
TotalEnergies agrees to sell 50% of Polish biogas firm PGB to Norway's HitecVision
GDANSK, May 14 (Reuters) - TotalEnergies (TTEF.PA), opens new tab has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish biogas producer Polska Grupa Biogazowa, the French oil major said on Wednesday.
The deal to sell half of PGB, which TotalEnergies acquired in 2023, has been given an enterprise value of 190 million euros ($213.6 million), the company said in a statement.
The transaction is subject to governmental and other regulatory approvals.
($1 = 0.8896 euros)
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Sky News
22 minutes ago
- Sky News
Is chancellor's spending review the start of a 'national renewal' - or too good to be true?
If you sat through the entire spending review speech delivered by Rachel Reeves in the House of Commons, you might have been lulled into a sense that the UK was awash with a wealth of riches as the chancellor sprinkled billions across the land. There were billions for social housing, nuclear power stations, rail lines and research and development to power the economy. There was money for schools, the police, the NHS, and defence spending, as the chancellor sketched out her roadmap for Britain for years to come, with an acknowledgement that the government - and particularly this chancellor - had endured a difficult first year. "We are renewing Britain. But I know that too many people in too many parts of our country are yet to feel it…the purpose of this spending review is to change that," she said. There was £113bn of borrowing to fund capital investment and an extra £190bn over the course of the parliament for public services, fuelled by those contentious tax rises in the budget last autumn. This was a Labour chancellor turning her back on austerity. "In place of decline, I choose investment. In place of retreat, I choose national renewal," she said. The chancellor deserves credit for the capital investment, which she hopes will unlock jobs and power economic growth. But when something sounds too good to be true, it normally is. For me, former shadow chancellor John McDonnell hit the nail on the head on Wednesday night as he remarked rather wryly to me that "the greater the applause on the day, the greater the disappointment by the weekend". 3:43 Could tax hikes be needed? Because, in talking up the prospect of national renewal, the chancellor glossed over what the "hard choices" mean for all of us. There are questions now swirling about where the cuts might fall in day-to-day budgets for those departments which are unprotected, with local government, the Home Office, the Foreign Office, and the Department for Environment all facing real-terms cuts. My colleague Ed Conway, analysing the government figures, found cuts in the schools budget for the last two years of this parliament - the chancellor's top line figure showed an overall rise of 0.6% over the five-year period of this Labour government. There are questions too over whether council tax bills might be increased in order to top up local government and police budgets. Ms Reeves told me in an interview after her speech that they won't, but she has predicated increases in police funding and local government funding coming locally, rather than from central government, so I will be watching how that will play out. 4:28 Even with the increase in health spending - the NHS is getting a 3% boost in its annual budget - there are questions from health experts whether it will be enough for the government to hit a routine operations target of treating 92% of patients within 18 weeks. My point is that this might not be - to again quote Mr McDonnell - "mathematical austerity", but after over a decade where public dissatisfaction in public services has grown, the squeeze of day-to-day spending could make it hard for the chancellor to persuade working people this is a government delivering the change for them. There is pressure to reverse some of the welfare cuts, and pressure to lift the two-child benefit cap, while the pressure to reverse the winter fuel allowance has already resulted in Reeves this week making a £1.25bn unfunded spending commitment (she will set out how she is paying for it at the next budget). 10:03 Will voters feel the 'renewal'? Reeves told me on Wednesday there was no need for tax rises in the autumn because the spending envelope had already been set, and the money now divvied out. It's a very live question as to whether that can hold if the economy weakens. She did not rule out further tax rises when I asked her last week, while Treasury minister Emma Reynolds told my colleague Ali Fortescue on Wednesday night: "I'm not ruling it in, I'm not ruling it out." The gamble is that, by investing in infrastructure and getting spades in the ground, and tilting limited public money into the NHS, the government can arrive at the next election with enough 'proof points' to persuade voters to stick with them for another five years. On Wednesday, the chancellor laid the foundations she hopes will turn the government's fortunes around. The risk is that voters won't feel the same by the time they are asked to choose.


BBC News
32 minutes ago
- BBC News
Spending review frustrates South West transport campaigners
Some politicians, railway campaigners and residents in the South West have expressed disappointment following the Government's spending review on Rachel Reeves announced £15bn of new investment in transport projects last week, and none of the money has so far been earmarked for named projects in Devon or pledged funding for affordable homes, health, defence and schools but any areas in the South West set to benefit have not been spelt out at this campaigners and local residents had hoped her speech would have included additional investment for the region - such as funding to bring back Cullompton's railway station. Mid-Devon district councillor Steve Keable said the "political reality" was that Reeves was "playing into her Labour heartland" by prioritising other parts of the who represents Taw Vale for the Liberal Democrats, said he hoped to find out "over the next few days" what would happen to "the capital funding that Cullompton and Mid Devon are so looking forward to".He added that the Cullompton Station project, as well as a separate project to build an additional junction on the M5 south of the town, could not "progress before we get the go ahead". 'Days out for children' Some local residents remain supportive of the railway station project."I think it would boost the economy of the town," one said, adding: "I think it needs some money to push local businesses forward."Another local resident said the station was "always used before" and felt "the trains would be used more" if the station was mother said it would be "fantastic" if the station came back, adding: "My children would have access to days out - it would be really wonderful for everyone." Hoping for funds Cornwall Council was awarded £184m in January by the UK's Shared Prosperity Fund (SPF) to help boost the local the government announced this week it would be replacing the fund, which itself was originally established to replace EU funding by the last Conservative previously received about £400m of Objective One funding from the EU as it contained some of the poorest areas in England and government said it planned to establish a "new local growth fund" aimed at "mayoral city regions in the North and Midlands", as well as investing in up to "350 deprived communities across the UK".Jayne Kirkham, Labour MP for Truro and Falmouth, said she had been told the money from the fund would be distributed by the Ministry of Housing, Communities and Local Government (MHCLG), adding: "So that will come a bit later.""We are hoping that is coming soon and what the SPF might be morphing into," she George, Liberal Democrats MP for St Ives, said money for Cornwall should be ring-fenced if "there [was] ring-fencing for other nations".George said Cornwall had "rightly" received the investment over the last 25 years. "Now what we want to happen is to make sure Cornwall is treated as it has been over that period," he said.


Reuters
an hour ago
- Reuters
Canada should not rush potential sale of TMX pipeline, Trans Mountain CEO says
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