Trump says JP Morgan boss ‘wrong’ over Fed defence; Miliband hails record windfarm auction – business live
Key eventsShow key events onlyPlease turn on JavaScript to use this featurePrudential names HSBC veteran Douglas Flint as new chairDouglas Flint, a former HSBC chair, in 2017 Photograph: Jill Mead/The GuardianPrudential has named Sir Douglas Flint, the former chair of HSBC, as its new chair, as it deepens its focus in markets in Asia and Africa.Flint will succeed Shriti Vadera, a former investment banker and Labour business minister, who has been in the role for six years.Flint, 70, spent more than two decades at HSBC as group finance director from 1995 to 2010 and then as group chair from 2010 until 2017. He will join the board of the insurer as a non-executive director and chair designate in March.He said:
Being able to help shape the next stage of Prudential’s development is a great privilege and I look forward to working together with the board, Anil, and the whole team to deliver great experience to customers, and real value to shareholders and wider stakeholders. This is such an exciting time to be joining. The business is well placed to meet the needs of our customers and to expand the provision of protection, health and savings solutions to currently under-served markets.”
Prudential, which is listed in both London and Hong Kong, is one of the oldest insurers in Britain, although its presence in the UK became much smaller after it spun off M&G in 2019. Some of its biggest markets now include Hong Kong and mainland China, and it has a presence in smaller emerging markets in other parts of Asia and Africa.Flint’s appointment places him on a parallel track with his HSBC successor Mark Tucker, who was named non-executive chair at Prudential’s rival AIA last year.Prudential’s chief executive Anil Wadhwani said:
Douglas brings extremely valuable expertise to the Board and his deep knowledge of Asia is particularly important for the Company. I look forward to working with him to shape the next phase of Prudential’s growth. I am personally deeply grateful for Shriti’s leadership, counsel and support in the last few years.”
ShareCoca-Cola abandons Costa Coffee sale – reportsCoca-Cola has scrapped plans to sell Costa Coffee after bids from potential suitors came in lower than expected, according to the Financial Times.It reported that Coca-Cola ended talks with bidders for Costa in December, ending an auction process that had attracted a range of private equity investors and lasted several months.Coca-Cola had high hopes for the Costa brand when it bought it in 2018 from Whitbread, owner of the Premier Inn hotel chain, for £3.9bn. However, the chain has struggled with rising costs, not least the rise in coffee bean prices, and increased high street competition. Multiple reports suggested that Coca-Cola had been seeking a valuation of about £2bn for Costa in recent talks.Costa has more than 2,000 outlets and about 18,000 employees in the UK alone. However, as well as rising costs it has faced competition from upmarket rivals, such as Pret a Manger and Gail’s.Costa turned over £1.2bn in its 2024 financial year, according to the most recent annual accounts filed at Companies House, up just 1% on the previous year. However, its operating loss more than doubled to £13.5m, which it blamed on weak footfall and tougher competition.Costa, which was founded in 1971 by Italian brothers, Sergio and Bruno Costa, was sold to Whitbread for £19m in 1995. When Coca-Cola bought the business, chief executive James Quincey said there were “great opportunities for value creation”.Quincey, the British boss of the fizzy drinks company, is preparing to move into the role of executive chairman this year. He will be succeeded by Henrique Braun, Coca-Cola’s chief operating officer, in March.Coca-Cola and Costa were approached for comment.ShareUpdated at 04.00 ESTBP warns of $4bn – $5bn in writedowns in energy transition businessBP has warned it faces writedown charges between $4bn and $5bn (£3.7bn), mainly in its energy transition business, as it pivots its strategy back to oil and gas.In a brief trading statement, the FTSE 100 energy company said the multi-billion dollar charges were “primarily attributable to the gas and low carbon energy segment” of its business.It comes as BP scales back its clean energy projects as part of a “fundamental rest” of its strategy, first announced by its former chief executive Murray Auchincloss last year.Last month the company made the surprise announcement that it was replacing Auchincloss after less than two years in his role. BP appointed Meg O’Neill, the chief executive of Woodside Energy, who will take over in April, with Carol Howle acting as interim boss.BP also added this morning that expected its oil trading to be weak when it reports in full for the fourth quarter. It has however cut back its net debt, which is expected to be in the range of between $22bn and $23bn at the end of 2025, from $26.1bn at the end of September.ShareUpdated at 03.33 ESTTGI Fridays closes 16 restaurants in administration dealSarah ButlerWaiter serving people eating at TGI Fridays restaurant, the O2 arena, London UK. Photograph: Kumar Sriskandan/AlamyTGI Fridays has closed 16 UK restaurants with the loss of 456 jobs but the casual dining chain will survive with 33 outlets under a company controlled by the brand’s US owner.Sugarloaf Holdings, a group led by Ray Blanchette a former boss of TGI Fridays who and returned as part of a rescue of the US owner of the global brand in 2025, has bought back the UK business in a pre-pack administration deal. Sugarloaf first acquired the UK business from its private equity owners in October.The latest insolvency process for the UK arm comes less than 18 months after the UK business was rescued out of administration by two private equity firms, Calveton UK and Breal Capital, which own upmarket restaurants including Le Pont de la Tour, Quaglino’s and Coq d’Argent. That deal involved the closure of about 35 restaurants.Ryan Grant and Will Wright, the joint administrators to the UK restaurant chain said the latest rescue deal announced on Tuesday would safeguard 1,384 jobs.Grant said:
While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Friday’s wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”
Phil Broad, the global president of TGI Fridays, said:
We have been working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth.
TGI Fridays has a long history in the UK, and I believe that the future of the brand is in strong hands – focused on reinvigorating the brand while continuing to deliver the bold flavours, welcoming atmosphere, and high-energy dining experience that define TGI Fridays.”
TGI Fridays was founded by the restaurateur Alan Stillman in New York in 1965 as the world’s first casual cocktail bar and restaurant, and now has 360 restaurants in 40 countries, many of which are run by franchisees.The Dallas-based bar and grill chain has been struggling both at home and abroad with about half its company-owned US locations closing during insolvency proceedings there in 2024.Blanchette, who ran TGI Fridays parent company in the US for five years until 2023, returned in January 2025 to lead a rescue deal.TGI’s difficulties in the UK come amid heavy pressure on the hospitality industry from rising costs of labour, energy and tax as well as lacklustre consumer spending. Households have been reining in spending on nights out amid high inflation on essential bills.ShareBiggest expansion in wind farms ‘breakthrough moment’ for clean power by 2030The industry is hailing the bumper offshore wind auction as a breakthrough moment for the UK’s ambition for clean power by 2030.Dr Douglas Parr, policy director for Greenpeace UK, said:
The North Sea may be running out of gas, but it won’t be running out of wind any time soon. It is the best fuel to reduce the high energy prices gas companies have inflicted on UK homes. With new wind being cheaper than new gas, new nuclear or new biomass plants and lowering prices in electricity and gas markets, this auction keeps the clean ower 2030 target, the government’s most ambitious climate commitment, on track.
“These new wind farms will lower our bills when they come online, and shield us against the volatile fossil fuel prices driven by the actions of unreliable petrostates.
He added the government should act further by increasing investment in ports and crucial infrastructure that wind developers rely on, as well as reducing the cost of borrowing through loan guarantees. James Alexander, chief executive of the UK Sustainable Investment and Finance Association, said:
The results of the government’s offshore and floating offshore wind auction represent a significant step forward in delivering the UK’s evolution to clean energy.
This has the capacity to attract billions of pounds of private capital into our low-carbon industries, supporting long-term growth and jobs across the UK economy. It is also a vote of confidence in the Contracts for Difference model as a crucial driver of investment in our energy system.
Sustained progress will depend on future allocation rounds delivering the scale and consistency needed to accelerate the rollout of renewable infrastructure. The government’s support for credible clean energy policies remains crucial for ensuring the UK’s attractiveness as an investable market.”
Jess Ralston, an energy analyst at the Energy and Climate Intelligence Unit (ECIU), says this will be a breakthrough moment in the UK’s energy independence, and for stabilising energy bills.
Wind lowered the wholesale power price by around a third last year by squeezing out gas generation, which has a direct benefit on electricity bills. At today’s auction price, it is predicted to pay back a little via levies on bills too.Every wind turbine we build means we need less gas from abroad as the North Sea continues its inevitable decline, so we’ll be less reliant on the actions of foreign actors like Putin. Once we’ve built British renewables, we don’t need to pay another country for the wind and sun. With jobs being lost from oil and gas in the North Sea for many years, the speedy ramp up of offshore wind is needed to provide new opportunities for workers and communities across the UK.
Analysis by the ECIU has found the average price of electricity traded on day-ahead markets last year was around £83 per megawatt-hour (MWh), but could have been as high as £121 per MWh, without British windfarms limiting the role of gas power plants in setting prices.ShareIntroduction: Trump says JP Morgan boss ‘wrong’ over Fed defenceGood morning and welcome to our rolling coverage of business, the financial markets and the world economy.President Donald Trump has hit out at Jamie Dimon, the billionaire boss of JPMorgan, saying he was “wrong” to suggest he was undermining the independence of the US central bank.He said:
I think it’s fine what I’m doing. And we have a bad Fed person”.
It comes after Dimon, who leads the biggest bank in the US, expressed concern about the investigation into Fed Chair Jerome Powell on Tuesday. The Justice Department has opened a probe into the cost of the renovation of the central bank’s headquarters and Powell’s testimony about the project.Dimon told reporters on Tuesday he had “enormous respect” for the Fed chair.He said during an earnings call:
Everyone we know believes in Fed independence. And anything (that) chips away at that is probably not a great idea, and in my view, will have the reverse consequences. It’ll raise inflation expectations and probably increase (interest) rates over time.”
Central banks around the world have also rallied to defend the Fed and its chair.When asked about Dimon’s remarks, Trump said:
I think he’s wrong.”
Trump also said yesterday he would continue with plans to announce a replacement for Powell, who he appointed in 2018, within “the next few weeks”.Elsewhere this morning, energy secretary Ed Miliband has hailed a record auction for offshore windfarm contracts in Great Britain.12 new offshore projects were awarded contracts after ministers increased the amount of funding available to developers to help them deliver their plans without raising bills for consumers.The funding was awarded to 8.4 gigawatts (GW) of offshore windfarm capacity, or enough to generate clean electricity for more than 12m British homes before the end of the decade. They were awarded a contract price of between £89.49 and £91.20 a megawatt-hour (MWh) in 2024 prices.Miliband said:
We’ve secured a record-breaking 8.4GW of offshore wind, enough to power the equivalent of over 12m homes. This is the largest amount of offshore wind procured in any auction ever in Britain or indeed Europe.With these results, we are taking back control of our energy sovereignty. It’s a historic win for those who want Britain to stand on our own two feet, controlling our own energy rather than depending on markets controlled by petrostates and dictators.It is a significant step towards clean power by 2030. The price secured in this auction is 40% lower than the alternative cost of building and operating a new gas plant. Clean, homegrown power is the right choice to bring down bills for good, and this auction will create thousands of jobs throughout Britain.”
The agenda
8:00am GMT: Bank of England’s Alan Taylors speech at the National University of Singapore
9:00am GMT: Launch of the World Economic Forum’s Global Risks Report 2026
11:00am GMT: Wells Fargo full year results
11:45am GMT: Bank of America full year results
1:00pm GMT: Citigroup full year results
ShareUpdated at 03.03 EST
已发布: 2026-01-14 09:27:00
