BP to sell aromatics and acetyls arms to Ineos for $5bn June 29, 2020 Oil giant BP has today agreed to sell its petrochemicals business to Sir Jim Ratcliffe’s Ineos for $5bn (£4.05bn). Under the deal, Ineos will acquire the supermajor’s aromatics and acetyls operations, which produce a combined 9.7bn of petrochemical products per year at 14 facilities around the world. Ineos will pay a $400m deposit for the [...]
McLaren seals £150m in funding from Bahraini bank June 29, 2020 Supercar firm McLaren has arranged a new £150m financing facility with Bahrain’s national bank, the lender announced today. The auto company has been hit hard by the coronavirus pandemic, announcing that it would make 1,200 job cuts across its businesses last month. In a regulatory filing, the National Bank of Bahrain confirmed the new funding [...]
Airbus boss warns production set to fall 40 per cent over next two years June 29, 2020 Airbus boss Guillaume Faury said today that production would drop 40 per cent over the next two years due to the coronavirus crisis, worse than the company had originally suggested. Speaking to German media, Faury said: “For the next two years – 2020/21 – we assume that production and deliveries will be 40 per cent [...]
Gloomy start for Asian stocks amid second wave fears June 29, 2020 Asian stocks opened the week under a cloud as investors adopted a more defensive stance amid fears over the continuing spread of the coronavirus pandemic. Japan’s Nikkei fell 2.1 per cent, while the Hang Seng dropped 1.3 per cent and the SSE Composite shed 0.8 per cent in a cautious start to the new week’s [...]
Three people ‘believed dead’ in Glasgow stabbing June 26, 2020 Three people are believed to have been killed in a stabbing attack in Glasgow city centre this afternoon, the BBC reported. The attacker, who was shot dead by police, was one of the fatalities, and there are reports that two others were killed. A total of six people are being treated in hospital for their [...]
Outgoing Tesco boss Dave Lewis sees £6.4m pay packet voted down June 26, 2020 Dave Lewis’ tenure as Tesco’s chief executive looks set to end on a sour note after shareholders voted down the pay report that will give him £6.4m in compensation. Over 67 per cent of shareholders revolted against the report at the grocer’s annual meeting today, but as the vote is non-binding Lewis will still receive [...]
Ryanair boss Michael O’Leary calls on EU to block KLM bailout June 26, 2020 Ryanair boss Michael O’Leary has called on the European Union to block a €3.4bn (£3.1bn) rescue package for the Dutch wing of Air France-KLM. In a statement, O’Leary said: “We call on the European Commission to block this subsidy doping to KLM, which will further reduce competition and consumer choice in the Dutch and French [...]
Beaches will be closed if social distancing not observed, government warns June 26, 2020 Health secretary Matt Hancock has warned that the government does have the power to close beaches if social distancing guidelines are ignored. Speaking on Talk Radio, Hancock said that though he was “reluctant” to shut public spaces after the lockdown, ministers would do so if there was a spike in coronavirus infections. His comments came [...]
Quarantine rules set to be relaxed for some countries from July June 26, 2020 Environment secretary George Eustice has confirmed the UK is considering relaxing its blanket quarantine measures to allow travel from countries with a lower risk of contracting coronavirus. Ministers are currently finalising the plans, with an announcement on the matter expected on Monday. Speaking to the BBC, Eustice said: “I know that (transport secretary) Grant Shapps [...]
Bain Capital strikes deal to buy Virgin Australia out of administration June 26, 2020 Investment fund Bain Capital has announced that it has agreed to buy embattled Virgin Australia out of administration for an undisclosed sum. The airline’s administrator Deloitte said that Bain’s bid had been selected over that of rival Cyrus Capital Partners and a proposal from Virgin’s bondholders. Deloitte admitted that the carrier’s shareholders were not expected [...]
