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Rolls-Royce safeguards 7,000 jobs in East Midlands

Rolls-Royce safeguards 7,000 jobs in East Midlands

Business
Rolls-Royce has secured more than 7,000 jobs in the East Midlands after announcing its biggest single investment in the UK for over a decade.The engineering giant said it would be investing the majority of the £150m in a new test bed in Derby.This facility would test large civil aero-engines creating up to 200 jobs.There will be no compulsory redundancies in Derby, or Hucknall and Annesley in Nottinghamshire - safeguarding 7,000 jobs for five years.Rolls-Royce has further axed plans to close a precision machining facility in Derby, which would save about 150 jobs.Live updates from the East MidlandsSimon Hemmings, from the Unite union, said the deal was "a once in a generation type of investment and a big commitment to the UK"."It's about keeping jobs in Derby for 25 years plus and we are h
Pound jumps on Bank of England Governor's rate rise hint

Pound jumps on Bank of England Governor's rate rise hint

Business
The pound jumped nearly 1% after the governor of the Bank of England suggested that interest rates could rise if business investment grows.Sterling rose to $ 1.2936 against the dollar after Mark Carney said that "some removal of monetary stimulus is likely to become necessary".He said a change would depend on whether company investment could offset a slowdown in consumer spending. Mr Carney said it was an issue the Bank "will debate in the coming months".Pound Sterling - United States DollarLast week, at the delayed Mansion House gathering in London, Mr Carney said that "now is not yet the time to begin" raising interest rates which remain at a record low of 0.25%.However, shortly afterwards, Bank of England chief economist Andy Haldane said he might vote for a rate rise before the end of ...
Lundin barely holds on as operator of North Sea field

Lundin barely holds on as operator of North Sea field

Business
June 28 (UPI) -- The Norwegian subsidiary of Lundin Petroleum said Wednesday it nabbed more than $ 90 million for a stake in a North Sea operation.The company, Lundin Norway, said in an emailed statement that it sold a 39 percent interest in the Brynhild field in the Norwegian waters of the North Sea for $ 91.7 million. The Lundin subsidiary retains its role as the operator, while CapeOmega, which is already a partner, increases its stake in the field from 10 percent to 49 percent.Lundin struggled through the market downturn that began in 2015, trimming its production guidance lower as a result of less than expected output from the Brynhild field off the coast of Norway and infrastructure delays for its Edvard Grieg rig.A spokesman for the company told UPI in response to emailed questions ...
House Appropriations defense subcommittee bill could mean more ships, planes

House Appropriations defense subcommittee bill could mean more ships, planes

Business
June 27 (UPI) -- The Fiscal 2018 defense spending bill approved Tuesday by the House Appropriations defense subcommittee would provide greater funding for shipbuilding, aircraft and weapons procurement than the Navy requested.The HAC-D subcommittee on Tuesday approved a $ 584.2 billion base discretionary defense spending bill and is advancing it to the full Appropriations committee. With Overseas Contingency Operations funding of $ 73.9 billion, the spending bill reaches a total of $ 658.1 billion for the Department of Defense.OCO funding covers operations overseas and is also used to support allied nations in joint security and combat operations, including Israel, Iraq, Ukraine, Jordan and others.The bill is a compromise between President Donald Trump's $ 566 billion request and the much ...
Bank of England takes action over bad loans

Bank of England takes action over bad loans

Business
The Bank of England has forced banks to find a further £11.4bn in the next 18 months to beef up their finances against the risk of bad loans.Banks will have to set aside £5.7bn in the next six months in case future economic shocks mean some borrowers cannot keep up their repayments. A further £5.7bn will have to be found by the end of next year.The Bank's Financial Policy Committee (FPC) suggested lenders had become complacent about their lending."Lenders may be placing undue weight on the recent performance of loans in benign conditions," the FPC said.The committee has also taken action to stop banks getting around key tests which are designed to stop them lending too much to consumers. Kamal Ahmed: Banks warned on ballooning borrowingThe FPC's assessment is that the risks facing the fina