campaigning for a so-called Brexit are "trying to sell people a fantasy” [...]
Eurozone manufacturing growth drops to year-low – Markit PMI March 1, 2016 An indicator of manufacturing growth in the Eurozone hit a year-low in February, according to figures released this morning. Markit's manufacturing purchasing managers' index (PMI) dipped to a score of 51.2 from January's 52.3. While it is above the 50 no-growth mark, it suggests growth slowed from January. Production, new orders, new export business and hiring all lost momentum. [...]