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Titanic manufacturer Harland & Wolff rescue deal moves ahead

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Rescuer deal: Harland & Wolff buyer Infrastrata is set to tap investors for £6m

Rescuer deal: Harland & Wolff buyer Infrastrata is set to tap investors for £6m

Rescuer deal: Harland & Wolff buyer Infrastrata is set to tap investors for £6m

It’s full steam ahead for the rescue of Titanic manufacturer Harland & Wolff as its buyer prepares to tap investors for £6million.

Energy firm Infrastrata will announce a placing of new shares to the market this morning for 0.3p each. 

It will use the cash to pay £5.25million for Harland & Wolff’s engineering assets, securing the future of the shipyard’s 70 employees.

 

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Saudi Aramco to offer just 0.5% of shares to individual investors

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Saudi Aramco published its long-awaited prospectus over the weekend

Saudi Aramco published its long-awaited prospectus over the weekend

Saudi Aramco published its long-awaited prospectus over the weekend

Oil titan Saudi Aramco will offer just 0.5 per cent of its shares to individual investors when it floats.

The firm, owned by the Saudi Arabian state, published its long-awaited prospectus over the weekend. 

But the 658-page document was light on detail, and revealed nothing about how much the shares would be valued at, the total percentage of the company which would be sold, or a date for the stock market listing.

 

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Chinese industrial giant poised to snap up British Steel in £70m deal

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Chinese industrial giant Jingye is set to pay £70m for British Steel

Chinese industrial giant Jingye is set to pay £70m for British Steel

Chinese industrial giant Jingye is set to pay £70m for British Steel

A CHINESE industrial giant could snap up British Steel within days, saving 4,000 jobs.

Jingye, founded by 69-year-old Li Ganpo, is set to pay £70m for the business, securing the future of its flagship Scunthorpe plant. 

Jingye pounced after rescue talks with Turkish investor Ataer fell through last month. 

The Chinese firm has vowed to pour money in and ‘never to sell British Steel to another buyer’.

 

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Coal mine boss warns of job losses amid indecision over new Newcastle mine

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The boss of a North of England coal mining firm has warned that Government indecision could cost up to 250 jobs.

Durham-based Banks Group, which employs 400 people, has been fighting to win Government approval for a coal mine near Newcastle since 2016.

Unless the company can start work on Highthorn mine near Druridge Bay early next year, the firm will have to start laying off workers and the local economy could lose £87 million.

Gavin Styles, Banks Group’s executive director, said the delay to a decision from Robert Jenrick MP, the Secretary of State for Housing and Communities, was ‘unacceptable’. 

He added: ‘Every day this decision continues to be delayed puts well-paid North East jobs at risk.’

Earlier this month, the Government gave a £165 million mine in Cumbria the green light. West Cumbria Mining said the project will create 500 jobs.

Last year, Britain used 12 million tons of coal with 80 per cent imported from abroad.

A spokesman for Jenrick said a decision will be announced ‘in due course’.

 

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