Business

Gupta steel empire in crisis talks with Government over jobs

The steel firm owned by Sanjeev Gupta is in crisis talks with government officials as fears mount that the financing behind the industrialist’s empire is unravelling. Thousands of jobs are feared to be at risk in the UK steel industry after the biggest lender to Gupta’s GFG Alliance, a specialist bank called Greensill Capital that […]

Business

This ‘snake robot’ can fix pipelines on the ocean floor

The deep-sea oil and gas industry has a vast and costly infrastructure to maintain. Wells, other equipment, and thousands of kilometers of pipeline must be installed, inspected and repaired. Now, cutting-edge underwater drones and robots are being developed that could make the work safer, cheaper and less polluting. Among them is Eelume, a six-meter-long, snake-like […]

Business

Private equity buys Aggreko in £2.3bn deal

Aggreko has become the latest British company to fall into private equity hands after it accepted a £2.3bn takeover bid. The FTSE250 power equipment provider has accepted an offer from I Squared Capital and TDR Capital worth 880p per share, 39 per cent above the closing price on February 4 when it was first tabled. […]

Business

Billionaire: Biden inherits US economy ‘in the late stage of an epic bubble’

President Joe Biden will oversee an economy that is “in the late stage of an epic bubble,” billionaire real estate developer Jeff Greene told “The Claman Countdown” Wednesday. Greene argued that the economy’s growth had been “fueled by extreme overvaluations, explosive price increases, absolutely frenzied issuance with these SPACs and IPOs and hysterical price speculation. […]

Business

Bitcoin is ‘most crowded’ trade

Big-money managers say too many investors have piled into the red-hot cryptocurrency bitcoin at the start of 2021, according to a Bank of America survey conducted in January. “Long bitcoin jumps to the top with 36% of FMS investors saying it is the most ‘crowded trade’ dethroning ‘long tech’ for the first time since Oct […]

Business

Stock Exchange boss raises the alarm over ‘frothy’ Spacs

Investors risk getting burned by the ‘frothy’ market for so-called Spacs, the boss of the London Stock Exchange has warned. David Schwimmer said putting cash into special purpose acquisition companies (Spacs) could ‘end poorly’ and caution was required. His comments came as LSE shares tumbled more than 14 per cent as investors were spooked by […]

Business

Keystone Pipeline canceled, let the layoffs begin

The United Arab Emirates say they no longer fear U.S. shale as the Joe Biden Administration begins. Why should they? The incoming President has already signaled that on his first day in office he will sign executive orders to revoke the permit for Canada to build the Keystone XL pipeline and rejoin the Paris Climate […]