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Toys R Us faces crunch vote over UK rescue plan

Toys R Us faces crunch vote over UK rescue plan

Business
Toys R Us's future in the UK is hanging in the balance ahead of a key vote by creditors later on Thursday over whether to back the firm's rescue plan.The Pension Protection Fund (PPF) - which wants the toy retailer to put £9m into its struggling pension fund - has said it will vote against the plan.Failure to agree a deal could put all its 3,200 staff at risk of redundancy.However, reports suggest Toys R Us has put forward new proposals to try to reach a last-minute deal with the PPF. The PPF - whose duty is to pensioners and not the company - wants money upfront to secure funding for Toys R Us's staff pension scheme, which has a deficit of more than £25m. Why did Toys R Us fall from grace?Toy sellers bet on Christmas as sales dipToys R Us, which has 100 stores and outlets in the UK, has p
L3 Technologies gets order for night vision equipment

L3 Technologies gets order for night vision equipment

Business
Dec. 20 (UPI) -- L3 Technologies is to provide night vision equipment to an unidentified international customer for border security and defense applications.The order, worth about $ 150 million, includes binocular night vision goggles, holographic weapon sights, light weapon thermal sights and advanced target pointer illuminator aiming lasers."We are focused on building new relationships and these next-generation capabilities ensure that our international allies receive the best technology, equipment and training available," Christopher E. Kubasik, L3's president and chief operating officer, said in a press release."L3 continues to invest in promising new soldier technologies, such as fusion and augmented reality, to meet the needs of our domestic and international customers today and into...
Uber must follow same rules as taxis – EU court

Uber must follow same rules as taxis – EU court

Business
Ride hailing phone app Uber is a taxi service and can be regulated, an EU Court has ruled.The ruling from Europe's highest court found that Uber "must be regarded as being inherently linked to a transport service and, accordingly, must be classified as 'a service in the field of transport'​​​​​​".In short, this means Uber will now be officially recognised as a cab company rather than a technology company.Image:Uber has insisted the outcome of the case will not affect their businessOne implication of the ruling is that the company will now be regulated as transport company, meaning that rules can be set at country level.:: 10 Uber-interesting facts from 'brilliant jerks' to forced selfiesIn contrast, rules for digital platforms - which the company had argued that they were - are set Europe-
Republican tax bill: House passes plan to Senate for final vote

Republican tax bill: House passes plan to Senate for final vote

Business
The Republican-controlled Congress is expected to confirm the most sweeping overhaul of the US tax system in more than three decades.The House of Representatives approved the legislation comfortably on Tuesday, but the vote is likely to be closer in the Senate.The bill looks set to mark the party's first major legislative triumph under President Donald Trump.Critics say the package is a deficit-bloating giveaway to the super-rich.But Republicans argue the tax cuts for corporations, small businesses and individuals will bolster economic growth.Tuesday saw 12 Republicans and all Democratic members of the House oppose the bill, which passed by 227 votes to 203, to loud cheers and applause from Republicans in the chamber.Speaker Paul Ryan said: "Today we are giving the people of this country t...
Lockheed Martin to support AEGIS system for Japanese self defense forces

Lockheed Martin to support AEGIS system for Japanese self defense forces

Business
Dec. 18 (UPI) -- Lockheed Martin has been awarded a contract for the AEGIS weapon system by the U.S. Navy for new construction in support of Japan's Maritime Self Defense Force.The deal, announced Friday by the Department of Defense, is worth more than $ 135.8 million under the terms of a cost-plus-incentive-fee, cost-plus-fixed-fee contract.The contract calls for new construction and integration of a DDG AEGIS, which is a centralized, automated, command-and-control weapon system used to rapidly detect and track more than 100 targets at once.Work on the contract will occur in several U.S. states, as well locations in Japan, and is expected to be completed in December 2018.The terms of the deal provide cost reimbursement from the U.S. government that would aid Lockheed Martin on potential c...