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Kwasi Kwarteng has asked National Grid to bolster electricity supplies using coal this winter amid concerns Russia’s supply of gas to Europe will be cut off.
British Airways is preparing to slash pilots’ pay by as much as 9pc amid soaring inflation as the airline seeks to fund salaries for staff left out of work during the pandemic.
Italy's business lobby Confindustria forecasts an almost 2% hit on the country's gross domestic product (GDP) on average per year in 2022 and 2023 in case of a stop of natural gas imports from Russia in June, it said in a research note. "A halt of gas imports from Russia could have a very strong effect on the already weakened Italian economy," Confindustria said, adding the negative consequences would come from a major shortage of gas volumes for industry and services and an additional increase in energy costs. Last year Russia was Italy's biggest supplier of natural gas, providing 29 billion cubic metres or 40% of total gas imported by the country.
One of the North Sea's biggest energy producers is preparing to invest in South East Asia instead of the UK in the wake of Rishi Sunak's £5bn windfall tax.
NS&I has put extra cash into the winners’ pot, but soaring inflation is eroding holders’ cash more quickly
The Dame Deborah James Rose, which launched at Chelsea Flower Show, has raised more than £45,000 for Deborah James' Bowelbabe Fund for Cancer Research UK.
The Help to Buy property subsidy scheme is to close for applications five months early in a blow to thousands of first-time buyers desperate to get on the housing ladder.
The index notched up its best week for more than two months.
National Grid is holding emergency talks with energy companies to ramp up gas pipeline capacity after it was forced to turn away crucial shipments of liquified natural gas (LNG).
A string of missteps saw the chief executive leave the company he built into a global brand. But one rival may be celebrating …
Hackers have flooded the dark web with credit card details stolen from Russia’s largest bank as cybercriminals target the country in the wake of the Ukraine invasion.
Russian businessman Andrey Melnichenko ceded ownership of two of the world's largest coal and fertilizers companies to his wife the day before he was sanctioned by the European Union, according to three people familiar with the matter. Melnichenko, who built his fortune in the years following the 1991 fall of the Soviet Union, gave up his stakes in the coal producer SUEK AO and fertilizer group EuroChem Group AG on March 8, the day of his 50th birthday, leaving his wife, Aleksandra Melnichenko, the beneficial ownership of the companies, the people said. Until March 8, Melnichenko owned the two companies through a chain of trusts and corporations stretching from Moscow and the Swiss town of Zug to Cyprus and Bermuda, according to legal filings reviewed by Reuters.
The move comes amid efforts to improve the price British farmers are paid for their wool.
UK airports, ports and roads under pressure with Dover passengers facing long queues and motorists warned of major jams
Highlands and Islands MSP Rhoda Grant said those living in off-grid areas need clarity on whether they will receive the £400 energy bill discount.
Letters: There is no such thing as a free market – they are always set up to serve particular interest groups, writes Dr Tony Brauer
Low-cost carrier easyJet is to cancel more than 200 flights over the next 10 days due to airport delays and other restrictions, disrupting travel during the school holidays. The European airline has been hit by a string of problems since the removal of COVID restrictions led to a rebound in travel, with many British airports struggling to recruit enough ground staff while easyJet has also struggled with IT problems. It said in a statement on Saturday it would cancel around 24 flights a day from London's Gatwick Airport between May 28 and June 6.
Patricia Collinson, 87, unwittingly ordered an Amazon subscription for app to say a prayer
Revolut’s compliance chief has quit following a restructuring of the digital lender’s risk division.
Rocketing inflation is eating into the value of Premium Bonds at the fastest pace in 42 years – despite National Savings & Investments’ rate increase last week.