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Evening Standard
Oil soars again on EU Russia deal, petrol prices to keep rising
OIL prices jumped again after EU leaders agreed a deal to block two-thirds of Russian oil imports to starve Vladimir Putin’s war machine of revenues.While that deal agreed overnight, which bans oil that arrives by sea but not by pipeline, was hailed as a political break through, it further constrains supply.That will lead to more …
Business
Business Live
Grimsby seafood firm bought out by European operator backed by Japanese giant
Grimsby’s Northcoast Seafoods has been bought out by a major European player backed by a global giant. The retail-focused manufacturer, grown from a single North Atlantic prawn trading entity by managing director Fridrik Thorsteinsson over the past two decades, now operates from a large processing base on South Humberside Industrial Estate. It has been acquired …
Business
Sky News
Petrol price hits record after EU bans Russian oil – as new cost of filling a family car is revealed
Average petrol prices have reached a new record high of 173.02p a litre, figures show, after an EU ban on Russian oil imports.Fuel prices have been setting record highs every few days in recent weeks, as the supply dries up at a time when demand is starting to gain speed. The average cost to fill …
Business
Sky News
Kwarteng picks ex-BCG partner Bokkerink as next CMA chair
A former senior partner at one of the world’s biggest consulting firms has been picked as the next chair of Britain’s competition watchdog.Sky News has learnt that Marcus Bokkerink, who retired from Boston Consulting Group in 2020, will be named on Tuesday as the government’s preferred choice to lead the Competition and Markets Authority (CMA). Mr …
Business
Euro News
Is Bitcoin a young person’s game? New poll finds it’s older people investing more in crypto assets
Business
Sky News
P&O Ferries loses its last remaining government contract after sackings
The government has cut ties with troubled P&O Ferries after the company sacked nearly 800 workers without notice.In light of the mass redundancies back in March, the Home Office said a contract between UK Border Force and P&O Ferries would be cancelled “with immediate effect”. A Home Office spokesperson said: “In response to P&O Ferries’ …
Business
Sky News
EU bans most Russian oil imports to ‘stop Putin’s war machine’
The EU has agreed to ban around 75% of Russian oil imports.The embargo covers Russian oil brought in by sea, but has a temporary exception for imports delivered by pipeline to appease Hungary and other countries concerned about the economic impact of a full ban. Hungary gets more than 60% of its oil from Russia …
Business
Sky News
Chelsea FC confirms sale to group led by Todd Boehly and Clearlake Capital
Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital.Mr Boehly, 48, fought off 11 serious rivals to clinch the £4.25bn deal. In a statement, the club said sanctions imposed on Mr Abramovich following Russia’s invasion of Ukraine had presented “unique …
Business
Evening Standard
Morrisons buyout of McColl’s probed by watchdog
The Competition and Markets Authority (CMA) has launched an investigation into the rescue deal to save high street convenience retailer McColl’s by supermarket giant Morrisons.It has confirmed that it has launched the inquiry by issuing an initial enforcement order addressing competition concerns in the UK retail sector.This means that while the investigation is underway, Morrisons …
Business
Evening Standard
Inflation genie is well and truly out of the bottle
Energy prices are notoriously volatile, but it really does look as if the $100 barrel of oil is with us to stay. Or at the very least until President Putin decides his malign work is done in Ukraine. And there are precious few signs of that coming soon.This morning Brent Crude touched $120 (£95) for …
Business
Sky News
Morrisons and McColl’s deal to be investigated
The Competition and Markets Authority is investigating supermarket Morrisons’ takeover of McColl’s.The regulator announced the investigation on Monday, saying it was due to concerns that the deal could affect competition. An initial enforcement order was issued meaning that both parties must continue to compete as they did previously, while the investigation is underway.A CMA spokesperson …
Business
Evening Standard
S4 Capital says ad market still strong despite economic woes
Sir Martin Sorrell’s S4 Capital today offered some hope that the advertising market may survive a looming economic slowdown.The digital marketing and ad business, recovering from an accounting problem that saw the full-year results delayed twice, said first quarter revenues jumped 70% to £207 million.That comes ahead of forecasts and despite Sir Martin himself telling …

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