LONDON (Reuters) – British finance minister Rishi Sunak has nominated David Miles, a former Bank of England interest rate-setter, to join the Office for Budget Responsibility, the country’s fiscal watchdog and forecaster. If approved by parliament’s Treasury Committee, Miles will start a five-year term in the role on Jan. 1 to replace Charles Bean who …
UK names former BoE policymaker Miles to budget office Read More »
HAMBURG (Reuters) – A decision on the future of Volkswagen CEO Herbert Diess, previously expected by the end of the week, could be delayed further, three sources close to negotiations told Reuters on Friday, and discussions may drag into next week. Whether a decision would be made ahead of an annual supervisory board meeting on …
Negotiations on future of Volkswagen CEO could drag into next week – sources Read More »
By Rachel Armstrong LONDON (Reuters) – Volumes on PayPal Inc’s ‘buy now, pay later’ platform were five times higher this Black Friday compared with a year earlier as the payments giant starts to gain traction in the fast-growing credit method, the company’s chief executive told the Reuters Next conference. PayPal launched its “Buy in 4” …
PayPal says ‘buy now, pay later’ volumes surged 400% on Black Friday Read More »
LONDON (Reuters) – British energy regulator Ofgem has appointed EDF to take on the customers of Zog Energy which ceased trading earlier this week, it said in a statement on Friday. More than 20 energy companies, often supplying gas and electricity to homes and businesses, have collapsed since September, struggling with record high wholesale prices …
Britain’s Ofgem appoints EDF to take on Zog Energy customers Read More »
By Susanna Twidale LONDON (Reuters) – Britain’s energy regulator said on Friday it was launching a review into networks’ response to Storm Arwen which left tens of thousands of people without power last week due to strong winds across many parts of the country. Regulator Ofgem said 10,500 homes are still without power in parts …
UK regulator to review power network response to Storm Arwen Read More »
LONDON (Reuters) – Britain’s National Grid has cancelled an electricity capacity market notice for 17.30 GMT on Friday, it made earlier in the day, it said on Friday. Under the capacity market scheme generators are paid to make sure electricity generation is available at times when demand is high. National Grid’s Electricity System Operator earlier …
UK National Grid cancels electricity margin notice for Dec. 3 Read More »
By William Schomberg and Kate Holton LONDON (Reuters) -Bank of England policymaker Michael Saunders, who voted for an interest rate hike last month, said on Friday he wanted more information about the impact of the new Omicron coronavirus variant before deciding how to vote this month. Saunders said Omicron might slow Britain’s economy but it …
BoE hawk Saunders says he might pause on rate hike vote due to Omicron Read More »
CAPE TOWN (Reuters) – A South African high court on Friday struck down an urgent application brought by environmentalists to stop oil major Royal Dutch Shell starting seismic surveys to explore for petroleum systems off the eastern seaboard’s popular Wild Coast. The applicants, which included Greenpeace Africa and fishermen, had been seeking to stop the …
Shell wins court case to start seismic surveys offshore South Africa Read More »
MADRID (Reuters) – Spain’s Unicaja has reached a pre-agreement with unions to cut up to 1,513 jobs, the bank’s leading union Comisiones Obreras (CCOO) said on Friday. The bank in October said it was seeking to cut more than 1,500 jobs, around 15% of its workforce, and close more than a quarter of its branches …
Spanish bank Unicaja to cut up to 1,513 jobs, union says Read More »
By Huw Jones LONDON (Reuters) – The business model used by collapsed supply chain financing firm Greensill Capital is causing a “high level of harm” and tighter rules are needed, Britain’s Financial Conduct Authority said on Friday. The watchdog set out proposals for public consultation to apply lessons from Greensill, which collapsed in March leaving …
Greensill business model causes high level of harm, UK watchdog says Read More »
