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Yellen: Don't water down post-crisis rules

Yellen: Don't water down post-crisis rules

Business
The world's most powerful central banker has warned against watering down regulations put in place following the financial crisis.Janet Yellen, chair of the US Federal Reserve, said rule changes had made the system "undoubtedly safer".She insisted there was no evidence that regulatory changes had either acted as a drag on economic growth or hindered the ability of banks to lend.Her comments will be seen as a warning to the White House not to water down regulations put in place after the crisis.Many Republican politicians have been urging a loosening in regulations, in particular the Dodd-Frank Act, which became law in 2010 and which aimed to protect consumers by ensuring no bank could be "too big to fail".Speaking at the annual gathering of central bankers at Jackson Hole, Wyoming, Ms Yell...
Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Multimillion dollar drilling campaign envisioned for Guinea-Bissau

Business
Aug. 25 (UPI) -- West Africa-focused energy company FAR Ltd. said it increased its leverage over a multi-million barrel prospect offshore Guinea-Bissau.The company, which has headquarters in Australia, said the government of Guinea-Bissau signed off on an April agreement with the country's national oil company, Petroguin, to improve its interest from 15 percent to 21.42 percent. In addition, FAR said it was awarded a reduction in royal payments owed to the government and a three-year extension of its licenses to 2020.FAR Managing Director Cath Norman said the prospects offshore Guinea-Bissau are similar to those at its flagship holdings off the coast of Senegal."FAR has previously mapped a 470 million barrel prospect called Atum on the Guinea-Bissau shelf edge in a play similar to the larg...
Air Force, Orbital ATK set to launch ORS-5 space tracking satellite

Air Force, Orbital ATK set to launch ORS-5 space tracking satellite

Business
Aug. 24 (UPI) -- Orbital ATK is preparing to launch the U.S. Air Force's Operationally Responsive Space-5 satellite on Aug. 25th from the Cape Canaveral Air Force Station, Fla.The ORS-5 will be launched using Orbital's Minotaur IV rocket and will be placed the satellite into low Earth orbit, the company announced on Thursday."The delivery and upcoming launch of ORS-5 marks a significant milestone in fulfilling our commitment to the space situational awareness mission and U.S. Strategic Command," commander of the Space and Missile Systems Center Lt. Gen. John F. Thompson said in a release last week."It's an important asset for the warfighter and will be employed for at least three years."ORS-5 will be used to track other military and civilian satellites along with space debris and help prov...
Dixons Carphone warns on profit as mobile sales hit

Dixons Carphone warns on profit as mobile sales hit

Business
The owner of Carphone Warehouse and Dixons has warned that more expensive mobile phone handsets and lower EU roaming charges will hurt its profits.Shares fell more than 30% after it said profits this year would be £360m to £440m, down from £501m last year.Dixons Carphone said customers were not upgrading their phones as frequently because handsets had risen in price.It also predicted it would take a hit from the EU scrapping roaming charges for people using mobile phones abroad.Chief executive Seb James said in an unscheduled statement that the market for contract mobile phones had become "more challenging" in recent months.The fall in the pound had made handsets more expensive and innovation of phones has been "incremental", Mr James said.Later, Mr James told the BBC's technology correspo
Trump luxury hotel given £110,000 Scottish tax rebate

Trump luxury hotel given £110,000 Scottish tax rebate

Business
US President Donald Trump's luxury hotel in Scotland has received a £110,000 tax rebate meant to help struggling small businesses. The £11m Trump Turnberry resort in Ayrshire has had its property tax reduced by £109,530, South Ayrshire Council has confirmed.The relief cuts the hotel's annual rates bill by 13.5%.The business rates relief scheme was launched to help revive the country's struggling tourism industry.In February, Scotland's finance secretary placed a 12.5% cap on rising business rates for 8,500 firms in the hospitality sector, which includes hotels, restaurants, cafes, pubs and other businesses. South Ayrshire Council said that the tax relief awarded for the 2017-18 financial year was mandatory and as such, had to be awarded.Trump Turnberry, a luxury golf course resort, is expe