Investec Posts Record Dividend as Loan Growth Boosts Profit
Investec will pay a record dividend for the third year in a row after the bank's operating profit surpassed the £1 billion ($1.3 billion) mark for the first time.
The specialist lender with operations in the UK and South Africa posted a 7.8% increase in 'pre-provision' adjusted operating profit to £1.04 billion, buoyed by a 5% jump in revenue, it said in a statement on Thursday.
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Rolls-Royce to build Britain's first mini nuclear reactors
Rolls-Royce will build the country's first mini nuclear power plants as part of a multibillion-pound effort to make Britain a world leader in the technology. The Derby-based engineering giant was on Tuesday confirmed as the sole winner of a design competition, beating rivals GE-Hitachi and Holtec International following a two-year selection process. It will now work with the Government on a programme to initially build three the first small modular reactors (SMRs) by the 2030s, with £2.5bn of funding pledged through 2029 and billions more expected beyond that once construction begins. Ministers said the decision showed they were 'backing Britain', with the majority of the supply chain expected to be based domestically. As a 'preferred' bidder, Rolls will now hold talks to negotiate a final contract with the Government. A location has yet to be announced but sites including Wylfa, in Anglesey, and Oldbury-on-Severn, in Gloucestershire, are among those being considered. Ed Miliband, the Energy Secretary, said the scheme would boost energy security and create thousands of jobs, as part of a new 'golden age of nuclear' that has also seen the Government pledge £14bn of new funding to the construction of Sizewell C. Rachel Reeves, the Chancellor, added: 'The UK is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey. 'We're backing Britain with Great British Energy - Nuclear's ambition to ensure 70pc of supply chain products are British built, delivering our plan for change through more jobs and putting more money in people's pockets.' SMRs would in theory be faster to build than larger nuclear plants, such as Hinkley Point C and Sizewell C, and come with smaller price tags – although they remain unproven commercially. Tuesday's announcement also confirmed cutbacks to the SMR programme, which The Telegraph previously revealed were being considered. The Government had earlier suggested that two or as many as three SMR manufacturers would be chosen to take designs forward, with nuclear industry insiders saying this would boost competition and ensure a 'backup' was available should the main winner run into trouble. But with the Treasury under pressure to find billions of pounds for other priorities such as the NHS and police forces, the scale of the programme now appears to have been trimmed back. Ministers also confirmed that Great British Nuclear, the quango set up to manage the new mini-nuclear programme, would be absorbed into Mr Miliband's publicly owned Great British Energy. Tufan Erginbilgic, chief executive of Rolls-Royce, said: 'This is a very significant milestone for our business. 'It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world.' Rolls has also been selected by the Czech government to build some of Europe's first SMRs in a joint venture with state energy firm CEZ. The decision brings to a close a process that was first promised by George Osborne, the former chancellor, in 2015 but did not begin until 2023 under the previous Conservative government. Rolls was widely viewed as the frontrunner in the process and had already been awarded £210m of taxpayer support in 2021 towards the development costs of its SMR technology. But in the past year, ministers have faced calls from Rolls boss Erginbilgic to push forward more quickly to ensure Britain retains 'first mover advantage'. The global SMR market is projected to be worth up to £500bn by 2050, according to the International Energy Agency. Rolls is vying against companies including Westinghouse and GE-Hitachi to secure customers and set up supply chains. The company has long supplied the pressurised water reactors that power Royal Navy submarines but has more recently sought to develop SMRs and even smaller 'micro reactors' for commercial use as well. Its SMRs would be constructed from 'modules' that are built in factories and then transported to sites for assembly. The idea is meant to ensure that the plants can be produced efficiently at scale and more quickly than larger nuclear projects. As part of the SMR competition, the Government asked companies to explain how they would bring down costs over time. In the longer run, it is also hoped that the smaller price tags of SMRs will ensure they are more attractive to private investors, which have long viewed bigger plants as too expensive and risky to back without government support. Major technology companies including Google, Amazon and Facebook owner Meta are investing in potential SMR technologies, amid suggestions they could eventually be used to supply power-hungry data centres needed to develop artificial intelligence. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
an hour ago
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UK job market and wage growth cools, as unemployment rises to 4.6%
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Bloomberg
an hour ago
- Bloomberg
Bloomberg Daybreak: Europe 06/10/2025
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