Source: Sharecast
The government has taken control of the UK’s third-largest steelworks as ministers try to protect 1,450 jobs after Liberty Steel’s operations in South Yorkshire were put into administration. The high court in London on Thursday ordered the winding up of Speciality Steel UK (SSUK), which has plants in Rotherham and Stocksbridge, despite the company’s request for more time to find new financial backers. – Guardian
Norway has made one of its biggest North Sea oil discoveries in a decade. It’s a development that will heighten scrutiny of Ed Miliband’s decision to end Britain’s fossil fuel exploration in the area. Oil field operator Aker BP has uncovered a field that could yield the equivalent of 134 million barrels of oil in an area thought to have already been fully explored. – Telegraph
JCB, Britain’s biggest privately owned engineering company, has called on ministers to intervene after claiming that US tariffs on finished goods containing steel and aluminium will cost it “hundreds of millions of pounds”. In a move that appeared to take the UK government by surprise, the Trump administration on Monday expanded the scope of its already flagged 25 per cent tariffs on steel and aluminium components being exported to the United States from Britain to include all finished goods. – The Times
The American government has rejected claims by two whistleblowers that it failed to properly investigate allegations of sanctions violations by Standard Chartered in a case that has drawn the personal attention of President Trump. The FTSE 100 bank reached a $667 million settlement with the United States in 2012 and paid $1.1 billion to the American and British authorities in 2019 to settle allegations that it breached sanctions on Iran and other countries. – The Times