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World - Britain swings austerity axe but drops tax reform

Britain took the axe to spending Wednesday, fleshing out plans to slash welfare and eliminate the deficit, but dropped a controversial plan to cut tax credits for the poorest. Finance minister George Osborne spelled out his proposals for £12 billion (17 billion euros, $18 billion) of cuts to welfare spending and £20 billion of reductions to public expenditure, while raising £5.0 billion via a crackdown on tax avoidance. In recent months, Osborne had faced stiff opposition from even within his own Conservative Party over cuts to welfare and other social spending that some see as too swingeing.

Wednesday, November 25, 2015  15:03


World - Cost of replacing UK`s nuclear submarines goes up £6bn

The estimated cost of replacing the submarines which carry Britain`s nuclear weapons has shot up by £6 billion (8.5 billion euros, $9.0 billion), the government revealed Monday. On top of the £31 billion, the SDSR also factors in an extra £10 billion of `contingency` funding for the project. Britain currently has four submarines in its ageing Trident fleet, at least one of which is on patrol somewhere in the world 24 hours a day.

Monday, November 23, 2015  19:09


World - Struggling Chelsea announce £23m loss

Chelsea made a loss of £23.1 million ($34.9m, 32.9m euros) last season, the Premier League champions announced on Monday. The west London club revealed their annual financial results until June 30, 2015 and reported the deficit kept them within Financial Fair Play limits. The Blues, owned by Russian billionaire Roman Abramovich, announced revenues of £314.3m, marginally down on the 2013-14 high of £319.8m.

Monday, November 23, 2015  18:51


Sports - Edmonton beats Ottawa in final minutes to hoist Grey Cup

By Rod Nickel WINNIPEG, Manitoba (Reuters) - The Edmonton Eskimos won their first Grey Cup in 10 years on Sunday after beating the Ottawa RedBlacks 26-20 in a tight defensive battle in freezing temperatures in Winnipeg. The Eskimos, who finished second-last in the Canadian Football League two season ago, were trailing by two late in the game when quarterback Mike Reilly, helped by a pair of pass interference calls, led them to Ottawa`s 10-yard line. Reilly then completed a nine-yard pass to Nate Coehoorn before backup quarterback Jordan Lynch sneaked into the endzone to put the Eskimos ahead.

Monday, November 30, 2015  05:50


World - Britain fines Barclays £72m over `elephant` deal

Britain`s financial regulator on Thursday fined Barclays bank £72 million ($109 million, 102 million euros) for failing to carry out proper checks on a vast so-called `elephant` deal for ultra-wealthy clients. The Financial Conduct Authority said Barclays rushed through a huge £1.88-billion transaction in order to secure fees from a number of very rich customers. `The clients involved were politically exposed persons and should therefore have been subject to enhanced levels of due diligence and monitoring by Barclays,` the FCA added in a statement.

Thursday, November 26, 2015  17:55


World - UK swings austerity axe but spares key welfare scheme, police

Unveiling a budget update, finance minister George Osborne said the government, which is borrowing £73.5 billion (105 billion euros, $110 billion) this year, is on track to balance its books by 2019-20. This will be achieved through the most significant belt-tightening in a generation which includes reducing welfare by £12 billion and the budgets of some government departments by up to 37 percent. Opponents of the move, including many within his own centre-right Conservative party as well as the main opposition Labour party under Jeremy Corbyn, said it would have left over three million families worse off.

Wednesday, November 25, 2015  16:34


Sports - Grizzlies send 76ers to 18th straight loss

Guard Mike Conley scored a game-high 20 points as the Memphis Grizzlies defeated Philadelphia 92-84, sending the 76ers to their 18th consecutive loss to begin the NBA season. The 76ers on Sunday tied the NBA`s all-time mark for most losses to begin a season, set in 2009 by the New Jersey Nets.

Monday, November 30, 2015  02:50


Business - DisneyLife rolls movies, music and more into a £10 subscription

Right on schedule, Disney has launched its own streaming service in the UK. For 9.99 per month you`ll gain access to many of the company`s animated classics, such as The Lion King, Aladdin and The Jungle ...

Monday, November 23, 2015  17:39


Sports - Grizzlies hand 76ers 18th straight loss of season

(The Sports Xchange) - Power forward Zach Randolph posted a double-double and point guard Mike Conley scored a game-high 20 points as the Memphis Grizzlies defeated Philadelphia 92-84 on Sunday, sending the 76ers to their 18th consecutive loss to start the season. The 76ers tied the NBA`s all-time mark for most losses to begin a season, set in 2009 by the New Jersey Nets. It was Philadelphia`s 28th consecutive defeat dating back to last season, the longest skid by a team in any major North American sport.

Monday, November 30, 2015  07:56


World - More than 20 missing after boat capsizes on Congo`s Lake Kivu

KINSHASA (Reuters) - More than 20 people are missing after a government-operated speed boat capsized on Lake Kivu in eastern Democratic Republic of Congo on Monday, the provincial governor said. `The boat capsized with about 44 people. We don`t have the exact numbers .... About 20 have been rescued from the water,` governor Julien Paluku told Reuters. (Reporting by Aaron Ross; Editing by Matthew Mpoke Bigg and Andrew Heavens)

Monday, November 30, 2015  10:56

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