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Sky News
Searchlight shines on £140m funding package for insurer Wefox
Searchlight Capital Partners, the private equity firm which has backed companies including Secret Escapes, is to lead a new funding package for Wefox, the European insurance company, that could be worth up to €170m (£141m).Sky News has learnt that Searchlight has effectively proposed stepping in to refinance Wefox’s existing bank debt as the group seeks …
Business
Business Live
Plan revealed for £20m industrial research facility in Port Talbot
Plans for a new multi-million-pound industrial research facility in south Wales have been submitted. The proposed facility, named the South Wales Industrial Transition from Carbon Hub, or Switch, would be located in the Harbourside area of Port Talbot if given approval by Neath Port Talbot council, and is a part of the Swansea Bay City …
Business
Business Live
Three sport business trends to watch in 2025 as F1 dominance and women’s sport boom
Every other forecast you’ll come across, regardless of the industry, will attempt to elucidate the impact of AI on that sector in the forthcoming year. Most responses will echo Hemingway’s sentiment: AI will gradually and then suddenly take over. So, to prevent AI like Chat GPT from gaining too much of an advantage in achieving …
Business
Business Live
The year in North East business 2024 – economic turmoil impacts on firms
Our end-of-year round-up of the North East business scene traditionally begins with a view on the state of the economy – not always happily in recent years. It has been some time since we could give a particularly positive outlook and this year is no different. 12 months ago we slightly optimistically described the economic …
Business
Business Live
Hull family firm Rix Petroleum expands Lincolnshire presence with new acquisition
Humber business Rix Petroleum Ltd has strengthened its Lincolnshire base after snapping up a Grantham-based fuel provider. The company, which has its head office in Hull, has acquired EFuels Ltd for an undisclosed sum – a deal which brings the number of fuel depots it owns and operates in the county to four, alongside others …
Business
Sky News
Oxford herbicide spinout Moa seeds $40m funding round
An Oxford University spinout which is developing a new generation of weed-resistant herbicides has begun planting a $40m (£32m) fundraising with prospective backers.Sky News understands that Moa Technology, which was co-founded by the world-leading university’s head of plant sciences Professor Liam Dolan, is kicking off a Series C funding round. Moa has already raised $59m …
Business
Business Live
Thames Water faces backlash for allegedly using environmental funds for bonuses and dividends
Thames Water has been accused of diverting millions of pounds, originally earmarked for environmental clean-ups, to fund bonuses and investor payouts. The Guardian reports that secret discussions were held to assess the risk of public and regulatory backlash against such a move, which could be perceived as a breach of the company’s license commitments and …
Business
Sky News
Aviva agrees to buy Direct Line for £3.7bn
Aviva has agreed a deal to buy rival company Direct Line for £3.7bn ahead of a Christmas Day deadline.The insurance firm announced the agreement with its smaller competitor a few weeks after a £3.3bn bid was turned down in November. A deal for the two firms would make them a force in motor insurance, estimated …
Business
Sky News
Construction chief steps up criticism of budget reforms in letter to Starmer
A leading construction industry body has warned the prime minister that measures unveiled in the budget will “fatally undermine” family-run companies in the sector, adding to the business backlash facing the government since the end of October.In a letter to Sir Keir Starmer seen by Sky News, Steve Mulholland, chief executive of the Construction Plant-hire …
Business
Business Live
Seeing Machines gets huge boost from auto giant Mitsubishi
Japanese automotive giant Mitsubishi has announced a £26.2m investment in Aim-listed tech firm Seeing Machines, which specialises in AI-powered vehicle monitoring systems aimed at enhancing transport safety. The deal will see Mitsubishi’s electric mobility division acquire a 19.9% stake in the Canberra-based company, causing shares in Seeing Machines to surge by nearly 20%, as reported …
Business
Evening Standard
Good Energy’s potential UAE buyer gets another one-month extension
Our unmissable weekly email of all the gossip, rumours and covert goings-on inside the Square MileSign upI would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice.A company with links to the United Arab Emirates’ royals has been given another month to decide whether to make a takeover …
Business
Sky News
Japanese car giants announce plans to merge after struggles to match rivals in EVs
Japanese car giants, Honda and Nissan, have announced plans to merge. That would make them the third largest car maker by sales, behind Toyota Motor Corp and Volkswagen AG. The two companies said they had signed a memorandum of understanding, which would also include the smaller Nissan Alliance member, Mitsubishi Motors, in the talks on …

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