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Uber: London Mayor Sadiq Khan backs talks after firm's apology

Uber: London Mayor Sadiq Khan backs talks after firm's apology

Business
London Mayor Sadiq Khan has asked the city's transport regulator to meet Uber's boss after the firm apologised for the "mistakes" it has made.Uber chief executive Dara Khosrowshahi issued the apology after the taxi-hailing firm lost its London licence.Mr Khosrowshahi said in an open letter that Uber would appeal against the city's decision, but accepted the company "must change".On Friday, Transport for London (TfL) denied Uber a new licence to operate.Uber has said it wants to meet TfL to discuss the regulator's concerns over public safety and security.The London mayor welcomed Mr Khosrowshahi's apology, saying: "Even though there is a legal process in place, I have asked TfL to make themselves available to meet with him."In deciding not to renew Uber's licence beyond the end of September...
Aldi reports record sales but profits drop amid price war

Aldi reports record sales but profits drop amid price war

Business
Aldi has reported record sales in the UK and Ireland for last year but its profits have fallen sharply amid a fierce price war among supermarkets.The German discounter said sales rose 13.5% to £8.7bn in 2016, but operating profit dropped 17%.The chain blamed the fall on its "continued investment in prices and infrastructure".Aldi chief executive Matthew Barnes said its strategy was to offer "the lowest prices in Britain"."We're doing everything we can to insulate customers from those cost increases, making sure our prices are the lowest in the UK, every day of the year," he said. Aldi, which currently has 726 stores in the UK, said it planned to open a further 70 this year and would invest a further £459m.The German chain currently has a 6.9% share of the market, according to the latest in
U.S., British navies practice mine countermeasure operations

U.S., British navies practice mine countermeasure operations

Business
Sept. 22 (UPI) -- The United States and British navies have completed a series of mine-countermeasure exercises in the Arabian Gulf, the U.S. Navy announced on Thursday.The Mine Countermeasure Exercise 17-3 is a quarterly bilateral exercise to train on mine clearing operations for the protection of navy movements and commercial shipping."This MCMEX provides a great opportunity for relevant and realistic training," Capt. Michael Egan, commander of Task Force 52, said in a press release."It is one of the many exercises we conduct with the United Kingdom and other partner nations in the region, enhancing our collective abilities to conduct integrated multinational mine countermeasures in 5th Fleet," Egan said.MH-53E Sea Dragon helicopters and the Avenger-class mine-countermeasure ship USS Sen...
UK's credit rating downgraded by Moody's

UK's credit rating downgraded by Moody's

Business
The UK's credit rating has been cut over concerns about the UK's public finances and fears Brexit could damage the country's economic growth.Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.It said leaving the European Union was creating economic uncertainty at a time when the UK's debt reduction plans were already off course.Downing Street said the firm's Brexit assessments were "outdated".The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA.Moody's said the government had "yielded to pressure and raised spending in several areas" including health and social care.It says revenues were unlikely to compensate for the higher spending.Media pla...
PAC-3 anti-ballistic missile launcher downs target via remote control

PAC-3 anti-ballistic missile launcher downs target via remote control

Business
Sept. 22 (UPI) -- Lockheed Martin has successfully tested a Patriot Advanced Capability-3 surface-to-air-missile against a tactical ballistic missile from a remote launcher.The test was conducted by the U.S. Army at Reagan Test Site at the Kwajalein Atoll in the Marshall Islands. The PAC-3 Missile Enhancement Segment ballistic missile defense system was launched from a remotely controlled launcher, as opposed to a manned system."PAC-3 continues to be successful against today's evolving threats, and it remains the only combat proven hit-to-kill interceptor in the world," Scott Arnold, vice president of Integrated Air and Missile Defense at Lockheed Martin Missiles and Fire Control, said in a press release."Today's global security environment demands reliable solutions. We expect PAC-3 MSE i...