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UK to give regulators more powers to scrap Libor

LONDON (UK) – The UK said on Tuesday it will give regulators more powers to ensure that the Libor interest rate benchmark is scrapped in an orderly manner by the end of 2021. “The Government recognises… that legislative steps could help deal with this narrow pool of ‘tough legacy’ contracts that cannot transition from Libor,” […]
UK

UK labels stabbing incident in park as terrorism

READING (UK) – A stabbing spree in the southern English town of Reading in which three people were killed and three were injured was an act of terrorism, police said on Sunday. Detectives said a man ran into a park in Reading, about 40 miles (65 km) west of London where people had been enjoying […]
UK

Britain to scale back on independent satellite system – FT

(UK) – British ministers are looking to scale back plans for a 5 billion pound ($6.18 billion) satellite navigation system which was introduced back in 2018 as an alternative to the European Union’s Galileo project, the Financial Times reported on Friday. The ministers are exploring other options which include using OneWeb, the UK satellite operator […]
UK

UK approves spending £3.5 billion to keep railways running

LONDON (UK) – Britain has ratified spending 3.5 billion pounds to keep its railways running during the coronavirus pandemic, the government said on Thursday. Under emergency measures brought in on March 23 for six months, the government has been providing financial support to rail companies to keep trains despite overall passenger numbers plunging by as […]
UK

UK bats for global digital tax as US quits discussions

LONDON (UK) – Britain will keep pushing for a global solution on taxing international digital companies such as Google and Facebook Inc after the United States left talks, a British Treasury spokesman said on Thursday. “We remain committed to a global solution,” the spokesman said. US Treasury Secretary Steven Mnuchin decided to pull out of […]
UK

Britain’s lockdown sparks surge in dog demand

LONDON (UK) – British breeders of puppies have seen a huge surge in demand for dogs during the lockdown and now fear that many families will give them up once they realise the scale of the responsibility ahead. Millions of Britons have spent almost three months largely confined to their homes to counter the spread […]