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Ineos to cut hundreds of jobs as carmaker struggles with debts

about 13 hours ago
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The carmaker owned by the billionaire industrialist Jim Ratcliffe will make hundreds of job cuts across the company’s global workforce as his heavily indebted empire comes under increasing pressure.Ineos Automotive did not specify an exact number of losses from its 1,700-strong workforce, saying only that it would shed “several hundred” head office staff across multiple locations, including the UK and parts of Europe.The company owned by Ratcliffe, who also co-owns Manchester United, said the “strategic measures to structure its business” would help to simplify its head office and improve efficiency.The Guardian understands that the cuts are unlikely to affect the company’s automotive plant in Hambach, France, which is building the Ineos Grenadier, an off-road vehicle that pays homage to the discontinued Land Rover Defender.Ratcliffe has struggled to turn his vision into a profitable business after a string of problems at the French factory, which led the company to recall more than 7,000 of its Grenadier vehicles in the US over faulty doors.

Donald Trump’s decision to impose higher tariffs on imports of cars into the US, the Grenadier’s biggest market, has piled further pressure on the business.Ineos Automotive is part of a sprawling business empire focused on chemicals manufacturing.Last month Ineos closed two chemical factories in Germany and said it would cut a fifth of jobs at its East Yorkshire plant, blaming “sky-high” energy costs and “dirt-cheap” imports from China.The company has accused Europe of carrying out “industrial suicide” by imposing green policies that Ineos claims raise the cost of energy.The group is also scrambling to file anti-dumping cases to block the import of cheap chemicals products into the EU in an attempt to protect its core petrochemicals business from further financial strain.

But the company has already lost the confidence of credit rating agencies and debt investors.The Guardian revealed earlier this year that two leading credit ratings agencies had raised red flags over the Ineos Group, which could lead to its debt pile climbing to almost €12bn (£10bn) this year.Fitch Ratings and Moody’s, which provide financial health checks for most big companies, said in February that Ratcliffe’s chemicals business had racked up debts that were between five to six times larger than the company’s annual earnings.Its debts have since climbed to eight times their annual earnings, according to Fitch.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionRatcliffe, who has a net worth of £17bn, according to this year’s Sunday Times rich list, built Ineos by using debt to make strategic acquisitions in the chemicals industry, including a deal to buy an Antwerp chemicals facility from BP in 1998.

In recent years the prominent Brexit backer has expanded beyond the chemicals industry to invest in a string of sporting teams as well as the leather jacket maker Belstaff, and his automotive venture,In 2023 he took a minority stake in Manchester United, which has made a £300m loss over the past three years,Ratcliffe sold Belstaff in September to the sportswear group Castore,
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Polpa position: budget tinned tomatoes score well in Choice taste test

Consumer advocacy group Choice has taste-tested 18 brands of chopped and diced tomatoes, finding three cheaper cans outranked many more expensive brands.Four judges ranked tinned tomatoes from Australian supermarkets and retailers, assessing them on flavour, texture, appearance and aroma – with flavour accounting for the biggest percentage of overall scores.Italian brand Mutti’s Polpa Organic chopped tomatoes, costing $2.95 for a 400g tin, was awarded the highest score of 80%. It was the most expensive product tested, described by judge Fiona Mair (who also judges at the Sydney Royal Fine Food Show) as having “an earthy fresh tomato aroma, really rich juice and flesh”

1 day ago
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Three plant-based chocolate mousse recipes by Philip Khoury

Mousse au chocolat is one of the most exquisite ways to enjoy chocolate – so here are three recipes that offer it in different textures and levels of chocolate intensity. Each one works beautifully with dark chocolate containing 65-80% cocoa solids. Blends with no specific origin can be further rounded out with one teaspoon of vanilla paste or the seeds from a vanilla bean.Once the mousses have been prepared, they can be frozen and gently defrosted in the refrigerator. Top with chocolate shavings, cocoa nibs or a dusting of unsweetened cocoa powder for texture and contrast

1 day ago
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Don’t pour that olive brine down the drain – it’s a flavour bomb | Waste not

When I taste-tested olives for the food filter column a few months ago, it reminded me that the brine is an ingredient in its own right. This intensely savoury liquid adds umami depth to whatever it touches, and, beyond seasoning soups and stews, it can also be used to make salamoia, the aromatic brine that’s traditionally used to top focaccia and create that perfect salty crust.Pouring olive brine down the sink is like washing pure flavour down the drain. Instead, save it to supercharge your focaccia, creating a beautifully flavoured, salted crust that elevates an ordinary loaf into something extraordinary. While I’m partial to rosemary and olives as toppings, this focaccia delivers heaps of flavour even when kept completely plain and simple

1 day ago
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Jelly’s back! Here are three worth making – and three that should wobble off to the bin

Jelly has a dowdy reputation, but it may well be the perfect food for the Instagram age: when it works, it’s incredibly photogenic, so who cares what it tastes like?There can be no other explanation for recent claims that savoury jellies – the most lurid and off-putting of dishes, reminiscent of the worst culinary efforts of the 1950s – are suddenly fashionable. This resurgence comes, according to the New York Times, “at a time when chefs are feeling pressure to produce viral visuals and molecular gastronomy is old hat”.The notion that jelly is having a moment is actually a perennial threat: this time last year it was reported that supermarket jelly cube sales were rising sharply, while vintage jelly moulds were experiencing a five-fold increase in online sales. And it was 15 years ago that the high-end “jellymongers” Bompas & Parr – known for their elaborate architectural creations – first published their book on the subject.People who are sceptical about jelly are often put off by its origins

2 days ago
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Australian supermarket wheat crackers taste test: ‘All the reviewers knew which one was the real deal’

Nicholas Jordan risks it for the biscuits, sampling 19 wheat crackers in the driest taste test yetIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI’ve been wanting to write this article for over a year but I’ve been too intimidated and confused to start. There are several hundred supermarket products that could be called a cracker. Imagine a taste test with 100 versions of the same thing. Do I have the stomach space or mental bandwidth to process that much? Otherwise, how do I decide what’s in or out? Even if I did, how do I rule what is a cracker or not? How do you determine the criteria for tasting something rarely eaten on its own? Do you rate the crackers for deliciousness or compatibility? Are those two things even that different?Then there’s the anxiety of spending several days agonising over all that, and conducting a taste test only to arrive at the conclusion that Jatz are great. Do people want to read an article about why Sir Donald Bradman is better than whoever the second-best-ever cricketer is?Instead of answering all those questions, I could just have a lovely afternoon making my way through 17 kinds of chocolate or many iced coffees

3 days ago
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Same sheet, different dish: how to use up excess lasagne sheets

I’ve accidentally bought too many boxes of dried lasagne sheets. How can I use them up? Jemma, by email This is sounding all too familiar to Jordon Ezra King, the man behind the A Curious Cook newsletter. “It’s funny Jemma asks this,” he says, “because I was in this exact same situation earlier this year after over-catering for a client dinner.” The first thing to say is there’s no immediate rush, he adds: “It sounds obvious, but you can keep the boxes for a long time.” Fortunately for Jemma and her shopping mishap, however, lasagne sheets are also flexible, and their shape doesn’t have to dictate what you do with them

3 days ago
sportSee all
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Scott Barrett fit to return and captain All Blacks against England at Twickenham

about 12 hours ago
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‘No progress’: county cricket clubs criticised for continued lack of diversity

about 14 hours ago
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Ashes injury scare for England with Mark Wood in hospital for scan on hamstring

about 15 hours ago
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England reveal Ashes blueprint only for Mark Wood injury scare to threaten ripping it up

about 18 hours ago
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Cameron Green stakes Ashes claim with strong all-round showing in Sheffield Shield

about 18 hours ago
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Rugby World Cup ‘heartbreak’ but then ‘a cool feeling’: New Zealand duo Liana Mikaele-Tu’u and Layla Sae’s rollercoaster ride

about 21 hours ago