Turkish pension fund in exclusive talks to buy British Steel August 16, 2019 Turkey’s military pension fund, Oyak, has entered exclusive talks a deal to buy British Steel, months after the business went into administration. The fund, through its investment arm Ataer Holdings, hopes to close the deal by the end of the year. The Official Receiver, who has run the process, said: “Following discussions with a number [...]
Ofgem rips up supply licence for under-fire URE Energy August 15, 2019 Troubled energy supplier URE saw its licence to supply electricity ripped up in front of its eyes today after multiple warnings from regulator Ofgem. The decision to revoke its permission to supply customers came after the company refused to meet its £209,000 debt to a fund set up by the regulator. Read more: Chair of [...]
Breaking ground: Government signals possible change on fracking quake limit August 15, 2019 The government could relax rules on fracking amid pressure from shale gas drillers to defend the future of the controversial industry in the UK. The Business, Energy and Industrial Strategy department (Beis) said today it would look at data gathered at Cuadrilla’s Lancashire fracking site after an assessment from the Oil and Gas Authority. Read [...]
Kazakh-stunned: Copper miner Kaz takes hit as prices falter August 15, 2019 Kazakhstan-based miner Kaz Minerals sounded a cautious note this morning after being stung by copper prices in the first half of the year. Pre-tax profit at the company dropped nearly 19 per cent to $289m, hurt especially by a 11 per cent drop in the price of copper, it’s main product. Read more: Evraz hails [...]
Government offers £25m to ensure drug supply after Brexit August 15, 2019 The government is planning a £25m contract to ensure British pharmacies and medicine cabinets stay stocked after Brexit. The contract will ensure that small parcels of medicines or medical products get into the country within 24 hours, with larger deliveries every two or four days. Read more: New £300m no-deal Brexit freight plan risks legal [...]
RBS takes share price hit after analyst downgrade August 15, 2019 The Royal Bank of Scotland was hit this morning as the bank went ex-dividend and two brokers had lowered their forecasts for the company’s shares. Analysts at Macquarie downgraded the company from buy to neutral this morning, slashing its target price to 201p, from 246p. IT came after the bank’s second-quarter adjusted operating profits fell [...]
Wework lost $700m in first half, pre-IPO filing shows August 14, 2019 Wework lost nearly $700m (£580m) in the first half of the financial year, even as revenue doubled, the company announced in its first detailed financial results yesterday. The company, the listing of which next month is expected to value the business in the tens of billions, said it has no plans to start paying dividends [...]
Travel chaos averted as union calls off Heathrow strike August 14, 2019 Union Unite has called of a strike at Heathrow which threatened to put a spanner in the works for thousands of travellers later this month. The strike, which was meant to happen on 23 and 24 August has been called off to give more than 4,000 union members the chance to consider a new offer [...]
Government sets out scope for probe into National Grid outage August 14, 2019 The government has laid out its plans to probe National Grid over a blackout which left almost 1m homes without power and closed two major train stations in London last week. The Energy Emergencies Executive Committee will look into whether National Grid, which runs most of Britain’s power network, took the right steps after the [...]
Aspen pays out £8m to NHS in antitrust probe August 14, 2019 Aspen Pharmacare has agreed to pay £8m to the NHS as part of a settlement with the competition watchdog after admitting it made an anti-competitive deal with two other companies. The drug maker has accepted it formed an “illegal, anti-competitive agreement” when it entered into an agreement with two rivals in 2016. Read more: Private [...]
