Eco-fuel factory's future in doubt as ABF boss blasts Government's ‘wretched' green policy
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The boss of Associated British Foods slammed 'wretched' Government green policy for threatening a factory's future.
ABF yesterday revealed that the viability of its Vivergo bioethanol site in Hull is in doubt.
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The boss of Associated British Foods slammed 'wretched' Government green policy for threatening the future of its factory that produces eco fuel bioethanol
Credit: Image is copyrighted to Ed Robinson.
It said current policy gives preferential treatment to international players over domestic ones.
Bioethanol has become an increasingly significant ingredient in fuel as part of the green energy transition.
ABF's chief exec George Weston told The Sun the East Yorkshire plant is losing up to £3million a month.
He said: 'If it closes, we would be importing a chemical that we don't need to and have the capability to make at home.'
An update also revealed ABF launched a strategic review of its Allied Bakeries firm, which includes Kingsmill.
It means the bread brand could be sold.
Mr Weston refused to comment but said ABF was 'dealing with' the issues facing the bakery business.
Separately, its sugar business has been impacted by a slump in wholesale prices which knocked the entire group's profits by more than a fifth — to £692million.
Abf is also grappling with the threat of President Donald Trump's tariffs in its fast-growing US business.
Around half of its fashion stock is made in China — which is facing a 145 per cent tariff — and the rest comes from Bangladesh, Indonesia and Turkey.
Keir Starmer's deranged drive for Net Zero with eco-zealot Ed Miliband is a threat to UK's national security- here's why
Mr Weston said ABF was waiting to see whether the tariff rates were 'the final ones' — and it is sending fewer shipments into the US for the meantime.
Despite the volatility, ABF is still planning to open 18 new US stores and has signed leases.
ABF's interim CEO at Primark is Eoin Tonge, who was parachuted into the role following the abrupt exit of fashion boss Paul Marchant last month after complaints of 'inappropriate' conduct.
Mr Weston said Mr Tonge had given the business some breathing space to recruit a replacement.
Gymshark's grip
Athleisure brand Gymshark is cutting almost 300 jobs, as US tariffs are making it keep a tight grip on costs.
The sports-focused brand is putting 296 workers at risk of redundancy, it emerged.
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Athleisure brand Gymshark is cutting almost 300 jobs, as US tariffs are making it keep a tight grip on costs
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Gymshark faces US tariff pain as Trump's trade duties hit its imports from China and Vietnam
Ben Francis, who started the company from his parents' garage in 2012, said: 'It's no secret that the retail sector is feeling the strain from macro-economic pressures.
"As such, we are ensuring we have a heightened focus on controlling our expenditures.'
About 40 per cent of Gymshark's sales are from the US, and it sources products from China and Vietnam, making it exposed to Donald Trump's new trade duties.
At the same time, it is creating 168 jobs to 'drive future growth'.
Pre-tax profits fell in the year to July but it is mostly down to opening new stores. Revenues have grown for the 12th year in a row.
BP green boss exit at slump
The architect of BP's ill-fated green energy agenda has been pushed out after the company posted a halving in profits.
Sustainability chief Giulia Chierchia will leave in June and will not be replaced. Activist fund Elliott Investors had called for her removal.
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BP green boss Giulia Chierchia is to exit in June after investor pressure and plummeting profits — with no replacement lined up
Credit: Getty
Chairman Helge Lund has already said he will step down next year after questions over his tenure and a revolt from a quarter of investors.
The energy giant is switching back to fossil fuels in a strategic U-turn hoped to revive its share prices and boost profits.
Yesterday, BP posted a 48 per cent fall in profits for the first three months of the year to £1billion — well short of analysts' forecasts.
The drop was due to lower profits from gas trading. It is also under pressure from a crumpling oil price.
Shares in BP fell by 2 per cent yesterday to 354.2p.
It has lost a third of its value in the past year.
Cryptic answer
Chancellor Rachel Reeves yesterday revealed plans to regulate crypto-assets.
She told the Innovate Finance summit that robust rules for currencies such as Bitcoin 'will boost investor confidence, support the growth of fintech and protect people across the UK'.
About 12 per cent of us now hold digital-only assets.
The financial watchdog has warned crypto investors that they risk losing all their money.
HSBC In tariffs warning
HSBC yesterday sounded the alarm that Trump's tariffs were already hitting the business — and threatening global growth.
The bank put aside £653million to cover a rise in bad loans as it expected 'heightened uncertainty' from consumers and businesses.
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HSBC has sounded the alarm that Trump's tariffs were already hitting the business — and threatening global growth
Credit: Alamy
It said US tariffs could lead to 'lower trade volumes, investment, consumer spending and ultimately weaker global GDP growth'.
It also warned that fragmented supply chains would lead to inflation rising.
The bank predicted lending would be muted this year as it reported a 25 per cent drop in pre-tax profits to £7.1billion for January to March.
Boss Georges Elhedery said he was moving 'at pace' with a restructuring of the bank, which includes slashing staff costs by 8 per cent.
But he said the bank was entering the volatile market 'from a position of strength'.
Pure Gym is to open 70 more gyms in its goal to have 300 in the UK.
Annual revenues for the fitness chain grew 10 per cent to £605million, while earnings rose 16.6 per cent to £154million.
It reported 400,000 new members had joined in the last year.
3.8% leap in food inflation
Food inflation crept higher to 3.8 per cent last month — while the price of Easter eggs soared by 17.4 per cent.
Chocolate confectionery prices rose faster than any other category before Easter, figures by Kantar show.
But we still bought 0.4 per cent more eggs than last year.
However, some opted for burgers on the barbecue over roast lamb joints.
Retail bosses have warned prices will rise owing to higher staffing costs in the Budget.
Ocado is the fastest-growing grocer, with M&S food sales through the online grocer rising 14.4 per cent, Kantar said.
Asda was the only supermarket to suffer a slump.
But its 3.8 per cent fall was considerably better than the previous month's drop.
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