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.
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Sky News
40 minutes ago
- Sky News
Trump issues warning to leaders as he arrives in Scotland
Why you can trust Sky News Donald Trump has landed in Scotland for a four-day trip including high-level meetings - praising Sir Keir Starmer as "a good man" but calling illegal migration a "horrible invasion" that is "killing Europe". Crowds gathered at Prestwick Airport in Ayrshire amid a major security operation for the US president's visit. Mr Trump told reporters: "I like your prime minister. He's slightly more liberal than I am... but he's a good man... he got a trade deal done. It's a good deal for the UK." The pair are expected to discuss potential changes to the UK-US trade deal which came into force last month. Trump left Air Force One to head to Turnberry, one of his Scottish golf courses. Part of the trip will include the opening of another course in Aberdeenshire, billed as "the greatest 36 holes in golf". "There's no place like Turnberry. It's the best, probably the best course in the world. And I would say Aberdeen is right up there," the US president said. " Sean Connery helped get me the [planning] permits. If it weren't for Sean Connery, we wouldn't have those great courses," he added. During the trip, President Trump will also hold discussions with Scotland's First Minister John Swinney and EU Commission President Ursula von der Leyen, who is keen to secure a trade deal with the US. Mr Trump told reporters there was "a good 50-50 chance" of an agreement with the EU but added there were "maybe 20 different" sticking points. EU diplomats say a deal could result in a broad 15% tariff on EU goods and half of the 30% Trump is threatening to impose by 1 August. The US president touched on illegal immigration and gave European leaders a stark warning. "You better get your act together or you're not going to have Europe anymore. You got to get your act together," he said. "But you're allowing it to happen to your countries and you got to stop this horrible invasion that's happening to Europe. Immigration is killing Europe." 1:30 He was also scathing about the installation of wind turbines across the continent. "Stop the windmills. You're ruining your countries," he said. "It's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds." Domestically, Mr Trump faces the biggest political crisis of his second term in office over his administration's handling of files linked to disgraced financier and sex offender Jeffrey Epstein, who died in prison in 2019. He faced another round of questions after stepping off Air Force One. "You're making a big thing over something that's not a big thing. I'm focused on making deals, not on conspiracy theories that you are," he said. Mr Trump added that "now's not the time" to discuss a pardon for Ghislaine Maxwell, Epstein's imprisoned accomplice. 17:35 👉 Follow Trump100 on your podcast app 👈 While the president's visit did attract some enthusiastic flag-waving supporters at Prestwick Airport, he is also likely to trigger a number of protests, prompting Police Scotland to call in support from other forces in the UK. The Stop Trump Scotland group has planned demonstrations on Saturday in Edinburgh, Aberdeen and Dumfries. About 70% of Scots have an unfavourable opinion of Mr Trump, while 18% have a positive opinion, an Ipsos poll in March found. Mr Trump is staying at his Turnberry property on Scotland's west coast this weekend, before travelling to Aberdeenshire on Monday, where he will open a second 18-hole course. He is due to return to the UK in September for a state visit hosted by the King - the first world leader in modern times to undertake two UK state visits.
Auto Blog
2 hours ago
- Auto Blog
Pirelli's Latest High-Performance Tire Is 70% Recycled Materials – But Only Available For One Car
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. A spin in the right direction While drivers tend to overlook tires until they need to be replaced, companies like Pirelli obsess over them. Constantly improving and iterating, Pirelli is now introducing a tire to market that features nearly three-quarters recycled components, suggesting that the future of high-performance tires can utilize used materials without compromising performance. The downside is that, at least for its first recycled tire, Pirelli is limiting production to a single tire size, which was developed specifically for a single vehicle. It was also developed as an OEM tire, and it's unclear whether Pirelli will produce them for the aftermarket. Pirelli P Zero tire — Source: Pirelli All about the 70% recycled Pirelli P Zero This new tire is part of Pirelli's commitment to making all natural rubber used in its European factories Forest Stewardship Council (FSC) certified by 2026. The tire maker previously released an FSC-certified tire in 2021. FSC certification is specific to the rubber used in the tire, which has to be certified as natural rubber and is an attestation that Pirelli exercised 'responsible management' of its natural rubber supply chain from plantation to production. In addition to FSC-certified rubber, the new P Zero utilizes recycled steel, which the company reclaimed in part from melted scrap metal. Rice husk-derived silica was also used in the P Zero, as the silica is a byproduct of rice production and is used in the P Zero's tread for enhanced handling in wet conditions. End-of-life tires were also included. To make the tires black, Pirelli used pyrolysis oil from scrap tires, which is obtained via a process of rapid heating and cooling that essentially extracts the oils from the used tires. The same pyrolysis oil derivative was used in the tire polymers. Finally, plant-based bio-resins help optimize dry and wet performance for the new P Zero. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. If you want the new P Zero, you'll need a Range Rover Developed for JLR (Jaguar Land Rover), Pirelli states that the new tire will only be available in a 22-inch wheel size. The mostly-recycled P Zero will 'initially be available on selected' Range Rover vehicles, but it's unclear whether the tire will be an optional add-on for buyers or if it will be standard for Range Rovers with 22-inch wheels. It's not the first collaboration between JLR and Pirelli, either. In 2024, JLR equipped some of its cars with Pirelli tires that contained 110 percent FSC-certified natural rubber. The new P Zeros will feature FSC markings and a 'distinctive logo' denoting that the tires contain more than 50 percent bio-based recycled materials, which is verified by the third-party certification body Bureau Veritas. Range Rover Evoque — Source: Jaguar Land Rover Final thoughts There's no doubt Pirelli ran this tire through its paces, both virtually in its design and development phase as well as in real-world testing. If any company has mastered high-performance tire manufacturing, it's Pirelli. Even so, it's unclear how recycled materials will hold up over the long term, but if all goes well, we could be looking at a breakthrough in the future of tires. About the Author Nate Swanner View Profile
Daily Mail
2 hours ago
- Daily Mail
The sneaky way Anthony Albanese will turn Australia into a high-taxing European nation with new super tax
Anthony Albanese risks turning Australia into a high-taxing European nation with his plan for a radical new tax on superannuation savings, an investment group warns. The federal government wants to impose a new 15 per cent tax on unrealised gains on super balances above $3million, where capital growth would be taxed before assets are sold. Wilson Asset Management chairman Geoff Wilson said this departure from taxing capital gains after assets are sold would see Australia share a similarity with European nations, which are renowned for their high taxes and targeting the rich. 'Australia is proving to be no different from Norway, Spain and Sweden, where taxing unrealised gains led to capital exodus and therefore lower than expected tax revenue,' he said. In 2023, the Labor government announced that from July 1, 2025, 0.5 per cent, or 80,000, of super balances with more than $3million would be hit with a new 15 per cent tax on unrealised gains. This would be in addition to the 15 per cent tax on earnings that already exists for all super during the accumulation or working phase. The debut of a new tax on unrealised gains also marks the biggest change to the capital gains tax since it was introduced in Australia in 1985. Previously, European nations have been the main enthusiasts for taxing the notional or paper value of assets, based on gains during a financial year. Norway applies a 38 per cent unrealised gains tax on the wealth of those who leave. Sweden does a similar thing, but with a 30 per cent exit tax on unrealised gains. Spain also has an exit tax, based on unrealised gains, if someone with a large investment portfolio leaves the country to become a tax resident elsewhere. Germany during the 1970s and 1980s taxed unrealised gains on wealth, but the policy was notoriously difficult to administer. France still has a wealth tax that applies on assets worth more than €1.3million (AU$2.1million) of real estate assets, but it stops short of taxing unrealised gains. Other European nations, renowned for having higher income taxes to fund more services, do not touch retirement savings in the way Labor is proposing to do. US Democrat presidential candidate Kamala Harris last year campaigned to tax unrealised gains on wealth - but only for the ultra rich with assets worth US$100million (AU$152million) or more. Australia would be the first to apply an unrealised gains tax to superannuation, in a bid to raise $2.3billion a year in Budget revenue. Left-leaning crossbench senators David Pocock and Jacqui Lambie last year declined to back Labor's Better Targeted Superannuation Concessions bill, because they are opposed to taxing unrealised gains. The Greens back taxing unrealised gains but want the threshold reduced to $2million, but indexed to inflation. They hold the balance of power in the Senate, and Labor is still negotiating amendments with the minor party. The government has previously flagged giving Australians a year's notice from the time legislation is passed, with Mr Wilson noting panic selling was already occurring in self-managed super funds to avoid the potential new tax. 'Despite requiring Senate approval, the proposed tax on unrealised gains has already prompted a rush to liquidate assets ahead of the 30 June 2026 implementation date,' he said. Wilson Asset Management has proposed an alternative super tax strategy to Labor's plan to tax unrealised gains, in a submission to the government's Economic Reform Roundtable, where it argued it would raise $2.433billion in revenue. 'The outcome of the proposal would allow the government to increase tax revenue from high balance accounts without breaching the realisation principle of the tax act,' Mr Wilson said. 'Our proposal is in the national interest and a Budget-positive alternative to the government's proposed policy to tax unrealised gains in superannuation.' He proposes to keep the existing structure of taxing realised capital gains, but adding a new 15 per cent tax to balances of $3million to $6million. A 17.5 per cent tax would apply for balances of $6million to $10million, rising to 20 per cent for balances of $10million to $20million and 25 per cent for balances above $20million.
