News That Matters

Tag: collapse

British Steel on the brink of collapse – with 25,000 jobs at risk

British Steel on the brink of collapse – with 25,000 jobs at risk

Business
Britain's second-largest steel producer is on the brink of collapse amid growing signs that an emergency government loan would fail to materialise, putting a total of close to 25,000 jobs at risk.Sky News has learnt that British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with EY expected to be formally appointed as administrators on Wednesday unless a deal is struck by Tuesday afternoon. If last-minute talks fail to secure a solvent deal, British Steel's collapse could result in more than 4,000 redundancies at its giant Scunthorpe steelworks, job cuts at its other sites, and as many as 20,000 more jobs in its supply chain also jeopardised by the crisis. Image: The company was seeking a taxpaye...
British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o
Wow Air faces fury as collapse hits thousands of passengers

Wow Air faces fury as collapse hits thousands of passengers

Business
By James Sillars, business reporter Icelandic discount airline Wow Air has collapsed, stranding thousands of passengers, after an apparent failure to secure a cash lifeline.It had grounded aircraft early on Thursday following months of talks with prospective financial backers - saying it was in the final stages of negotiations with a group of investors and further information would be provided later in the morning. However, the heavily-indebted company said just two hours later it had "ceased operation" and cancelled all future flights - with no explanation. Image: Wow has seen its business come under pressure from higher fuel bills and stiff competition The move prompted a backlash as it emerged Wow...
Brumadinho dam collapse in Brazil: Vale mine chief resigns

Brumadinho dam collapse in Brazil: Vale mine chief resigns

Business
The head of Brazil's Vale mining giant has stepped down following the collapse of a dam which killed 186 people in the town of Brumadinho.Fabio Schvartsman and several other executives resigned after prosecutors recommended their dismissal on Friday. At least 122 people are still missing more than a month after the accident at the dam, which collected waste from an iron ore mine in Minas Gerais state. Vale is the world's biggest producer of iron ore. The mining disaster was the second in the region since 2015, when a nearby dam co-owned by Vale collapsed.Brazilian authorities were severely criticised for being too slow and complacent over that accident. No-one has yet been imprisoned.Vale said Eduardo Bartolomeo, executive direct...
Anak Krakatau: Indonesian volcano's dramatic collapse

Anak Krakatau: Indonesian volcano's dramatic collapse

Science
The scale of the dramatic collapse of the Indonesian volcano that led to last Saturday's devastating tsunami in the Sunda Strait is becoming clear. Researchers have examined satellite images of Anak Krakatau to calculate the amount of rock and ash that sheared off into the sea. They say the volcano has lost more than two-thirds of its height and volume during the past week.Much of this missing mass could have slid into the sea in one movement.It would certainly explain the displacement of water and the generation of waves up to 5m high that then inundated the nearby coastlines of Java and Sumatra. How volcanoes can trigger tsunamis Indonesia tsunami: 'I clung to a bench' Indonesia's disaster agency says more than 400 people are c...