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Tungsten West appoints new CEO to secure ‘pivotal’ Devon mine funds
A company looking to restart production of the rare metals tungsten and tin at its mine in Devon has appointed a new chief executive. Tungsten West has hired experienced mining consultant Neil Gawthrope as it continues to re-develop the Hemerdon mine site near Plymouth. The Hemerdon deposit is estimated to be the second-largest reported tungsten …
Business
Evening Standard
Direct Line takes a hit from weather claims and rising costs of motor repairs
Direct Line, the FTSE 250 insurer, swung to an annual loss for 2022, taking a hit from its biggest ever amount of claims relating to bad weather and the rising cost of repairing cars.The December big freeze was the biggest driver of £149 million in weather-related claims, with the £95 million in claims from the …
Business
Evening Standard
Car makers warn UK must ‘step up to compete’ in electric vehicle production
The UK’s ability to compete internationally in electric vehicle (EV) production is at risk, an automotive industry body has claimed.Urgent action is needed by the Government to respond to “fierce competition” from other countries, the Society of Motor Manufacturers and Traders (SMMT) said.Cutting energy costs, speeding up funding for green technology projects and expanding free …
Business
Business Live
THG and musicMagpie move to reassure investors as Silicon Valley Bank’s UK arm is sold to HSBC
THG and musicMagpie have moved to reassure investors as a deal was agreed for HSBC to acquire the UK arm of collapsed US lender Silicon Valley Bank. The deal was announced this morning (Monday, March 13) after the Government and Bank of England stepped in to “facilitate” a private sale. It came after the American …
Business
Evening Standard
Heathrow ready for ‘successful Easter getaway’ after chaos of 2022
Heathrow has sought to reassure families it is prepared for a “successful Easter getaway” after many saw their holiday plans ruined a year ago.The west London airport said overall passenger satisfaction is “close to pre-pandemic levels”.The punctuality of departing flights in February was “the most consistent it has been in the last 12 months”, while …
Business
Business Live
‘It means the world to our team’: Puppet masters who made the stars of Guillermo del Toro’s Pinocchio hail Oscars triumph
The puppet masters who created the stars of Guillermo del Toro’s Pinocchio have reacted to the film’s Oscars triumph. Altrincham-based Mackinnon & Saunders collaborated with the Hollywood director to manufacture the miniature stars of the Netflix stop-motion animation. The film won the Oscar for best animated film at the 2023 ceremony last night. It had …
Business
Business Live
Stelrad sees revenues rise but profits hit by accounting rule
Radiator firm Stelrad saw revenues rise in 2022 but complications linked to its Turkish operations meant a drop in statutory profits. The group – which is based in Newcastle and has a manufacturing site in Yorkshire – has released preliminary results for 2022 which show that revenues rose 16.2% to £316.3m. Over the same period, …
Business
Sky News
HSBC buys Silicon Valley Bank UK for £1 in deal which ‘protects customers and taxpayers’
HSBC has bought the embattled UK arm of Silicon Valley Bank (SVB UK), securing the deposits of more than 3,000 customers worth £6.7bn. Confirming a story broken on Monday by Sky’s City editor Mark Kleinman, the Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors’ money …
Business
Sky News
US government assures SVB depositors of access to their money after bank collapse
The US government has assured depositors that they will be able to access all of their money quickly following the historic failure of Silicon Valley Bank.Regulators had worked all weekend to try to find a buyer for the California-based bank – which has become the second-largest bank failure in history – but efforts appeared to …
Business
Sky News
Market not reassured by Silicon Valley Bank UK rescue deal
Markets have not been reassured by HSBC’s purchase of the beleaguered Silicon Valley Bank UK (SVB UK).While the pound is up, to a three-week high of $1.2089, it’s a story of dollar weakness rather than sterling strength as major banks have not made up for the losses sustained on Friday as the crisis unfolded. The …
Business
Sky News
Budget will ‘break down barriers’ to work, chancellor tells Sky News
The budget will “break down the barriers” to getting people back into work in the face of more than a million vacancies and a sluggish economy, the chancellor has told Sky News.With more than half a million people having disappeared from the UK workforce since the outbreak of COVID-19, tackling economic inactivity will be a …
Business
Sky News
High street banks given 24 hours to rescue Silicon Valley Bank UK
Britain’s biggest high street banks have been given a 24-hour deadline to rescue Silicon Valley Bank UK (SVB UK) from collapse as the Bank of England prepares to place it into an insolvency process.Sky News has learnt that major UK lenders including Barclays and Lloyds Banking Group are among the parties to have been approached …

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