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Britcoin digital pound decision to be made by 2025 | Business News
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A decision on whether to introduce a so-called ‘Britcoin’ digital pound is to be made by 2025, the Treasury has announced, as a consultation paper has found one is “likely to be needed in the future”. The creation of a digital form of the currency had been the subject of a consultation paper, published on…
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BMW in talks with UK government over £75m grant for electric Mini | Business News
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The German automotive giant BMW is in talks with the government about a £75m funding package that would secure production of electric Minis at its Oxfordshire plant. Sky News has learnt that BMW is negotiating with officials at the Department for Business, Energy and Industrial Strategy (BEIS) over a grant from Whitehall’s Automotive Transformation Fund.…
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Apple, Amazon and Google all offer gloomy outlooks in quarterly results | Business News
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Three of Silicon Valley’s largest companies posted disappointing financial results on Thursday, compounding concerns about a slowdown in the tech sector. Recession fears have hit both corporate and consumer spending globally, leading to the likes of Apple, Alphabet and Amazon all signalling a tough recovery from the highs of 2021. Alphabet, the parent company of…
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Asda and HVS to work on driverless hydrogen HGV in world first | Business News
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A British vehicle maker is part of a consortium that has been awarded £6.6m in government funding to make the world’s first self-driving, hydrogen-powered heavy goods vehicle for Asda to trial. Glasgow-based Hydrogen Vehicle Systems (HVS) is developing two prototype HGVs as part of a group which includes supermarket giant Asda. The third member of…
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Facebook parent Meta reveals 55% drop in profits after mass layoffs | Business News
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Facebook’s parent firm recorded a 55% drop in profits during the final quarter of 2022 – the result of a $4.2bn restructuring charge that included the cost of thousands of job cuts. Meta Platforms, which also includes WhatsApp and Instagram in its stable, said its net income profit measure slumped to $4.65bn between October and…
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FlyBe collapse asks questions about the resilience of UK’s transport infrastructure | Business News
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FlyBe is a smaller, less significant business than when it collapsed for the first time in March 2020, but a second failure in three years raises questions not just for prospective owners, but the connectivity of the UK. Three years ago the failure of what was then Europe’s largest regional airline was blamed on the…
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Amazon strike: First formal walkout on British soil begins today | Business News
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Darren Westwood knows how to stick up for himself. As a kid, he was bullied in the playground and beaten up in his local town centre. Now he doesn’t take stick from anyone, no matter how big or strong they appear, even if they happen to be one of the biggest companies in the world.…
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Google job fears in UK and Ireland as parent firm Alphabet slashes 12,000 staff globally | Business News
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Google workers in the UK and Ireland face uncertainty after its parent company Alphabet announced 12,000 jobs are to be axed globally. The Silicon Valley giant employs more than 5,000 staff in both countries, but the company would not be drawn on how the mass redundancies would impact them. The “difficult news” about the job…
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Microsoft to axe thousands of jobs in latest cull by tech giant | Business News
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Microsoft is preparing to axe thousands of jobs in the latest move by one of the world’s biggest technology companies to reduce its workforce in the face of a slowing global economy. Sky News has learnt that the US software giant could announce plans to cull a significant number of posts around the world within…
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Fusion energy pioneer Tokamak hires JP Morgan for huge fundraising | Business News
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A British-based fusion energy pioneer has enlisted a leading Wall Street bank to raise a mammoth funding round amid growing hopes that its industry can help solve one of the world’s biggest energy challenges. Sky News has learnt that Tokamak Energy, which is based near Oxford, is working with JP Morgan on plans to secure…