• Business

    Hitachi Set to Exit U.K. Nuclear Power Project, Reports Say

    (Bloomberg) — Hitachi Ltd. is poised to withdraw from a proposed U.K. nuclear power plant, according to Japan’s Mainichi newspaper, the latest blow to the troubled project and the nation’s effort to replace its aging atomic fleet. Hitachi’s board will decide as soon as Wednesday to exit the Wylfa nuclear power project in Wales, Mainichi reported, citing an unidentified person. Work was suspended on the 20 billion-pound ($26 billion) project in January 2019 after failing to reach a financing agreement with the U.K. government and the Japanese firm recently concluded it was impossible to restart work, according to Mainichi. A Tokyo-based spokesman for Hitachi said Tuesday that the company is…

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  • Business

    London Capital & Finance administrators sue 13 executives for £178m in case set to trigger further claims

    One of the biggest lawsuits against the alleged perpetrators of a retail investment scandal has been launched in the High Court with 13 businessmen being sued for £178 million over the alleged fraud at London Capital & Finance. The move, launched by administrators acting for the 11,600 people who bought bonds in LCF, is set to trigger a flurry of other legal actions over failed investments made by pensioners in other companies allegedly connected to aspects of the LCF scandal. These include investors who lost money on a big hotel scheme in the Dominican Republic called El Cuype and a Cornish holiday park, Waterside. High profile City businessman Simon Hume-Kendall,…

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  • Automotive

    Auto industry set to put brakes on central Europe’s COVID-19 recovery

    BUDAPEST/PRAGUE (Reuters) – The auto industry, long a driver of economic growth in central Europe, is likely to be one of the main drags on the region’s efforts this year to recover from the impact of COVID-19. FILE PHOTO: Employees work on an assembly line as the Volkswagen construction plant reopens after shutting down due to the coronavirus disease (COVID-19) outbreak in Bratislava, Slovakia April 28, 2020. REUTERS/Radovan Stoklasa/File Photo After communist rule ended in central Europe three decades ago, foreign carmakers invested heavily in a region that had a cheap and efficient workforce. The auto sector became an important source of foreign investment, employment and growth. But with car…

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