Business

HSBC, NatWest and Virgin Money changing interest rates

HSBC, NatWest and Virgin Money changing interest rates

Getty ImagesBy Kevin PeacheyCost of living correspondentMore mortgage providers will increase their rates on new fixed deals on Friday following a series of changes since the start of the year.January saw lenders cutting their rates sharply, bringing some relief to 1.6 million people set to remortgage this year.But higher costs faced by providers to fund mortgage lending means many have…
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Post Office victims set to be cleared under new law

Post Office victims set to be cleared under new law

Hundreds of people wrongly convicted in the Post Office scandal are set to have their names cleared after the government announced plans for new legislation.The law is expected to come into effect by the end of July and will apply to convictions in England and Wales.It will quash convictions defined by a "clear and objective criteria".Between 1999 and 2015, more…
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Lloyds sets aside £450m for motor finance probe

Lloyds sets aside £450m for motor finance probe

Getty ImagesBanking giant Lloyds has set aside £450m to cover the potential cost of an investigation into car finance deals by the UK's financial regulator. A probe into whether people had been paying too much for cars was launched by the Financial Conduct Authority last month.Brokers who arranged car financing earned commission on the interest rates that they set for…
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Vauxhall to build electric vans at Luton plant from 2025

Vauxhall to build electric vans at Luton plant from 2025

VauxhallBy Lewis AdamsBBC News, BedfordshireVauxhall owner Stellantis has announced it is to begin making electric vehicles at its factory in Luton.The plans are expected to secure the long-term future of the plant and 1,500 jobs, following concerns last year about Brexit red tape.The company said it would start production of its medium-sized Vivaro Electric van before summer 2025.Electric models from…
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Japan’s main stock index closes above 1989 record high

Japan’s main stock index closes above 1989 record high

EPA-EFE/REX/ShutterstockBy Mariko OiBusiness reporterJapan's main stock index has hit an all-time closing high, surpassing the previous record set 34 years ago.The Nikkei 225 rose 2.19% on Thursday to end the trading day at 39,098.68.That topped the previous record closing high of 38,915.87 set on 29 December 1989, the last day of trading that year.Asian technology shares were boosted after US…
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Nvidia: Chip giant posts record sales as boss sees AI ‘tipping point’

Nvidia: Chip giant posts record sales as boss sees AI ‘tipping point’

Getty ImagesTechnology giant Nvidia has posted record revenues thanks to booming demand for its artificial intelligence (AI) chips and data centre business.The chip maker's revenues for the most recent quarter surged by 265% to $22bn (£17.4bn) from a year earlier."Accelerated computing and generative AI have hit the tipping point," the firm's founder and chief executive Jensen Huang said in a…
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More drug than drink-driving arrests by some forces

More drug than drink-driving arrests by some forces

By Katy AustinBusiness correspondent, BBC NewsAn increasing number of people are getting behind the wheel after using cannabis and cocaine, according to one of Britain's top police officers.Chief constable Jo Shiner of the National Police Chiefs Council said there was a "social acceptance" particularly among younger people.Some forces made more arrests for drug-driving than drink-driving during December crackdowns, the BBC…
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Boeing 737 Max boss out after blowout

Boeing 737 Max boss out after blowout

Getty ImagesBy Natalie ShermanBusiness reporter, New YorkThe leader of Boeing's troubled 737 Max programme is to leave the company, which has been under pressure since a piece of one of its jets blew off during a passenger flight in January. The departure of Ed Clark after nearly 18 years is part of a wider shake-up of the commercial airplane division…
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Google to fix AI picture bot after ‘woke’ criticism

Google to fix AI picture bot after ‘woke’ criticism

Getty ImagesGoogle is racing to fix its new AI-powered tool for creating pictures, after claims it was over-correcting against the risk of being racist.Users said the firm's Gemini bot supplied images depicting a variety of genders and ethnicities even when doing so was historically inaccurate.For example, a prompt seeking images of America's founding fathers turned up women and people of…
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Starmer demands answers about BBC Horizon story

Starmer demands answers about BBC Horizon story

House of Commons/UK ParliamentBy Ben KingBusiness reporter, BBC NewsSir Keir Starmer has called on the government to reveal what ministers knew about the cancelling of an investigation which may have cleared sub-postmasters in 2016.The existence of the investigation was revealed by the BBC on Tuesday."What did government ministers know about it at the time?" the leader of the opposition asked.The…
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