New North Sea oil field set for approval ahead of COP26 June 23, 2021 Ministers are reportedly preparing to approve a new oil and gas project in the North Sea despite growing opposition from environmental groups. Independent exploratory firm Siccar Point has submitted plans to develop the Cambo heavy cruel field off the coast of the Shetland Islands, the Times reported. The field is expected to produce 150m barrels [...]
Haulier shortage putting construction work ‘under enormous pressure’ June 23, 2021 A shortage of hauliers due to the UK’s departure from the EU and Covid testing rules is becoming a “critical nationwide problem” for the construction industry, which is already battling disrupted supply chains. Government advisory body the Construction Leadership Council (CLC) today said that a lack of drivers was now causing construction delays and pushing [...]
UK PMIs: Business continues to expand at rapid pace in June June 23, 2021 UK business activity continued its rapid growth in June as the post-Covid reopening boom continued apace, new figures today suggested. A flash reading of the IHS Markit Composite PMI, which combines services and manufacturing, came in at 61.7, down from 62.9 in May. Any score above 50 indicates growth. Despite the continued expansion, today’s readings [...]
Gupta’s GFG Alliance reaches six-week standstill deal with Credit Suisse over Australian assets June 23, 2021 Sanjeev Gupta’s GFG Alliance this morning announced it had reached a standstill agreement with Credit Suisse over its Australian steel and coal mining businesses. The six-week deal will give the conglomerate the time it needs to fully refinance the operations, GFG said in a statement. Since the collapse of boutique bank Greensill in March Gupta [...]
Senior rejects Lone Star’s £840m take-private bid June 22, 2021 Aerospace engineer Senior has rejected private equity firm Lone Star’s £838.8m final takeover offer, it announced this afternoon. The firm’s board said that the offer “continues to fundamentally undervalue Senior and its future prospects”. Lone Star said that the offer, which priced the Rickmansworth-based firm’s stock at 200p per share, was its fifth and final [...]
Parts of Liberty Steel ‘challenged’, says finance chief June 22, 2021 Liberty Steel’s UK finance chief has today told MPs that parts of the metals group are “challenged” as Sanjeev Gupta’s company seeks to refinance the business. Since the collapse of chief financial backer Greensill Capital in March, Gupta’s GFG Alliance – of which Liberty Steel is a part – has been racing against its creditors [...]
Bolt drivers strike over workers rights snub June 22, 2021 Drivers for ride-hailing app Bolt have this morning begun a 24-hour strike against the firm, saying that has failed to respect their rights as workers in line with the Supreme Court’s historic Uber judgement in February. The App Drivers & Couriers Union (ACDU), which called the strike, said that it believed Bolt drivers worked under [...]
Manufacturing output grows at fastest rate on record in last quarter June 22, 2021 Increased production of cars, foodstuffs, and drinks helped the UK’s manufacturing output grow at the fastest pace ever recorded in the last three months. According to the CBI’s latest Industrial Trends survey, output grew in 15 out of 17 sectors, with volumes up 37 per cent in total over the period. That’s the fastest rate [...]
UK aviation industry sets new decarbonisation goals June 22, 2021 The UK aviation industry has today set out its first ever interim decarbonisation targets as the sector sets a course for achieving net zero emissions by 2050. By 2030, the sector will look to reduce emissions by 15 per cent compared to 2019’s levels, and by 2040 it is aiming for a 40 per cent [...]
Aston Martin set for legal dispute over payments for £2.5m Valkyrie ‘hypercar’ June 22, 2021 Aston Martin this morning said that it was launching legal proceedings against a Swiss car dealership for withholding over £10m in customer money. The iconic British carmaker said that Nebula Project AG had failed to pay customer deposits for the £2.5m Valkyrie hypercar programme. The marque also said that it was terminating its relationship with [...]
