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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time when the UK's debt reduction plans were already off course.Downing Street said the firm's Brexit assessments were "outdated".The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to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...
Brexit fears: UK's credit rating downgraded

Brexit fears: UK's credit rating downgraded

Business
Moody's has downgraded the UK's credit rating, citing concerns about public finances and the effect of Brexit.Moody's was the first major credit ratings agency to strip the UK of its AAA rating in 2013 and it has now cut the rating from Aa1 to Aa2.The credit ratings agency said the outlook for public finances has "weakened significantly" since it last changed the country's rating.Its report said: "Moody's expects weaker public finances going forward, partly linked to the economic slowdown under way but also reflecting the increasing political and social pressures to raise spending after seven years of spending cuts."Since 2015, the Government has been finding it increasingly difficult to implement the spending cuts that it has been targeting, in particular on welfare spending."More recentl...
Carillion lenders prepare £800m debt deal

Carillion lenders prepare £800m debt deal

Business
A pack of UK banks have drafted in advisers to steer them through a financial restructuring at Carillion, the troubled support services group.Sky News has learnt that lenders including Barclays, HSBC and Royal Bank of Scotland have appointed FTI Consulting ahead of a crucial set of results that Carillion is due to announce next week.FTI is said to have been hired in the last few days by the banks, which have lent hundreds of millions of pounds to Carillion.The future of the construction company, which has a key role in major public infrastructure projects such as the HS2 high-speed rail link, was plunged into doubt by a huge profit warning in July.The alert, which Carillion blamed partly on big writedowns on a number of projects, sent its shares crashing.Since then, it has ousted its chief...
Transport for London will not renew Uber's licence

Transport for London will not renew Uber's licence

Business
Transport for London has announced that it will not renew Uber's private hire licence after concluding it is "not fit and proper".The taxi-hailing app has around 40,000 drivers in London.TfL has today informed Uber that it will not be issued with a private hire operator licence. pic.twitter.com/nlYD0ny2qo— Transport for London (@TfL) September 22, 2017More follows...Let's block ads! (Why?) Business News - Markets reports and financial news from Sky