let s get down to business. an australian firm recharge industries has come to the rescue and bought the battery maker britishvolt out of administration. the deal is expected to be announced shortly. britishvolt had plans to build a £4 billion gigafactory near the port of blyth in northumberland, but it ran out of money and collapsed last month. its downfall was blamed on a lack of battery experience, unproven technology, and therefore no customers oi’ revenue. the new owner is another start up. recharge industries is owned and run by a new york based investment fund called scale facilitation. its australian chief executive, david collard, told our business editor simonjack why his company was different. what we re bringing, which is different to the prior britishvolt, is we re bringing validated technology. so that process has already started. us defence has also validated the technology, it s actually already supplied to the uk navy through a subcontractor over here.
and 48 hours to come up with the next generation of video games. we ll be hearing from the man behind the global gamejam. hello there. we start here in the uk, where the bank of england has raised the cost of borrowing for the tenth time in a row. the half a percent rise puts uk interest rates at 4%, their highest level in more than 1a years. a bonus, of course, for savers, but it piles more pressure on businesses and those with mortgages, loans and credit card debt. the good news is that the bank now thinks the uk s recession will be shorter and less severe than it previously thought, and there s a hint that rates may not have to go any higher. but a recovery could take years as our economics editor faisal islam reports. the squeeze continues. an official interest rate of 4% should not feel huge, but it does, and notjust here in nuneaton, forjoanne, who runs a furniture and gift shop. the mortgage a furniture and gift shop. the mortgage on a furniture and gift shop. th
week for big tech. plus a pre halloween treat as the us economy returns to growth. but inflation s still a nightmare for president biden with midterm elections looming. we start with the world s richest man: billionaire boss of tesla space entrepreneur and now the new owner of twitter. elon musk has now closed his $41; billion takeover of the social media giant ahead of a 5pm deadline set by a us court. and he has moved quickly to sack the company s senior management. it brings to an end a six month long and often bad tempered takeover battle that has raised some big questions about the future of the company. from san francisco here s our technology correspondent james clayton. when elon musk had an offer to buy a twitter accepted in april, he could barely conceal his excitement. but that initial enthusiasm soon began to wane. tech stocks were plummeting and many wondered whether he d paid too much for twitter. mr musk also claimed that twitter was filled with fake
StormGeo, a global leader in weather intelligence and vessel optimization and part of Alfa Laval, announced today the launch of their EU ETS solution,.