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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 …
Business
Sky News
Graduates from top 50 universities outside UK can now apply for new ‘high potential’ visa
Graduates from the top 50 overseas universities can apply to come to the UK through a new visa scheme.The government said it hopes the “high potential individual route”, which launched on Monday, will attract the “brightest and best” at the beginning of their careers to work in the UK. Applicants with a bachelor’s or master’s …
Business
Evening Standard
Oil price tops $120 a barrel as EU closes on Russian crude ban
The oil price surged past $120 (£95) a barrel barrier today for the first time since late March as European leaders grappled with imposing a ban on Russian crude imports.In early trading a barrel of benchmark Brent crude hit $120.42, up nearly a dollar, and the highest level since the early weeks of the war …
Business
Evening Standard
Cost of filling family car with diesel hits £100 for the first time
The cost of filling up a family car has hit £100 for the first time ever after fuel prices rose again over the weekend.The rises mean it drivers of diesel cars will have to pay £100 for a typical 55 litre tank after the price went to 182.71 a litre on Saturday. Unleaded also rose …
Business
Sky News
Rising prices for cheapest food may be in line with inflation – but will still hit Britain’s poorest hard
There have been some suggestions that people struggling the most with the cost of living who opt to buy the cheapest “own brand” products are experiencing the steepest inflation.Today’s experimental data from the Office for National Statistics (ONS) seems to dispel that claim. There is, however, huge value in trying to assess how different groups …
Business
Business Live
Government ‘considering’ extending Hinkley Point B to protect UK electric
The business secretary is considering whether to extend electricity generation at Hinkley Point B power station in Somerset to guard against potentially depleted gas supplies, a government minister has suggested. Culture minister Chris Philp said Kwasi Kwarteng had taken some “precautionary measures” last week, amid reports that plans have been drawn up to ration electricity …

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