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[1/2] A model of a new fighter jet of the Global Combat Air Programme (GCAP) led by Britain, Japan, and Italy, is seen at the DSEI defence event in London, Britain, September 12, 2023. Reuters/Sarah Young/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - Japan, Britain and Italy plan to choose Britain as the headquarters for their next-generation fighter program, four sources in Japan said, putting London at the forefront of a partnership that could expand to include other nations. "Discussion about the headquarters is ongoing and we are unable to comment on the location," Japan's defence procurement agency said in an email. "No final decisions have been made on the locations and we will not comment on speculation," a spokesperson at Britain's defence ministry said. Officials at the Italian defence ministry were unavailable for comment.

Persons: Sarah Young, Leonardo, LDOF.MI, Richard Berthon, Britain's, Tim Kelly, Nobuhiro Kubo, Paul Sandle, Angelo Amante, Gerry Doyle Organizations: Global Combat Air, Reuters, Rights, London, United, United Arab Emirates, Combat, Britain's Ministry of Defence, BAE Systems PLC, Mitsubishi Heavy Industries, Mitsubishi Electric Corp, Royce PLC, Japan's IHI Corp, Thomson Locations: Britain, Japan, Italy, London, Saudi Arabia, United Arab, GCAP, European

☆ UK urges Meta not to roll out end-to-end encryption on Messenger and Instagram
▼ + stars: | 2023-09-19 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

[1/2] The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. Meta, which already encrypts messages on WhatsApp, plans to implement end-to-end encryption across Messenger and Instagram direct messages, saying the technology re-enforced safety and security. "They must develop appropriate safeguards to sit alongside their plans for end-to-end encryption." End-to-end encryption is a bone of contention between companies and the government in the new law. Tech companies have said scanning messages and end-to-end encryption are fundamentally incompatible.

Persons: Yves Herman, Bill, Suella Braverman, Meta, WhatsApp, Paul Sandle, Tomasz Janowski Organizations: REUTERS, Meta, Social, Tech, Thomson Locations: Brussels, Belgium, Britain

[1/2] Britain's Prime Minister Rishi Sunak speaks at a press conference on public sector pay at Downing Street in London, Britain on July 13, 2023. In a highly unusual late-night statement after reports that he was planning to row back on some of the government’s key green policies, Sunak said he would set out an "important long-term decision" about the country's plans to reach net zero. With a general election looming next year, Sunak sees scaling back some green policies as a way to win over swing voters "ahead of a general election expected next year." It would be a striking reversal for Britain which until recently was a self-proclaimed leader in climate policy. Sunak said successive governments "have not been honest about costs and trade offs" of going green policies.

Persons: Rishi Sunak, HENRY NICHOLLS, Sunak, Boris Johnson's, Michael Gove, Elizabeth Piper, William James, Farouq Suleiman, Andrew MacAskill, Paul Sandle, Timothy Gardner, Matthew Lewis Organizations: Britain's, Downing, British, BBC, Labour Party, Conservatives, Labour, Conservative, Thomson Locations: London, Britain

☆ UK focuses on transparency and access with new AI principles
▼ + stars: | 2023-09-18 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. Britain's anti-trust regulator, the Competition and Markets Authority (CMA), is, like other authorities around the world, trying to control some of the potential negative consequences of AI without stifling innovation. The CMA's proposed principles, which come six weeks before Britain hosts a global AI safety summit, will underpin its approach to AI when it assumes new powers in the coming months to oversee digital markets. It said it would now seek views from leading AI developers such as Google, Meta, OpenAI, Microsoft, NVIDIA and Anthropic, as well as governments, academics and other regulators. Reporting by Paul Sandle and Sarah Young, Editing by Kylie MacLellan and David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sarah Cardell, Paul Sandle, Sarah Young, Kylie MacLellan, David Evans Organizations: REUTERS, Google, Microsoft LONDON, Markets Authority, CMA, Britain, Microsoft, NVIDIA, Thomson Locations: Britain, United States

☆ UK, Japanese, Italian Partners Agree Next Steps for Fighter Jet
▼ + stars: | 2023-09-12 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Britain's BAE Systems, Japan's Mitsubishi Heavy Industries, and Italy's Leonardo have agreed the next steps to deliver the concept phase of a next-generation combat aircraft, BAE Systems said on Tuesday. The three nations agreed in December 2022 to collaborate to build an advanced front-line fighter to enter service around the middle of the next decade. The new Global Combat Air Programme (GCAP) agreement will support discussions to set out working arrangements and capability requirements for the aircraft, BAE said. The three nations will update on the project's progress at London's DSEI international arms fair this week, BAE said. Britain's defence ministry had committed 2 billion pounds to the project, formerly known as Tempest, before Japan and Italy joined.

Persons: Italy's Leonardo, Herman Claesen, BAE's, GCAP, Sachin Ravikumar, Paul Sandle, Sarah Young Organizations: BAE Systems, Mitsubishi Heavy Industries, Global Combat Air, BAE, London's Locations: Italy, Japan

☆ All of UK retailer Wilko's stores to shut, with over 9,000 job losses
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A branch of the discount retail homeware store Wilko is seen in Altrincham, Britain, September 11, 2023. PwC confirmed that 124 Wilko stores were set to close by Sept. 21, while the timing for the closure of the remaining 222 stores has yet to be announced. Some job losses in addition to those set out on Monday had been announced in recent weeks. Earlier this month London-listed retailer B&M (BMEB.L) struck a deal to buy 51 Wilko stores for up to 13 million pounds ($16.26 million). "Wilko should have thrived in a bargain retail sector that is otherwise strong, but it was run into the ground by the business owners."

Persons: Molly Darlington, PwC, Wilko, Doug Putman, Nadine Houghton, James Davey, Muvija, Sachin Ravikumar, Paul Sandle, Susan Fenton Organizations: REUTERS, HMV, Thomson Locations: Altrincham, Britain, Leicester, England, Wilko, London

☆ UK has not backed down in tech encryption row, minister says
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Britain's Secretary of State for Science, Innovation and Technology Michelle Donelan walks on Downing Street in London, Britain March 15, 2023. Junior minister Stephen Parkinson appeared to concede ground to the tech companies' arguments on Wednesday, saying in parliament's upper chamber that the Ofcom communications regulator would only require them to scan content where "technically feasible". Tech companies have said scanning messages and end-to-end encryption are fundamentally incompatible. Donelan, however, denied on Thursday that the bill had been watered down in the final stages before it becomes law. She said further work to develop the technology was needed, but added that government-funded research had shown it was possible.

Persons: Technology Michelle Donelan, Peter Nicholls, Michelle Donelan, Stephen Parkinson, Paul Sandle, Helen Popper Our Organizations: State for Science, Innovation, Technology, REUTERS, Junior, Ofcom, Tech, Times Radio, Thomson Locations: London, Britain

☆ UK house prices fall by most since 2009 as rate rises bite
▼ + stars: | 2023-09-07 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Halifax said house prices were 4.6% lower last month than in August 2022, when they were close to their peak. "House prices have proven more resilient than expected so far this year.... The Bank of England has raised interest rates 14 times since December 2021, taking rates to 5.25% in August. Rival mortgage lender Nationwide reported last week that house prices in August were 5.3% lower than a year earlier. Imogen Pattison, assistant economist at Capital Economics, said the bigger-than-expected fall in Halifax house prices supported the consultancy's forecast that house prices would drop a total of 10.5% by mid 2024.

Persons: Phil Noble, Halifax, Kim Kinnaird, Andrew Bailey, Imogen Pattison, David Milliken, Paul Sandle, Emelia Organizations: REUTERS, Halifax, Lloyds Banking Group, Bank of England, Nationwide, Capital Economics, Thomson Locations: Manchester, Britain, Halifax

☆ Rolling Stones launch new album 'Hackney Diamonds'
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

[1/4] Rolling Stones band members Mick Jagger, Keith Richards and Ronnie Wood attend a launch event for their new album "Hackney Diamonds", at Hackney Empire in London, Britain, September 6, 2023. REUTERS/Toby Melville Acquire Licensing RightsLONDON, Sept 6 (Reuters) - The Rolling Stones announced "Hackney Diamonds", their first album of original music for 18 years and first since the death of drummer Charlie Watts, at the Hackney Empire theatre in east London on Wednesday. The album, whose title refers to broken glass after a robbery, will be the first since Watts' death in August 2021. Watts, the Stones' original drummer, plays on two of the album's 12 tracks. “I don’t want to be big-headed, but we wouldn’t have put this album out if we hadn’t really liked it," he said.

Persons: Mick Jagger, Keith Richards, Ronnie Wood, Toby Melville, Charlie Watts, Jimmy Fallon, Jagger, Sydney Sweeney, Watts, ‘ we’ll, we’re, Andrew Watt, Paul Sandle, Marie, Louise Gumuchian, Mark Heinrich Our Organizations: REUTERS, Hackney Empire, Thomson Locations: Hackney, London, Britain, Los Angeles, Nassau

☆ The Rolling Stones set to announce new album 'Hackney Diamonds'
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Mick Jagger, Ronnie Wood and Keith Richards of The Rolling Stones perform as part of their "Stones Sixty Europe 2022 Tour", at the Hippodrome de Longchamp in Paris, France July 23, 2022. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - The Rolling Stones are set to announce "Hackney Diamonds", their first album of original music for 18 years. The band, who formed more than six decades ago, heralded a "new album, new music, new era," on X, formerly Twitter, with details to be revealed on Wednesday. Mick Jagger, Keith Richards and Ronnie Wood - the surviving core of the band - will be interviewed by Jimmy Fallon in Hackney, east London, streamed online at 1330 GMT, according to a skit featuring the U.S. chat show host answering a call on the "Stones Phone". The album will be the first since the death of drummer Charlie Watts in August 2021.

Persons: Mick Jagger, Ronnie Wood, Keith Richards, Pascal, Jimmy Fallon, Charlie Watts, Paul Sandle, Nick Macfie Organizations: Hippodrome de Longchamp, REUTERS, Thomson Locations: Paris, France, Hackney, London

☆ Britain sets priorities for November global AI safety summit
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

A piece of paper sits on the Colossus machine at Bletchley Park in Milton Keynes, Britain, September 15, 2016. It will focus "on risks created or significantly exacerbated by the most powerful AI systems," the government said. British Prime Minister Rishi Sunak has touted Britain as a global leader in AI regulation, and the government wants to accelerate investment in AI to improve productivity. Tech expert Matt Clifford and former senior diplomat Jonathan Black have been appointed to lead preparations for the summit. The two are rallying political leaders, AI companies and experts ahead of the event, which will be held at Bletchley Park in southern England.

Persons: Darren Staples, Rishi Sunak, Matt Clifford, Jonathan Black, Farouq Suleiman, Paul Sandle, William James Our Organizations: REUTERS, British, Tech, Bletchley, Thomson Locations: Milton Keynes, Britain, England, Hiroshima

☆ BoE's Broadbent: Rates may have to stay high 'for some time yet'
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +3 min

The Bank of England's Deputy Governor, Monetary Policy, Ben Broadbent speaks at a press conference at the Bank of England, London, Britain, May 11, 2023. The BoE said earlier this month that borrowing costs were likely to stay high for some time as it raised rates for the 14th time in a row. Investors expect another increase in the BoE's Bank Rate to 5.5% from its current level of 5.25% on Sept. 21, after the next scheduled meeting of the Monetary Policy Committee. Broadbent said the BoE's stance on interest rates would respond to "the evidence on spare capacity, and to indicators of domestic inflation, as and when it comes through." The chair of the Federal Reserve, Jay Powell, told the Jackson Hole gathering of central bankers on Friday that the Fed may need to interest rates further.

Persons: Ben Broadbent, Henry Nicholls, JACKSON, Broadbent, BoE, Jay Powell, Jackson, William Schomberg, Paul Sandle, Christina Fincher Organizations: of England's, Monetary, Bank of England, REUTERS, Federal Reserve, Thomson Locations: London, Britain, , Wyoming, United States, Ukraine, BoE's, Russia

☆ British Museum seeks recovery of some 2,000 stolen items
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

[1/3] An employee poses as he views examples of the Parthenon sculptures, sometimes referred to in the UK as the Elgin Marbles, on display at the British Museum in London, Britain, January 25, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 26 (Reuters) - Around 2,000 artefacts including gold jewellery and gems had been stolen from the British Museum over a long period of time, but recovery efforts were already under way, the museum's chair George Osborne said on Saturday. Museum director Hartwig Fischer said on Friday he would step down after admitting to failings in its investigation into the theft of items from its collection. A "forensic" inquiry was being conducted to find out what had been stolen, Osborne said. "We've already started to recover some of the stolen items," he added, without giving any details of what had been recovered or how.

Persons: Toby Melville, George Osborne, Stone, Hartwig Fischer, Osborne, we're, I'm, Paul Sandle, David Holmes Organizations: Elgin, British Museum, REUTERS, BBC, Police, Thomson Locations: London, Britain, British

☆ UK to make whole-life sentences mandatory for worst killers
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

A Britain flags are seen in The Mall street in London, Britain January 29, 2020. For the first time, the orders will also be the default sentence for any sexually motivated murders, it said. Whole-life orders are rare, with 65 prisoners subject to one as of June 30, according to the Sentencing Council for England and Wales, which issues guidelines on punishments. "By bringing in mandatory whole life orders for the heinous criminals who commit the most horrific types of murder, we will make sure they never walk free," said Prime Minister Rishi Sunak. A judge currently specifies the minimum term an offender must spend in prison before becoming eligible to apply for parole when they pass a life sentence.

Persons: Antonio Bronic, Lucy Letby, Rishi Sunak, Britain's, Paul Sandle, Christina Fincher Organizations: REUTERS, Appeal, England, Thomson Locations: Britain, London, Wales

Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard's games characters in this illustration taken January 18, 2022. The carve-out is designed to not upset a deal with Brussels for Microsoft to license content to rival cloud services. The CMA's block in April drew fury from the merging parties, with Microsoft saying that Britain was closed for business. It said on Tuesday that it had not felt any political pressure over its handling of the deal. The CMA will also avoid having to defend its original block in court, and Microsoft finally looks set to secure its deal.

Persons: Dado Ruvic, Ronan Scanlan, Arthur Cox, Gustaf Duhs, Scanlan, Antony O'Loughlin, Setfords, Tom Smith, there's, Smith, Kate Holton, Paul Sandle, Martin Coulter, Matthew Lewis Organizations: Microsoft, Activision, REUTERS, Markets Authority, U.S, Ubisoft Entertainment, European Union, U.S ., CMA, Reuters, Stevens & Bolton, Ubisoft, European, Geradin Partners, Big Tech, Thomson Locations: Britain, U.S, Brussels, Dublin, United States, European Union, China, London

☆ Rolling Stones fans see signs of new album in local newspaper ad
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

Mick Jagger, Ronnie Wood and Keith Richards of The Rolling Stones perform as part of their "Stones Sixty Europe 2022 Tour" at Waldbuehne in Berlin, Germany, August 3, 2022. REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsLONDON, Aug 23 (Reuters) - Have the Rolling Stones just announced the release of a new album? “The Rolling Stones are poking fun at themselves,” read one message on the Facebook fan page The Rolling Stones Sessions. Last year, The Rolling Stones marked their 60th anniversary with a European tour, covering 10 countries including Britain. An album by the Rolling Stones featuring new original music would be their first since 2005's "A Bigger Bang".

Persons: Mick Jagger, Ronnie Wood, Keith Richards, Lisi Niesner, ”, Jack Q Frost, Farouq Suleiman, Paul Sandle, Andrew Heavens Organizations: REUTERS, Hackney Gazette, Universal Music, Thomson Locations: Waldbuehne, Berlin, Germany, London, Hackney, Britain

Microsoft announced the biggest gaming deal in history in early 2022, but the acquisition was blocked by Britain's competition regulator, which was concerned the U.S. computing giant would gain too much control of the nascent cloud gaming market. Under the restructured deal, Microsoft will not be able to release Activision games like "Overwatch" and "Diablo" exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms for rival services. Instead, French gaming rival Ubisoft will acquire the cloud streaming rights for Activision's existing PC and console games, and any new games released by Activision in the next 15 years. A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. Microsoft said Ubisoft would acquire the rights through a one-off payment and a market-based wholesale pricing mechanism, including an option that supports pricing based on usage.

Persons: Tom Smith, there's, Gonzalo Fuentes, Alex Haffner, Fladgate, Sarah Cardell, Yadarisa, Kate Holton, Foo Yun Chee, Barbara Lewis, Sharon Singleton, Mark Potter Organizations: CMA, Microsoft, Activision, Ubisoft Deal, Ubisoft Entertainment, Ubisoft, Markets Authority, European Commission, Geradin Partners, Big Tech, Reuters, REUTERS, European Union . Competition, Federal Trade Commission, European, European Union, Sony, U.S, Thomson Locations: New York, Paris, U.S, Europe, Brussels, EU, Issy, France, British, United States, Bengaluru, London

Britain's Competition and Markets Authority (CMA) is the only regulator to block Microsoft's $69 billion Activision deal, in a test of its post-Brexit clout. The CMA in a statement said the revised transaction would "allow Ubisoft to commercialise these rights to other cloud gaming services providers (including to Microsoft itself)". Under the new terms, Microsoft will not be able to release Activision Blizzard games exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms of Activision Blizzard games for rival services. The new transaction deals with streaming rights outside the European Economic Area, reflecting the fact that Brussels had already approved the deal. Ubisoft will, however, receive a non-exclusive licence for Activision's European gaming rights too, enabling the French group to also stream the rights in the EU.

Persons: Yadarisa, Kate Holton, Rashmi Aich, Sachin Ravikumar, Barbara Lewis Organizations: CMA, Activision, Ubisoft Deal, Microsoft, Ubisoft Entertainment, Britain's, Markets Authority, Ubisoft, European Union, Sony, U.S, Activision Blizzard, Economic, Activision's, Thomson Locations: Paris, British, Brussels, Bengaluru, London

☆ UK defends plan to demand access to encrypted messages to protect children
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 10 (Reuters) - British technology minister Michelle Donelan defended plans to require messaging apps to provide access to encrypted private messages when needed to protect children from abuse, which major platforms say would undermine the privacy of their users. "I, like you, want my privacy because I don't want people reading my private messages. They'd be very bored but I don't want them to do it," said Donelan, minister for science, innovation and technology. Donelan said the responsibility lay with tech companies to invest in technology to protect children. "The safety mechanism that we have is very explicit that this (access) can only be used for child exploitation and abuse."

Persons: Michelle Donelan, Donelan, Muvija, Paul Sandle, Peter Graff Organizations: BBC, Britain's, Thomson

☆ Britain's Bellway says new home sales to fall 'materially'
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File PhotoAug 9 (Reuters) - Britain's Bellway (BWY.L) said on Wednesday it would build fewer homes this year and warned that it expects sales completions to drop "materially" amid a sharp housing sector slowdown triggered by higher mortgage rates. Bellway said it built 10,945 homes in the fiscal year ended July 31, slightly down from the guidance of 11,000 units. "In the current financial year, given the level of the order book and prevailing low reservation rates, legal completions are expected to decrease materially," it said in a statement. Bellway, whose builds range from one-bedroom apartments to six-bedroom family homes, said its full-year overall reservation rate fell 28.4% to 156 per week, and it also saw a steep fall from 190 units during the Feb. 1-June 4 period. Bellway's mid-cap competitors Crest Nicholson (CRST.L) and Vistry (VTYV.L) have said high mortgage rates were hampering demand from first-time buyers.

Persons: Toby Melville, Bellway, Barratt, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Paul Sandle, Alexander Smith Organizations: REUTERS, FTSE, Berkeley, Thomson Locations: London, Britain, Newcastle, England, Bengaluru

☆ Britain appoints tech expert, diplomat to spearhead its AI summit
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Google, Microsoft and Alphabet logos and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic//File PhotoLONDON, Aug 10 (Reuters) - Britain has chosen tech expert Matt Clifford and former senior diplomat Jonathan Black to lead preparations for its global summit on artificial intelligence (AI) later this year. The two will be tasked with rallying political leaders, AI companies and experts ahead of the event this autumn, the government said on Thursday. Governments around the world are wrestling with how to control the potential negative consequences of AI without stifling innovation. The European Union has taken a lead with its proposed AI Act, which it aims will become a global benchmark for the booming technology.

Persons: Dado Ruvic, Matt Clifford, Jonathan Black, Rishi Sunak, Paul Sandle, Sharon Singleton Organizations: Google, Microsoft, REUTERS, European, European Union, Thomson Locations: Britain, Canada, France, Germany, Italy, Japan, United States, Hiroshima

☆ Rolls-Royce reports jump in first-half profit led by civil aerospace
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

A BR700-725 jet engine is seen at the assembly line of the Rolls-Royce Germany plant in Dahlewitz near Berlin, Germany, February 28, 2023. REUTERS/Nadja Wohlleben/File PhotoLONDON, Aug 3 (Reuters) - Aero-engineer Rolls-Royce (RR.L) reported underlying operating profit of 673 million pounds ($855 million) in its first half, more than five times the level of a year ago, led by a large improvement in its civil aerospace margin. The British company upgraded its full-year profit forecast last week to 1.2-1.4 billion pounds ($1.6-1.8 billion) from its previous guidance of 800 million-1 billion pounds. The market had been forecasting 934 million pounds. "Better profit and cash generation reflect greater productivity, efficiency, and improved commercial outcomes," he said on Thursday.

Persons: Nadja Wohlleben, Tufan Erginbilgic, Paul Sandle, Kate Holton, Sarah Young Organizations: Royce, REUTERS, British, Boeing, Thomson Locations: Royce Germany, Dahlewitz, Berlin, Germany

FILE PHOTO-People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. REUTERS/Cheney Orr/File PhotoSummaryCompanies First-half EPS up 17%Sees full-year EPS 10%-12% higher, previous forecast 5%-7%Lifts interim dividend by 11%Shares up 5%LONDON, Aug 2 (Reuters) - Britain's biggest defence company BAE Systems (BAES.L) upgraded its guidance for 2023, forecasting annual earnings growth of 10%-12%, as governments spend more on military equipment in "an increasingly uncertain world". BAE Systems said its good operational performance plus the demand from its customers, the biggest of which are the United States, Britain, Saudi Arabia and Australia, meant its full-year results would be better than expected across the board. Shares in BAE Systems jumped 5% in early deals. For 2023, BAE said earnings per share would grow 10%-12%, compared to the 5%-7% increase it had forecast in February, while it also lifted sales guidance to 5%-7% growth from 3%-5%.

Persons: Cheney Orr, Charles Woodburn, Woodburn, Hargreaves, Aarin, Sarah Young, Paul Sandle, Kate Holton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, BAE, Thomson Locations: Huntsville , Alabama, U.S, United States, Britain, Saudi Arabia, Australia, Russia, Ukraine, Asia, Pacific, Europe, Czech Republic, Poland, Qatar, Christian

Shares in the British company jumped 24% to 190 pence, the highest level since the start of the pandemic in March 2020. The company said it now expected profit this year of between 1.2 billion and 1.4 billion pounds ($1.6-1.8 billion), up from its previous guidance of between 800 million and 1 billion pounds. The market had been forecasting 934 million pounds. Chief Executive Tufan Erginbilgic, who joined the company in January, said his turnaround had started well, with progress already evident across the company. ($1 = 0.7755 pounds)Reporting by Paul Sandle and Sarah Young Editing by Kate Holton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Tufan Erginbilgic, Bernstein, Paul Sandle, Sarah Young, Kate Holton, Mark Potter Organizations: Royce, British, Airbus, Boeing, Thomson Locations: Ukraine

☆ Bank of England forecasts 150 billion pound loss from QE gilt programme
▼ + stars: | 2023-07-25 | by ( David Milliken | ) www.reuters.com time to read: +3 min

LONDON, July 25 (Reuters) - The Bank of England forecast on Tuesday that it would make a net loss of just over 150 billion pounds ($193 billion) over the next 10 years as it unwinds its quantitative easing (QE) gilt purchases, up from 100 billion pounds projected in April. In the short term, the BoE expects the government to pay around 40 billion pounds a year in 2023, 2024 and 2025, roughly 10 billion pounds a year more than its last estimate in April. Markets currently expect BoE rates to peak at 5.75% later this year, up from around 5% at the time of April's report. The BoE projections assume holdings continue to fall at their current target rate of 80 billion pounds a year. That is still more than 50 billion pounds greater than forecast in April.

Persons: Rishi, BoE, BoE Governor Andrew Bailey, David Milliken, Paul Sandle, Kylie MacLellan, Andy Bruce Organizations: Bank of England, Conservative Party, Thomson

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