Author: Sam Allcock

MT Group, an engineering, procurement, and construction (EPC) contractor, has signed a significant construction agreement with Gasfin Development to enhance energy infrastructure at the Brunsbüttel floating liquefied natural gas (LNG) terminal in Germany. The contract involves the construction and installation of a 60MW heater facility designed to improve the terminal’s efficiency and performance. The facility will be constructed at the Brunsbüttel terminal, operated by the state-owned Deutsche Energy Terminal GmbH (DET). With construction set to begin in 2024, MT Group has already commenced preparatory work for the project. The company will manage general construction and mechanical works, including the installation…

A new report from Eurelectric reveals that three-quarters of electricity generated in the European Union this year came from clean energy sources. While the power sector continues to lead in decarbonisation efforts, concerns are rising over the pace of electrification across the continent. According to Eurelectric’s Power Barometer 2024, the EU power sector achieved a remarkable 50% reduction in emissions compared to 2008 levels, marking the largest decrease ever recorded. However, the overall electrification rate has stagnated at 23% over the past decade, significantly below the target of making electricity half of the EU’s final energy consumption by 2040. In…

Richard Price, M&S’s clothing and home MD, takes a non-executive role at Refined Networks.Price is the first to join the board since Refined Networks’ establishment in 2021.The platform supports fashion brands in expanding online sales internationally.Refined Networks plans partnerships with Nordstrom, Macy’s, and platforms in Europe and the Middle East.Price aims to support Refined Networks’ development and global growth for fashion brands.Richard Price, known for his leadership at Marks & Spencer as managing director of clothing and home, is stepping into a new role as a non-executive director at Refined Networks. This position marks his first such appointment following the…

This October marks the arrival of a variety of exciting dining venues across Manchester.A new smashed burger spot will open in the Northern Quarter.Detroit-style pizza will be available from a new establishment on Oxford Road.A Basque-style tapas bar is set to launch near the Town Hall.A Japanese-Peruvian fusion restaurant will open its doors at the Trafford Centre.October brings a wave of fresh venues to Manchester’s dining scene, promising to delight locals and visitors alike. Among these is a new smashed burger concept opening in the Northern Quarter. The establishment, led by the team behind Almost Famous, will offer limited quantities…

Sainsbury’s has taken a pioneering step in packaging by introducing vacuum-packed lamb mince, marking a significant environmental initiative.The new packaging will reduce plastic usage by 65% per product, saving 26 tonnes of plastic annually.Vacuum packing enhances product longevity by removing oxygen, maintaining freshness in both the fridge and freezer.The transition promises to uphold the quality and quantity of lamb mince Sainsbury’s customers expect.QR codes on the packaging will offer cooking advice, aligning with customer convenience.Sainsbury’s has announced a shift from traditional plastic tray packaging to vacuum-packed alternatives for its entire fresh lamb mince range, aiming to significantly cut plastic waste.…

Starling Bank has been fined £29 million for inadequate financial crime controls.The FCA found severe weaknesses in the bank’s anti-money laundering efforts.Despite being warned, Starling opened over 54,000 high-risk accounts.Starling’s screening failures exposed it to sanctioned individuals.The fine raises doubts about the bank’s future compliance capabilities.Starling Bank has been fined £29 million by the Financial Conduct Authority (FCA) for failing to establish effective controls against financial crime. The FCA’s investigation highlighted severe deficiencies in the bank’s systems meant to mitigate financial crime risks, particularly as it expanded rapidly.The watchdog first expressed concerns about Starling’s anti-money laundering (AML) and financial sanctions…

Monese, a London-based fintech, has secured a loan from Pockit amid financial difficulties stemming from HSBC’s investment write-off.The recent loan agreement with Pockit marks a crucial step for Monese as it seeks fresh funding sources.HSBC had previously invested $35 million in Monese in September 2022, but wrote off the investment’s value recently.Discussions were held between Pockit and Monese regarding a potential acquisition of Monese’s consumer division.The loan details remain undisclosed, and neither Monese nor Pockit commented on the development.Monese, a fintech company based in London, has recently taken a significant step to address its financial challenges by borrowing funds from…

The Bank of England faces potential rate cuts as inflation shows signs of easing, according to Governor Andrew Bailey.Bailey suggests increased monetary easing if inflationary pressures continue to diminish, impacting financial markets.Tensions in the Middle East pose a risk to oil prices, potentially complicating monetary policy decisions.The pound has depreciated due to regional conflicts, causing instability in currency markets.The Bank’s stance is scrutinised amidst political discourse and economic challenges faced by the UK.The Bank of England is considering more aggressive interest rate cuts as inflation appears to be easing, a prospect highlighted by Governor Andrew Bailey. The suggestion comes as…

Enara Bio, an Oxford-based biotech firm, is pioneering advancements in cancer treatment, backed by major investments.Founded in 2016, Enara Bio has developed a groundbreaking antigen discovery platform that holds promise in cancer therapy.The company secured $32.5m in a Series B funding round, led by Pfizer Ventures and supported by other key investors.Enara Bio’s innovative approach targets broad cancer patient populations through its unique EDAPT platform.Significant financial growth and strategic partnerships highlight Enara Bio’s emerging role in the biotech landscape.Founded in 2016, Enara Bio has claimed a significant milestone with its breakthrough in cancer therapies. The Oxford-based biotech firm has developed…

Tesco, the largest supermarket chain in the UK, has announced an increase in its profit guidance due to a strong trading period, highlighting robust operational performance.Sales for the first half of the fiscal year increased by 3.5%, driven by effective retail strategies and customer engagement.Operating profit soared, reflecting the company’s disciplined investment approach and focus on delivering value and quality to consumers.CEO Ken Murphy announced significant price reductions and product improvements, contributing to increased customer satisfaction.The market share for Tesco has grown, further solidifying its position as the leading grocer in the UK.Tesco has revised its profit guidance upwards, following…