Business
Swinney ‘very concerned’ by reports of BP considering leaving North Sea
Scotland’s First Minister is “very concerned” by reports that oil giant BP is considering leaving the North Sea.
Bloomberg reported the firm had begun an internal review of its North Sea operations, though no final decision had been made.
Speaking to the Press Association on Saturday during a campaign stop in Glasgow, John Swinney put the blame squarely on the UK Government and its windfall tax on oil and gas.
“I’ve seen the reports and I’d obviously be very concerned about that,” the First Minister said.
“What will be driving this is the hostile taxation approach of the United Kingdom Government through the energy profits levy, and I’ve told the Prime Minister to his face that the energy profits levy is causing significant economic damage to Scotland and the North Sea oil and gas sector.
“It’s accelerating the decline of the sector and I made it clear to the Prime Minister he should remove that energy profits levy, and the speculation about BP I think should prompt early action from the UK Government.”
But Sir Keir Starmer, the First Minister claimed, was distracted by pressure on his position as a result of the scandal surrounding the hiring and firing of former US ambassador Lord Peter Mandelson.
“But, as with so many questions of the challenges that we face, the Prime Minister is distracted by his own failures and can’t take the proper actions to protect jobs and employment within Scotland, and that’s an example of the weakness and the failure of a Labour Government,” Mr Swinney said.
The reports come after UK Energy Secretary Ed Miliband described BP’s profits – which tripled in the first quarter of this year – in a now deleted post on social media as “morally and economically wrong”.
The UK Government has been contacted for comment.
Business
PM Shehbaz orders formulation of strategy to stabilise electricity tariffs | The Express Tribune
Orders strict action on power theft, stresses reliable energy for industry and relief for homes
Prime Minister Shehbaz Sharif addresses the nation on Friday. Photo: PMO
Prime Minister Muhammad Shehbaz Sharif on Saturday directed authorities to formulate a comprehensive strategy to stabilise electricity tariffs.
The orders were given while chairing a meeting on energy sector reforms.
وزیراعظم محمد شہباز شریف کی زیر صدارت توانائی کے شعبے میں اصلاحات کے حوالے سے اجلاس
اجلاس میں گفتگو کرتے ہوئے وزیراعظم شہباز شریف نے کہا کہ بجلی کے صنعتی اور گھریلو صارفین کے لیے سہولیات پیدا کرنے کے لیے اقدامات لیے جائیں۔ وزیراعظم نے بجلی کی ترسیل کے نظام میں بہتری لا کر لائن… pic.twitter.com/Mb1UeGEqvp— PTV News (@PTVNewsOfficial) May 2, 2026
During the meeting, the prime minister stressed the need to provide relief to both industrial and domestic electricity consumers and instructed officials to take concrete measures in this regard. He also called for significant improvements in the power transmission system to reduce line losses.
Highlighting the importance of modernisation, the premier stressed the use of advanced technology in the energy sector and ordered the promotion of renewable energy projects to address the country’s energy shortfall. He further underscored the need to enhance digital facilities to make electricity bill payments more convenient for consumers.
PM Shehbaz ordered the continuation of strict measures against electricity theft and reiterated that an uninterrupted energy supply was essential for promoting industrial growth. He stated that providing relief to domestic consumers remained one of the government’s top priorities.
Read More: Power crisis eases as gas flows resume
He added that reforms in the energy sector would be implemented while keeping in view the broader interests of the public and industry. During the meeting, officials presented recommendations regarding electricity consumption for both domestic users and the industrial sector.
The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, Minister for Economic Affairs Ahad Khan Cheema, Minister for Information and Broadcasting Attaullah Tarar, Minister for Power Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Ali Pervaiz Malik, Minister of State for Finance Bilal Azhar Kayani, Special Assistant Haroon Akhtar, and senior officials from relevant institutions.
The earlier plan, which would have seen the US government take effective ownership of as much as 90% of the airline, faced stiff opposition from Wall Street, Capitol Hill and even a member of Trump’s own cabinet. Transportation Secretary Sean Duffy told Reuters a rescue would amount to tossing “good money after bad”.
Spirit Airlines check-in Kiosks sit idle at Oakland International Airport on August 13, 2025 in Oakland, California.
Justin Sullivan | Getty Images
Spirit Airlines could shut down as early as 3 a.m. ET Saturday, according to people familiar with the matter. The carrier has failed to secure a financial lifeline to continue operating, though it hasn’t commented on the potential shutdown or its plans.
About 290 Spirit flights are scheduled for Saturday, according to aviation site Flightradar24. Another 381 are scheduled for Sunday.
Travelers with Spirit tickets could be understandably rattled. While there have been some U.S. airlines to shut down in recent years, the budget carrier is larger than most recent airline failures and links major cities like New York, Miami, Detroit and Los Angles — and many others in between — with its Airbus jets.
Here’s what travelers need to know:
You have a Spirit ticket. What should you do?
Immediately? Nothing.
Travelers who are booked on a Spirit flight, like this CNBC reporter is for later this month, are likely to receive a refund if they purchased tickets with a credit card.
If the ticket was bought with a debit card or with loyalty points, however, the chances of recovering funds are slim to none, said Henry Harteveldt, founder of Atmosphere Research Group, a travel consulting firm.
“If you’re holding a reservation for a flight on Spirit don’t proactively cancel it. Wait for the airline to announce it is shutting down,” he said.
Would Spirit be able to help you at the airport?
Don’t count on it.
Spirit has declined to comment on a potential shutdown. If it confirms an end to operations, the carrier will most likely have information on its website about travelers’ next steps.
Harteveldt said travelers shouldn’t go to the airport expecting to find Spirit staff in the event the airline ceases operations. Call centers are likely to be overwhelmed if they are still staffed.
That could leave passengers with fewer answers than they’d like, but other airlines are likely to help assist affected customers.
Airlines that offer last-minute fares, likely with some discounts, will be available to travelers at airport ticket counters.
How can another airline help?
United Airlines, JetBlue Airways, Frontier Airlines and American Airlines are among the carriers that have said they are ready to assist Spirit customers and crews if the carrier shuts down.
That could mean scheduling additional flights to carry the stranded passengers, similar to what they do during a hurricane or other natural disaster.
Why could Spirit shut down?
Spirit, known for bright yellow planes, low fares and fees for everything else, had been successful for years, but this week it’s been on the brink of liquidation after failing to reach a deal with bondholders for a $500 million government bailout from the Trump administration.
Last year Spirit filed for its second bankruptcy in less than a year, though it’s had a host of problems even before then.
A plan to be acquired by JetBlue was blocked. Rising costs upended its business model. An engine defect grounded dozens of its planes. And, more broadly, upscale travel became more popular with consumers, driving airline profits.
At the same time, big, legacy airlines were selling their own basic economy fares that were similar to what Spirit was offering, but with bigger networks.
What does this mean for travel going forward?
Airlines have been adding flights since Spirit’s bankruptcy filing last year on some of its routes and at major airports. They’re likely to keep doing so.
Experts have said they expect fares to rise, at least in some markets, if the discounter goes away, even though the carrier has shrunk substantially.
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