Business
Badenoch in pledge to ‘get all our oil and gas out of the North Sea’
Kemi Badenoch has committed the Tories to extract as much oil and gas as possible from the North Sea.
The Conservative Party leader said it was “absurd” to leave the fossil fuel resources untapped.
But the Government said issuing new licences for oil and gas exploration would “not take a penny off bills” and would accelerate the “worsening climate crisis”.
A Conservative government would make “maximising extraction” its goal if it wins power, rather than measures aimed at shifting the North Sea industry away from fossil fuels.
Mrs Badenoch will use a speech in Aberdeen on Tuesday to set out her plans.
She will announce that the Tories plan to completely overhaul the North Sea Transition Authority (NSTA), which oversees the issuing of licences, dropping the word transition and giving it a simple order to extract the maximum possible amount of fossil fuels.
Ahead of her speech, Mrs Badenoch pledged that “we are going to get all our oil and gas out of the North Sea”.
She said: “We are in the absurd situation where our country is leaving vital resources untapped while neighbours such as Norway extract them from the same seabed.
“With the ONS (Office for National Statistics) confirming that economic growth is down partly because of falling oil and gas extraction, we cannot afford not to be doing everything to get hydrocarbons out the ground.
“Britain has already decarbonised more than every other major economy since 1990, yet we face some of the highest energy prices in the developed world.
“This is not sustainable and it cannot continue. That is why I am calling time on this unilateral act of economic disarmament and Labour’s impossible ideology of net zero by 2050.
“Russia’s war in Ukraine has only underscored that our energy supplies are a matter of national security.”
A Department for Energy Security and Net Zero spokesman said: “We are already delivering a fair and orderly transition in the North Sea to drive growth and secure skilled jobs for future generations, with the biggest ever investment in offshore wind and three first of a kind carbon capture and storage clusters.
“We are committed to delivering the manifesto commitment to not issue new licences to explore new fields because they will not take a penny off bills, cannot make us energy secure, and will only accelerate the worsening climate crisis.”
Still from Netflix’s “KPop Demon Hunters.”
Netflix
Netflix is partnering with both Hasbro and Mattel to bring “KPop Demon Hunters” toys to shelves.
The animated film, which debuted on the streaming service in June, has become Netflix’s most popular film of all time, with more than 325 million views worldwide. Its popularity has spurred Netflix to release it twice in theaters — once in August for a two-day weekend event and again next week around Halloween.
Partnering with Mattel and Hasbro will allow Netflix to offer a suite of consumer products based around the film.
Mattel will handle dolls, action figures, accessories and playsets, while Hasbro will focus on plush, electronics, roleplay items and board games, the companies announced Tuesday. There will likely be some overlap in product categories between the two toy makers, however.
Mattel is currently taking pre-orders for a three-pack of dolls featuring Rumi, Mira and Zoey, the members of the fictional KPop trio HUNTR/X. And Hasbro’s first product is a “KPop Demon Hunters” themed Monopoly Deal game.
Merchandise and toys from both companies will be available at retail in spring 2026.
“Netflix, Mattel and Hasbro joining forces on this first-of-its-kind collaboration means fans can finally get their hands on the best dolls, games, and merchandise they’ve been not-so-subtly demanding on every social platform known to humanity,” said Marian Lee, Netflix’s chief marketing officer, said in a statement Tuesday.
The company behind weight-loss jab Wegovy and diabetes drug Ozempic will have a boardroom clear-out, with seven board members including the chairman set to depart.
Novo Nordisk on Tuesday said chairman Helge Lund, vice chair Henrik Poulsen and five directors will not stand for re-election at an extraordinary investor meeting in November.
The departures came about after a disagreement between the board and its majority shareholder over its future governance.
It’s the latest in a raft of changes at the Danish company, which welcomed a new chief executive in August and announced it would lay off 9,000 staff in September.
Last month the firm issued a warning on profits due to increased competition from US rivals, and announced a cost-savings programme as it cut its profit growth forecast for the third time this year.
Widespread adoption of Novo Nordisk’s Ozempic diabetes treatment, which is often used off-label as a weight loss drug, and Wegovy had boosted its share price to the point where in summer 2024 it was Europe’s most-valuable company.
Recent competition from rivals like Eli Lilly has eroded that valuation, and shares in Novo Nordisk dipped another 1.7% on the new of a boardroom shake-up.
The departures come after a disagreement between board members from the pharmaceutical company and its majority shareholder, the non-profit Novo Nordisk Foundation, on the extent of changes needed.
The Novo Nordisk Foundation owns 28.1% of the company’s shares, but holds a three-quarter share of the voting rights, which indicates that it holds a lot of sway with how the company is run and who holds senior roles.
Outgoing chair Mr Lund said that the Novo Nordisk board had proposed bringing in several new board members to add new skills, but the Novo Nordisk Foundation “wanted a more extensive reconfiguration”.
The Foundation successfully pushed for the removal of former chief executive Lars Fruergaard Jorgensen in May.
The current chairman of the Novo Nordisk Foundation, Lars Rebien Sorensen, who served as the pharma’s chief executive from 2000 to 2016, is being put forward to replace current chairman Mr Lund, the foundation said.
Mr Sorensen said the pharmaceutical company had been “too slow in recognising fundamental market changes” as the use of its drugs became mainstream and competitors launched rival treatments.
Last Updated:
These reforms highlight EPFO’s attempt to modernise pension services and make retirement planning more secure, transparent and flexible
EPFO has revised pension calculation based on average salary of last 5 years.
In a move that could significantly impact the retirement savings of millions of salaried employees, the Employees’ Provident Fund Organisation (EPFO) has announced five changes to the Employees’ Pension Scheme (EPS). These revisions are intended to simplify pension access, increase benefits, and improve portability for members across the country.
Pension To Be Calculated On Average Salary
The most crucial change concerns the method of pension calculation. Earlier, the pension was determined based on the employee’s last drawn salary. Under the revised rule, it will now be calculated on the average salary of the last 60 months of employment. This ensures a fair and realistic computation, especially for employees whose salary increased gradually over time. Though this provision has been in effect since September 1, 2014, EPFO has now issued a clear clarification for its implementation.
Pension Ceiling Raised To Rs 15,000 Per Month
In a major relief for pensioners, EPFO has doubled the maximum pension limit from Rs 7,500 to Rs 15,000 per month. This step follows a Supreme Court directive and is expected to benefit retirees whose pensions were earlier capped despite higher contributions and earnings. With this revision, eligible pensioners will receive the actual calculated amount without any upper limitation.
Minimum Pension Age Lowered To 50 Years
Responding to the needs of employees seeking financial assistance earlier than retirement, the minimum age for drawing pension has been reduced from 58 to 50 years. Members can now opt for early pension from the age of 50. However, EPFO has clarified that choosing an early pension may lead to a marginal reduction in the monthly payout. The flexibility could prove useful in cases of health issues, employment loss, or personal emergencies.
Faster Pension Claims Through Digital Platforms
In an effort to cut down processing time and enhance transparency, EPFO has strengthened its digital services. Pension claim forms, supporting documents, and approval processes can now be completed online via the EPFO website or mobile app. What earlier took months is now expected to be resolved within weeks. This shift gained momentum during the pandemic, when digital transactions became essential.
Seamless Pension Portability For Job Changers
To facilitate employees who frequently change jobs, EPFO has simplified pension portability. Under the new system, service periods from previous and current employers will be automatically consolidated while calculating pension benefits. This prevents loss of service years and ensures continuity. The unified portal enables smooth transfer of EPS data, benefiting employees in dynamic sectors like startups, IT, and freelancing.
These reforms highlight EPFO’s attempt to modernise pension services and make retirement planning more secure, transparent and flexible. The changes are applicable to EPS members earning up to Rs 15,000 per month. Those earning higher salaries may explore voluntary pension contributions through the EPFO portal. Members are advised to log in to their accounts regularly to review their pension status and contributions.
October 21, 2025, 20:21 IST
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