America was meant to be Britain’s route to the sunlit uplands of Brexit. Then, after hopes of a free trade deal evaporated, successive Conservative governments have set their sights lower, by trying to forge closer ties with individual US states. Now the civil servants responsible for delivering those state-level deals have been let go, in...
Category: Bussiness
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Boots chief James quits after owner’s £5bn sale plan stalls
The chief executive of Boots, Britain’s biggest high street pharmacy chain, is quitting after its owner’s plans for a £5bn sale or stock market listing stalled. Sky News has learnt that Sebastian James, who has run Boots since 2018, will leave the company in November. City sources said this weekend that he had accepted a...
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Energy supplier OVO to explore options including sale
Britain’s fourth-biggest household energy supplier is lining up bankers to explore options including bringing in a new investor or a sale, 15 years after it launched in a bid to challenge the industry’s oligopoly. Sky News has learnt that OVO Group, which was founded by Stephen Fitzpatrick, is close to hiring Rothschild to assist with...
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Energy Price Cap: Relief for Households, Challenges for Businesses – Scottish Business News
Energy bills in Great Britain are set to decrease by 7% this summer as Ofgem announces a new price cap, affecting around 28 million households in Scotland, England, and Wales. From 1 July to 30 September 2024, the average annual bill for a typical dual-fuel household paying by direct debit will be £1,568, a reduction...
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Cineworld leans towards CVA after screening bidders
The owners of Cineworld are leaning towards putting its British operations through a formal restructuring process after holding initial talks about a sale with prospective buyers. Sky News has learnt that the cinema chain and its advisers at AlixPartners have begun formally exploring a company voluntary arrangement (CVA) – a mechanism widely used by retailers...
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Edinburgh-based firm selected to represent Scotland in the search for the best of UK Tech – Scottish Business News
OGI Bio has beaten off competition from nine local tech startups to be crowned Scotland Tech Innovator as part of KPMG’s search for the UK’s most exciting tech businesses. The Edinburgh-based microbiology and biotech firm was one of nearly 400 businesses that applied to the UK competition. They were then selected and shortlisted as one...
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Brexit isn’t working and Britain needs a new deal, business leader warns
Brexit is not working for UK businesses and the Government needs to “stop treading on eggshells around trade with the EU” if it wants to grow the UK economy, the leader of British Chambers of Commerce (BCC) will warn on Thursday. Shevaun Haviland, the director-general of the BCC, is expected to call for better relations...
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UK Labour to seek economic growth of 2.5%
LONDON: Keir Starmer, who polls show is on course to be Britain’s next prime minister, says his Labour Party would target economic growth of at least 2.5% if it came to power at the July 4 general election. “Under the last Labour government, we grew by about 2.5%,” Starmer said in an interview with ITV...
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Former Labour energy minister calls for North Sea “stability” – Aberdeen Business News
A FORMER Labour energy minister has signed a cross-party declaration calling on “continued exploration and development of UK oil and gas”. Brian Wilson, who also served as a trade and Scottish minister under Tony Blair, said Labour must be “flexible” when it comes to North Sea oil and gas to ensure a just transition for...
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GAFI hosts Egyptian-British Business Forum to discuss new investments in eco-friendly infrastructure – Dailynewsegypt
The General Authority for Investment and Free Zones (GAFI) recently hosted the Egyptian-British Business Forum, focusing on attracting new British investments in environmentally friendly infrastructure projects. The forum brought together Egyptian and British officials, along with representatives from 30 British firms and major Egyptian companies in the infrastructure sector. The event featured direct bilateral sessions...
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Royal Mail takeover to land advisers £130m fee bonanza
Advisers working on the controversial takeover of Royal Mail’s parent company are in line for a fee bonanza worth more than £130m. Sky News has learnt that International Distribution Services (IDS) and its would-be owner, a vehicle owned by Czech billionaire Daniel Kretinsky, will fork out the lavish sum to bankers and other professional services...
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Two-thirds of green energy projects in Great Britain fail to clear planning stage
Two-thirds of applications to build renewable energy projects in Great Britain have failed to get through the planning stage over the past five years, hampering efforts to shift towards clean electricity generation. A study of Britain’s “renewables pipeline” found that 63% of mooted projects were either abandoned, refused planning permission, or an application was withdrawn...