Business

Rishi Sunak has refused to rule out a further emergency cost-of-living package next year despite alarm among some Tories at the impact on the public finances of the latest measures. The Chancellor responded to weeks of mounting pressure over soaring energy bills with the announcement of a £21 billion giveaway to households, partly paid for by a £5 billion levy on the profits of oil and gas companies. In the Commons on Thursday he told MPs the Government could not “sit idly by” while families across the country struggled to make ends meet. However there was anger from some Conservatives , who said the “windfall tax” on the energy giants – which Labour had been pressing for since the start of the year – was “throwing red meat to socialists”. There were also concerns that a £400 discount on energy bills for every household in the country, regardless of how well off they are, would further fuel inflation which is already heading towards 10%. Recommended … [Read more...] about Sunak refuses to rule out new cost-of-living support next year

Stagecoach has sealed a £20 million deal to buy Kelsian Group’s east London bus operations. The travel business said it has “entered into binding agreements” to purchase the operations, which also include a deport at Lea Interchange, for an initial £10 million followed by £1 million each year for 10 years after the move is completed. Kelsian’s east London operation operates 11 contracts on behalf of Transport for London (TfL), using a fleet of around 150 buses, with an annual turnover of around £38 million. It said the move is “a good strategic fit” alongside Stagecoach’s existing London operations. Stagecoach added that the new depot will also provide the business with a platform to bid for new contracts in the area. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over ‘shameful’ parties The group said it expects its net debt to increase by around £20 million upon … [Read more...] about Stagecoach strikes £20m deal to snap up east London buses

A Norwegian airline has started selling tickets for budget transatlantic flights from Gatwick. Norse Atlantic Airways is offering return trips to New York JFK from £255. Daily flights on the route begin on August 12 using Boeing 787 Dreamliner aircraft. Other US destinations to be served by the carrier will be announced shortly. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over ‘shameful’ parties The airline is hoping to succeed where Norwegian Air Shuttle failed. Norwegian operated transatlantic flights with low fares but axed its long-haul operations in January 2021 due to heavy losses. It was founded by Bjorn Kjos , who resigned as chief executive in July 2019 and holds a minority stake in Norse. Bjorn Tore Larsen, boss of Norse, said: “We are very pleased to now be able to welcome customers looking to book great value flights between London Gatwick … [Read more...] about Airline launches ticket sales for Gatwick-New York return flights from £255

Pizza Express has announced that KFC boss Paula MacKenzie will take over the reins at the restaurant chain next month. Ms MacKenzie will join the business as chief executive on June 6, taking the role after David Campbell stepped down last October. The experienced hospitality boss joins Pizza Express from KFC parent firm Yum Brands, where she has led the fried chicken brand’s UK and Ireland business as managing director. She worked for the group for 11 years, having previously worked at brands including Diageo, GlaxoSmithKline and Innocent. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over ‘shameful’ parties The appointment comes as Pizza Express continues its turnaround following a major restructuring after the impact of the pandemic. The chain slashed more than 70 restaurants and around 2,400 jobs as it also came under pressure from its heavy debt burden. Last … [Read more...] about Pizza Express poaches KFC boss Paula MacKenzie to lead recovery

Former President Donald Trump must answer questions under oath in New York State’s civil investigation into his business practices, a State appeals court ruled Thursday. A four-judge panel in the appellate division of the state’s trial court upheld Manhattan Judge Arthur Engoron’s February 17 ruling enforcing subpoenas for Mr. Trump and his two eldest children to give deposition testimony in Attorney General Letitia James' probe. Mr. Trump had appealed, seeking to overturn the ruling. His lawyers argued that ordering the Trumps to testify violated their constitutional rights because their answers could be used in a parallel criminal investigation. “The existence of a criminal investigation does not preclude civil discovery of related facts, at which a party may exercise the privilege against self-incrimination,” the four-judge panel wrote, citing the Fifth Amendment right against self-incrimination. Message seeking comment were left with lawyers for the Trumps and with Ms. … [Read more...] about Donald Trump loses appeal, must testify in New York civil probe into his business practices

Fox Business host Neil Cavuto pushed back against Republican Wisconsin Sen. Ron Johnson pinning “wokeness” as a cause for the Uvalde shooting. Cavuto pointed out that the alleged gunman, Salvador Ramos, legally purchased his two AR-15 style rifles, prompting him to ask the senator if there needs to be stricter background checks during Thursday’s “Cavuto Coast to Coast.” Johnson said the nation needs to return to imposing “renewed faith” and “stronger families” on society’s children to prevent these incidents. “No matter what you do, people fall through the cracks and you can’t identify all these problems,” Johnson said. “You can’t arrest somebody for a crime they haven’t committed yet. These are difficult issues, but again the solution lies in stronger families, more support of communities, I would argue renewed faith, we’ve lost that. We’ve stopped teaching values in so many of our schools. We’re now teaching wokeness, we’re indoctrinating our kids with things like CRT, telling … [Read more...] about Fox Business Anchor Pushes Back Against Sen. Johnson Pinning Uvalde Shooting On ‘Wokeness’

The energy crisis has increased the number of people who are thinking about upgrading their homes to ensure that less heat leaks out, new data show. The Office for National Statistics found that 26% of adults in the UK are considering changes to their homes’ energy efficiency, up from 19% last autumn when it asked the question. Energy bills soared by 54% for the average household on a standard variable energy tariff at the beginning of April when the price cap on bills was changed. In October bills are expected to go up more than £800 again to around £2,800, considerably more than double their levels from just a few months ago. The ONS found that among those thinking about the energy efficiency of their homes, 42% were considering improving their insulation, 21% think solar panels might be an option and 32% say they might make other improvements. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs … [Read more...] about More people thinking about insulation as energy bills soar, says ONS

Boris Johnson has said the Government’s emergency cost-of-living support package is a “big bazooka” which will support families until the surge in energy prices abates. The Prime Minister acknowledged the country still faced a “bumpy time” due to the soaring costs of oil and gas, but said he was confident it would emerge in a “much, much stronger position”. Earlier, Chancellor Rishi Sunak – who on Thursday announced a further £21 billion of support for households – indicated that he could not rule out the need for further measures if global prices remain high. But speaking during a visit to Stockton-on-Tees, Mr Johnson appeared to suggest the measures set out in the Commons – with up to £1,200 for eight million homes across the country – should be enough. “What we are doing now is making sure we support people through tough times. It’s a big bazooka,” he said in a pooled clip for broadcasters. Recommended What Rishi Sunak announced to tackle the … [Read more...] about ‘Big bazooka’ support package will get UK through energy crisis, says PM

Bharat Petroleum Corporation Ltd. (BPCL) on Wednesday reported an 82% decline in net profit to ₹2,130.53 crore for the quarter ended March as the firm held retail prices of fuel despite a rise in cost. Revenue from operations rose 25% to ₹1.23 lakh crore on higher oil prices but losses on petrol, diesel and domestic LPG sales dented the financials. BPCL and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of crude oil to a 14-year high. Oil marketing firms began raising fuel prices from March 22 but ceased within 16 days. Even after an increase of ₹10 per litre in petrol and diesel prices between March 22 and April 6, oil companies continued to make losses as international crude oil prices remained above $100 per barrel. Cooking gas LPG too witnessed the same trend, where prices were raised by ₹50 per cylinder on March 22; but this was not enough to cover the gap between the cost of production and the sale price. … [Read more...] about BPCL Q4 net drops 82% on losses due to holding fuel prices

The India Cements Ltd. has forged a strategic collaboration with city-based deep tech start-up Tvasta Manufacturing Solutions, which specialises in construction 3D printing, marking the beginning of an ‘age of sustainability’ in the Indian construction industry. The pact between the two firms is a first-of-its-kind for the construction industry in India. It is also well-aligned with the ‘Nation Building Initiative’ for India advocated by ICL Managing Director N. Srinivasan, the company said in a statement. The MoU was signed on Wednesday by ICL whole-time director Rupa Gurunath and Tvasta co-founder and COO Vidyashankar C. The collaboration will see India Cements and Tvasta engaging in dedicated R&D and synergetic exchange of technology-centric efforts to develop new raw material formulations used in 3D printing applications and offering mutual strategic support for key projects that offer cost and time-effective, dwelling solutions to the diverse strata of society, it said … [Read more...] about India Cements forges strategic alliance with Tvasta Manufacturing