Falling inflation this year should smooth way for more interest rate cuts, says Bank of England policymaker - as it happened

Time to wrap up…The UK handed out record offshore windfarm contracts today, in what has been hailed as a breakthrough moment for the government’s ambition to get clean power by 2030.12 new offshore projects were awarded contracts after ministers increased the amount of funding available to developers to help them deliver their plans without raising bills for consumers.The funding was awarded to 8.4 gigawatts (GW) of offshore windfarm capacity, or enough to generate clean electricity for more than 12m British homes before the end of the decade. They were awarded a contract price of between £89

Will Great Britain’s offshore wind subsidy auction mean lower energy bills?

Great Britain has secured enough new offshore wind to power 12m homes after the most competitive – and financially generous – subsidy auction on record.The competition to secure renewable energy support contracts was considered a crucial test of the government’s pro-growth agenda and its ambition to achieve a clean power system by 2030.In response, Ed Miliband, the energy secretary, said the “historic auction” had proved the government’s doubters wrong. The biggest single procurement of offshore wind in the UK and mainland Europe would now bring forward investment of £22bn into the sector and create 7,000 new jobs, he added.Here we look at how the renewable energy auction promises to help the British government meet its clean energy targets

Saks Global files for bankruptcy after takeover leads to financial collapse

Beleaguered high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, a month after missing the deadline on a $100m interest payment, in one of the largest retail collapses since the pandemic.Barely a year after a deal brought the chains Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus together, Saks Global said it had filed for chapter 11 bankruptcy “to facilitate its ongoing transformation”.Such a move can provide a company with more time to restructure its finances without having to shut down. Saks Global said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO

BP to take hit of up to $5bn on green energy as it refocuses on fossil fuels

BP has said it expects to write down the value of its struggling green energy business by as much as $5bn (£3.7bn), as it refocuses on fossil fuels under its new chair, Albert Manifold.The oil company said the writedowns were mostly related to its gas and low-carbon energy divisions in its “transition businesses”, but added that wiping between $4bn and $5bn off their value would not affect its underlying profits when it reports its full-year results in February.The company has been trying to sell a stake in its solar business, Lightsource, and cancelled hydrogen projects in the UK, Oman and Australia.BP’s shares fell by as much as 1

McKinsey asks graduates to use AI chatbot in recruitment process

McKinsey is asking graduate applicants to “collaborate” with an artificial intelligence tool as part of its recruitment process, as competence with the technology becomes a requirement in competing for top-level jobs.The blue-chip consultancy is incorporating an “AI interview” into some final-round interviews, according to CaseBasix, a US company that helps candidates apply for posts at leading strategic consulting companies.In an online post, CaseBasix said candidates in “select final rounds” in the US have been asked to complete tests using McKinsey’s internal AI tool, Lilli. They are required to carry out practical consulting tasks with the help of Lilli.“In the McKinsey AI interview, you are expected to prompt the AI, review its output, and apply judgment to produce a clear and structured response

Coca-Cola reportedly abandons plans to sell Costa Coffee chain

Coca-Cola has reportedly abandoned plans to sell its Costa Coffee chain after bids from private equity firms failed to meet its expectations.The US soft drinks company halted discussions with remaining bidders in December, according to the Financial Times, ending a months-long auction process.It first emerged in August that Coca-Cola was working with bankers on a review of Costa that could lead to the chain being sold off in a cut-price deal, of roughly half what it paid for the business.Coca-Cola had high hopes for Britain’s largest coffee chain when it bought it for £3.9bn in 2018 from Whitbread, the owner of Premier Inn hotels