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State Department approves $3.2B missile sale to Sweden

State Department approves $3.2B missile sale to Sweden

Business
Feb. 22 (UPI) -- The U.S. State Department on Wednesday said it has approved a possible foreign military sale to Sweden of Patriot Configuration-3 Modernized Fire Units.The Defense Security Cooperation Agency notified Congress of the $ 3.2 billion sale, for which Raytheon and Lockheed Martin are the primary contractors.The possible foreign military sale would provide Sweden with four Patriot Configuration-3+ Modernized Fire Units consisting of 100 Patriot MIM-104E Guidance Enhanced Missile-TBM missiles, 200 Patriot Advanced Capability-3 Missile Segment Enhancement missiles, and other equipment and technology to aid in the firing process.The deal also includes communications equipment and technical publications, along with training equipment. Use of the Patriot units will require approximat...
UK economic growth revised downwards

UK economic growth revised downwards

Business
The UK economy expanded by less than previously thought in the last three months of 2017, official figures say.GDP grew by 0.4% in the October-to-December period, the Office for National Statistics (ONS) said, down from the initial estimate of 0.5%.The revision was due to slower growth in production industries, the ONS said. In 2017 as a whole, the economy grew by 1.7%, also slightly lower than previously thought and the weakest since 2012.The ONS had previously estimated that the economy grew by 1.8% last year.The statistics body said that household spending grew by 1.8% last year, also the slowest annual rate since 2012. It said the slowdown was partly because of shoppers facing higher prices in stores."A number of very small revisions to mining, energy generation and service were enough...
Funds platform AJ Bell plots London float

Funds platform AJ Bell plots London float

Business
One of Britain's biggest online investment platforms is drawing up plans for a London listing that will crystallise a huge fortune for the executive who launched it nearly 25 years ago.Sky News has learnt that AJ Bell, which oversees assets worth nearly £40bn, held a beauty parade of investment bankers in the last few weeks to prepare for an initial public offering (IPO).AJ Bell, which is named after its founder and ‎chief executive, Andy Bell, is unlikely to go public until the final quarter of this year at the earliest, according to insiders.When it does so, it will turn Mr Bell into one of the stockbroking sector's wealthiest ‎entrepreneurs, as well as yielding windfalls for some of the City's leading fund managers.Mr Bell owns 28% of the company, which is expected to be worth several h
U.S., Israel test Arrow 3 missile system

U.S., Israel test Arrow 3 missile system

Business
Feb. 20 (UPI) -- The United States and Israel successfully tested the Arrow 3 weapons system to defend against ballistic missiles.Israel Aerospace Industries, in collaboration with the Israeli air force and the United States' Missile Defense Agency, conducted the test at 2:30 a.m. Monday at an unidentified site in central Israel, the U.S. Defense Department said in a release.The Israeli Ministry of Defense confirmed the test, posting on Twitter that the exercise "designed to defend against ballistic missile threats outside the atmosphere."Two previous test attempts were called off. In January, a communications glitch resulted in a data transfer problem. Previously, in December, a test was canceled because safety concerns arose when the Anchor-type target missile -- which was fired from a j...
Revived Ll‎oyds to unveil £1bn share buyback

Revived Ll‎oyds to unveil £1bn share buyback

Business
Britain's biggest high street lender will underline the rejuvenated strength of its balance sheet on Wednesday when it announces plans to return another £1bn to investors through a new share buyback.Sky News has learnt that‎ Lloyds Banking Group will unveil the move alongside annual results and a new three-year strategy that will take it to the end of the decade.The buyback of roughly £1bn will come little more than six months after Lloyds returned to full private ownership, following its £20bn Government bailout during the 2008 financial crisis.Although Lloyds has already resumed paying dividends to shareholders, the additional distribution will reflect its board's confidence about the outlook for the bank.Antonio Horta-Osorio, its chief executive, has presided over Lloyds' gradual exit f