Back to Top

German car giants pay £2bn for Nokia's Here mapping service

Audi, BMW and Daimler team up to acquire technology that could prove invaluable in race to develop driverless cars

Three German carmakers have put their rivalries aside by teaming up to acquire a €2.8bn (£2bn) mapping business from Nokia, as they attempt to avoid being outsmarted by technology groups in the race to cash in on the driverless car revolution.

Amid speculation that the likes of Uber, Amazon and Apple were preparing bids, Nokia, the Finnish communications group, agreed a deal to sell its Here unit to the consortium of Audi, BMW and Daimler, the Mercedes owner.

Continue reading…
Source: The Guardian Circular Economy RSS

Greek shares nosedive as manufacturing data reveals economy in shock

Banks lose 30% as Athens stock market opens for the first time since late June

The full extent of the damage caused by the Greek crisis was laid bare when the first day of stock market trading after five weeks of economic paralysis saw shares lose a sixth of their value.

Bank stocks bore the brunt of a wave of pent-up selling that eclipsed anything seen in the past three decades on the Athens stock market, with three of the leading Greek financial institutions losing the maximum 30% permitted in a single day’s trading.

Continue reading…
Source: The Guardian Circular Economy RSS

Royal Bank of Scotland share price: let's hope Rothschild is right

A loss on the disposal of RBS is inevitable since the privatisation price of 502p is miles away. But the size of the loss matters

As the chancellor prepared to press the button on his first sale of Royal Bank of Scotland stock, the share price fell to within pennies of its lowest level this year.

Don’t worry, advocates of an early sale will argue, the mere act of starting to dispose of the stake will lead to better prices in future. According to the official script, the government’s steady shuffle towards the exit will awaken the interest of long-term investors. No longer will they shun a bank kept on a tight leash by the Treasury; instead, they will be attracted to a normal commercial institution where the biggest shareholder also seeks value for money.

Continue reading…
Source: The Guardian Circular Economy RSS

FTSE falls back but Rolls-Royce rises as it talks with active investor

Aero engine maker bucks downward trend but mining shares hit by Chinese data

With mining shares under pressure after poor Chinese manufacturing data, the UK market made a downbeat start to the month.

But Rolls-Royce rose 47p or nearly 6% to 841p on talk it could speed up turnaround plans after activist investor ValueAct bought a 5.44% stake to become the aero-engine maker’s biggest shareholder.

Continue reading…
Source: The Guardian Circular Economy RSS

What is TTIP and why should we be angry about it?

The Transatlantic Trade and Investment Partnership may sound boring, but it could affect everything from your income to the food you eat and the state of the NHS. Here is a beginners’ guide to the controversial trade deal

“Sometimes,” says a character in David Foster Wallace’s novel The Pale King, “what’s important is dull. Sometimes it’s work. Sometimes the important things aren’t works of art for your entertainment.” It is worth bearing that in mind as we consider TTIP, the most boring thing we’re supposed to get angry about since – ooh … was it PFI schemes that nobbled hospitals, eviscerated schools and left Britain £222bn in debt? Or was it the asymmetrical constitutional ramifications inherent in the West Lothian question? Or George Osborne’s incomprehensible pension changes involving auto-enrolment annuities, tax wrappers, pots and draw-downs? Christine Lagarde’s last press conference about the Greek debt crisis? Maybe it was your last mobile phone bill.

Add up the boredom you experienced on each of those occasions, multiply the result by the international coefficient of tedium (which, as you know, is 27.5) and that’s how bored the international trade deal known as TTIP will make you.

Continue reading…
Source: The Guardian Circular Economy RSS

Greece debt crisis: Athens stock market ends 16% lower as manufacturing plunges – live

5.16pm BST

As the Athen market fell sharply on its first day of trading for five weeks, index provider MSCI has said it may reclassify its Greek market index from emerging to standalone status.

It said it may launch a consultation on such a move if capital controls continued. It said:

If there are continuing significant restrictive measures impacting the accessibility of the Greek equity market by international institutional investors, MSCI may potentially launch a consultation on a proposal regarding the reclassification of the MSCI Greece index to standalone market status from emerging markets status.

4.59pm BST

Here’s our full story on the UK government’s plan to begin selling its stake in Royal Bank of Scotland:

Related: UK government starts Royal Bank of Scotland sell-off

Continue reading…
Source: The Guardian Circular Economy RSS

Royal Bank of Scotland: from bailout to sell-off

The government’s stake in RBS is to be sold off, nearly seven years after the bank was bailed out during the financial crisis

October 2007: RBS takes control of ABN Amro after a six month £48bn bid battle to take control of the Dutch bank

Continue reading…
Source: The Guardian Circular Economy RSS

UK government starts Royal Bank of Scotland sell-off

Sale represents the first disposal of its 79% stake

George Osborne has kicked off the first sale of shares in Royal Bank of Scotland since it was rescued in 2008 – at a loss to the taxpayer and despite criticism that he should wait for the bank to achieve more deep rooted reform.

The sale of around £2bn shares is to take place overnight with professional City investors and will crystalise losses the on taxpayers’ 79% stake in the bank and would reudce the

Continue reading…
Source: The Guardian Circular Economy RSS

Why are people stealing letter boxes?

Royal Mail is taking evasive action to foil the 100 post box thefts that take place every year. Will GPS tags help to stop them from becoming plundered garden ornaments?

Name: Royal Mail letter boxes

Age: 206 years

Continue reading…
Source: The Guardian Circular Economy RSS