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☆ UK economy shows no growth in February as strikes weigh
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Economic output was flat in month-on-month terms in February, the Office for National Statistics (ONS) said on Thursday. A Reuters poll of economists had pointed to growth of 0.1%. The ONS revised up January's monthly growth rate in the overall economy to 0.4% from a previous estimate of 0.3%. "A combination of upward revisions in GDP data and an improvement in global economic conditions could help the UK economy avoid a recession this year," Yael Selfin, chief economist at KPMG UK, said. "While this will provide relief for policymakers, the outlook for growth in the medium-term remains relatively weak by historical standards."

☆ King Charles invited Biden for state visit, Biden accepted - White House
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 5 (Reuters) - Britain's King Charles has invited U.S. President Joe Biden to the United Kingdom for a state visit and Biden accepted, the White House said on Wednesday. The invitation came during a conversation between Biden and Charles on Tuesday in which Biden informed the king that U.S. first lady Jill Biden would attend his coronation in May. A print of the picture of Britain's King Charles, used on the bottles of a coronation ale called Return Of The King, is seen at the bar area of the Windsor and Eton Brewery, in Windsor Britain, April 5, 2023. REUTERS/Peter Nicholls/File Photo"The president was appreciative of the offer by the King and looks forward to that state visit," White House spokesperson Karine Jean-Pierre told reporters. Reporting by Steve Holland and Moira Warburton in Washington; Editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ Council of Europe urges UK lawmakers to stop new migration law
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] A RNLI boat, with migrants onboard, is met by Border Force Officers and Police at the harbour in Dungeness, Britain, September 13, 2021. Sunak has said he believes Britain could introduce the new legislation while remaining compliant with the ECHR and international obligations. "It is a tough piece of legislation, the likes of which we've never seen," he told reporters on Monday. "It's important that it's effective, which it will be, but it's also important that we abide by our international obligations. Reporting by Elizabeth Piper and Kylie MacLellan; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

"Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked. The International Monetary Fund says our approach means the UK economy is on the right track." [1/6] Britain's Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. The OBR forecast economic output would grow by 1.8% in 2024 and by 2.5% in 2025, Hunt said, compared with its previous forecasts for growth of 1.3% and 2.6% respectively. Many economists have said Hunt probably wants to hold back some fiscal firepower for closer to the next national election.

[1/6] Britain's Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. The International Monetary Fund says our approach means the UK economy is on the right track." After the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation, Britain's economy is the only one among Group of Seven nations yet to recover its pre-pandemic size, having already suffered a decade of near-stagnant income growth. "Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023," Hunt said. Many economists have said Hunt probably wants to hold back some fiscal firepower for closer to the next national election.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

[1/2] A Boeing 787-8 puts on a display at the Farnborough Airshow, in Farnborough, Britain July 16, 2018. REUTERS/Peter Nicholls/File PhotoWASHINGTON, March 13 (Reuters) - Boeing Co (BA.N) is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, a source briefed on the matter said on Monday. State-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air will both be acquiring Boeing 787s, the source said. The airlines are expected to buy a total of 78 787s split between the two buyers and have options to buy another 43, the source said. The Saudi deal comes on the heels of a major December order from United Airlines (UAL.O) for 100 787 Dreamliners and 100 737 MAX jets.

☆ UK regulator tells Heathrow to cut fees in win for airlines
▼ + stars: | 2023-03-08 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

[1/2] A worker sanitises a barrier at the International arrivals area of Terminal 5 in London's Heathrow Airport, Britain, August 2, 2021. The lower fees will boost airlines such as IAG's (ICAG.L) British Airways and Virgin Atlantic, two of Heathrow's biggest, making the airport cheaper for them. They have long complained that fees at Heathrow, the busiest airport in western Europe, are the highest in the world. The strong bounceback in travel since the lows of the pandemic prompted the CAA to reduce the fees Heathrow can charge in the coming years. Improved forecasts for passenger numbers this year and next year mean Heathrow will be able to generate higher revenue, said the CAA, which uses passenger numbers to calculate the charges.

☆ Ford taps masses of vehicle data to stay ahead in commercial van market
▼ + stars: | 2023-03-06 | by ( Nick Carey | ) www.reuters.com time to read: +5 min

Ford, which leads the commercial vehicle market in both Europe and the United States, launched the system in 2021. Hans Schep, European head of Ford Pro, the company's commercial vehicle business, said it is already close to hitting long-term targets of increasing vehicle "up time" by up to 60%. Ford recently announced engineering job cuts in Europe, but is still hiring software experts for its data services. Data is a huge battleground for commercial vehicle makers and competition will only intensify with electric models, which are essentially computers on wheels. Starting with 2024 models, GM will provide a range of OnStar data services free for fleet vehicles.

☆ Full steam ahead on new consumer 'duty', Britain's finance watchdog says
▼ + stars: | 2023-02-22 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

[1/2] The City of London is seen as buses cross Waterloo Bridge in London, Britain, February 17, 2023. "The deadline of 31 July will not be moved, and we are here to help," Sheldon Mills, FCA executive director for competition and consumers, told a conference. Mills said there had been some "initial resistance", but hard work now should mean fewer expensive mistakes down the line. "After the deadline, we will take a pragmatic approach and will help those who are taking their final steps towards meeting the standards of the Duty," Mills said. Firms must nominate a board member to "champion" the new duty firm-wide, from designing a product to selling it, even through third-party distributors.

REUTERS/Peter Nicholls/File PhotoWASHINGTON/LONDON, Feb 17 (Reuters) - U.S.-based investment firm BlackRock said on Friday it would join a new sovereign debt roundtable set up to accelerate progress on stalled relief efforts for distressed countries, with Britain's Standard Chartered also joining, according to sources. "We welcome the Global Sovereign Debt Roundtable and look forward to engaging constructively in the dialogue alongside other key stakeholders," a spokesperson for BlackRock (BLK.N) told Reuters. Unlike the G20's Common Framework platform for bilateral debt restructuring, the roundtable talks include public and private creditors as well as borrowing countries. Some 52% of private-sector-held sovereign debt is under contract in New York state. "Private creditors are major players in many debt restructurings and need to share the responsibility for achieving a successful restructuring," Malpass added.

☆ Privacy Regulators Step Up Oversight of AI Use in Europe
▼ + stars: | 2023-02-16 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

European privacy regulators are intensifying their scrutiny of companies’ use of artificial intelligence, hiring experts and opening new units to crack down on data violations. “AI is appearing in all sectors,” said Kari Laumann, head of a division for research, analysis and policy at Norway’s data protection authority. The regulator’s office has worked with 64 companies to test AI initiatives under its supervision, in a program started in 2020. Regulators have fined companies for privacy failings in their AI applications in recent years, but European data protection officials and privacy analysts say it is still unclear how to apply some aspects of European privacy law to the technology. Mr. Jairaj said he expects the EU’s coming legislation to force companies to look closely at third-party suppliers of AI products.

☆ UK regulator probes Barclays over anti-money laundering systems -FT
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

[1/2] A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter NichollsFeb 10 (Reuters) - Britain's financial regulator is investigating Barclays Plc (BARC.L) for suspected failings in its compliance and anti-money laundering systems, the Financial Times said on Friday, citing people with knowledge of the matter. Reporting by Sneha Bhowmik in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Church of England explores gender neutral God
▼ + stars: | 2023-02-08 | by ( Muvija M | ) www.reuters.com time to read: +2 min

REUTERS/Peter NichollsLONDON, Feb 8 (Reuters) - The Church of England will look into the use of gender neutral terms to refer to God in prayers, but the centuries-old institution said on Wednesday there were no plans to abolish current services. "Christians have recognised since ancient times that God is neither male nor female," a spokesperson for the Church said. "Yet the variety of ways of addressing and describing God found in scripture has not always been reflected in our worship." Bishop Michael Ipgrave, vice chairman of the Church's liturgical commission, said the Church had been "exploring the use of gendered language in relation to God for several years". The Church's Faith and Order Commission – which advises on theology – will work with the liturgical commission on looking at questions around gender terms, the spokesperson said.

☆ Valentine's Day spending boosts British retail sales in February - BRC
▼ + stars: | 2023-02-07 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

[1/2] A woman photographs a Valentines Day floral display attached to the facade of a restaurant in London, Britain, February 13, 2023. REUTERS/Peter NichollsLONDON, March 7 (Reuters) - Valentine's Day helped to boost British retail sales in February but volumes remained down on last year as households cut back on non-essential items, a survey published on Tuesday showed. The British Retail Consortium (BRC) said spending in store chains increased 5.2% in annual terms last month, well below the 6.7% rise in February 2022. The BRC figures are not adjusted for inflation, meaning the rise in sales masked a much larger drop in volumes. "Popular trends this month include buying 'dupes' of popular products, shopping at discount stores, and limiting Easter spending."

Downing Street referred requests for comment to the business ministry, which oversees Companies House, Britain’s public registry of companies. And, in most cases, if foreign companies purchased the property before 1999 or hold UK property in a trust they don’t need to publicly disclose the beneficial owners. The Cyprus-based company, A. Corp Trustee Limited, wasn’t listed on Britain’s new property register as of Tuesday morning. A listing on the UK’s new property register for Hanley Limited identifies the beneficial owner as a Swiss company called Pomerol Capital Sa. Ravellot also wasn’t on the new property register.

☆ Europe Inc earnings offer market optimists more hope
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +5 min

Shares in ASML were lower after the results, having rallied recently to hit their highest since last April. Helped by strong orders in Europe, French train maker Alstom (ALSO.PA) posted an 8% rise in third-quarter sales. While it is still early in the corporate earnings season, the results offer some hope that recent economic data which has buoyed equities this month is grounded in reality. Swiss asset manager GAM (GAMH.S) meanwhile warned on profits after experiencing negative asset flows, knocking its shares 2.5% lower in early morning trading. ($1 = 0.8115 pounds)Reporting by Reuters newsroom; Writing by Josephine Mason; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

The four each held a sizeable short position of between 13,000 and 24,000 lots, equivalent to 78,000 to 144,000 tonnes. LME warehouses held just 80,088 tonnes of nickel stocks when Russia invaded Ukraine on Feb. 24. The mix of producer hedging and speculative overlay in the short position landscape is impossible to know with any precision. It's worth remembering that Tsingshan is itself a huge nickel producer, albeit not in a form that can be delivered against an LME short position. Excerpt from Oliver Wyman reportLATE ARRIVALThe shorts were not helped by the rapid build-up of a long position on March 7 which the report links to "one financial client with no material existing nickel position".

☆ Factbox: Global banks cut jobs as cost pressures mount
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +5 min

The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported. DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers. MORGAN STANLEY (MS.N)In December, the investment bank slashed about 2% of its workforce, a source familiar with the company's plans told Reuters.

☆ Prince Harry hits out at press over reports of Afghan killings in book
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

British newspapers, heavily criticized in the book, and some senior former British military figures have attacked his decision to make public the figure of those he had killed, saying it could put him and others at risk of reprisals. [1/2] A staff member arranges Britain's Prince Harry's autobiography 'Spare' at Waterstones bookstore, in London, Britain January 10, 2023. REUTERS/Peter Nicholls 1 2"Without doubt the most dangerous lie that they have told is that I somehow boasted about the number of people that I killed in Afghanistan," he said. "I'm not going to lie the last few days have been hurtful and challenging," Harry said. Reporting by Michael Holden; additional reporting by Shivani Tanna in Bengaluru; Editing by Conor Humphries and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Prince Harry's book becomes UK's fastest selling non-fiction book - publisher
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

[1/3] A person looks at a copy of Britain's Prince Harry's autobiography 'Spare' displayed at Waterstones bookstore, in London, Britain January 10, 2023. REUTERS/Peter NichollsLONDON, Jan 10 (Reuters) - Prince Harry's memoir "Spare" has become the UK's fastest-selling non-fiction book ever, the book's publisher said on Tuesday, having sold 400,000 copies so far across hardback, ebook and audio formats. Harry's book, whose Spanish language edition went on sale earlier than planned by mistake, officially went on sale on Tuesday, with eager readers heading to bookshops to get their copy of a book that contains intimate revelations about the British royal family. The book has garnered attention around the world due to its disclosures about Harry's accusations about his father King Charles, stepmother Camilla and elder brother Prince William. Reporting by Muvija M, Michael Holden and Farouq Suleiman; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ New British law to blunt strikes to be introduced to parliament
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A worker stands at the door of a train at Euston station as rail workers continue a strike over pay and terms, in London, Britain, January 4, 2023. REUTERS/Peter Nicholls/File PhotoLONDON, Jan 10 (Reuters) - The British government will introduce legislation to parliament on Tuesday which would require key public services to maintain minimum safety levels during strike action by workers. Nurses, ambulance staff and rail workers are among those who have staged walkouts. The government has said it will consult on minimum safety levels to be set for fire, ambulance and rail services as part of the new law. The bill could take months to become law and opponents have argued it is likely to be challenged in the courts.

☆ Britain to proscribe Iran's Revolutionary Guard as terror group - Telegraph
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] British Minister of State for Security Tom Tugendhat walks outside Downing Street in London, Britain December 6, 2022. REUTERS/Peter NichollsJan 2 (Reuters) - Britain will officially declare Iran's Revolutionary Guard, which has arrested seven people with links to the United Kingdom over anti-government protests, as a terrorist group, the Telegraph reported on Monday, citing sources. The move, which will be announced within weeks, is supported by Britain's security minister, Tom Tugendhat, and Home Secretary Suella Braverman, the report said. Proscribing Iran's Revolutionary Guard as a terrorist group would mean that it would become a criminal offence to belong to the group, attend its meetings, and carry its logo in public. The UK Home Office did not immediately respond to a request for comment on the Telegraph report.

☆ UK to require COVID negative tests for arrivals from China
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

[1/2] Passengers walk through the International arrivals area of Terminal 5 in London's Heathrow Airport, Britain, August 2, 2021. REUTERS/Peter NichollsDec 30 (Reuters) - The UK said on Friday that passengers arriving to England from China from Jan. 5 will need to show a negative COVID-19 pre-departure test, taken no more than two days prior to departure, according to a statement. Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Air travellers warned of delays as UK passport control staff strike
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

[1/5] Members of the Public and Commercial Services (PCS) Union take part in a border force workers strike action near Heathrow Airport, in London, Britain December 23, 2022. The Public and Commercial Services Union said more than 1,000 Border Force staff, who are employed by the government, were expecting to strike. The union said its Border Force members had been offered a 2% pay rise, far below inflation that stood at 10.7% in November. "Immigration halls are free flowing ...with Border Force and the military contingency providing a good service," a spokesperson said. Gatwick, Britain's second busiest, said passengers should expect longer wait times at passport control between Friday and the end of the year.

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