UK factory orders slump as no-deal Brexit fears hit economy - business live (1 hour 12 minutes old)

Rolling coverage of the latest economic and financial news, as British manufacturing suffers the fastest falls in domestic and export orders since the financial crisisLatest: UK factory orders in biggest fall since 2009CBI: New PM needs to get a Brexit dealMichael Saunders says UK growth below trendSaunders: Brexit means rate hikes less likely 12.06pm BST This chart, from the CBI’s survey, shows how activity across UK factories has slumped in the last few months. 11.43am BST UK factories are struggling because the boost from pre-Brexit panic stockpiling earlier this year has faded.Rain Newton-[...]

Channel Tunnel group says no-deal Brexit 'very likely' (3 hours old)

Getlink says Brexit uncertainty and economic slowdown have affected bookingsThe Channel Tunnel operator has said a no-deal Brexit is “very likely” as it warned that annual profits will come in at the lower end of forecasts.Getlink said it expected underlying earnings for the year of €560m (£503m) – its no-deal scenario – as opposed to the €575m it expected under an agreed exit deal. The company, formerly known as Eurotunnel, accounts for 26% of goods trade between the UK and continental Europe. Continue reading...

New UK nuclear plants could be paid for upfront by consumers (3 hours old)

Government plans to attract investors by making taxpayer help pay for cost overrunsThe government has confirmed plans for consumers to begin paying for new nuclear reactors before they are built, and for taxpayers to pay a share of any cost overruns or construction delays.In a consultation document launched on Monday night, officials said the model is “essential” to attract private investors to back the UK’s new nuclear ambitions at a price that is affordable for bill payers. The public purse would also compensate nuclear investors if the project was scrapped. Continue reading...

Expand credit unions as alternative to payday lenders, FCA urges (5 hours old)

Non-profit cooperatives should be encouraged to disrupt high-cost lenders, says regulatorThe financial regulator is calling for a government review of credit union rules to give vulnerable consumers a viable alternative to payday lenders.The Financial Conduct Authority said looser laws would allow credit unions to offer a wider range of products and services to customers. It said the move could help higher risk customers who often turn to expensive payday loans to make ends meet. Continue reading...

Britain's third-richest man faces fresh New Forest planning battle (18 hours old)

Sir Jim Ratcliffe wants to transform derelict ‘tin cottage’ into three-bedroom home Britain’s third-richest man is fighting a fresh planning battle for permission to transform a derelict “tin cottage” into a three-bedroom home for a “permanent guardian” to protect and maintain his £6m dream beach house on the Solent coast in the New Forest national park.Sir Jim Ratcliffe, who made his £18bn fortune from the petrochemicals and fracking company Ineos, lodged the application for the caretaker’s cottage after he eventually emerged victorious from a six-year dispute with planning authorities and co[...]

Government delays decision on whether to restrict Huawei (17 hours old)

Chinese tech firm’s equipment will continue to be used in UK’s 5G mobile networks for nowHuawei equipment will continue to be used in the UK’s 5G mobile networks for now after the government delayed a decision on whether it should be restricted or banned over concerns that the Chinese government could use it to spy on countries.Jeremy Wright, the culture secretary, said the UK had no choice because it is still gauging the impact of US sanctions on Huawei. Continue reading...

British Airways pilots back August strike (14 hours old)

Airline tries to obtain injunction to prevent strike backed by 93% of pilots The travel plans of hundreds of thousands of British Airways passengers face the threat of disruption next month after pilots at the airline voted to go on strike over pay.In the ballot, 93% of BA’s 4,000 pilots voted in favour of taking industrial action after rejecting a three-year pay deal. Strike dates have yet to be announced by the pilots’ union Balpa, which must give two weeks’ notice of any action. Continue reading...

BHP boss announces $US400m plan to combat 'indisputable' climate crisis (2 hours old)

The mining giant’s chief executive Andrew Mackenzie endorses drastic action to tackle global warmingThe chief executive of the world’s largest mining company has endorsed drastic action to combat global warming, which he calls “indisputable”, and an emerging crisis.“The planet will survive. Many species may not,” the BHP chief executive officer, Andrew Mackenzie, told a business breakfast in London on Tuesday. “This is a confronting conclusion but as a veteran geologist once said, ‘you can’t argue with a rock’.” Continue reading...

Volvo recalls more than 500,000 cars worldwide over fire risk (22 hours old)

Almost 70,000 vehicles in the UK are affected by problem with plastic part in engineMore than 500,000 Volvo cars are being recalled worldwide, including 70,000 in the UK, because of a fire risk in the engine.The manufacturer said a plastic part in the engine has, in rare cases, been liable to melt and deform, resulting in a possible engine fire. The affected models have four-cylinder diesel engines and are 2014-2019 versions of the following cars: S80, S60, V70, XC70, S60 Cross Country, V60, XC60, V60 Cross Country, S90, V90, V90 Cross Country, XC90, V40 and V40 Cross Country. Continue reading[...]

US firm WeWork secures 'financial inducement' of £55.7m in Brexit windfall (19 hours old)

Property company makes deal as a result of European Medicines Agency’s move to AmsterdamA US firm run by two billionaire entrepreneurs is being paid €62m (£55.7m) in “financial inducements” as part of the Brexit-enforced relocation of the European Medicines Agency from London to Amsterdam.WeWork, a $47bn (£37.7bn) property company founded by Adam Neumann and Miguel McKelvey, secured the cash from British and European taxpayers as part of a deal in which it will sublet the agency’s former headquarters, EU documents reveal. Continue reading...

Minister confident of improving UK mobile coverage (1 hour 27 minutes old)

Culture secretary ‘very optimistic’ deal will be struck with telecoms industry

Concerns over Huawei future behind 5G delay in UK (16 hours old)

Jeremy Wright points to concerns over availability of equipment following de facto US ban

UK intervenes in Inmarsat deal on security grounds (17 hours old)

Culture secretary calls in $6bn sale of satellite company to consortium

Ofcom begins search for new chief executive (1 day old)

Media watchdog role covers everything from BBC complaints to mobile phone pricing

Virgin Media lined up for major high-speed fibre expansion (3 days old [19/07/19])

Liberty sets up joint venture to push service to millions of homes outside urban areas

Huawei problem handed over to next prime minister (3 days old [19/07/19])

Decision on 5G ‘high risk vendors’ split from broader review of telecoms network

MPs urge next PM to make quick decision on Huawei (4 days old [18/07/19])

Delay is damaging UK’s international relationships, says intelligence and security panel

Brussels clears Vodafone’s €19bn Liberty Global deal (5 days old [18/07/19])

UK telecoms group wins regulatory backing after concessions ease competition fears

BT agrees £210m sale of historic London site (5 days old [17/07/19])

Private equity buys Newgate St headquarters that was home to GPO’s telegraph office

South Koreans complain at poor quality of 5G network (6 days old [17/07/19])

Asian country has 77% of world’s 5G users but service is patchy

The painful path to curing Japan of its cash addiction (7 hours old)

Up to $15bn a year could be saved if Japan switched to electronic payments but an ageing population and mistrust are hindering change

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Eatsa rebranded as Brightloom after strategic rethink

Learning Technologies rises 20% on profit upgrade (17 hours old)

Corporate education group eyes further acquisitions

Microsoft backs OpenAI effort to replicate brain (19 hours old)

Silicon Valley giant keen to catch up in advanced AI race

Microsoft agrees to $25m settlement to end probe (20 hours old)

ECB can boost growth across Europe by buying stocks (21 hours old)

Focusing on the technology sector would reap benefits for companies and workers

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Your daily briefing on the news

Formulating AI values is hard when humans don’t agree (1 day old)

China and the west prioritise different things in algorithms