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The cash will be matched by industry, delivering a £60m boost to the developing renewable technology.
The ONS said interest payments on government debt trebled to a higher-than-expected £8.1bn last month.
The dollar rose to a two-week high on Monday against a basket of currencies, lifted by rising geopolitical risk over Ukraine and a likely hawkish stance from the Federal Reserve at its policy meeting this week. Markets until recently had mostly shrugged off the massing of Russian troops on Ukraine's borders, but tensions have ratcheted up lately. NATO said it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in what Russia denounced as an escalation of tensions.
Rio Tinto has only bad options as it tries to salvage its $2.4 billion Serbian lithium project after the country's leaders bowed to environmentalists and cancelled it last week. The Anglo-Australian miner could sue the government, a step likely to fail and further antagonise Belgrade, or bet that pro-mining politicians emerge victorious in April parliamentary elections, a result that would embolden opponents. People inside Rio said that while they were aware of the political tensions around the project, the government's decision to pull the plug was a surprise that left the company scrambling for a strategy on how to proceed.
German car giant Volkswagen said Monday it beat the European Union's target for cutting carbon emissions on its new vehicles in 2021, having missed the mark last year.
UK factory costs rising at fastest pace since 1980, CBI says. Survey finds labour shortages driving ‘intense and escalating cost and price pressures’
LVMH's luxury watch brands Hublot and Bulgari have pushed sales above 2019 levels in the past year and more growth is expected this year on strong U.S. demand, company executives told Reuters ahead of LVMH Watch Week that kicks off on Monday. Hublot and Bulgari, alongside LVMH stablemates Zenith and TAG Heuer, are holding LVMH Watch Week online, with digital presentations of their latest collections. Hublot is showing an extra-slim version of its Big Bang watch, while Italian jeweller Bulgari has Serpenti Misteriosi watches which are hidden in snake-like bracelets and rings.
The Government is amending existing regulations ‘to streamline the process and provide certainty to those approaching the end of their lives’.
Italian supercar brand Lamborghini plans to roll out its first fully electric model at the end of this decade, its Chief Executive Stephan Winkelmann said in remarks confirmed on Tuesday by a company spokesperson. The plan underscores an even more cautious approach by Lamborghini - part of the Volkswagen Group - to electrification, after Winkelmann last year said the brand's first fully electric car model would appear in the second half of the decade. Lamborghini and other players in the high-performance sports car market, which include Ferrari, Aston Martin Lagonda and McLaren, are wrestling with how to shift their ranges to battery power without losing the high performance that supports their premium pricing.
Strong factory output growth helped by easing supply bottlenecks pushed activity in Germany's manufacturing sector to a five-month high in January, a survey showed on Monday. IHS Markit's flash Purchasing Managers' Index (PMI) showed that activity in the manufacturing sector rose to 60.5 from 57.4 in December. Activity in the services sector rose to a two-month high of 52.2 after shrinking in December, confounding a forecast that had pointed to a decline and pointing to a positive mood among consumers and business despite the impact of the Omicron coronavirus variant.
People between the age of 18 to 40 can contribute up to £4,000 to their LISA every tax year.
Company boss Stephen Fitzpatrick said the brand licencing agreement is a ‘common commercial agreement’.
Consumer goods business has come under increasing pressure from shareholders unhappy with its performance
The Marmite-to-Dove soap maker is planning to axe around 15% of senior management roles and 5% of more junior management jobs.
MILAN (Reuters) -UniCredit is unlikely to pursue a deal for Moscow-based lender Otkritie Bank, a source familiar with the situation said on Monday after Russian daily Kommersant reported that Italy's second-biggest bank had lost interest. UniCredit, which has been operating in Russia since 1989, accessed Otkritie's books earlier this month with a view to possibly taking on parts of its business, sources had said. A three-week analysis of Otkritie's financial data is due to conclude at the end of January.
YouTube has defended its decision to remove its like count from videos, a decision it admits was “controversial”. Last year, YouTube announced that it would no longer be showing the number of people who had clicked to downvote a certain video. It would still show the number of likes – and collect the dislike information to show to video creators and use in its algorithm – but it would stop people being able to see it.
Shares in debt-laden Chinese property giant Evergrande rallied Monday after a state firm official was appointed to its board, paving the way for a government rescue plan.
The euro zone economic recovery weakened this month, despite an upturn in Germany where factories benefited from an easing in supply chain bottlenecks, as renewed restrictions put a dent in the bloc's dominant services industry, a survey showed. With the Omicron coronavirus variant sweeping across Europe governments have been encouraging citizens to stay home and avoid socialising while soaring prices have discouraged consumers from spending. That headline number was affected by the services PMI, which dropped to a nine-month low, although it remained in growth territory.
Shares in European markets dropped, with Moscow’s stock index falling more than eight percent.
Wall Street and FTSE tanks as tensions between the West and Russia over the military buildup on the border with Ukraine dented sentiment and investors brace for the Fed's meeting this week.