#28bn

**Key Takeaways:** * **Fiscal Austerity Incoming:** The directive to freeze non-conflict expenditures signals a significant shift towards fiscal austerity, prioritizing defense spending over other critical areas, with potential long-term implications for economic growth and social programs. * **Sectoral Rebalancing:** While the defense sector may see continued tailwinds, industries reliant on…

Energy companies have been given the green light to spend £28bn on Great Britain’s gas and electricity grids, raising fears of higher household bills. The energy watchdog, Ofgem, approved more than £17.8bn of spending plans to upgrade gas transmission and distribution networks in the five years from 2026. A further £10.3bn will be used to rewire the nation’s high-voltage electricity network – the…

Household energy bills will rise to help fund a £28bn investment in the UK’s energy network. Most of the funding in energy regulator Ofgem’s five-year plan will go towards maintaining gas networks, but £10.3bn will be used to strengthen the electricity transmission network. Households will see an additional £108 added to energy bills by 2031 under the plan. But Ofgem said that what people would…

Big US banks set aside $28bn in downturn warning

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Image caption Big US banks warn more economic pain is coming

Three of the biggest US banks have set aside almost $28bn (£22.3bn) amid concerns about customers defaulting on loans due to the pandemic.

The decision helped to push Wells Fargo to its first quarterly loss since the financial crisis and…

Swiss meals group Nestle has agreed to promote its US confectionery business to Italy’s Ferrero for $2.8bn (£2.03bn), it mentioned on Tuesday, marking chief government Mark Schneider’s first massive sale and a small step on its path in direction of more healthy merchandise.

Nestle, the world’s greatest packaged-food firm, has cited the unit’s weak place within the United States, the place it…

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Nestle is selling its US sweets and chocolate business to Ferrero Group for 2.7bn Swiss Francs ($2.8bn; £2bn).

The Swiss food giant said it was offloading brands such as Crunch, Nerds, Runts and Butterfinger to focus on other products.

Italy’s Ferrero, which makes Nutella spread, Tic Tac and Ferrero Rocher, will become…