Page 28 - Britain

BoE keeps main UK interest rate unchanged at 15-year high of 5.25%

The Bank of England has kept its main interest rate unchanged at the 15-year high of 5.25 per cent, as inflation across the UK is expected to fall further over the coming months. In a statement on Thursday, the bank's nine-member Monetary Policy Committee indicated that inflation, as measured by the consumer price index, is set to fall toward a 2 per cent target rate over the coming year. In the year to September, inflation stood at 6.7 per cent. Most economists expect a sizable decline over coming months as domestic energy bills fall. The bank in September ended a nearly two-year run of interest rate rises.

UK PM Sunak hails landmark Bletchley Declaration to tackle risks from AI

Prime Minister Rishi Sunak, who is leading the talks on Thursday at the AI Safety Summit convened by the UK, hailed the Bletchley Declaration as a landmark agreement between 28 countries, including India, on the shared responsibility to address the risks associated with artificial intelligence. In the lead up to the two-day AI Safety Summit at Bletchley Park, Buckinghamshire, Sunak had already announced the world's first AI Safety Institute to be set up in Britain to examine, evaluate, and test new types of AI to inform national and international policymaking. The summit is aimed at focussing on international priorities for artificial intelligence. Besides his discussions with government representatives from around the world on day two of the summit, Sunak will also hear from companies at the forefront of AI, academia and civil society, focused on the concrete action needed to ensure AI safety. Those attending include major AI business leaders like OpenAI, Anthropic, Google DeepMind

Zydus Lifesciences acquires UK-based LiqMeds Group for 68 million pounds

Zydus Lifesciences on Tuesday said it has acquired UK-based LiqMeds Group for GBP 68 million (around Rs 689 crore). The Ahmedabad-based group, through its wholly-owned subsidiary Zydus Pharmaceuticals UK Ltd, will also pay yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition. LiqMeds Group of companies specialises in the development, manufacturing and supply of oral liquid products for global markets. The group's subsidiary LM Manufacturing Ltd has an oral liquids manufacturing site at Weedon, Northampton, UK, which supplies products to the US and UK markets. "Zydus will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies," the company said in a regulatory filing. The transaction will be EPS accretive for Zydus from the first year of acquisition, it added. "We believe that liquid ora

Suspect in attack on Salman Rushdie scheduled for trial in January 2024

The accused, Hadi Matar is expected to stand trial on January 8, according to Chautauqua County District Attorney Jason Schmidt

India criticises safeguard measures on steel import by EU, UK at WTO meet

Certain WTO countries, including India, Switzerland, Russia, and Japan, have criticised the safeguard measures imposed by the EU and the UK on imports of certain steel products, stating it is inconsistent with global trade rules, an official said. The comments were made by these countries during the meeting of World Trade Organisation's (WTO's) Safeguards Committee on Wednesday. The Geneva-based official said, "Switzerland, Brazil, Japan, China, Korea, Russia and India criticised the European Union's decision to maintain its safeguard measure on imports of certain steel products, which was imposed by the EU after the US imposed additional duties on steel imports during the Trump administration. These members regretted the EU's decision not to terminate the measure during a recent review and argued the safeguard was inconsistent with WTO rules, the official said. However, the EU argued that the safeguard will expire at the end of June 2024. Further India, Korea, Switzerland, Japan,

Indian-origin academics among 30 winners of UK's 3 mn pound research prize

Indian-origin academics from the University of Oxford and a South Asian historian from King's College London are among 30 winners of the UK's 3-million-pound 2023 Leverhulme Trust award, which recognises exceptional research across different fields. Professor Amia Srinivasan from the Faculty of Philosophy at the University of Oxford has been recognised for her work on epistemology, social and political philosophy, feminism, metaphilosophy, and the history of philosophy. Fellow Oxford University Professor, Ridhi Kashyap, from the Department of Sociology, has been honoured for her work on demography, social statistics, computational social science, digital and computational demography, and gender inequalities. Oxford is an exciting place to conduct research at the intersection of demography and computational social science. I look forward to continuing my research in both substantive and methodological directions and contributing to the advancement of digital and computational ...

We do not agree with Indian decisions: UK on Canadian diplomats' exit

The UK government has expressed its disagreement with Indian government decisions, which it believes resulted in the departure of Canadian diplomats amid an ongoing standoff between India and Canada over the killing of a Sikh separatist. The move impacted the effective functioning of the Vienna Convention on Diplomatic Relations, a statement from the Foreign, Commonwealth and Development Office (FCDO) said on Friday. It came after Canada said it had withdrawn 41 diplomats following an alleged Indian threat to unilaterally revoke their status amid strained bilateral relations over Prime Minister Justin Trudeau's claims of Indian agents being involved in the June murder of Canadian Sikh separatist leader Hardeep Singh Nijjar. India's Ministry of External Affairs (MEA) has strongly rejected the allegation and also refuted any violation of the Vienna Convention in relation to the diplomats' exit. Resolving differences requires communication and diplomats in respective capitals. We do no

Shows ambition, capability of India: British envoy on Isro's success

Indian Space Research Organisation (ISRO) Chairman S Somanath on Saturday announced the success of the 'TV-D1' (Test Vehicle Development Flight 1) in the Gaganyaan Mission

Inflation in UK unchanged at 6.7% in Sept, still way more than BoE's target

Inflation in the UK held steady at 6.7 per cent in September as easing food and drink price rises were offset by higher prices at the pump for motorists, official figures showed Wednesday. The flat reading reported by the Office for National Statistics was disappointing as most economists had predicted another, albeit modest, fall. It means that the UK's inflation rate remains more than three times higher than the Bank of England's target rate of 2 per cent. The bank, though, is not expected to raise interest rates at its next policy meeting in early November, opting instead to keep its main borrowing rate unchanged at the 15-year high of 5.25 per cent. Last month, the bank brought an end to nearly two years of interest rate rises as inflation fell from multi-decade highs above 11 per cent. Most economists expect a sizeable decline in inflation next month. Progress on falling inflation has stalled, for one month at least," said James Smith, research director at the Resolution ...

Greta Thunberg charged with public order offence in UK over protest

Climate activist Greta Thunberg has been charged with a public order offence after being arrested at a demonstration against an oil and gas industry conference in London. The Metropolitan Police force said Wednesday that the 20-year-old Swedish campaigner was one of 26 people charged after protesters gathered outside the luxury InterContinental Hotel during the Energy Intelligence Forum. Thunberg was among dozens of protesters who chanted oily money out and sought to block access to the hotel on Tuesday. Thunberg was detained and taken to a police station before being released overnight, police said. She was charged with breaching a section of the Public Order Act that allows police to impose limits on public assemblies and was released on bail until a November 15 hearing at London's Westminster Magistrates' Court. The other protesters facing charges were also allowed bail. The three-day conference, which runs until Thursday, features speakers including the chief executives of Sh

Hopes of sealing India-UK trade deal this month may be fading: Report

The hope that the ongoing 13th round of negotiations towards an India-UK free trade agreement (FTA) could conclude with a deal for British Prime Minister Rishi Sunak to sign off in time for the India versus England World Cup cricket clash in Lucknow on October 29 seem to be fading, according to a UK media report on Wednesday. The Financial Times' quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown. So much so that cricket fan Sunak's proposed return visit to India after an inaugural visit as UK Prime Minister to New Delhi for the G20 Summit last month is looking very, very unlikely to happen. The discussions are not where we want them to be, the newspaper quoted a British official familiar with the talks as saying. The Prime Minister has said he will not sign a trade deal on arbitrary deadlines. He's going to do t

Rolls-Royce cutting up to 2,500 jobs in overhaul of UK jet engine maker

Jet engine maker Rolls-Royce said Tuesday it's cutting up to 2,500 jobs globally as part of a corporate overhaul that its new CEO is carrying out. The aerospace company was hit hard by the COVID-19 pandemic that decimated demand for air travel. Tufan Erginbilgic, who took over as chief executive in January, said the layoffs are aimed at making Rolls-Royce "more streamlined and efficient". Rolls-Royce, based in Derby, central England, didn't disclose where jobs will be cut, but around half of its 42,000-person workforce is based in the United Kingdom. The cuts will remove duplication and bring cost efficiencies in the latest stage of its "multi-year transformation", the company said. We are building a Rolls-Royce that is fit for the future," Erginbilgic said. The company slashed 9,000 jobs globally in 2020 as it grappled with the collapse of air travel during the pandemic. The new turnaround plan also includes creating a new company-wide procurement division that can take advantag

UK unveils GBP 10mn aid for Palestinian civilians caught up in conflict

British Prime Minister Rishi Sunak on Monday announced GBP 10 million in humanitarian aid funding for civilians in the Occupied Palestinian Territories (OPTs) in response to the escalating Israel-Gaza conflict, as he confirmed that six British nationals have been killed and 10 remain missing in the region. Addressing members of Parliament in the House of Commons, Sunak delivered a statement to reiterate the UK's condemnation of Hamas' actions in both Israel and Gaza, and called for immediate access for humanitarian organisations to be allowed to deliver life-saving aid. He described the Hamas strikes on Israel on October 7 as a "pogrom" an act of organised torture or killing of a large group of people on the basis of their race or religion. "We should call it by its name: it was a pogrom," Sunak said. He said the UK is also exploring options for moving humanitarian supplies closer to the region and is liaising with aid agencies in the region to ensure relief supplies can be ...

FTA talks between India and UK at advanced stage, says Commerce Secy

The negotiations for the proposed free trade agreement between India and the UK are at an advanced stage, and both sides are working to iron out differences on the remaining issues, a top government official said on Friday. Commerce Secretary Sunil Barthwal said that negotiations on tough issues are underway. "These negotiations are in the advance stage. These are going on, and we are ironing out the differences. We should wait till these negotiations are over because the 13th round is going on," he told reporters here. These remarks assume significance as both sides are expected to conclude the talks this month and may sign the deal in the last week. A majority of the 26 chapters are closed and for the remaining issues, high-level engagements at various levels are ongoing. An official delegation from the UK is here for the negotiations. A team led by Commerce Secretary Sunil Barthwal was in London recently to give an impetus to the talks. The UK team dealing with investment-rela

Indian woman spends day as British High Commissioner in New Delhi

This year's winning entry was chosen from a pool of more than 180 applications from talented young women around the country

Strengthening ties: British companies in India register strong growth

As many as 147 companies have met the qualifying criteria and have been featured in the BMI Growth Tracker

UK's Suella Braverman warns against hurricane of migrants in coming months

In a series of comments on immigration that have drawn some criticism from within her own party ranks, UK Home Secretary Suella Braverman has warned against a hurricane of migrants landing on the country's shores unless tough action is taken. The 43-year-old Indian-origin Cabinet minister, whose parents migrated to Britain from Mauritius and Kenya, told the Conservative Party conference in Manchester on Tuesday that their immigration was a mere gust compared to the millions more expected in the coming months and years. Her hard-line speech hit out at European human rights legislation that made it difficult for the UK to tackle the challenge of boat-loads of bogus asylum seekers. The wind of change that carried my own parents across the globe in the 20th century was a mere gust compared to the hurricane that is coming, said Braverman in her address to the Tory activists. Because today the option of moving from a poorer country to a richer one is not just a dream for billions of peop

Britain not racist country, my story is a British story: Rishi Sunak

Rishi Sunak addressed his first Conservative Party conference as party leader in Manchester on Wednesday and used his own elevation as the country's first Indian-origin Prime Minister as proof that the UK is not a racist country and that his skin colour was not a big deal. Dubbed as the most important speech of his political career nearly a year after he took charge as Tory leader, there was a lot riding on the 43-year-old leader's address to the governing party activists ahead of a general election expected next year. After a warm and personal introduction by wife Akshata Murty, who praised his honesty, integrity and strength of character, Sunak went on to lay out his plans for what he hopes would win him the British public's mandate at the next polls. Never let anyone tell you that this is a racist country. It is not, said Sunak. My story is a British story. A story about how a family can go from arriving here with little to Downing Street in three generations, he said. He went

Akshata Murty makes UK political stage debut for 'best friend' UK PM Sunak

Britain's Indian First Lady, Akshata Murty, made a surprise debut on the political stage on Wednesday when she stepped out to introduce best friend Rishi Sunak for his maiden speech as UK Prime Minister to the Conservative Party conference in Manchester. Murty, during her light-hearted and personal speech, claimed her husband was unaware of her gate-crashing as the warm-up act to the centrepiece of the annual conference and that her decision had also surprised their daughters, Krishna and Anoushka. The 43-year-old daughter of Infosys co-founder Narayan Murthy went on to share her pride in Sunak's many achievements and how it was his honesty and integrity that had first attracted her to him when they met as students at Stanford University in their 20s. Rishi and I are each other's best friends; we are one team and I could not imagine being anywhere else than here today to show my support to him and to the party, said Murty. Rishi and I met when we were 24 when we were both studying

British govt hikes student visas by GBP 127 effective from this week

A proposed visa fee hike announced by the British government will become effective from Wednesday, when a visit visa for under six months will cost GBP 15 more and student visas will be GBP 127 more expensive for travellers from around the world, including Indians. Following the legislation tabled in Parliament last month, the UK Home Office said the changes mean that the cost for a visit visa for less than six months will rise to GBP 115 and the fee for applying for a student visa from outside the UK will rise to GBP 490 to equal the amount charged for in-country applications. "It is right and fair to increase visa application fees so we can fund vital public services and allow wider funding to contribute to public sector pay," a Home Office spokesperson said. It comes after British Prime Minister Rishi Sunak had announced in July that the fees and health surcharge paid towards the UK's state-funded National Health Service (NHS) by visa applicants are set to rise significantly to