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PM's promised energy price cap will expire in 2020

PM's promised energy price cap will expire in 2020

Business
The Prime Minister's cap on energy prices to protect households from rip-off bills will be a "temporary measure", it has been revealed.In a statement to financial markets, ministers revealed their plans to publish a draft law later on Thursday to cap energy prices for those on a standard variable tariff and other default tariffs.But the law will expire in 2020, it was disclosed."The cap would be a temporary measure, having effect initially until the end of 2020," the statement added."The need for it would be kept under review, and extensions could be made, on the advice of Ofgem, up to the end of 2023 at the latest."If passed, the proposed legislation would force regulator Ofgem to impose an "absolute cap" as soon as possible.Video:4 October - Key announcements in May's speech overshadowed...
WTO countries fret over Brexit plans

WTO countries fret over Brexit plans

Business
The UK and EU have formally set out plans for World Trade Organization commitments post-Brexit, but they have already been opposed by some countries.The issue is about how much of certain goods can be imported at reduced tariffs after Brexit. These quotas currently apply to imports anywhere in the EU.But seven nations, including the US and Canada, have already made it clear that they think plans to divide existing quotas will put them at a disadvantage.After Brexit, exporters of goods will need to know what access they can expect to the separate markets of the UK and EU. The dissenting nations object to proposals from London and Brussels about how they plan to handle access to their markets for about 100 mainly agricultural goods. They feel that proposals for dividing quotas for goods impo...
No energy bill price cap this winter, Ofgem says

No energy bill price cap this winter, Ofgem says

Business
A price cap on energy bills proposed by the prime minister last week is unlikely to take effect before winter.Theresa May had vowed to revive a plan to cap charges for an extra 12 million consumers.However, Ofgem said it would have to wait for legislation to be in force before it could take action on standard variable tariffs.Until then a more limited price cap will cover another one million low income households, the regulator said.That move will, on average, save households £120 a year, the regulator said.Last week Business Secretary Greg Clark said a gas and electricity price cap could be imposed as early as this winter should Ofgem decide to use its powers.Media playback is unsupported on your deviceThe BBC understands that Ofgem is reluctant to do so because it believes energy compani
New long range drones expected in 2018

New long range drones expected in 2018

Business
Oct. 10 (UPI) -- General Atomics Aeronautical Systems, Inc. announced Tuesday that the company has officially transitioned its production line from the MQ-1C Gray Eagle to its new long-range variant, the MQ-1C ER Gray Eagle Extended Range.The transition comes after GA-ASI completed the last contracted MQ-1C Gray Eagle unmanned aerial system, which has been delivered to 12 U.S. Army operational units and has accumulated more than 290,000 flight hours.The MQ-1C is the Army's most active kinetic platform and has been a major tool in U.S. counterterrorism strategy since the September 11, 2001, terrorist attacks. The aircraft was upgraded from the original General Atomics MQ-1 Predator, which was used primarily in joint operations between the U.S. Air Force and the Central Intelligence Agency."...
BAE Systems to cut almost 2,000 jobs

BAE Systems to cut almost 2,000 jobs

Business
BAE Systems is planning to cut almost 2,000 jobs in military, maritime and intelligence services, the firm says.A total of 750 posts will go at the Warton and Samlesbury plants in Lancashire where parts for the Eurofighter Typhoon are manufactured.They are part of a total of 1,400 roles going in the firm's air and information business, which include 400 in Brough and 245 across RAF Marham and Leeming.Meanwhile 340 maritime jobs will be lost in Portsmouth and Solent.And a further 180 posts will go in London, Guildford and other locations.'Difficult news'In a statement, the defence contractor said it was making organisational changes to "boost competitiveness, accelerate technology innovation and improve operational excellence".It added that the restructuring of its cyber-security wing would...