Financial Times - 2 June
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Headlines – Bidders weigh offers for BP’s Castrol below the expected $8bln valuation – AstraZeneca unveils a drug to treat mutating cancerous breasts before they start to grow
UK urges Trump administration to implement steel zero-tariff accord
Business warns that the UK industrial strategy needs to address high energy costs
The UK will build up to twelve attack subs to be war-ready
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BP has received early interest in its sale of Castrol, the lubricants division, from both private equity firms and other industry players, including China’s state-owned Citic. However, some bidders are willing to accept offers lower than the $8 billion-plus expected range.
AstraZeneca announced positive results from a trial for a drug to treat breast cancer that stops mutating tumors before they grow. The company hopes that this will be part of a portfolio that propels it to the top of oncology.
Jonathan Reynolds, UK Business and Trade Secretary, will urge Donald Trump’s administration next week to swiftly implement a deal that would reduce taxes on UK Steel Exports to zero. This is despite the US President's promise to double his steel tariffs globally to 50%.
British business has warned Prime Minister Keir starmer that his much-vaunted industrial policy, which will be released this month, is "fatally flawed", unless it addresses the very high energy prices in the country.
Keir starmer, the British Defence Secretary, will announce on Monday that Britain will build around a dozen new submarines to achieve a "warfighting ready" state. He will also begin what he calls a major rearmament program.
(source: Reuters)
