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Growth figures show UK economy struggling before virus lockdown

Growth figures show UK economy struggling before virus lockdown

Business
The UK economy grew 0.1% overall in the three months to February - a worrying picture of the situation before the coronavirus lockdown.GDP figures from the Office for National Statistics also show the economy contracted 0.1% during February, following gains in December and January. The figures will be concerning as they show the economy was already struggling ahead of the restrictions put in place to limit the spread of COVID-19, the illness caused by the coronavirus. The measures were implemented in mid-March and included the closure of non-essential businesses and people being told to stay home aside from a few exceptions.This has left many businesses and workers struggling, and economists are forecasting a severe recession. ...
Banks defy efforts to ease burden on households

Banks defy efforts to ease burden on households

Business
Britain's banks have defied the Treasury and Bank of England's efforts to get them to lessen the burden on households, raising their interest rates on mortgages after the Bank cut the country's official borrowing rate.Data collected by the Bank shows that the interest rates offered by UK banks to those seeking variable rate mortgages have been lifted, rather than falling in lockstep with the Monetary Policy Committee's official rate. It means that for many customers the cost of borrowing has actually risen instead of falling, despite the Bank and Financial Conduct Authority urging banks to pass on the cuts. Image: The Bank of England has cut the official base rate to a record low The Bank cut its official interest rate from 0.75% to 0...
GE awarded $51.5M to provide Super Hornet engines

GE awarded $51.5M to provide Super Hornet engines

Business
April 7 (UPI) -- General Electric was awarded a $ 51.5 million contract to procure engines and other parts for the Navy F/A-18 Super Hornet fighter aircraft, the Pentagon announced Tuesday. The deal modifies an earlier contract awarded in 2018 and funds the procurement of eight GE F414-400 spare engines, 11 afterburner modules and 12 low pressure turbine modules for the Super Hornet, which is made by Boeing. The Super Hornet is a twin-engine multirole fighter used by the United States and Australia. The first operational Super Hornet squadron was formed in June 2001. More than half the work on the deal will be performed at GE's worksite in Lynn, Mass., with other parts of the project being carried out at various U.S. campuses. In February Boeing delivered the first F/A-18 Super Hornet up...
Modly resigns after ripping sailors, ousted captain on open microphone

Modly resigns after ripping sailors, ousted captain on open microphone

Business
April 7 (UPI) -- Defense secretary Mark Esper confirmed Tuesday that he had accepted the resignation of Acting Secretary of the Navy Thomas B. Modly after Modly called the aircraft carrier captain he fired last week " stupid" in an address to the ship's crew, multiple sources reported Tuesday. Esper's statement also confirmed that Army Undersecretary James McPherson has been appointed to replace Modly. "Secretary Modly served the nation for many years," Esper wrote in a statement on Modly's resignation, which had already been reported by CNN, Politico and the Wall Street Journal. "I have the deepest respect for anyone who serves our country, and who places the greater good above all else. Secretary Modly did that today, and I wish him all the best." Ranking Democrats on the House and Se...
Pound takes hit as investors fret over PM Johnson’s virus fight

Pound takes hit as investors fret over PM Johnson’s virus fight

Business
The pound has taken a hit against the safe haven dollar on news of Boris Johnson's deterioration as he battles coronavirus in intensive care.Sterling lost six tenths of a cent against the greenback late on Monday evening when it was confirmed the PM's condition had taken a turn for the worse. Market analysts warned that the UK currency was likely to be pegged to developments on Mr Johnson's health as Dominic Raab, the foreign secretary, steps up to assume some of his responsibilities. Image: Pound reacts to news of Boris Johnson's health The pound had been trading at around $ 1.23 in advance of the Downing Street statement, and had recovered some of the ground lost during Asia trading overnight.Its fortunes were in stark contrast to t...