Reuters UK Business

PayPal says ‘buy now, pay later’ volumes surged 400% on Black Friday

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” …

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Britain’s Ofgem appoints EDF to take on Zog Energy customers

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 …

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UK National Grid cancels electricity margin notice for Dec. 3

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 …

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BoE hawk Saunders says he might pause on rate hike vote due to Omicron

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 …

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Shell wins court case to start seismic surveys offshore South Africa

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 …

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Greensill business model causes high level of harm, UK watchdog says

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 …

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France says UAE arms deal secures supply chain, jobs

PARIS (Reuters) – A 17-billion-euro ($19.23 billion) French arms deal with the United Arab Emirates will secure the industrial supply chain for France’s Rafale warplane for the next decade and directly support 7,000 domestic jobs, a French defence ministry official said. The deal, sealed on Friday, includes the largest ever overseas sale of the French …

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