Santos grants six weeks exclusive due diligence to ADNOC-led consortium
June 27 (Reuters) - Australia's Santos (STO.AX), opens new tab said on Friday it had granted exclusive due diligence for a period of six weeks to an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which had offered $18.7 billion for the gas producer.
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The Independent
3 hours ago
- The Independent
There is one statistic that should worry Reeves and Starmer the most
If there is one statistic that should ring alarm bells in government it is this: that the number of foreign direct investment (FDI) projects in the UK has fallen to the lowest level since records began 18 years ago. It isn't the Tories or a Tory-backed think tank saying this but the government's own people, the Department for Business and Trade. There were 1,375 FDI projects secured by the UK to the end of March, down 12 per cent from the previous year and the lowest since the data began to be compiled in 2007-08. Why does this matter? Because investment from overseas brings with it jobs and prosperity. It's a declaration of faith that Britain is a good place in which to do business and by choosing to come here, foreign businesses are preferring this country over others. Britain needs that international money, it cannot rely on homegrown capital to drive wealth. But increasingly, it's not coming. Investors, it seems, do not like what they see and would rather go elsewhere. The phenomenon is not new – the peak, of 2,265 ventures, was in 2016-17 – but it gives the lie to Sir Keir Starmer 's much vaunted growth agenda. We're told that the prime minister and his chancellor, Rachel Reeves, are going further and faster to kickstart the economy. A year into their rule, a period that more or less coincides with the official DBT update on FDI, foreigners are telling us something very different. There is of course, more than one way to skin a cat, and a DBT spokesperson duly insists: 'This government knows the power of inward investment and is laser-focused on targeting the highest-impact job-creating wins across the UK, which is why the value of our FDI projects has gone up over the past year as we seek quality over volume.' Note the 'laser-focused', which sounds impressive but is meaningless. It's insulting and, by the way, wouldn't previous administrations also declare they were similarly 'laser-focused'? Then again, it's a bit like 'further and faster', a description to be repeated ad nauseam but which does not amount to anything. Note, too, the shift from quantity to quality. These were figures devoted to quantity, as they have been for almost two decades. But now, they are rendered redundant. Would they have said the same if the total had risen? What do you think? The point about concentrating on the size of a deal rather than its existence is that value is hard to quantify. It depends on how companies formulate their accounts, exchange rate movements and other factors. Crucially as well, that size tally can be skewed by just one deal, one mega-merger between multinationals that may even result in substantial UK job losses. Another, accompanying, piece of data is that the government estimates that jobs created via FDI were down 3 per cent in the year to end of March 2025. It was said to be an estimate but the number was precise, at 69,355, which is the lowest since 2020-21, when Britain, and the world, was in the grip of Covid-19. It is true that Britain is not alone. Other large nations, especially those in Europe and including the US, suffered falls in their inward investment. The recent EY attractiveness survey put the blame on 'weak economic growth, geopolitical turbulence and ongoing high energy prices'. That may be so, but how to explain then the fact that FDI in the UAE increased by 49 per cent last year? This was in the World Investment Report from the United Nations Conference on Trade and Development. Being the UN, however, the popularity of the rich UAE was a cause for regret. 'Too many economies are being left behind… because the system still sends capital where it's easiest, not where it's needed,' said UNCTAD's secretary-general. Yes, capitalism is unfair. Unlike many nations, though, Britain is in a position to make life easier for investors. What is the government doing? Only increasing employers' national insurance contributions and adding to the regulatory burden, and therefore the cost, with its new workers' charter. Not much sign of 'further and faster' there. Comparing the UK's performance with others and saying they were down as well, is rather like those organisations that when they suffer a disaster fall back on the reality that most of the time everything operates fine. No, it's this calamity that counts and its consequences, that is all that people are concerned with. It's a convenient get-out tactic that encourages acceptance and complacency rather than action. But they are laser-focused so that's alright then. What is concerning is where those falls in FDI projects occurred, in IT and financial services, in life sciences, biotech and pharmaceuticals, just the sectors the government is keen to promote as epitomising Britain's modern economy. There is a trend underway that, if reports are to be believed, has seen Reeves react. This is outflow of individuals' wealth from Britain. Some non-doms, the wealthy foreigners able to take advantage of lower tax rules, have chosen to depart. Meanwhile, others are not coming. Why? Because in her Budget, the chancellor said she was planning to make them subject to UK inheritance tax on their worldwide assets, including those held in trusts – a proposal she is now said to be reconsidering. Whether it's enough remains to be seen. Hers is a regime that has targeted the wealthy in other areas. That she decided to strike at the non-doms may be seen as indicative of a wider policy. Reeves made her move at exactly the same moment as other nations were doing their level best to woo the fleet-of-foot global rich, offering an array of inducements and benefits. They were doing so because while these folks pay lower taxes they contribute to the public purse through other means, by spending and investing – like FDI in other words. Perish the thought the two are related, that foreigners per se no longer wish to invest in Britain. That laser focus, it seems, has yet to reach them.
Daily Mail
6 hours ago
- Daily Mail
Mystery over alleged teen killer's activities at a café just minutes before he was arrested over the alleged murder of Universal Store CEO - as cops scour the business for clues
Bizarre footage has emerged of a teenager at a local café, shortly after he allegedly stabbed Universal Store CEO Greg Josephson to death during a house party at the millionaire's sprawling Brisbane home. A 15-year-old boy has been charged with one count of murder after Mr Josephson was found critically injured at the gathering attended by 30 teenagers on Thursday. Officers arrived at the six-bedroom 1930s Art Deco mansion in Clayfield, in Brisbane 's inner north, just after 8.15pm and found the CEO unresponsive upstairs. Police allege an altercation took place between the teenager and the father-of-three, who are believed to be known to each other. A household item was used in the alleged attack. Winter holidays run from June 28 to July 13 in Queensland, with private schools usually breaking up a few days earlier. CCTV footage from a café near Mr Josephson's mansion showed the alleged killer walking across a patio area while wringing his hands. The teen is understood to have sustained a hand injury in the alleged attack, the Courier Mail reports. He appeared smartly dressed in a button-up shirt and pants as he proceeded to squeeze his way into a narrow rubbish area at the back of the venue. He then appeared to create a barricade by moving several bins in front of him. Police arrested the 15-year-old about 8.15pm after he called triple zero. He was refused police bail and has been taken to hospital. The café has since remained a place of interest, with officers and a dog squad reportedly seen searching the area on Friday afternoon. For almost two decades, Mr Josephson was the director of the Brisbane-based Universal Store, which he established with his brother Michael in 1999. From one store in Carindale, the company has grown to 80 outlets in every state and territory of Australia, as a leader in youth and streetwear fashion with an annual revenue of more than $288million. The Josephson brothers sold the business for $100million in September 2018 to private equity investors Five V Capital, Catalyst Direct Capital Management and BBRC Worldwide, which had previously invested in Bras N Things. Universal Store Holdings was listed on the Australian Securities Exchange in November 2020 and the brand has continued to grow since the Josephson brothers relinquished control almost seven years ago. Mr Josephson and his wife Tamra bought the Clayfield home for $1.91million in 2016. The couple embarked on a major renovation, with Mr Josephson explaining at the time how they had planned to 'create a huge garage with a tennis court above it'. 'We were looking for a big family home and this was in very original condition,' he told the Courier Mail earlier this month. The sprawling Oriel Road property had been on the market for just 43 days when Mr Josephson was allegedly murdered.
Daily Mail
7 hours ago
- Daily Mail
Aussie builder reveals the top five ways to cut your power bill before prices surge again
A builder has revealed his top five tips for lowering household power bills ahead of the market electricity price increasing by up to 9.7 per cent from July 1. According to tradies, Aussies aren't just bracing for the spike - they're taking action - with a recent surge in energy-saving home improvement jobs. Glass and glazing installations have gone up 68 per cent in 2025, and insulation jobs are up 34 per cent, hipages data reveals. Double glazing Fouad Reaiche, the managing director at ETH Construction Group, told Daily Mail Australia that people would be surprised by the effectiveness of glazing. 'Thermal blocking blinds and double glazing should be added if you have that opportunity,' he said. 'If you're going to spend the money, get double or even triple glazing. It's definitely something that you want to be doing. 'It makes all the difference in the world and people don't actually realise it until they've done it to their house.' Double glazing creates a layer of insulation, slowing down heat transfer between the inside and outside of a home. It means less heat is lost in winter and less heat enters a building in summer, leading to lower energy bills. 'It makes a big change for both summer and winter. It keeps the cold out in winter and the heat in,' Mr Reaiche said. 'It deflects heat on the outside in summer, so it works all year round. 'A lot of people who just did standard glazing were pushed out of the market.' Double-glazed window costs in Australia typically range from $300 to $1,500 per square metre. According to Bradnam's Windows and Doors, Aussies could save up to 20 per cent more on their energy bills if they were to utilise double-glazed over single-glazed products. Draft blockers Mr Reaiche said another simple way to reduce a power bill is to ensure cool or warm air isn't seeping into a house. 'One thing that we see people buying a lot is draft blockers for all their entry doors to stop drafts coming through,' he said. 'It's a big energy saver.' Newer air conditioners Air conditioning consumes 15 per cent of Australia's total generated power, and more than half the energy used in homes is the result of heating and cooling devices. That's why many Aussies are also looking to upgrade their air conditioning units. 'Putting energy efficient heating and cooling in is another thing to consider. People are ditching their old A/C units and upgrading to ones that are more energy-efficient,' Mr Reaiche said. Installing the correct insulation Home insulation is crucial for maintaining a comfortable indoor temperature and reducing energy consumption. Roof and ceiling insulation can save up to 45 per cent on energy consumption for heating and cooling, according to the Department of the Environment, Water, Heritage and the Arts. 'Insulation is a big one as well,' Mr Reaiche said. 'If you're building a new home, you need to put in the right insulation based on the climate that you're in.' Mr Reaiche's final piece of advice was to simply shop around and not become complacent by showing loyalty to a power company. 'Switching energy providers is one of the most efficient ways to reduce your energy bill by getting a better deal,' he said. 'People don't think to find a new provider. They're just happy to sign up and stay with them.'
