6:27 am, May 12, 2026
E.On to buy rival Ovo to create UK energy supply giant
German energy firm E.On has agreed to buy rival Ovo in a deal which would create Britain’s largest supplier.
The combined business will serve about 9.6m customers, surpassing current top supplier Octopus.
The firms did not disclose the value of the deal, although previous reports indicated that it could be as much as £600m. The takeover is subject to regulatory hurdles, including potential scrutiny from the UK’s competition watchdog, and is expected to complete in the second half of 2026.
British Steel set to be nationalised as government mulls future for Scunthorpe
British Steel is set to return to public ownership as Sir Keir Starmer announced new laws he said will give the government ‘options’ to protect the industry and Scunthorpe workers.
New powers could be used to nationalise British Steel, 38 years since the firm was first sold off.
It comes a year after the government used emergency powers to take control of the firm and continue production at the site in Scunthorpe after its owner, Chinese firm Jingye, proposed to close the two blast furnaces. It has since been in discussions with Jingye but said it could not agree a commercial sale, and that it did not think a deal could be reached that would deliver sufficient value to taxpayers.
Lamborghini reveals its most powerful drop-top with the Fenomeno Roadster
Lamborghini has revealed the ultimate wind-in-the-hair experience with the Fenomeno Roadster.
The Fenomeno Roadster will be limited to just 15 examples worldwide and will feature a two-seater layout and the company’s new V12 hybrid – which features a 6.5-litre engine mated to three electric motors – setup.
The Roadster’s body is made up of a carbon fibre monocoque and its front structure is made from Forged Composite which makes the chassis more rigid and reduces weight. Unlike the coupe variant, the Roadster features a spoiler mounted on the windscreen to help direct air over the cockpit and down to the engine bay, while the front end incorporates wide air intakes and hexagonal design elements.
The markets
Stocks ended Monday mixed in London while oil prices pushed higher as investors weighed political developments in the UK and the lack of progress in peace talks between the US and Iran.
The FTSE 100 closed up 36.36 points, 0.4%, at 10,269.43. The FTSE 250 ended down 41.52 points, 0.2%, at 22,807.86, and the AIM All-Share rose 7.98 points, 1.0%, at 822.41.
The pound firmed to 1.3651 US dollars on Monday afternoon from 1.3623 dollars on Friday. Against the euro, sterling was higher at 1.1584 euros from 1.1568 euros on Friday.
Starmer leadership in peril as ‘Cabinet ministers tell him to consider position’
Sir Keir Starmer faces the biggest leadership crisis of his premiership as Cabinet ministers including the Home Secretary reportedly urged him to consider his position and government aides quit their posts.
Shabana Mahmood is said to have privately called for an orderly transition of power on Monday night as 75 out of Labour’s 403 MPs demanded the prime minister stand down after the party’s electoral mauling last week.
Four government aides quit their posts citing a loss of confidence in his leadership while others warned his authority was collapsing and called for him to set out a timetable for his departure from No 10.
Transatlantic talks on Strait of Hormuz ahead of summit on defensive mission
Efforts to reopen the Strait of Hormuz have been the focus of talks between US secretary of state Marco Rubio and UK foreign secretary Yvette Cooper.
The pair discussed the ongoing Iran crisis as Britain and France prepared to co-host a meeting of 40 defence ministers on Tuesday about plans to protect shipping in the critical waterway once hostilities cease in the conflict.
John Healey and his French counterpart Catherine Vautrin will co-chair the session, where the coalition partners are expected to outline the military contributions they can make to the defensive mission to safeguard the strait in future.
Monday on Car Dealer
Used cars see strongest month-on-month price growth since 2021 – Autotrader
The used car market strengthened in April with prices rising 1.8% month on month – the fastest monthly increase since November 2021.
Dealer group Arnold Clark expands business by opening first car dealership in Wales
Arnold Clark has expanded into Wales with a new dealership in Cardiff.
FCA prepares lenders for ‘no scheme’ scenario in motor finance compensation row
The Financial Conduct Authority (FCA) is urging motor finance lenders to continue preparing for its proposed redress scheme despite legal challenges that could delay compensation payouts until at least late 2026.
Stellantis and Leapmotor make plans to start production of cars in Europe
Stellantis and Leapmotor have revealed they plan to begin car manufacturing in Europe, including a new model jointly designed by the car makers, furthering its partnership.
Weather
Cloud and patchy rain will spread southwards today, while northern areas enjoy sunny spells before blustery showers develop in the northwest. Conditions will stay breezy and cool nationwide, reports BBC Weather.
Overnight, heavy showers and strong winds push into western regions, with scattered rain reaching eastern Britain, while the far south stays mostly dry.
