Samsung to double production capacity of advanced chips by 2027 October 4, 2022 Samsung Electronics has announced that it will double the production capacity for advanced chips by 2027, as the world goes continues to wrestle with a tight supply. The Korean chipmaker is looking to capitalise on the strong demand for computer chips, which are used in most of today’s technology – from smartphones to cars. “There [...]
Cabinet rift deepens as Braverman hits out against Truss’ tax U-turn October 4, 2022 Liz Truss is facing very public cabinet splits just a month into her premiership, with two senior ministers today hitting out against her tax cut U-turn. Home secretary Suella Braverman today said she was “disappointed by the subsequent reversal” in the decision to cut the top 45p rate of Income tax and housing secretary Simon [...]
FCA vows to take action against insurers falling short on business interruption claims October 4, 2022 The UK’s financial watchdog has warned insurers are falling short of its requirements in their handling of business interruption (BI) claims. The Financial Conduct Authority (FCA) said it will “consider using all regulatory tools” it has available to ensure insurers meet its standards after a review carried out by the watchdog determined insurers have “fallen [...]
999 call handlers to strike on Thursday over BT pay row October 4, 2022 999 emergency call handlers are set to walk out for the first time this Thursday as the strike over pay for BT Group workers continues. Members of the Communication Workers Union – the union for BT workers – will be walking out on Thursday 6 October, with further strikes planned for Monday 10 , Thursday 20 and [...]
Shell boss says Governments may need to tax companies to ease energy bills October 4, 2022 Governments should tax companies to help vulnerable customers deal with soaring energy costs, argued Shell's boss Ben van Beurden.
Truss and Kwarteng mini-budget to ‘deepen’ UK recession October 4, 2022 Liz Truss and Kwasi Kwarteng’s decision to slash taxes and ramp up borrowing without costing their plans will make the looming UK recession worse, City economists predicted today. Soaring mortgage rates driven by lenders passing on higher market yields pushed up by a lack of confidence in prime minister Liz Truss and chancellor Kwasi Kwarteng’s [...]
Low-cost airlines report strong September as people continue to travel October 4, 2022 Low-cost carriers, such as Ryanair and Wizz Air, have reported a strong September, as people across Europe continue to travel against the backdrop of a volatile economic climate. Ryanair reported that 15.9 million passengers flew aboard its planes last month – making September the second-busiest month ever after August’s record 16.9 million travellers. The carrier’s [...]
Explainer: Bank of England hasn’t lost £65bn of UK’s money October 4, 2022 Let’s get one thing straight: the Bank of England is not going to lose £65bn on buying government debt. There’ve been a few social media posts (and a few newspaper headlines) whipping up this point. It’s untrue. Last week, the Bank said it will buy up to £65bn worth of long-dated government debt until 14 [...]
Criminals turn to cross-blockchain tools to hide billions in cryptocurrencies October 4, 2022 Criminals are using complex new blockchain technologies to hide and launder billions in ill gotten gains. At least $4bn (£3.6bn) worth of illicit crypto-assets has been laundered via various “cross-chain” technologies, that let both legitimate and illegitimate users move funds between blockchains, analytics firm Elliptic said. Decentralised exchanges (DEXs), cross-chain bridges, and coin-swap services are [...]
Tramlink Croydon workers to strike on 10 and 11 October following offer rejection October 4, 2022 Train drivers working at Tramlink in Croydon will strike on 10 and 11 October after they rejected a below-inflation pay rise. The union Aslef accused Tramlink’s management of giving workers “real terms pay cuts” as their 4.75 per cent pay increase is well below the current inflation rate of 9.9 per cent. “But what’s especially [...]
