Polestar secures $200 million funding from PSD Investment

June 16 (Reuters) - Polestar has secured a $200 million equity investment from its major shareholder and private debt fund PSD Investment, the Swedish electric vehicle maker said on Monday.

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The Sun

an hour ago

• The Sun

Aldi launches viral La Vieille Ferme dupe but in a box – and it's much cheaper

ALDI has launched a boxed wine version of the viral La Vieille Ferme for a fraction of the price. Made with picnics in mind, the 1.5 litre tub of wine has hit shelves just in time for the warm weather. Arriving in stores today, Le Petit Poulet Rosé Boxed Wine is a pale and citrusy rosé that's straight from the wine region of Provence. And priced at £12.49 it's over £3 cheaper than the original, La Vieille Ferme Rosé Bag in a box, which scans for £15.50 per litre. While traditionally it's been lower grade wines that have been sold in boxes, expert Sam Caporn says boxes now have a much greater variety of wines on offer. He's urged Brits to give boxed wine a go, calling it a more affordable way to drink as the beverage stays fresh for longer. He said: 'Boxed wines have many advantages. For example, boxed wine can stay fresh for considerably longer than bottled. 'There is usually a price advantage too, as you're not paying for heavy or expensive glass. And lastly, boxed wine tastes no different to bottled!' It's not just rosé that Aldi has got on offer but a collection of red and white boxed wines too. White-wine drinkers will be thrilled to know that the Cambala Sauvignon is scanning for just £13.99. Meanwhile, an intense Shiraz is flying off the shelves for as little as £13.99 for 2.25L. This comes just days after Aldi slashed the price of some of its fanciest wine to just £10 as part of a brilliant bargain sale. The retailer is slashing the price as part of a sale to mark English Wine Week. Saving 44 per cent per bottle shoppers will be treated to Aldi's premium Winemaster's Lot English Sparkling Wine for just £9.99. Without the discount the bottle would set back shoppers a massive £17.96. The deal will be available in stores for the duration of English Wine Week from the 19th-25th of June. Julie Ashfield, Chief Commercial Officer at Aldi UK, said: 'English Wine Week is a great moment to showcase the quality of British winemaking. "With a saving of 44% on our Winemaster's Lot English Sparkling Wine, we're making it easier than ever for shoppers to enjoy exceptional, award-winning English wine at unbeatable prices.' English Wine Week is an annual national event that celebrates the English wine industry. Several retailers, restaurants and vineyards participate in the event, offering up cheap English wines to customers. This year Aldi will be serving up multiple bottles from their collection to mark the event. 4

Times

an hour ago

• Times

Green levies cut will lower energy bills for industry

Electricity costs for thousands of businesses in energy-intensive industries will be cut by up to a quarter by exempting them from green levies. From 2027, a British industrial competitiveness scheme will cut costs by up to £40 per megawatt hour in sectors such as automotive, aerospace, chemicals, steel and glassmaking. Businesses have warned that they are being held back by 'crippling' energy costs compared with European states. The announcement, which has confirmed the details of plans revealed by The Times last week, comes as part of Sir Keir Starmer's ten-year industrial strategy, which he hopes will address stuttering economic growth. The prime minister said the plan, to be published on Monday, marks a 'turning point for Britain's economy' by supporting key industries to grow. Rachel Reeves, the chancellor, will also announce £4 billion for start-ups in the eight highest growth-driving industries, including advanced manufacturing, clean energy, creative industries and life sciences. However, the announcement of an exemption to green levies is a further blow to Ed Miliband, the energy secretary, who is pushing hard for the government's net-zero agenda. • Rising energy costs undermine British companies' growth plans The cuts will come by exempting businesses from paying levies on bills, including the renewables obligation and feed-in tariffs, which both fund renewable energy projects, and the capacity market, a scheme that pays subsidies to gas-fired power stations and other plants to ensure the UK has enough electricity to keep the lights on. About 500 of the most energy­intensive firms in the steel, chemicals and glassmaking industries will also have their network charges cut. They get a 60 per cent discount but this will increase to 90 per cent from 2026. The changes are designed to help manufacturers become more competitive. British firms pay some of the highest electricity prices in the world, while businesses looking to expand or ­modernise have faced delays in connecting with the grid. The Department for Business and Trade said the changes marked a 'decisive shift' in government support for industry. It added that the relief would not be funded through an increase in household bills or taxes, but did not say where it would come from. It pledged unspecified 'reforms to the energy system' which it said would reduce costs. A source said this could include changes to the Contracts for Difference scheme, which are the subsidies given to new renewable energy projects funded through household and business energy bills. A spokesman for the government said it had 'identified several options to fund these savings, and will consult on the details'.

The Independent

2 hours ago

• The Independent

Energy costs to be cut for industry as Starmer seeks economic ‘turning point'

Electricity costs for thousands of businesses will be cut by scrapping green levies to help them compete with foreign rivals. The plan, which could cut bills by up to 25%, forms a key part of Sir Keir Starmer's 10-year industrial strategy which he hopes will address stuttering economic growth and transform the business landscape. The Prime Minister said the plan marks a 'turning point for Britain's economy' by supporting key industries where there is potential for growth. Manufacturers have warned 'crippling' power costs are far higher for UK businesses than competitors overseas. From 2027, a new British Industrial Competitiveness Scheme will cut costs by up to £40 per megawatt hour for over 7,000 manufacturing firms by exempting them from levies on bills including the renewables obligation, feed-in tariffs and the capacity market. Around 500 of the most energy-intensive firms, including the steel industry, chemicals and glassmaking, will also see their network charges cut – they currently get a 60% discount through the British Industry Supercharger scheme, which will increase to 90% from 2026. The plan also promises measures to speed up the time it can take to connect new factories and projects to the energy grid. Sir Keir said: 'This industrial strategy marks a turning point for Britain's economy and a clear break from the short-termism and sticking plasters of the past.' He said the decade-long plan would deliver 'the long-term certainty and direction British businesses need to invest' during an 'era of global uncertainty'. Energy Secretary Ed Miliband blamed 'our reliance on gas sold on volatile international markets' for the high electricity costs for businesses. He said 'doubling down' on wind and nuclear power would 'bring down bills for households and businesses for good'. The industrial strategy focuses on eight areas where the UK is already strong and there is potential for further growth: advanced manufacturing, clean energy, creative industries, defence, digital, financial services, life sciences and professional and business services. Plans for five of the sectors will be published on Monday, but the defence, financial services and life sciences strategies will come later. Other measures include: – Increasing the British Business Bank's financial capacity to £25.6 billion, including £4 billion for sectors in the industrial strategy. – Raising research and development spending to £22.6 billion a year by 2029/30. – An extra £1.2 billion a year for skills by 2028-29 to train Britons to do jobs in growth industries and reduce reliance on foreign workers. – Attracting 'elite' overseas talent through visa and migration reforms. – Cutting the administrative cost of red tape by 25% and reducing the number of regulators. – Reducing the time it takes to get planning permission by hiring more planners, streamlining pre-application requirements and combining environmental obligations. – Increasing the supply of locations for investment around the country with a £600 million strategic sites accelerator. The strategy comes after the latest figures indicated the economy shrank by 0.3% in April, the biggest monthly contraction in gross domestic product for a year-and-a-half, as businesses felt the impact of Donald Trump's tariffs and domestic pressure as a result of hikes to firms' national insurance contributions. There are also concerns in industry about the impact of the Government's Employment Rights Bill, which could add to business costs. Confederation of British Industry chief executive Rain Newton-Smith said: 'More competitive energy prices, fast-tracked planning decisions and backing innovation will provide a bedrock for growth. 'But the global race to attract investment will require a laser-like and unwavering focus on the UK's overall competitiveness.' Manufacturers' organisation Make UK's chief Stephen Phipson said the three major challenges facing industry were 'a skills crisis, crippling energy costs and an inability to access capital for new British innovators', and the strategy 'sets out plans to address all three'. TUC general secretary Paul Nowak said: 'We welcome ministers taking action to reduce sky-high energy costs for manufacturers – something unions have been calling for as a matter of urgency. 'For too long, UK industry has been hamstrung by energy prices far above those in France and Germany. It's made it harder to compete, invest, and grow.' Acting shadow energy secretary Andrew Bowie said: 'It is astonishing that Labour are finally admitting that the costs of net zero are so high that they're having to spend billions of pounds of taxpayers' money subsidising businesses' energy bills to stop them going bust.' Shadow business secretary Andrew Griffith has written an open letter to firms warning they are being 'sleepwalked into disaster' by the Employment Rights Bill. He said: 'When it comes to business, it's actions, not words, which count, but this Government is stepping on the accelerator and the brake at the same time.'