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Category: 3. Business

  • Stonepeak to Acquire Majority Controlling Interest in Castrol from bp

    Stonepeak to Acquire Majority Controlling Interest in Castrol from bp

    $10.1 billion transaction to support Castrol’s next phase of growth

    LONDON & NEW YORK – December 24, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced an agreement to acquire a majority controlling interest in Castrol (or “the Company”), a global leader in lubricants, from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP), in a transaction valuing the business at an enterprise value of approximately $10.1 billion. bp will retain a 35% minority interest in Castrol as part of the transaction. In connection with the transaction, Canada Pension Plan Investment Board (“CPP Investments”) will invest up to USD$1.05 billion in support of the transaction, resulting in an indirect stake in Castrol.

    Castrol is one of the largest lubricants providers globally and serves consumer automotive customers, as well as commercial and industrial end markets. As an embedded part of the large and diversified global finished lubricants market, Castrol works closely with its customers and consumers to develop and supply highly engineered lubricants for specific applications. The Company manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and more than 100 third-party facilities and warehouses worldwide across 150 countries. Applications have included servicing the first jet airline, the Concorde, space missions for over 60 years, and many professional auto and bike racing teams, establishing Castrol’s historic and trusted brand identity. The Company’s products are recognized globally for their high performance, premium quality, and use of cutting-edge technology, and are supported by a global workforce of thousands of skilled professionals.

    “Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”

    “We are thrilled to have Stonepeak join us as a partner in Castrol. Stonepeak’s capital support, energy sector expertise, and experience working with similar companies that provide essential services will be immensely additive in helping the business to innovate and grow,” said Michelle Jou, Global CEO of Castrol. “This transaction reflects our commitment to investing in the future and creating new opportunities for growth and success at Castrol, and we are proud that Stonepeak shares in our vision for the business as we take the next step in our journey.”

    Commenting on the investment, Bill Rogers, Managing Director, Head of Sustainable Energies at CPP Investments said, “Castrol is a high‑quality, global business at the heart of the energy and industrial economy. Its cutting-edge innovations and premium brand position it well for a growing role in emerging applications, from electric vehicles to data centres. Our investment alongside Stonepeak aligns with our strategy of backing businesses that are essential to the energy system. We believe Castrol’s strong market position and diversified growth opportunities will deliver attractive risk‑adjusted returns for the CPP Fund.”

    The transaction is expected to close by end of 2026, subject to customary regulatory approvals. Simpson Thacher & Bartlett LLP and DLA Piper served as legal counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel, and UBS served as financial advisor to Stonepeak.

    In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian takeover code was published by UBS Securities India Private Limited as manager in respect of the MTO. The MTO will be proceeded with only upon completion of the Castrol transaction. The relevant details have been included in the Public Announcement on the Securities and Exchange Board of India website. Khaitan & Co served as legal counsel from an Indian law perspective.

    About Stonepeak
    Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

    About Castrol
    Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fuelling the dreams of pioneers. Our passion for performance, combined with a philosophy of working in partnership, has enabled Castrol to develop lubricants and greases that have been at the heart of numerous technological feats on land, air, sea, and space for over 125 years.

    Castrol is part of the bp group and serves customers and consumers in the automotive, marine, industrial and energy sectors. Our branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology.  For more information, please visit: www.castrol.com

    Contacts

    For Stonepeak: 
    Kate Beers / Maya Brounstein
    corporatecomms@stonepeak.com
    +1 (646) 540-5225

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  • ScotRail’s ‘cheapest tickets’ claim is misleading, watchdog rules

    ScotRail’s ‘cheapest tickets’ claim is misleading, watchdog rules

    ScotRail said the claim “book direct for our best price” referred to the fact that consumers who booked directly with ScotRail always paid the lowest price it offered.

    A spokesperson said the rail industry operated under regulated fares with a centrally-controlled fares database from which all accredited retailers sourced their ticket prices.

    They said they applied no additional booking fees to those standard fares, unlike some third-party retailers and competitors, which meant they could guarantee their best price when a consumer booked with them directly.

    The ASA ruling said: “As stated, we considered the overall impression of the ad was that consumers would be able to find the cheapest ticket for a particular journey on the ScotRail website.

    “As such, we considered that the claims ‘get cheapest tickets’, ‘book direct for our best price’, and ‘unbeatable on price’ discouraged consumers from searching elsewhere for cheaper tickets.

    “However, they provided no evidence that, through purchasing tickets separately on the ScotRail website, they would always beat competitors’ prices.”

    The ASA said that the ad must not appear again and told ScotRail to ensure they do not mislead consumers by claiming they could offer the lowest price available if that was not the case.

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  • Mock turkey and other forgotten festive traditions

    Mock turkey and other forgotten festive traditions

    “Lambswool – I love the name, it’s an old-fashioned Christmassy-time drink.

    “It’s common throughout the UK, but in the Black Country it was known to be made for workers. Managers would give it to workers.”

    Still made today but particularly popular in the Victorian period, this traditional festive drink of roasted apples in strong ale would be served in a large bowl called a jowl, the researcher said.

    “They had to keep going until it was finished and it’s quite a large bowl and then they’d finish with singing a carol.”

    She said “you’d mix it with a bit of” nutmeg, ginger and sugar and if “you didn’t strain it, you would see the apple kind of pulp in the drink”.

    Also, people could “have tipples of home-made wines”, things like parsnip wine and elderberry wine, made in their washhouse where laundry was done.

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  • ECS update Indian Subcontinent to Europe & Mediterranean| Maersk

    We would like to inform you of changes to the Emergency Contingency Surcharges (ECS) for Indian Subcontinent to North Europe & Mediterranean (E3W & E4W) trades. There will be changes in charges for the following route:

    • India, Pakistan, Nepal, Bangladesh, Sri Lanka and Maldives to North Europe & Mediterranean

    The decrease of the surcharge will take effect from the Price Calculation Date (PCD) 1 January 2026. You can see the changes to the ECS surcharge on the table published below. Our Rate Announcements page is also updated with this advisory.

    All surcharge changes are subject to any required regulatory approvals and notice periods, after which the surcharge will apply. You will see any relevant surcharges on your latest invoices, and we will keep you updated of any further changes.

    If you have any further questions, please contact your local Maersk office or Maersk representative. They are standing by to help. Thank you for your understanding during this time. We remain committed to supporting you and your business with your supply chain needs.

    The rates apply to all OOG, SOC and NOR containers also. So 40 Flat/Open/NOR will have the same rate as 40 Dry

    *North West India – Mundra, Jawaharlal Nehru, Hazira, Pipavav

    *South and East India – Ennore Chennai, Kattupalli, Tuticorin, Visakhapatnam, Kolkata, Cochin, Mangalore, Haldia ports

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  • Fast Retailing Selected for CDP’s “A List” in Both Climate Change and Water Security, Achieving Highest Rating in the Climate Change Category of the Global Index for Fourth Consecutive Year

    Fast Retailing Selected for CDP’s “A List” in Both Climate Change and Water Security, Achieving Highest Rating in the Climate Change Category of the Global Index for Fourth Consecutive Year

    Last Updated: 2025.12.24

    Fast Retailing Selected for CDP’s “A List” in Both Climate Change and Water Security, Achieving Highest Rating in the Climate Change Category of the Global Index for Fourth Consecutive Year

    FAST RETAILING CO., LTD.
    to Japanese page

    Fast Retailing has been recognized on the prestigious “A List” by CDP, the international nonprofit organization that runs a global environmental disclosure system, for its climate change and water security initiatives, as well as for its high level of transparency. The company earned an A List ranking in climate change for the fourth consecutive year, and in water security for the third time since 2022. Fast Retailing also received a B score in the Forests category, which evaluates corporate efforts to prevent deforestation and the conversion of natural ecosystems.

    Fast Retailing’s Initiatives
    Fast Retailing promotes sustainability initiatives as an integral part of its business, centered on its “LifeWear” philosophy of creating high quality clothing that improves the lives of all people around the world. In the area of climate action, the company is strengthening its efforts aiming to achieve net-zero egreenhouse gas emissions by 2050. In November 2025, Fast Retailing announced that it would raise its greenhouse gas emissions reduction target* across the supply chain to 30% (against FY2019 baseline) from the previous target of 20%. This new target has also been approved by the Science Based Targets initiative (SBTi) as a science-based target (SBT), and is in line with the level of decarbonization required to achieve the goals outlined in the Paris Agreement.

    * Emissions associated with raw material production, fabric production, and garment sewing for UNIQLO and GU products.

    Commenting on the recognition, Yukihiro Nitta, Fast Retailing Group Executive Officer responsible for sustainability, said: “Fast Retailing is accelerating its transition toward a business model that eliminates waste by making, transporting, and selling only the products that customers truly need. Through this approach, we aim to achieve both global business growth and long‑term sustainability. In addressing climate change–our highest‑priority issue–we are further strengthening our initiatives, including raising our Scope 3 greenhouse gas reduction targets for 2030 in close collaboration with our production partners. We are also advancing water security initiatives by conducting comprehensive risk assessments and implementing actions based on those findings. We believe our continued efforts to work alongside stakeholders, to pursue initiatives that meet globally expected standards, and to maintain highly transparent disclosure have all contributed to our inclusion on this year’s CDP A List.”

    About CDP
    CDP’s environmental disclosure platform and evaluation process are widely regarded as the global gold standard for corporate environmental reporting. In 2025, more than 22,100 companies reported through CDP’s platform. Achieving an ‘A’ places a company among the global leaders demonstrating comprehensive disclosure, mature environmental governance, and meaningful progress towards environmental resilience. Companies on the list represent the top 4% of those evaluated by CDP.

    For More Information on Fast Retailing’s environmental sustainability initiatives, please see the following.

     

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  • PSX rises over 300 points amid range-bound trading activity

    PSX rises over 300 points amid range-bound trading activity

    KARACHI (Dunya News) – Pakistan Stock Exchange on Wednesday registered modest gains amid cautious trading by investors.

    During intraday trading, the KSE-100 index gained 316.95 points to reach 171,390.68 points, marking a positive change of 0.19 percent compared to previous close of 171,073.73 points.

    The Pakistan International Airlines Holding Company Limited (PIAHCL) recorded a positive change of 2.2pc with share price hovering at Rs39.82, a day after Arif Habib Consortium bought 75 percent shares of PIA for Rs135 billion.

    A day earlier, the benchmark KSE-100 Index closed bearish, losing 130.44 points, a negative change of 0.08 percent, to settle at 171,073 points compared to 171,204.18 points on the previous trading day, according to PSX data.

    During the session, the ready market witnessed a trading volume of 650.136 million shares with a traded value of Rs 28.256 billion, against 684.548 million shares valuing Rs 30.100 billion in the previous session. Market capitalization declined to Rs 19.396 trillion from Rs 19.435 trillion a day earlier.

    Out of 481 active companies in the ready market, 151 advanced, 287 declined, while 43 remained unchanged.

     


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  • Silver price in Pakistan for today, December 24, 2025 – Profit by Pakistan

    1. Silver price in Pakistan for today, December 24, 2025  Profit by Pakistan
    2. Gold, silver prices hit record high  Dawn
    3. Gold price per tola gains Rs8,500 in Pakistan  Business Recorder
    4. Gold, silver at new highs on global rally  The Express Tribune
    5. Gold Soars to All-Time High in Pakistan  ProPakistani

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  • Fujitsu develops Fujitsu Kozuchi Physical AI 1.0 for seamless integration of physical and agentic AI

    Fujitsu develops Fujitsu Kozuchi Physical AI 1.0 for seamless integration of physical and agentic AI

    Fujitsu today announced the development of Fujitsu Kozuchi Physical AI 1.0, a new technology designed to seamlessly integrate physical and agentic AI. The technology, which marks the first achievement of Fujitsu’s collaboration with NVIDIA, announced on October 3, 2025, integrates NVIDIA’s software stack with Fujitsu’s proprietary technologies.

    As core functions offered through the new technology, Fujitsu has developed a multi-AI agent framework that enables secure automation of highly confidential business workflows and a set of specialized AI agents based on its large language model (LLM) Takane, to support the automation of procurement operations in purchasing departments.

    Moving forward, Fujitsu will continue its collaboration with NVIDIA to evolve the newly developed technology for sovereign domains. By the end of its fiscal year 2025, Fujitsu plans to transform the technology into an agentic AI foundation where AI autonomously learns and evolves within customer environments. The technology will then be expanded into the physical AI domain, enabling AI agents to directly interact with the real world through physical robots. Fujitsu envisions a society where AI agents and robots seamlessly collaborate to perform complex tasks based on a deep understanding of real-world operations.

    Fujitsu remains committed to advancing research and development to address diverse customer needs and solve challenges in specialized business areas, thereby unlocking new possibilities for enterprise utilization of agentic and physical AI.

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  • Canon honored for Excellent Production Support at TSMC 2025 Excellent Performance Awards

    Canon honored for Excellent Production Support at TSMC 2025 Excellent Performance Awards

    Canon honored for Excellent Production Support at TSMC 2025 Excellent Performance Awards

    TOKYO, December 24, 2025—Canon Inc. announced today that it received a 2025 Excellent Performance Award from Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC). the world’s leading semiconductor foundry. This award recognizes companies that have made significant contributions to the company’s success and the advancement of the semiconductor industry.

    Canon was presented with the award for Excellent Production Support, a category within the 2025 Excellent Performance Award. Canon’s evaluation was based on its efforts to improve TSMC’s production capacity through timely equipment supply, high-quality service support and the development of new functions to meet customer requests. This is the third time Canon has received this prestigious award.

    Encouraged by this award, Canon will continue to advance its semiconductor lithography technology and strengthen its support services to help drive innovation in the semiconductor industry and contribute to society.

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