Business News Round UP (30/06/2020)

£5bn ‘New Deal’ to support levelling up

Boris Johnson will set out plans for infrastructure investment as he seeks to stimulate the economy and protect and create jobs in the wake of the coronavirus lockdown.

Taking inspiration from US President Franklin D Roosevelt’s New Deal of the 1930s, the Prime Minister will announce £5bn of capital investment aimed at accelerating projects including school building and transport network improvements.

Among a raft of new and repeated spending measures to be announced later today, there is expected to be £10m to remove bottlenecks on the Manchester rail network and money for road projects including improvements to the A15 in the Humber.

https://www.thebusinessdesk.com/northwest/news/2062349-5bn-new-deal-to-support-levelling-up

 

Skeoch steps down as CEO at Standard Life Aberdeen

Keith Skeoch is to step down as chief executive of Standard Life Aberdeen and will be replaced by former Citigroup banker Stephen Bird.

Mr Bird, who will join the board tomorrow as chief executive-designate. was CEO of global consumer banking at Citigroup, a role he held since 2015, retiring in November last year.

Mr Skeoch will stand down from the board after five years as group chief executive and 14 years as a director, and will serve out the remainder of his contract as non-executive chairman of the Aberdeen Standard Investments Research Institute.

It is envisaged that the transition will take place by the end of the third quarter.

https://dailybusinessgroup.co.uk/2020/06/auto-draft-3/

 

Ineos acquires BP chemicals unit in $5bn deal

Wealthy industrialist Sir Jim Ratcliffe has added to his Ineos empire after sealing a $5 billion (£4bn) deal to buy a slice of oil major BP.

The Grangemouth refinery operator is acquiring BP’s petrochemicals business which makes a key component used in polyester.

The number of employees involved in the transaction is about 1,700 .

BP said the deal marked the next strategic step in “reinventing BP”. It said it will further strengthen the company’s balance sheet and delivers its target for agreed divestments a year earlier than originally scheduled

The businesses have interests in 14 manufacturing plants in Asia, Europe and the US and in 2019 produced 9.7 million tonnes of petrochemicals.

Bernard Looney, BP chief executive, said: “This is another significant step as we steadily work to reinvent bp. These businesses are leaders in their sectors, with world-class technologies, plants and people.

“In recent years they have improved performance to produce highly competitive returns and now have the potential for growth and expansion into the circular economy.

https://dailybusinessgroup.co.uk/2020/06/ineos-acquires-bp-chemicals-unit-in-5bn-deal/