Tuesday, 24 April 2018


Pound falls ahead of Theresa May Brexit speech

LONDON: The pound has hit its lowest level for more than three months on reports Britain was set to quit the EU single market as part of its Brexit plans. Sterling fell below the $1.20 level before recovering slightly on Monday. The pound also dropped to a two-month low against ...

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Luxottica, Essilor agree 46-billion euro merger to create eyewear giant

PARIS: Luxottica and Essilor have agreed a 46-billion euro (40.76 billion pounds) merger deal to create a global powerhouse in the eyewear industry with revenues of more than 15 billion euros, they said in a statement on Monday. The deal, one of Europe’s largest cross-border tie-ups, brings together Luxottica, the ...

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Fed up British middle classes backing Brexit


MILTON KEYNES: It’s got money, jobs and it voted Brexit: the town of Milton Keynes near London represents a slice of middle-class voters fed up with a political elite ignoring their concerns. Just as in the United States, it was not just struggling blue-collar workers fed up with the flip side ...

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EU law ‘will continue to apply in UK during transition deal’


LONDON: EU law will apply in Britain after Brexit as an essential part of any transition deal, Malta’s prime minister has said. Joseph Muscat, whose country has just taken over the EU’s rotating presidency, also said it was “quite obvious” the City of London could be in line for a ...

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Tesco lifts market share for first time in 5 years

LONDON: Tesco reported positive underlying sales growth in the run-up to Christmas, the latest sign of a revival for the grocer as it increased its market share for the first time in more than five years. Britain’s biggest supermarket chain reported like-for-like sales growth of 0.7 per cent in its ...

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Petrol prices across UK reach highest level in two years

Petrol prices have reached their highest level in more than two years, Government figures have shown. On Monday, one litre of petrol reached an average of £1.18 – the highest since December 2014, according to data released by the Department for Business, Energy and Industrial Strategy. Diesel car drivers have ...

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Government reduces stake in Lloyds Banking Group to less than 6%

LONDON: The Government has reduced its stake in Lloyds Banking Group to less than 6%, meaning the taxpayer is no longer the group’s largest shareholder and takes the lender one step closer to being returned to private hands. UK Financial Investments, which manages the Government’s stake in Lloyds, cut its ...

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Snapchat to set up international HQ in London

LONDON: Snap Inc, the company formerly known as Snapchat, has announced that it will set up its main international hub in the UK, in what is likely to be seen as a vote of confidence for British tech following the EU referendum result. The company says it chose Britain because ...

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Tesco set to cut 1,000 jobs in restructuring plans

LONDON: Tesco is closing two distribution centres in a shakeup of its UK operations that will reduce staff numbers by about 500. Britain’s biggest retailer will close warehouses in Welham Green, Hertfordshire, and Chesterfield, Derbyshire, as well as overhauling the management of its distribution network. This will lead to 1,015 ...

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