Business
Push made to sell Mossmorran site but no ‘viable offer’ received, say bosses
Efforts have been made to sell the Mossmorran plant which is due to close early next year but a “viable offer” has not been received, bosses have said.
The Fife Ethylene Plant will close in February, putting more than 400 jobs at risk in the area, with owners ExxonMobil claiming it is not economically viable due to, in part, UK Government policy.
Appearing before the Scottish Affairs Committee at Westminster on Wednesday, ExxonMobil UK chairman Paul Greenwood said there had been both “formal and informal” discussions about a potential sale of the site.
“We did not find anybody who is able to offer us a viable offer of taking it over,” he told MPs.
“Clearly, we would obviously sell the plant if we could, it’s clearly a much better option for everybody involved – including us – than shutting the plant down.
“We worked extremely hard.”
In the discussions the firm had with potential buyers, Mr Greenwood said, none saw the potential of continuing operations as an ethylene plant – which creates a key component in plastics.
“Nobody sees that as being economically viable,” he said.
“Therefore, we will shut this plant and we will do that in February.
“You then have a period, which could be up to about two years, to effectively demolish the site and return the land back to a kind of greenfield basis during all of that period.
“If there’s anybody who wishes to come and talk to us… around potential use of that site, potential ways in which they can take over ownership of that and do something, then we’re open to all of that.”
He added: “Clearly, we – along with everybody else – would like to see this site continue, would like to see it be valuable, would like to see it provide economic value to the community.”
Around 180 ExxonMobil staff face redundancy as a result of the decision, with 250 contractors also at risk.
Of the firm’s own staff, about 110 people will face redundancy next spring with the remainder continuing their employment to work on what is expected to be the demolition of the current site.
Mr Greenwood appeared after Bob MacGregor, the industrial officer for the Unite trade union, questioned the contentions of the company that it was not economically viable.
Mr MacGregor pointed to a £120 million UK Government investment announced on Wednesday for an ethylene plant in Grangemouth as proof of viability.
He pushed for the closure of the plant to be paused to allow for a buyer to be found.
The union official also criticised both governments, claiming they have not supported workers on the site enough.
The Scottish Government, he said, has attempted to organise events as part of its partnership action for continuing employment (Pace) scheme, which aims to help those facing redundancy.
“Other than that, I don’t see any support that’s been offered by either government,” he said.
“I can see a lot of kind words and soundbites, but I don’t see any real, tangible evidence of any practical support, financial support.”
Governments should be stepping in to offer retraining to workers in the hopes of securing work elsewhere, he said.
Speaking on BBC Radio Scotland on Wednesday, Scottish Secretary Douglas Alexander said the closure of the plant is “a great regret to me”.
He added: “I sat with the Mossmorran leadership with an open heart and an open mind to see if there was a way forward.
“Despite repeated contact with the British Government, they weren’t able to come forward with proposals.”
Scottish Deputy First Minister Kate Forbes said: “Our priority is to secure a sustainable future for the site at Mossmorran and workers at the plant.
“After being informed of ExxonMobil’s decision to market its plant on November 11, we activated our Pace initiative to provide workers with skills development and employability support.
“Since learning about the announcement, my officials and Scottish Enterprise have been working to secure new opportunities for the Fife Ethylene Plant and its workforce.
“However, the UK Government holds the levers for an industrial intervention as we have seen in England and Wales and the ability to address high energy costs.”
Business
Panel questions IndiGo, DGCA babus, gets ‘unconvincing’ replies | India News – The Times of India
New Delhi: IndiGo was quizzed on Wednesday by a parliamentary committee over the misery inflicted on passengers by its mass-cancellation of flights, but it blamed a variety of factors, including system glitch and adverse weather conditions, while DGCA and the aviation ministry parried off criticism of their role in the fiasco.Some committee members termed replies of different stakeholders as “unconvincing” and aimed at washing their hands of the crisis, encapsulated by the response of a govt official that he first came to know of the unfolding ordeal through media reports.The panel, headed by JDU’s Sanjay Jha, decided to wait for the report of an inquiry ordered by DGCA before coming to a conclusion and make its recommendation. It will hold another meeting and is expected to call these stakeholders again. The DGCA-ordered committee was constituted on Dec 5 and was asked to submit its report in 15 days.Captain Sam Thomas, president of Bengaluru-based Airline Pilots Association of India, created flutter at the meeting by alleging corruption in DGCA and was asked by members to refrain from making sweeping allegations without producing evidence. He alleged that one can commit any wrong, but stay safe if he touched right feet.A committee member said IndiGo, which has offered apology for the ordeal, was far from apologetic in its response before the panel. It told the panel that several factors combined to derail its operation, including a glitch in system, which needed rebooting, and adverse weather that had their pilots stuck in different zones.IndiGo was represented by its COO Isidre Porqueras, while officials of Air India, Akasa Air, Spice Jet and Air India Express appeared before the panel as well. Civil aviation secretary Samir Kumar Sinha and top functionaries of other stakeholders were part of the deliberations.Replying to a query, IndiGo said all luggage, except 52 which remained unclaimed, have already been delivered.The panel’s meeting came against the backdrop of the suspicion, subject of investigation, that IndiGo remained resistant to the implementation of guidelines (Flight Duty Time Limitation) that allowed more rest for pilots in line with global norms aimed at ensuring flyers’ safety.It has been accused of engineering the disruption, leveraging its market dominance, to force the ministry to roll back the regulation as implementing it would have required the airline to hire more pilots. Faced with chaos caused triggered by disruption of IndiGo’s operations, DGCA had to relax the implementation of the guidelines.IndiGo management is reported to have denied allegation in meetings with ministry.
Business
Historic Green Milestone: Indian Railways Achieve 99.2% Electrification, Leaves UK, Russia And China Far Behind
New Delhi: Indian Railways has reached a milestone in its journey toward sustainable transportation, achieving electrification of 99.2 per cent of its broad gauge network. This puts India ahead of major rail economies such as the United Kingdom, which stands at 39%, Russia at 52% and China at 82%, according to a press release from the Ministry of Railways.
The achievement brings the country closer than ever to operating a fully electrified railway system. Fourteen railway zones, including Central, Eastern and Northern Railways, have already achieved 100% electrification. In addition, 25 states and union territories have completed electrification across their rail networks.
Data provided in a written reply to the Lok Sabha highlights the rapid pace of this transformation. Between 2014 and 2025, India electrified 46,900 route kilometres, more than double the 21,801 route kilometres completed in the previous six decades.
In the past two years alone, 7,188 route kilometres were electrified in 2023-24 and 2,701 route kilometres in 2024-25.
The environmental benefits of this transition are major. Rail transport emits 89% less CO2 than road transport, and Indian Railways is complementing electrification with renewable energy initiatives. So far, 898 MW of solar power has been commissioned at 2,626 stations, reinforcing India’s commitment to a greener transportation network.
Electrification is advancing consistently across zones. The Central, East Coast, East Central, Eastern, Konkan Railway, Kolkata Metro, North Central Railway, North Eastern Railway, Northern Railway, South Central Railway, South East Central Railway, South Eastern Railway, West Central Railway and Western Railway have achieved full electrification.
Other zones, such as North Western, Southern, Northeast Frontier and South Western Railway, have crossed 95% electrification.
The progress is equally impressive state-wise as well. Most states are fully electrified, while Rajasthan, Tamil Nadu and Karnataka are nearing completion. In the North Eastern region, the broad gauge networks in Arunachal Pradesh, Meghalaya, Nagaland, Tripura and Mizoram have been 100% electrified, while Assam stands at 92%, with work underway to complete the remaining sections.
All new rail lines and multi-tracking projects are now being sanctioned with electrification integrated from the beginning. According to the Ministry of Railways, the completion timeline for electrification projects depends on factors such as forest clearances, relocation of utilities, statutory approvals, geological and topographical conditions, law and order situations and climatic constraints, which can affect progress at different project sites.
Beyond expanding connectivity, electrification is central to India’s sustainability agenda. The move to electric rail corridors is helping dramatically cut carbon emissions. For instance, transporting 1 tonne of freight over 1 km emits 101 g of CO2 by road, compared with just 11.5 g by rail, an almost eightfold reduction.
The Indian Railways aims for 100% electrification while contributing to the nation’s goal of net-zero carbon emissions by 2030. Every new rail project now includes electrification from the outset, ensuring that India’s railway system grows greener, more efficient and globally competitive.
Business
Medical supply firm Medline jumps more than 30% in debut after biggest IPO of 2025
Shares of U.S. medical supplies giant Medline jumped more than 30% in its debut on the Nasdaq on Wednesday after the biggest initial public offering of the year globally.
The stock opened at $35, up from its $29 IPO price.
The private equity-owned company sold a little over 216 million shares on Tuesday, raising $6.26 billion in an upsized offering that finished off a strong year for new listings and bolstered optimism about the IPO market in 2026. Shares of Medline will trade under the symbol MDLN.
That IPO pricing gives Medline a market value of at least $37 billion, based on the shares listed in its regulatory filings.
“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Medline CEO Jim Boyle told CNBC’s “Squawk Box” earlier Wednesday. “We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing.”
The U.S. IPO market has held steady despite market volatility in the spring, driven by President Donald Trump’s sweeping tariffs, and the longest U.S. government shutdown in history in the fall. Just over 200 IPOs have priced this year, including Medline, which is the largest U.S. listing since Rivian‘s $13.7 billion deal in November 2021, according to data compiled by CNBC.
But Medline’s IPO is also among the biggest private equity-backed listings. Three private equity firms — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake in the company in 2021 for a whopping $34 billion. At the time, the deal was the biggest leveraged buyout since the financial crisis.
CEO Jim Boyle celebrates with others as medical supplies giant Medline (MDLN) holds it’s IPO at the Nasdaq stock market site in Times Square in New York, Dec. 17, 2025.
Shannon Stapleton | Reuters
Medline, founded in 1966, is based in Northfield, Illinois. The company manufactures and distributes roughly 335,000 different medical and surgical supplies — from gloves, masks and scalpels to wheelchairs. Medline has customers in more than 100 countries and, as of the end of 2024, employed more than 43,000 workers worldwide.
Medline’s total debt was around $16.8 billion as of late September 2025. The company raked in $25.5 billion in net sales in 2024.
Medline’s earlier plans to go public this year were postponed due to uncertainty around tariffs affecting products from Asia. The majority of the company’s products are sourced or manufactured in Asian nations, particularly China.
Medline expects a $150 million to $200 million hit from tariffs to income before taxes in fiscal 2026.
The company competes with names like McKesson and Cardinal Health.
— CNBC’s Gina Francolla contributed to this report
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