British Steel on track to be fully nationalised within weeks

British Steel is on track to be fully nationalised within weeks, the Guardian understands, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, was taken under government control last April amid fears that the owner Jingye was planning to shut down the site.British Steel operates the last two remaining blast furnaces in the UK but it is still economically controlled by the Chinese company, which bought it out of insolvency in early 2020.Ministers moved to designate the steel industry as vital to national security last week, which could clear the way for a nationalisation on those grounds, a source with knowledge of the matter said.They are understood to have offered £100m to Jingye for British Steel earlier this month but were rebuffed

Millions of boomer small business owners will soon retire. Will their companies just disappear? | Gene Marks

Want to buy my business? It’s been very profitable. I’ve run it for more than 25 years. But no, you don’t want to buy it. Like most small businesses in this country, there’s really nothing of value here.According to the Small Business Administration, there are approximately 33m small businesses in the US

Oil on track for record monthly surge as Iran war disrupts markets

The Brent crude oil price is on track for its biggest monthly gain on record in March after the Iran war caused mayhem in the markets.Brent crude, the international benchmark, has climbed by 51% since the start of March, LSEG data shows, beating the previous monthly record of 46% in September 1990 after Saddam Hussein invaded Kuwait, leading to the first Gulf war.Brent closed at $112.57 a barrel on Friday, up from $72.48 a barrel on 27 February, the day before the US-Israeli war on Iran began

Centuries-old pottery firm Denby set to call in administrators

Denby has called in administrators, putting the 217-year-old Derbyshire pottery at risk of closure with the loss of almost 600 jobs.The company, which was rescued from administration in 2009 by the restructuring experts Hilco and also owns the Burleigh brand, produced by Burgess and Leigh based in Stoke-on-Trent, is understood to have struggled with the surging cost of gas, higher labour costs, tighter financial markets and softening consumer demand for its premium homeware.Earlier this month, Sebastian Lazell, the chief executive of Denby, told BBC News he was “trying to move heaven and earth” to save the business.A #SaveDenby campaign was launched in an attempt to encourage people to buy more products and to lobby the government to provide support.Denby Group said on Tuesday that “the outpouring of support” in response to the campaign had been “overwhelming and deeply moving” but it had been unable to secure “strategic investment partners” to help the business continue

Families hardest hit by energy crisis could be given funds dispensed by councils in England

Families hardest hit by the looming energy crisis caused by the Iran war could be given funds dispensed by local councils, under plans being considered by UK ministers keen to keep a lid on costs.As concerns increase about the impact of rising fuel and energy costs in response to a drawn-out conflict in the Middle East, a government official said several options for extending support were being debated inside Whitehall.Under one plan, extra cash could be injected into the crisis and resilience fund (CRF), a £1bn a year council-run scheme in England that takes effect from Wednesday “to provide preventative support to communities, as well as assisting people when faced with a financial crisis”.It is understood that the fund could be topped up to help cushion households identified by councils as facing particular hardship from higher energy bills.The chancellor, Rachel Reeves, is examining plans to support households with energy bills forecast to hit nearly £2,000 a year from July

Marmite maker Unilever agrees $44.8bn deal to combine food arm with McCormick

Unilever has agreed to combine its food business with US-based McCormick in a $44.8bn deal that will give the Marmite-to-Hellmann’s mayonnaise owner majority control of a food empire.The Anglo-Dutch company will control 65% of the new spin-off, which will combine brands such as Knorr and Pot Noodle with McCormick’s condiments and spices including French’s mustard, Old Bay seasoning and Cholula hot sauce.However, the combined company will be called McCormick and led by its executives, with senior management representation from the ranks of Unilever’s food business.Under the agreement, McCormick will pay London-listed Unilever $15