bailout | Common News Update

Mar282021 by adminNo Comments

Liberty Steel won’t receive £170m bailout

Business

Liberty SteelThe government has rejected a request for £170m in financial support for Liberty Steel.The firm's founder Sanjeev Gupta sent a letter last week asking for help to pay day-to-day operating expenses and absorb recent losses. Liberty's owner GFG employs 5,000 staff at its 12 UK sites, which include Rotherham, Motherwell and Newport.GFG's key financial backer, Greensill Capital, filed for insolvency earlier this month.'If the steelworks shuts it will destroy Rotherham'Liberty Steel: Government looking at 'all options'Liberty Steel asks customers to pay up frontGovernment sources told the BBC last week they had concerns about the "opaque" nature of Mr Gupta's empire, which employs 35,000 worldwide.Any assistance was more likely to come following an administration process, the sourc...

Mar262021 by adminNo Comments

Liberty Steel boss asks government for £170m bailout

Business

Liberty SteelThe owner of Liberty Steel has asked the government for £170m in financial support.In a letter sent to the Department of Business last night, Sanjeev Gupta said the support was required to pay day-to-day operating expenses and absorb recent losses. Concerns over the future of Liberty Steel have grown after key financial backer, Greensill Capital, went bust.Liberty Steel employs about 5,000 people in the UK."The collapse of Greensill has put financial pressure on the GFG Alliance and our British steel operations," Mr Gupta writes in the letter. "We are still refining the details with my management team and our external advisors, but preliminary indications are that the steel manufacturing and processing operations would need in the range of £170m to fund working capital and som...

Mar222021 by adminNo Comments

Dominic Cummings and the £400m public bailout to rescue imperilled satellite internet firm

Technology

This Thursday, three dozen satellites will be fired into space from a launch station in a desolate corner of eastern Russia, less than a hundred miles from the northern Chinese border.Each a little bigger than a fridge, they are attached to a Russian rocket which will travel 750 miles up into what is known as low Earth orbit. Here they will stay, at an altitude 30 times closer than that of more traditional communication satellites, in a zone previously the domain of international space stations and the Hubble telescope, and if all goes well provide internet connectivity, in time, to every corner of the globe. Image: A Russian rocket will be used to take the UK bankrolled satellites 750 miles up They are a marvel of innovation and tech...

Nov12020 by adminNo Comments

Khan warns Londoners council tax could have to rise as TfL secures £1.8bn bailout

Business

Sadiq Khan has warned Londoners their council tax bills could have to rise because of the "draconian" conditions attached to a £1.8bn government bailout of Transport for London (TfL).The capital's transport body said the agreement will enable it to continue operating until the end of March 2021. The exact amount of money involved will be subject to passenger revenue in the coming months. Image: Sadiq Khan said the agreement was 'not ideal'. File pic It follows discussions between the Department for Transport and TfL, which is chaired by Mr Khan, to secure a six-month funding deal and prevent the collapse of the capital's bus and Tube networks.The mayor said the deal was "not ideal" but he fought hard to get to the "best possible place...

Apr132020 by adminNo Comments

Coronavirus: Theatres need bailout to survive, warns writer James Graham

Business

Playwright James Graham has said an "aggressive government bailout" is needed to save theatres from the impact of the coronavirus crisis.UK venues have been shut for four weeks, with all West End performances cancelled until at least 31 May.In several months' time, "all of the reserves will have dried up and there will be no money left", Graham warned."I don't even know if there will be a theatre or film industry that we can recognise when this is all over."Graham, one of the country's leading dramatists, has turned his hit West End play Quiz, about the Who Wants To Be A Millionaire? coughing scandal, into an ITV mini-series.'No middle ground'While some theatres have started streaming online, he told the PA news agency it was "a ...