BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

BP plans to sell stakes in two flagship carbon capture and storage projects in the north-east of England as the company continues to retreat from the green agenda.The oil company hopes to reduce its share in the Net Zero Teesside (NZT) project, which aims to develop the UK’s first gas power plant to be fitted with a controversial carbon capture system to remove its emissions.It also plans to cut its stake in the Northern Endurance Partnership project (NEP), which plans to build a network of offshore pipelines to transport carbon dioxide from the Humber, including the Teesside power plant, and store it under the North Sea.BP’s flagship carbon capture projects were backed by Bernard Looney, the company’s former chief executive, as “the right thing for the world, a tremendous business opportunity” which would create the nation’s first major carbon capture project and “maybe the world’s first zero-carbon industrial cluster”.His departure almost three years ago has led to a tumultuous period for the 117-year-old company, including a leadership overhaul and a steady dismantling of Looney’s green agenda, which failed to win over BP shareholders

JD Sports says Iran war and youth unemployment to hit consumer spending

The sports fashion retailer JD has said that profits will fall this year amid a “muted market” hit by concerns about the Middle East conflict and weaker spending by young people facing rising unemployment.The company, which runs 4,800 stores worldwide including the JD, Blacks and Millets chains in the UK, said it expected profits of between £750m and £850m in the year ahead, after reporting £852m in the year to the end of January.Régis Schultz, the retail group’s chief executive, said its core youth market had been hit by rising unemployment, adding: “Those 10-30 hour contracts they do allow them to buy the sneakers they would love to have.”He said this was not just a UK problem, with sales to 14-18 year olds down by more than 10% across Europe, including the UK, according to industry data.JD said there had been “no material business impact to date” from the war in Iran, but the company warned that the conflict may end up pushing up costs and prices

Dawn airport drinkers call out Ryanair boss on proposal to ban ‘holiday ritual’

For most people, the idea of a pint with breakfast is pretty grim. But at the Wetherspoons in Stansted’s departure lounge on Thursday morning, it appeared to be the beverage of choice.“It’s a holiday ritual,” said Dee Wood, 60, a waste policy officer, who was enjoying a pint while waiting to board her Alicante-bound morning flight. “It’s like the start of holiday,” said her friend Rachel Almond, 59, a community planner, who was treating herself to a lager. “We don’t get drunk, we just have a pint, say cheers and off we go

Revealed: owner of former WH Smith stores is charging fee to use fictitious ‘family’ brand

The investment company that owns the former WH Smith high street stores is charging the retailer millions of pounds in licence fees for the right to use its widely derided TG Jones name, the Guardian can reveal.Modella Capital, which bought the chain from WH Smith’s parent company last year, on Wednesday blamed weak consumer spending as it laid out a restructuring plan that could shut 150 of its 450 shops. It also said “the forced name change from WH Smith has also negatively impacted consumer awareness”.However, documents seen by the Guardian showed Modella, which bought the paperclips to books chain for £76m last year, was so far owed £2.9m in royalty fees for use of the fictitious “family” name now used on the former WH Smith stores

UK construction firms face some of sharpest cost rises in nearly 30 years

Construction companies in the UK are experiencing some of the sharpest cost rises in nearly 30 years as the war in Iran drives up prices for fuel and raw materials, according to a closely watched survey.The poll of UK construction companies found that input cost inflation – which accounts for expenses such as raw materials, energy and labour – rose last month to the highest level since June 2022 when there was a spike in commodity prices caused by Russia’s invasion of Ukraine.April’s jump in purchasing prices was also one of the steepest since the survey began in 1997.The monthly purchasing managers’ index (PMI) for construction activity, considered one of the best indicators of growth in the sector, fell to 39.7 in April, the lowest level since last November and down from 45

Trains in southern England disrupted after fault in radio system

Trains in parts of southern England have been severely disrupted after a fault in a radio system.Services out of London Waterloo, one of Britain’s busiest railway stations, have been particularly delayed.A problem with the radio network preventing communication between drivers and signallers was reported towards the end of the morning rush hour, affecting the railway’s Wessex route connecting London with the south and south-west.The fault has now been fixed but disruption is expected to continue in places until the end of the day. A number of services have been cancelled, or delayed by up to an hour and a half