Britain's Lindsey oil refinery to close after no buyer found
"After a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery, and it will be winding down operations," Shanks said.
The refinery was placed into the hands of an official receiver after its owner Prax fell into insolvency at the end of last month.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
14 minutes ago
- The Independent
Brexit has left City of London's reputation at risk, Goldman Sachs chief warns
London's status as a global financial hub has been left 'fragile' by Brexit, the boss of Goldman Sachs has warned. David Solomon, chairman and chief executive of the bank, said it is diverting staff away from London to rival cities such as Paris, Frankfurt and Munich. Speaking to Sky's The Master Investor Podcast with Wilfred Frost, he said: "The financial industry is still driven by talent and capital formation, and those things are much more mobile than they were 25 years ago. "London continues to be an important financial centre. But because of Brexit, because of the way the world's evolving, the talent that was more centred here is more mobile. "We as a firm have many more people on the continent.' Detailing the bank's shift in focus from London to other European cities, Mr Solomon said: 'If you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now... And so in Goldman Sachs today, if you're in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland. "And we've got, you know, real offices. You just have to recognise that talent is more mobile." Goldman Sachs has around 6,000 employees in the UK. Mr Solomon also warned Rachel Reeves against further tax hikes, particularly on the wealthy, which could see more of the bank's staff leave the UK. Amid mounting calls for the chancellor to unveil a wealth tax, with Ms Reeves looking for ways to raise billions in her Budget this autumn, Mr Solomon warned: 'If you don't set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that. "Incentives matter if you create tax policy or incentives that push people away, you harm your economy.' The bank chief said he has 'sympathy' for the chancellor ahead of her Budget, welcoming her focus on economic growth. 'And now we have to see the action steps that actually follow through and encourage that,' he added. Home Office minister Seema Malhotra blamed former prime minister Liz Truss for undermining Britain as a place to do business. Ms Malhotra told Sky News: 'There's been a sense of urgency coming out of the Treasury since we came into government last year, and that is because we saw the damage over 14 years, but most recently, since the Liz truss premiership, the damage that was done to our economy, to our reputation around the world, to the confidence of investors. 'And what I've seen while we've been in government… is a government that is extremely and completely focused on how we rebuild our economy, but also how we work with our the City of London, with our financial services, because this is a jewel in the crown for the UK, 'And I believe that with the chancellor and with our government working in partnership, once again, with British industry, that we will see that confidence restored.'
Reuters
15 minutes ago
- Reuters
European shares rise on US-Japan trade deal, EU talks in focus
July 23 (Reuters) - European shares rose on Wednesday, led by automobiles, after U.S. President Donald Trump revived hopes for a trade deal with the EU following an agreement with Japan. The pan-European STOXX 600 index (.STOXX), opens new tab gained nearly 1% to 549.6 points, as of 0715 GMT, following three straight days of declines. Britain's blue-chip FTSE 100 (.FTSE), opens new tab rose for a fifth session to a record high. Other regional indexes also traded higher with France's CAC 40 (.FCHI), opens new tab leading the pack with a 1.3% jump. European automobile stocks (.SXAP), opens new tab led the broad-based rally with a 3.4% rise, tracking strength in Asian rivals. Porsche (P911_p.DE), opens new tab and Mercedes-Benz ( opens new tab gained 7.6% and 5.8%, respectively. Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. The Japan deal included reduced 15% tariffs for auto exports to the U.S., down from 25% before. Meanwhile, the prospects of an EU-U.S. trade agreement improved after Trump said on Tuesday that EU representatives would come for trade negotiations on Wednesday. Among individual stocks, Lonza (LONN.S), opens new tab shares were among the top gainers, rising 5.4% after the Swiss company topped core profit forecast driven by its drug manufacturing business. ASM International ( opens new tab pressured technology stocks after the computer chip equipment maker reported second-quarter bookings below market expectations on Tuesday. Its shares fell 7.7%, the most among STOXX 600. SAP ( opens new tab fell 3.5% after the German software maker reported a positive second-quarter profit on cost cuts and increased demand but held off on increasing its full-year outlook.
Reuters
15 minutes ago
- Reuters
Germany OKs Eurofighter delivery to Turkey, Spiegel reports
BERLIN, July 23 (Reuters) - The German government has cleared the way for the delivery of 40 Eurofighter Typhoon jets to Turkey following a positive decision by the federal security council, the Spiegel news magazine reported on Wednesday. Turkey has been in talks on buying Eurofighter Typhoon jets, which are built by a consortium of Germany, Britain, Italy and Spain, represented by companies Airbus ( opens new tab, BAE Systems (BAES.L), opens new tab and Leonardo ( opens new tab. Germany's federal security council, whose approval is required for arms exports, operates behind closed doors and the government generally does not comment on its decisions. The German defence ministry declined to comment on the report. The economy ministry did not immediately respond to an emailed request for comment. Earlier this week, Turkish President Tayyip Erdogan said Germany and Britain took a positive stance on the sale of the jets, adding that Ankara wanted to finalise the purchase as soon as possible.
