DIRS.INFO The most relevant business & tech news

☆ UK's William Hill fined $24 million for widespread gambling failures
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 28 (Reuters) - Britain's Gambling Commission has slapped a 19.2 million pound ($23.7 million) fine on companies owned by betting shop group William Hill for failing to protect consumers and weak anti-money laundering controls, it said on Tuesday. Instead the regulator opted to hand William Hill the largest penalty in UK gambling history. "We found serious non-compliance issues around safer gambling measures ... and also anti-money laundering control failings across the company," Andrew Rhodes, chief executive of the Gambling Commission told BBC Radio. It completed its takeover of William Hill and related companies last year. "After William Hill was acquired, the company quickly addressed the identified issues with the implementation of a rigorous action plan," an 888 spokesperson said.

☆ More food shortages could add to Britain's price pressure
▼ + stars: | 2023-03-28 | by ( James Davey | ) www.reuters.com time to read: +5 min

The tight conditions have helped to push British food price inflation to levels not seen for almost 50 years. Industry data from market researcher Kantar on Tuesday showed UK grocery price inflation hit a record 17.5% in the four weeks to March 19, underscoring the problem for policymakers. Many UK food retailers are buying less, knowing their customers cannot afford to spend so much, taking a hit to their profits in the process. Andrew Opie, director of food and sustainability at the British Retail Consortium, which represents the major food retailers, said supermarkets were confident about the resilience of food supply chains, particularly with the approaching UK growing season. The grower who spoke to Reuters, and who asked not to be named, said there was too much focus on food inflation and not enough on the strength of the whole system.

☆ UK's Ocado Retail keeps profit guidance after quarterly sales rise
▼ + stars: | 2023-03-28 | by ( James Davey | ) www.reuters.com time to read: +2 min

The jv said retail revenue in the 13 weeks to Feb. 26 reached 584 million pounds ($719 million), up from 565 million in the same period last year. Average orders per week rose 3.6% to 381,000, with active customers reaching 951,000 at the end of the quarter, up 13.8% year-on-year. It said average basket value was flat, with a 7.5% fall in the average number of items bought to 45, offset by an 8.3% rise in average selling prices. Last month Ocado Group, whose shares have fallen 58% over the last year, said annual losses had ballooned to 501 million pounds after it took a big accounting charge. ($1 = 0.8120 pounds)Reporting by James Davey; Editing by Kate Holton and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ British retail sales rebound unexpectedly in February
▼ + stars: | 2023-03-24 | by ( David Milliken | ) www.reuters.com time to read: +1 min

LONDON, March 24 (Reuters) - British retail sales unexpectedly rebounded by 1.2% in February from the month before, returning sales volumes to their pre-pandemic level, figures from the Office for National Statistics showed on Friday. Economists polled by Reuters had forecast that retail sales volumes in February would be 0.2% higher than in January. January sales growth was also revised up to 0.9% from 0.5%. However, Friday's data showed that retail sales volumes in February were still 3.5% lower than a year earlier. British consumers have been squeezed by inflation which hit a 41-year high of 11.1% in October and has remained in double digits since.

[1/4] Demonstrators protest against Israeli Prime Minister Benjamin Netanyahu during his visit to Britain, in London, Britain March 24, 2023. Netanyahu invited Sunak for an official visit to Israel, the Israeli statement said. 'WE'RE HERE TO PROTEST'In London protesters wanted to talk about Netanyahu's move on the judiciary, which has caused fear at home and abroad for the country's democratic checks and balances. "We're here to protest against Netanyahu, to protest against his attacks on democracy," said Amnon Cohn, who described himself as an Israeli living in London since 2005. "We are more determined than Bibi is," said Liron Rosiner Reshef, an Israeli-born protester in London, using a popular nickname for Netanyahu.

☆ Israel's Netanyahu met by protests on London visit
▼ + stars: | 2023-03-24 | by ( Muvija M | ) www.reuters.com time to read: +2 min

[1/4] Demonstrators protest against Israeli Prime Minister Benjamin Netanyahu during his visit to Britain, in London, Britain March 24, 2023. Netanyahu shook hands with British Prime Minister Rishi Sunak on the steps of Downing Street while nearby protesters held up Israeli flags and shouted "Netanyahu go to jail, you can't speak for Israel". "We're here to protest against Netanyahu, to protest against his attacks on democracy," said Amnon Cohn, who described himself as an Israeli living in London since 2005. Outside Downing Street protesters, surrounded by British police and restricted by metal barricades, waved signs saying "You can't enjoy a weekend in London when you're bringing down a democracy!". "We are more determined than Bibi is," said Liron Rosiner Reshef, an Israeli-born protester in London using a popular nickname for Netanyahu.

☆ Smiths Group upgrades forecasts after first-half profit jumps
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 24 (Reuters) - British industrial technology company Smiths Group (SMIN.L) upgraded its annual forecasts after first-half profit climbed 27% boosted by strong demand for its products from customers in the oil, gas, airports, ports and defence sectors. For the 12 months to the end of July, Smiths said it now expected organic revenue growth of at least 8%, up from guidance given in January for growth of at least 7% after its first-half results beat expectations. Headline operating profit came in at 241 million pounds ($296 million) for the first-half, 27% higher than the same period last year, and above a consensus forecast, on organic revenue growth which stood at 13.5% in the period. "With order books healthy and trading strong, we are again raising our full-year 2023 organic revenue growth guidance," he said in a statement on Friday. Shares in Smiths have risen 14% in the last 6 months, outperforming Britain's bluechip index which is up 7%.

☆ UK's Labour attacks planned pension changes as giveaway to the rich
▼ + stars: | 2023-03-16 | by ( Kate Holton | ) www.reuters.com time to read: +3 min

LONDON, March 16 (Reuters) - Britain's opposition Labour Party vowed on Thursday to reverse the government's planned pension changes, saying they were a giveaway to the top 1% of pension savers at a time when many households are being hit by tax increases and high inflation. "The budget was a chance for the government to unlock Britain's promise and potential," Rachel Reeves, Labour's would-be finance minister said. Some long-serving senior doctors have cut back their hours or retired early as they near the lifetime pension limit, adding to strains in the National Health Service (NHS). The focus on tax support for the wealthiest had echoes of the criticism that met the "mini-budget" of former Prime Minister Liz Truss and her finance minister Kwasi Kwarteng in September. They were later forced to reverse their plan to scrap the top rate of income tax for Britain's highest earners.

☆ UK Budget: Hunt sets out his plan for growth
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 15 (Reuters) - British finance minister Jeremy Hunt set out his budget on Wednesday, seeking to snap the world's sixth-biggest economy out of its run of stagnant growth. HUNT ON GROWTH"The OBR forecast we will not enter a recession at all this year with a contraction of just 0.2%. HUNT ON TECHNICAL RECESSION"Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I take, the UK will not now enter a technical recession this year. HUNT ON BOOSTING UK INVESTMENT AFTER SVB COLLAPSE"I will return in the Autumn Statement with a plan to deliver that. HUNT ON PENSION TAX"Today I will increase the pensions annual tax-free allowance by 50% from 40,000 pounds to 60,000 pounds.

☆ UK still faces record hit to living standards, OBR predicts
▼ + stars: | 2023-03-15 | by ( David Milliken | ) www.reuters.com time to read: +1 min

LONDON, March 15 (Reuters) - Britain remains on track for a record fall in living standards over the two years to the end of March 2024, despite an upward revision to growth forecasts, the Office for Budget Responsibility (OBR) said on Wednesday. The OBR said real household disposable income per person was on course to fall by a cumulative 5.7% over 2022/23 and 2023/24, 1.4 percentage points less than it forecast in November but still the biggest two-year drop since records began in 1956/57. The fall mainly reflected the higher cost of energy and other goods imports, and living standards were still expected to be 0.4% below pre-pandemic levels in 2027/28, the OBR added in forecasts alongside finance minister Jeremy Hunt's annual budget. "Developments since our November forecast have been largely positive, but the economy still faces significant structural challenges," the OBR said. Reporting by David Milliken; editing by William James and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

To compound the problem, British shoppers are themselves starting to spend more in the European Union, where they can also reclaim the value-added tax (VAT) charged on goods. OWN GOALBurberry BRBY.L, Britain's biggest luxury retail brand, warned last year that London was losing out to other European cities over the VAT rule. "That's why tax-free was so important for them, and now we are the only country in Europe that doesn't offer it." Cadogan, the main landlord in the west London districts of Chelsea and Knightsbridge, whose estate spans over 90 acres, also called on the government to act. He said he had not considered the VAT issue before, because he was generally spending his parents' money.

☆ UK pay growth slows as Bank of England mulls rates pause
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

Pay excluding bonuses rose by 6.5% compared with 6.7% in the three months to December. Total pay grew by an annual 5.7% in the November-to-January period, slowing from 6.0% in the previous figures, the Office for National Statistics said. Despite the still strong pace of pay growth, earnings were further diminished by an inflation rate that stood above 10% in January. Total pay fell by 4.4% in real terms, the biggest drop since early 2009. "The jobs market remains strong, but inflation remains too high," finance minister Jeremy Hunt said after the data was published, a day ahead of his budget speech.

"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them," Britain's finance minister Jeremy Hunt said. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in a statement. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. Other potential buyers for SVB UK had included Bank of London, which said on Sunday it had submitted a formal proposal.

☆ UK, Bank of England facilitate sale of SVB UK to HSBC
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 13 (Reuters) - Britain's finance minister Jeremy Hunt said the government and the Bank of England had facilitated a private sale of the UK arm of Silicon Valley Bank to HSBC (HSBA.L), in a move which would protect deposits without taxpayer support. The Bank of England said the wider UK banking system remained safe, sound, and well capitalised. "This ensures customer deposits are protected and can bank as normal, with no taxpayer support," Hunt said in a statement on Monday. "HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them." Friday's dramatic failure of SVB Financial Group (SIVB.O), which focuses on tech startups, was the biggest bank collapse in the U.S. since the 2008 financial crisis.

☆ BBC seeks to end crisis by reinstating Gary Lineker
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 13 (Reuters) - Britain's BBC said sports presenter Gary Lineker would return on air after the corporation agreed to review its social media guidelines to settle an escalating row over its impartiality. The BBC said Lineker had breached its impartiality rules by comparing the rhetoric of Britain's interior minister Suella Braverman to the language used in 1930s Germany. But its decision to take him off air led to charges that it had bowed to pressure from the government. "Gary is a valued part of the BBC and I know how much the BBC means to Gary, and I look forward to him presenting our coverage this coming weekend," BBC Director General Tim Davie said in a statement on Monday. Reporting by Sarah Young; editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Sunak will invite Biden to Northern Ireland peace anniversary
▼ + stars: | 2023-03-12 | by ( Elizabeth Piper | ) www.reuters.com time to read: +2 min

LONDON, March 12 (Reuters) - British Prime Minister Rishi Sunak will invite U.S. President Joe Biden to Northern Ireland in April to help celebrate the 25th anniversary of the Good Friday Agreement, which largely brought an end to three decades of political violence. Sunak said on Sunday that he would issue a formal invite to the celebrations, which are due to take place in the middle of April. The Good Friday Agreement was a peace deal that largely ended the "Troubles", three decades of violence that had convulsed Northern Ireland since the late 1960s. It was signed on April 10, 1998, and partially brokered by the U.S. government of then President Bill Clinton. "What I'm concentrating on now is talking to everyone in Northern Ireland so we can find a positive way to move forward and get power-sharing up and running - that's my priority," Sunak said.

He joins junior doctors across England who will go on strike on March 13 for three days, protesting over pay and burnout that risks driving staff out of the health service as it tackles record-high patient waiting lists. "We've reached a boiling point where we have had enough," said Wang - a council member of the British Medical Association (BMA), which represents doctors and medical students. Junior doctors are qualified physicians, often with several years of experience, who work under the guidance of senior doctors and represent a large part of the country's medical community. The BMA says junior doctors' take-home pay has been cut by more than a quarter over the last 15 years, when using the Retail Price Index (RPI) gauge of inflation. The walkouts by junior doctors will put more pressure on the state-funded National Health Service (NHS) which is experiencing waves of strike action by nurses, ambulance workers and other staff.

The row overshadowed a migration deal struck between British Prime Minister Rishi Sunak and French President Emmanuel Macron, with the BBC accused of bowing to political pressure. "Gary Lineker off air is an assault on free speech in the face of political pressure," the opposition Labour party said, calling for the BBC to re-think its decision. The Department for Culture, Media and Sport said: "Individual cases are a matter for the BBC." MOTD commentator Steve Wilson later tweeted that the show's commentators had also pulled out from Saturday's broadcast, leaving BBC management reliant on World Feed commentary. But the BBC said it considered his recent social media activity to be a breach of its guidelines.

LONDON, March 10 (Reuters) - Former England soccer captain Gary Lineker will step back from his role at the BBC following his criticism of the country's migration policy that has sparked a furious row between the government and the corporation's highest paid presenter. Lineker recently likened the government's language on asylum seekers to that used by Germany in the 1930s. Lineker has hosted Match of the Day for more than 20 years and the charismatic 62-year-old has never been afraid to voice his opinions about political issues. The BBC said it considered Lineker's recent social media activity to be a breach of its guidelines. Reporting by James Davey; writing by Kate Holton; editing by Muvija MOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's King Charles hands Duke of Edinburgh title to Prince Edward
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maja Smiejkowska/File PhotoLONDON, March 10 (Reuters) - Britain's King Charles named his younger brother Prince Edward as the new Duke of Edinburgh on Friday, handing him the title last held by their father Prince Philip, Buckingham Palace said in a statement. Edward, 59 on Friday, becomes the latest member of the royal family to be granted a new title since Charles became king in September after the death of his mother, Queen Elizabeth. William, Charles's eldest son and heir to the throne, was named Prince of Wales, while the children of his second son Harry, no longer a working royal, were officially named as prince and princess earlier this week. Edward's new title comes after he took on a number of his father's roles, including at The Duke of Edinburgh Award charity which encourages young people to undertake challenges. Philip had held the title of the Duke of Edinburgh since his marriage to the then Princess Elizabeth in 1947 until his death in 2021.

As part of the new deal, Britain will help fund a detention centre in France while Paris will deploy more French personnel and enhanced technology to patrol its beaches. Officers from both countries will also look to work with countries along the routes favoured by people traffickers. The funding package will be paid in instalments, with Britain paying 125 million pounds in 2023-24. Britain said France would contribute significantly more. Later this month, King Charles will also travel to France on his first state visit as monarch.

☆ UK house prices bounce unexpectedly in February: Halifax
▼ + stars: | 2023-03-07 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

LONDON, March 7 (Reuters) - British house prices jumped unexpectedly in February, potentially reflecting improvements in consumer confidence and the mortgage market, lender Halifax said on Tuesday, but the overall trend remained downwards. House prices rose 1.1% month-on-month, following a 0.2% rise in January, Halifax said. Most other gauges of the housing market are yet to show a similar improvement after a recent slide in house prices from highs hit following the onset of the COVID-19 pandemic. Last week another lender, Nationwide, said house prices dropped by the most in more than 10 years during February. House prices were 2.1% higher than a year ago, Halifax said.

LONDON, March 3 (Reuters) - British former Prime Minister Boris Johnson will give evidence later this month to an inquiry into whether he intentionally misled parliament about illegal parties at his Downing Street office and residence during COVID-19 lockdowns. "Mr Johnson has accepted the Committee's invitation to give oral evidence in public in the week beginning 20 March," the Committee of Privileges said in a statement. He argues he was not aware that any of the events taking place at Downing Street broke COVID-19 rules. 'OBVIOUS'The committee said the evidence "strongly suggests that breaches of guidance would have been obvious" to Johnson at the time he was at the gatherings. There is evidence that those who were advising Johnson were concerned he was breaking the rules, it added.

☆ UK's Sunak in Belfast to start selling his new Brexit deal
▼ + stars: | 2023-02-28 | by ( Sachin Ravikumar | ) www.reuters.com time to read: +3 min

Sunak struck a deal with the European Union on Monday to ease restrictions on trade between Northern Ireland and Britain, and to give lawmakers on the ground a greater say over the rules and regulations they follow from Brussels. Its success is likely to hinge on whether it convinces the Democratic Unionist Party (DUP) to end its boycott of Northern Ireland's power-sharing arrangements. These were central to the 1998 peace deal which mostly ended three decades of sectarian and political violence in Northern Ireland. British Prime Minister Rishi Sunak delivers a statement on the Northern Ireland Protocol, at the House of Commons in London, Britain, February 27, 2023. UK Parliament/Jessica Taylor/Handout via REUTERS"We listened very, very carefully to the people, the businesses and the elected representatives in Northern Ireland," he said.

☆ A risk taken, UK's Sunak announces the Windsor Framework
▼ + stars: | 2023-02-27 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

But it was secrecy that fostered suspicion among two big hitters in the years-long Brexit debate - the Democratic Unionist Party (DUP), Northern Ireland's biggest unionist party, and the pro-Brexit Conservative European Research Group (ERG). "I am pleased to report that we have now made a decisive breakthrough, together we have changed the original protocol and are today announcing the new Windsor framework," Sunak told a news conference. Then both former leaders had threatened to rip up the Northern Ireland protocol with legislation in parliament and their administrations had regularly criticised the EU for being overly legalistic and inflexible. Pressing pause on the Northern Ireland Protocol bill which would all but rip up the earlier agreement, he saw solving the Northern Ireland standoff as a concrete "win" for his administration which has struggled to establish itself. But Sunak still has to win over not only some of his lawmakers in the ERG, but more importantly the DUP.

Search resuls for: "Holton"

25 mentions found