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Category: 3. Business

  • Thousands of UK jobs saved as Petrofac set to be purchased

    Thousands of jobs in the North Sea are safe as part of energy services firm Petrofac Ltd looks set to be bought.

    CB&I announced on Christmas Eve that it had entered into an agreement to acquire Petrofac’s asset solutions business, transferring 3,000 members of staff to its own payroll when the deal goes through, expected in the first quarter of 2026.

    Petrofac, a former London Main Market listing, announced in October that it had appointed administrators after the collapse of a renewables contract in the Netherlands.

    Mark Butts, chief executive of Texas-based CB&I, said: ‘Our organisations share similar management philosophies and industry-leading safety performance.

    ‘With this combination we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation.

    ‘These factors collectively support CB&I’s long-term growth objectives.’

    James Bennett, joint administrator for Petrofac, said the deal was ‘a very positive outcome’.

    ‘Following a swift and rigorous process to find the best home for Petrofac’s Asset Solutions business, this is a very positive outcome and secures the future of its operations and the roles of many highly skilled people,’ he said.

    ‘Asset Solutions has an exciting future as part of CB&I, with strong operational compatibility and a complementary geographic footprint.’

    Petrofac Chief Executive Tareq Kawash said: ‘This is a great outcome for the Asset Solutions business, supporting job security for 3,000 talented team members.

    ‘CB&I is a strong business with clear growth objectives, now bolstered by the addition of Asset Solutions’ integrated service offering.’

    By Craig Paton, PA Scotland Deputy Political Editor

    source: PA

    Copyright 2025 Alliance News Ltd. All Rights Reserved.

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  • “Bumper” Boxing Day for UK retail destinations, analysts say

    (Alliance News) – Boxing Day was a “bumper day” for all UK retail destinations as data shows shopper footfall was up 4.4% on last year, making it the strongest increase in more than a decade, industry analysts said.

    The retail sector may end the year on a “positive note” as December 26 saw shoppers flock to high streets, retail parks and shopping centres.

    With stores shut on Christmas Day, Boxing Day traditionally sees people stepping back out of their homes to bargain-hunt in the sales.

    While there was a slow start for high streets and shopping centres, there was a “peak” in visits to UK retail destinations from 5pm to 11pm, according to retail analysts MRI Software – which counts footfall in more than 660 retail destinations across the UK 24/7 through cameras.

    High streets enjoyed a 3.6% increase in footfall on last Boxing Day while retail parks saw an 8.8% uplift.

    Shopping centres saw footfall up 2.1% on a year before.

    Jenni Matthews, retail analyst at MRI Software, told the Press Association: “We did see a slow start to the day for high streets and shopping centres.

    “Retail parks saw an uplift quite early on and that could be reflecting the sort of stores that were open on those sites – so supermarkets, some were open, some weren’t.

    “The fact that much of the uplift came from the evening period suggests that people may have been going out for leisure activities or going out for a bite to eat, or making the most of the events and attractions that are still taking place in some towns and cities across the UK.”

    While supermarkets like Sainsbury’s and Tesco were open on Boxing Day, Marks and Spencer, Aldi and Lidl were among others closed.

    Matthews said the footfall increase of 4.4% on last year is “the strongest increase seen in over 10 years”.

    She said the UK saw a “slow lead-up” to Christmas Eve but saw a “big boost” in footfall on December 24, suggesting some shoppers may had “left it to the last minute”.

    The analyst said many people did their Christmas shopping early on in November.

    The boost in activity on Boxing Day was said to have been driven by a “peak in visits” to all UK retail destinations from 5pm to 11pm, averaging an increase of 9.6% on last year.

    This compares with an average increase of 3.1% on Boxing Day 2024 from 6am to 5pm.

    Coastal towns saw a 16.1% increase in footfall, which may be due to events such as markets held on high streets, according to Matthews.

    “It’s likely to be event-driven because we know that a lot of stores were still shut yesterday,” Matthews added.

    Matthews said that, overall, December 26 “proved to be a bumper day for all UK retail destinations”.

    “With a number of stores still shut and not reopening until today, it’s likely that leisure and hospitality establishments may well have benefited from the annual uplift,” she added.

    “This is an early indicator that the retail sector may well end the year on a positive note given the challenging times faced at the beginning of the year.”

    By Georgia Bates, Press Association

    source: PA

    Copyright 2025 Alliance News Ltd. All Rights Reserved.

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  • ‘Bumper’ Boxing Day for UK retail destinations, analysts say

    Boxing Day was a ‘bumper day’ for all UK retail destinations as data shows shopper footfall was up 4.4% on last year, making it the strongest increase in more than a decade, industry analysts said.

    The retail sector may end the year on a ‘positive note’ as December 26 saw shoppers flock to high streets, retail parks and shopping centres.

    With stores shut on Christmas Day, Boxing Day traditionally sees people stepping back out of their homes to bargain-hunt in the sales.

    While there was a slow start for high streets and shopping centres, there was a ‘peak’ in visits to UK retail destinations from 5pm to 11pm, according to retail analysts MRI Software – which counts footfall in more than 660 retail destinations across the UK 24/7 through cameras.

    High streets enjoyed a 3.6% increase in footfall on last Boxing Day while retail parks saw an 8.8% uplift.

    Shopping centres saw footfall up 2.1% on a year before.

    Jenni Matthews, retail analyst at MRI Software, told the Press Association: ‘We did see a slow start to the day for high streets and shopping centres.

    ‘Retail parks saw an uplift quite early on and that could be reflecting the sort of stores that were open on those sites – so supermarkets, some were open, some weren’t.

    ‘The fact that much of the uplift came from the evening period suggests that people may have been going out for leisure activities or going out for a bite to eat, or making the most of the events and attractions that are still taking place in some towns and cities across the UK.’

    While supermarkets like Sainsbury’s and Tesco were open on Boxing Day, Marks and Spencer, Aldi and Lidl were among others closed.

    Matthews said the footfall increase of 4.4% on last year is ‘the strongest increase seen in over 10 years’.

    She said the UK saw a ‘slow lead-up’ to Christmas Eve but saw a ‘big boost’ in footfall on December 24, suggesting some shoppers may had ‘left it to the last minute’.

    The analyst said many people did their Christmas shopping early on in November.

    The boost in activity on Boxing Day was said to have been driven by a ‘peak in visits’ to all UK retail destinations from 5pm to 11pm, averaging an increase of 9.6% on last year.

    This compares with an average increase of 3.1% on Boxing Day 2024 from 6am to 5pm.

    Coastal towns saw a 16.1% increase in footfall, which may be due to events such as markets held on high streets, according to Matthews.

    ‘It’s likely to be event-driven because we know that a lot of stores were still shut yesterday,’ Matthews added.

    Matthews said that, overall, December 26 ‘proved to be a bumper day for all UK retail destinations’.

    ‘With a number of stores still shut and not reopening until today, it’s likely that leisure and hospitality establishments may well have benefited from the annual uplift,’ she added.

    ‘This is an early indicator that the retail sector may well end the year on a positive note given the challenging times faced at the beginning of the year.’

    By Georgia Bates, Press Association

    source: PA

    Copyright 2025 Alliance News Ltd. All Rights Reserved.

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  • It’s a cracker! Watch new railway bridge roll into place in West Dunbartonshire

    Saturday 27 Dec 2025

    It’s a cracker! Watch new railway bridge roll into place in West Dunbartonshire

    Region & Route:
    Scotland’s Railway: Scotland

    A new railway bridge being built at a strategic development site in Bowling, West Dunbartonshire, successfully glided into position yesterday, marking a major moment in the site’s transformation.

    Work by Network Rail began in the summer with the excavation of more than 80,000 tonnes of material to create space for the new structure. Once the site was cleared, engineers cast the bridge on location using 1,860 tonnes of concrete – the same weight as around 34 million mince pies!

    With this first phase complete, train services through the area were paused on Christmas Eve for an intense nine-day engineering sprint. The highlight came on Boxing Day, when the structure was carefully driven into its final position. 

    In the coming days, teams will focus on reinstatement – reconnecting track, signalling systems, and completing the work needed to safely reopen the railway on Friday, 2 January. 

    The £5.9m bridge is a key element of the Glasgow City Region Deal, a major investment programme designed to improve transport links, unlock economic growth, and support sustainable development in the area.  

    The new bridge will open up additional direct road access and enable the future development of the Bowling Strategic Development Site, led by West Dunbartonshire Council. 

    Laura Craig, scheme project manager at Network Rail Scotland, said: “Everything we’ve done over the past few months has led up to this moment. Building such a huge bridge on site and then moving it into position is an incredible task, and it’s been amazing to see the planning and teamwork come together so successfully.

    “The festive period has been an intense time, with work continuing day and night to make sure the move happened safely and on schedule. Driving the bridge into place on Boxing Day is a fantastic achievement and it’s thanks to the dedication of everyone involved.” 

    Councillor David McBride, West Dunbartonshire Council’s Convener of Infrastructure, Regeneration and Economic Development, said: “This is a landmark moment in this major project and I am delighted to see such significant progress on the site.  

    “While there has been some disruption on the trains, this has been minimised by the work being carried out over the festive period and I thank local people for their patience.” 

    Train services between Dalmuir and Balloch/Helensburgh Central, and between Glasgow Queen Street and Crianlarich, will resume at the start of service on 2 January 2026.  

    Passengers are encouraged to check with their train operator or nationalrail.co.uk before travelling and follow @NetworkRailSCOT on X for the latest updates.  

    About Network Rail

    We own, operate and develop Britain’s railway infrastructure; that’s 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK’s largest stations while all the others, over 2,500, are run by the country’s train operating companies.

    Usually, there are almost five million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain’s railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation’s railway network to respond to the tremendous growth and demand the railway has experienced – a doubling of passenger journeys over the past 20 years.

    Follow us on Twitter: @networkrail
    Visit our online newsroom: www.networkrailmediacentre.co.uk


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  • AI’s Growing Share in Public Credit Markets

    AI’s Growing Share in Public Credit Markets

    AI-related companies now represent an increasing share of investment-grade indexes, see chart below.

    Sources: PitchBook, Apollo Chief Economist

    Download high-res chart

    Explore the full 2026 Outlook, featuring our macro view and expert perspectives across regions and asset classes, at apollo.com/outlook.

    This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).  

    Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.   

    Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo. 

    Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.


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  • Minister Burke announces €23 million to extend digitalisation services for SMEs



    27th December 2025

    Minister for Enterprise, Tourism and Employment, Peter Burke T.D. today announced €23m in additional funding for Ireland’s four European Digital Innovation Hubs to continue working with SMEs, as well as public service bodies, to support their uptake of AI and other cutting edge digital technologies.

    The 4 Irish European Digital Innovation Hubs (EDIHs) – FactoryXChange, Data2Sustain, ENTIRE and CeADAR – are at the forefront of supporting the digital transformation in Ireland, providing a one-stop-shop of services from technical expertise and experimentation to financial advice, training and skills.

    Ireland’s successful progression into Phase 2 of the EDIH Programme, which will run from 2026 to 2029, aims to significantly scale up digitalisation efforts among SMEs and public sector organisations, delivering over 3,000 engagements, 1,100 ‘Test Before Invest’ projects, and more than 200 training courses nationwide.

    This programme leverages co-funding from the EU’s Digital Europe Programme to deliver these essential supports to Irish enterprise.

    Speaking about the announcement, Peter Burke T.D., Minister for Enterprise, Tourism and Employment, said: 

    “Extending the European Digital Innovation Hub programme in Ireland into Phase 2 ensures that our SMEs will continue to access world-class digitalisation support. Our four Hubs have already delivered transformative results, helping businesses adopt AI, automation and sustainability practices.

    By maintaining this momentum, we are increasing Ireland’s competitiveness and enabling enterprises across Ireland to future-proof their operations. This continued investment reflects our commitment to making advanced digital technologies accessible for every region and sector.”

    Enterprise Ireland CEO, Jenny Melia added:

    “Enterprise Ireland is proud to support the continuation of Ireland’s European Digital Innovation Hubs into Phase 2 of the programme. These Hubs are delivering real, practical supports that help SMEs and public service bodies understand, test and adopt advanced digital technologies with confidence.

    By scaling up access to ‘Test Before Invest’ facilities, specialist expertise and targeted training nationwide, we are helping businesses accelerate productivity, build resilience and remain competitive in an increasingly digital global economy.”

    Minister Burke also welcomed FactoryXChange and CeADAR being awarded the prestigious STEP Seal by the European Commission. This recognition marks their excellence in driving innovation and supporting businesses to adopt advanced technologies such as Artificial Intelligence (AI), cybersecurity, and automation. 

    Ireland’s two remaining EDIHs – Data2Sustain, led by Atlantic Technological University in Sligo, and ENTIRE, led by Tyndall National Institute in Cork – are currently undergoing the STEP Seal evaluation process. These 2 Hubs play a critical role in supporting SMEs with sustainability, Internet of Things, and cybersecurity solutions, as well as ensuring regional and sectoral reach across the country.

    Additional Information:

    As part of the Digital Europe Programme, the European Commission together with EU Member States established a network of European Digital Innovation Hubs (EDIHs). These Hubs support digital transformation in SMEs and public sector organisations by encouraging the adoption of the latest advances in the three DIGITAL key technologies of Cybersecurity, Artificial Intelligence and High-Performance Computing.  

    EDIHs help companies (notably SMEs) and public sector organisations to become more competitive in their business/production processes through digital transformation by acting as “one stop shops” providing the following services:

    • access to technical expertise and experimentation, 
    • financing advice,
    • training and skills development necessary for a successful digital transformation, and
    • Information on the innovation ecosystem and networking opportunities.

    The services provided by EDIHs are free or at a significantly reduced cost for SMEs and Public Sector Organisations. Ireland’s four EDIHs established in 2023 are:

    • CeADAR led by Ireland’s EI/IDA Technology Centre in Applied Data Analytics and Machine Intelligence (based in UCD) and specialises in supporting Artificial Intelligence (AI) adoption.
    • FactoryXChange led by the EI/IDA Technology Centre IMR (Irish Manufacturing Research) in Mullingar, focuses on accelerating factories to become ‘Factories of the Future’ embracing the ecological, digital, and societal challenges.
    • ENTIRE led by Tyndall National Institute in Cork to help SMEs and start-ups to become more competitive in their business/production processes using digital technologies such as Internet of Things and sensors as well as cybersecurity (provided through its partnership with Munster Technological University).
    • Data2Sustain led by Atlantic Technological University Sligo, which aims to increase the transformation capacity of SMEs in the Northern and Western Region with a focus on circular economy, operations and sustainability areas.

    FactoryXChange and Data2Sustain were established in January and February 2023 respectively, followed by ENTIRE in May 2023, and CeADAR in September 2023. Under Phase 1 FactoryXChange and CeADAR are co-funded by both the Digital Europe Programme and the National Recovery and Resilience Programme while Data2Sustain and ENTIRE are funded 100% by the NRRF. 

    Under Phase 2 FactoryXChange and CeADAR are co-funded by the Department of Enterprise, Tourism and Employment via Enterprise Ireland and the Digital Europe Programme while Data2Sustain and ENTIRE will be funded 100% by the Department of Enterprise, Tourism and Employment via Enterprise Ireland.

    Further information is available through: European Digital Innovation Hubs | Enterprise Ireland


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  • London Eye architect proposes 14-mile tidal power station off Somerset coast | Hydropower

    London Eye architect proposes 14-mile tidal power station off Somerset coast | Hydropower

    The architect of the London Eye wants to build a vast tidal power station in a 14-mile arc off the coast of Somerset that could help Britain meet surging electricity demand to power artificial intelligence – and create a new race track to let cyclists skim over the Bristol Channel.

    Julia Barfield, who designed the Eye and the i360 observation tower in Brighton, is part of a team that has drawn up the £11bn proposal. It would curve from Minehead to Watchet and use 125 underwater turbines to harness the power of the second-highest tidal range in the world.

    The proposal comes amid growing concern that rapidly rising use of AI in Britain will drive up carbon emissions unless more renewable energy sources are found. The AI boom is expected to add to sharp increases in demand for electricity across the UK, which the government estimated this month could more than double by 2050.

    “If the decision is to go ahead with adopting more and more AI – which I am surprised is not being questioned more at a time of climate emergency – then it is going to be better with a renewable energy source,” said Barfield. “Datacentres could double energy demand and this is a predictable and reliable source.”

    The barrage would not cross the full breadth of the channel but would instead curve to and from the Somerset coast with a 2.5GW maximum output – not far short of the peak energy that will be created by the Hinkley Point C nuclear power station just 12 miles east. It would be enough to power 2m homes.

    A visualisation of the full arc of the proposed lagoon. Illustration: Marks Barfield Architects

    The vision includes a path along the top of the semi-circular barrage for walkers and cyclists willing to brave the south-westerlies, a water-sports marina, a lido and an observation tower. Local MP Rachel Gilmour, who is backing the plan, said the pathway “will become absolutely iconic”.

    The designers have tentatively suggested it also might be possible to install datacentres within the structure, allowing them to benefit from cheap seawater cooling. There are hopes for oyster and mussel beds, arrays of floating solar panels and a coastal amphitheatre to boost the economy of Minehead, once a popular holiday resort and now one of the 20% most deprived areas in Britain.

    The latest UK energy policy states that tidal and wave energy could play a role “if their costs can be reduced”.

    “We have got people who want to fund it but they will only do so if the government is supportive,” said Aidan Clegg, chief executive of the consortium. “They need to take this seriously. This is not hypothetical – we have a strong plan in place.”

    A visualisation of the cycle track over the tidal power station. Illustration: Marks Barfield Architects

    A spokesperson for the Department for Energy Security and Net Zero said: “We are open to considering well-developed proposals for harnessing the tidal range energy in the bays and estuaries around our coastlines, which demonstrate strong value for money. The AI energy council is bringing together the likes of Neso [the National Energy System Operator], EDF, Microsoft and Google in solving the energy demands of AI, exploring opportunities to attract investment and support the development of low carbon power for datacentres.”

    Tidal power is more predictable than wind and solar, even though there are several hours when tides turn each day with little or no power. The backers of the West Somerset Lagoon project believe it would last 120 years and would therefore produce power more cheaply than nuclear power.

    It was first conceived several years ago with the aim of reducing the UK’s carbon footprint. Since then, the AI revolution began and is now on course to dramatically increase energy demand. Britain’s national energy system operator, Neso, has predicted electricity demand for datacentres will treble by 2035. The vast racks of microprocessors needed to train and run AI models and store the ever-increasing mountains of data on which the tech-enabled 21st-century economy relies will account for the largest part of the overall increase in electricity demand in the commercial sector.

    The West Somerset Lagoon is the latest in a line of proposals to harness the tidal power of the Severn estuary. In the 1980s, other lagoons were proposed in the narrower part of the estuary, closer to Bristol, while a full barrage from near Cardiff to near Weston-super-Mare was suggested more recently, raising concerns about large-scale and irreversible change to the estuary system. The latest sponsors of the idea say the lagoon will not interrupt navigation channels to the ports of Bristol and Cardiff, and is outside protected areas such as local nature reserves and special areas of conservation.

    “Minehead and that whole area of West Somerset is an area of deprivation and this project will drive positive transformation,” Barfield said. “It will create skilled full-time jobs, an area for water-sports, a lido, a visitors’ centre, an observation tower and cultural facilities. It could also become a hub for marine farming mussels, seaweed and oysters. These are the types of businesses that local young people could develop because the tidal range would be more controlled.”

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  • China targets human-like AI systems with new draft regulations

    China targets human-like AI systems with new draft regulations

    China targets human-like AI systems with new draft regulations 

    China has unveiled new draft rules, aiming to regulate AI with human-like interaction and tighten oversight of artificial intelligence specifically designed based on human personalities.

    The recent move on the part of the Chinese cyber regulator highlights Beijing’s effort to govern AI and strengthen consumer-oriented safety and ethical requirements.

    Key regulatory rules under new proposal

    The draft delineates a regulatory approach which would ensure user well-being and addiction mitigation by warning them against excessive use.

    Under the new draft, the service providers would be entrusted with safety responsibilities throughout the product lifecycle and identify the user state based on emotional well being.

    The companies would also establish systems for algorithm review, data security, and personal information protection.

    The proposal also targets psychological issues. The providers would be given responsibility to assess user states, their emotions and extent of dependency on the AI-powered service.

    In the case of addictive attitude and extreme behavior, the companies would be entitled to take necessary measures of intervention.

    The authorities also rolled out rules for content moderation, stating the services would be prohibited to generate content that threaten national security, spread misinformation or disinformation and promote violence and obscenity.

    These newly proposed rules would be applied to all AI products and services offered to people in China. The AI systems that demonstrate human personality traits, communication styles, emotional interaction and thinking patterns, would be governed by these regulations. 

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  • ‘Families can save £200 a month at Hull community shop’

    ‘Families can save £200 a month at Hull community shop’

    The group said profits from the shop would be reinvested into a community hub, which aims to support members to learn new skills.

    Meanwhile, a community kitchen and cafe sells breakfasts and lunches for £1.50, along with free children’s meals all year round.

    Carol Redfern and her mum were among those enjoying refreshments.

    She said: “To be able to come here and get quality food cheaper, it means a lot.

    “My mum lives with me, she is disabled, so we are not on a lot of money.

    “You can come here and have something to eat and the kids eating free is brilliant.”

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  • Signalling issues impact South West train services

    Signalling issues impact South West train services

    Trains have been disrupted in the South West due to a “shortage of signalling staff”.

    National Rail said services from Exeter to Exmouth, Yeovil Junction and Basingstoke were being impacted by the issue.

    Railway lines between Exeter Central and Exmouth, Exeter and Honiton were closed with passengers advised their tickets could be used on other trains and buses.

    An update from Network Rail said a replacement signaller had been arranged but service disruption was expected to continue until about 13:00 GMT.

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