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Archive for November, 2017

Brexit: Government studies handed to MPs amid secrecy row

November 28, 2017

Parliament is being treated with contempt over the partial release of Brexit documents, Labour has claimed. MPs will see for the first time later studies of how the UK’s exit will affect 58 sectors of the economy, but certain sections will not be released. Ministers say they are being as “open as possible” but some […]

Japan’s Softbank ‘bids for stake in Uber’

Japan’s Softbank has reportedly made a heavily discounted bid to buy Uber shares at a valuation of $48bn (£36bn). If the deal goes ahead, Softbank would acquire the stock for nearly 30% less than Uber’s most recent valuation of $69bn. The Japanese conglomerate is leading a consortium of firms that is planning to buy at […]

CMA: Secondary ticket websites may be breaking the law

Secondary ticketing websites may be breaking the law, by failing to tell consumers about restrictions on the tickets they’re buying. After a year-long investigation, the Competition and Markets Authority (CMA) found widespread concerns about such websites. It said some of them had taken action to improve, but others had not. The CMA has not named […]

BBC Panorama: The fraud costing the UK £1bn a year

A BBC Panorama team has smuggled goods into Britain and then sold them on eBay and Amazon to highlight a fraud costing the country a billion pounds a year. The undercover team imported goods from China and didn’t pay VAT at the border. Amazon and eBay told the BBC that they take VAT fraud seriously […]

UK banks could handle ‘disorderly Brexit’

The UK’s banks could cope if Britain leaves the European Union in a “disorderly Brexit” in 2019, the Bank of England has said. For the first time since the financial crisis, all of the UK’s biggest lenders have passed the Bank’s stress tests. The tests of adverse economic scenarios discover if the banks could continue […]

Firms team up on hybrid electric plane technology

Airbus, Rolls-Royce and Siemens are to develop hybrid electric engine plane technology as part of a push towards cleaner aviation. The E-Fan X programme will first put an electric engine with three jet engines on a BAe 146 aircraft. The firms want to fly a demonstrator version of the plane by 2020, with a commercial […]

BA owner IAG ‘secures Monarch’s Gatwick slots’

November 27, 2017

British Airways owner IAG has secured take-off and landing slots at London’s Gatwick airport that used to belong to Monarch, reports say. Monarch collapsed in early October and thousands of its customers had to be returned on government rescue flights. But its administrators, KPMG, won a court appeal last week for the right to sell […]

Time Magazine sold in Koch-backed deal

US magazine publisher Time Inc will be bought by rival media company Meredith Corporation for $2.8bn (£2.1bn). The deal is backed by the billionaire brothers Charles and David Koch, who are known for supporting economically conservative causes. Meredith is an Iowa-based publisher and broadcaster which has made two previous unsuccessful bids for Time. Time has […]

Bitcoin approaches $10,000 a piece

Virtual currency Bitcoin hit a record high of $9,700 after jumping 4.5% so far on Monday. The move takes it to 20% above the level it stood at on Friday, according to the Luxembourg-based Bitcoin exchange, Bitstamp. It started the year at around $1,000. Virtual currencies are largely unregulated and bypass traditional banking systems. Their growth […]

Mount Agung: Bali volcano alert raised to highest level

About 100,000 people near Bali’s Mount Agung have been ordered to evacuate as officials fear a major eruption. Indonesian authorities have raised the state of alert to its highest level, and expanded the exclusion zone around the rumbling volcano. The island’s airport has now closed, leaving thousands stranded in the tourist hotspot. Authorities say dark […]

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