Reuters UK Business

Ford aims to be world’s #2 electric vehicle maker within two years – COO

3 Dec 2021

By Paul Lienert (Reuters) – Ford Motor Co expects to be the world’s second largest electric vehicle manufacturer within two years, with annual production capacity of nearly 600,000, a top company executive said Friday. The automaker’s optimism stems from increasing demand for its next new EV, the Ford F-150 Lightning pickup, with retail reservations approaching …

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Sterling extends losses as dollar rises after U.S. data

3 Dec 2021

By Stefano Rebaudo (Reuters) -Sterling weakened on Friday as the potential for earlier Federal Reserve interest rate hikes strengthened the dollar, while there was still uncertainty about whether the Bank of England will lift rates this month. BoE policymaker Michael Saunders, who voted for an interest rate hike in November, said on Friday he wanted …

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UK names former BoE policymaker Miles to budget office

3 Dec 2021

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 …

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Negotiations on future of Volkswagen CEO could drag into next week – sources

3 Dec 2021

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 …

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

3 Dec 2021

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

3 Dec 2021

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

3 Dec 2021

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

3 Dec 2021

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

3 Dec 2021

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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