London City, Bristol and Birmingham airports reportedly for sale
Birmingham, Bristol and London City airports have reportedly been put up for sale by their Canadian pension fund owner as it looks to cash in on a resurgence in air travel after the pandemic,The Ontario Teachers’ Pension Plan (OTPP) is said to be in talks over a potential sale of its stakes in the UK airports to minority shareholders,The portfolio, which also includes Copenhagen and Brussels airports, is estimated to be worth more than £10bn,The minority shareholders have the right of first refusal for 30 days, but the move could prompt those smaller stakeholders to sell up instead,OTPP, which holds stakes ranging from 25% to 70% in each airport, has started to approach potential outside bidders including the Australian investor Macquarie in case smaller investors decline the offer, according to the Sunday Times, which first reported the sale talks.
Since the Covid pandemic, when travel restrictions grounded planes worldwide, airports have started to recover from the disruption, including Heathrow, which returned to profit in February and hit record weekly passengers in July.The revival has sparked interest from other investors, including rival Canadian pension funds.PSP Investments, which manages the retirement funds for the Canadian armed forces and Royal Canadian Mounted Police, bought the operator of Aberdeen, Glasgow and Southampton airports from Ferrovial and Macquarie in a £1.5bn deal earlier this month.The UK’s Labour government has been watching foreign investments closely, with hopes of replicating their successes with other projects, and ensuring that UKinvestors take a bigger interest in domestic assets so pensioners reap the benefits of any returns.
The OTTP and PSP are two of Canada’s famed Maple 8 funds, which collectively manage about $2tn (£1,1tn) in taxpayer-backed pension schemes for teachers, municipal employees and healthcare workers,The Maple 8, created after a series of reforms to tackle underfunding in the 1990s, have become well known for investing in infrastructure schemes across the globe, including in the UK,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe UK government is consulting on plans to merge local government retirement schemes and workplace pension programmes into a handful of the country’s own megafunds,
Never write him off: how Max Verstappen overcame ‘undriveable monster’ to win fourth world title
At times the world champion ground it out on will alone but an unforgettable drive in Brazil turned things back his wayMax Verstappen was clear all season he wanted to win the Formula One world title with a dominant car, just as he had the previous two years. Much as he might have enjoyed more of a canter, the fight for his fourth title, secured in Las Vegas, was not only far greater sport but also showed how complete a driver he has matured into.Beating him in future is going to be a fearsome task, as his title rival Lando Norris acknowledged.In the early stages of the season Verstappen appeared to be having it all his own way again. With the Red Bull quick out of the blocks, he was bossing it on track
Las Vegas Grand Prix: Max Verstappen wins fourth F1 title in a row – as it happened
Verstappen crosses the line in fifth position, finishing ahead of Norris and, in doing so, writes his name into history: claiming a fourth-straight title.“What a season,” he says over the radio, emotion clearly beginning to seep into the voice of a driver who at 27-years-old has already put together a career that will mark him as one of the greatest ever.Max Verstappen, you are a 🏆🏆🏆🏆 four-time World Champion! 👑✨#LasVegasGP #F1 pic.twitter.com/HjGqtmOyRFIt was probably the most difficult of his four titles, the early season dominance of the Red Bull giving way as the season wore on to a car that was challenged by its rivals
From Bobby Fischer to Magnus Carlsen: 22 of the most famous world chess championship games
The 138-year history of the world chess championship is filled with games of rare precision, imagination and brilliance. Go move by move through 22 of them belowFrom the middle of the 16th century, there have come down to us the names of chess players who have been widely regarded as the strongest of their time. The earliest of these was the Spanish priest Ruy López de Segura, after whom one of the most popular openings of modern times is named. Others who followed include the Calabrese Gioachino Greco, François-André Danican Philidor, Louis-Charles Mahé de La Bourdonnais, Alexander McDonnell, Howard Staunton, Adolf Anderssen, Mikhail Chigorin and Paul Morphy, each of whom are lionized for their contributions to the development of theory and strategy as well as their dominance over their board during their respective eras.• Read our complete World Chess Championship watch guideThe playersChina’s Ding Liren is defending the world chess championship against fast-rising Indian teenager Gukesh Dommaraju
Max Verstappen hits jackpot by winning fourth F1 world title in Las Vegas
As the fireworks exploded over the Las Vegas skyline in honour of Max Verstappen’s coronation as a four-time Formula One world champion the Dutchman, visibly moved by securing what was his toughest title yet, allowed himself a long breath and a smile to take in what is a remarkable achievement. He had done it beneath the lights and the excess of the Strip but with nary a gamble or a risk, instead the same clinical execution that he has displayed all season that was crucial in securing the championship at the Las Vegas Grand Prix.Verstappen took only fifth place for Red Bull in a race which was won with consummate skill by Mercedes’ George Russell but the Dutchman did exactly what he needed. A nerveless display of control that would make the casino owners wince, as he played precisely the hand he had to then cash out, while title rival McLaren’s Lando Norris, could manage only sixth.It was another textbook case of Verstappen making the most of the situation, as he has repeatedly done this season
England ready to hand Pope gloves after Cox’s New Zealand tour ended by injury
Jordan Cox landed in New Zealand seemingly assured of a Test debut only for his tour to be cruelly ended by a fractured thumb. The injury now means England are scrambling to fly out a replacement wicketkeeper, with Ollie Pope likely to deputise initially when the series begins in Christchurch on Thursday.The incident occurred before the second and final day of England’s warm-up match in Queenstown when Cox was receiving throwdowns from assistant coach Jeetan Patel in the nets. Scans at the local hospital confirmed the severity of the break, with the 24-year-old left understandably crestfallen.“I’m gutted for Jordan,” said Brendon McCullum, the head coach
Stokes and McCullum need strong start to year that could define Bazball
The way the cricket calendar is carved up sounds a bit absurd; a kind of speed-dating event for the chief executives and chairs of the full-member nations that is hosted every four years by the International Cricket Council. Not that the ICC – more events company than governing body – gets involved. Its officials apparently have to leave the room before the bigwigs start schmoozing at the tables and operations types plumb the fixtures into their spreadsheets.The men’s future tours programme emerged from one of these opaque lock-ins in 2022 and even at the time England’s winter of 2024-25 stuck out as slightly unimaginative. Test tours of Pakistan and New Zealand were scheduled for the second winter in two years, the latter for the third time in five
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