2,000 Jobs Hang in Balance as Petrofac Faces Financial Crisis; Greencore-Bakkavor Deal in Jeopardy

UK Today Breaking News : The Crown Estate has acquired a major Oxfordshire site for a £4.5 billion life sciences project, part of a wider £10 billion investment package to stimulate growth.

Petrofac’s Financial Crisis: Oilfield services provider Petrofac is reportedly lining up administrator Teneo, potentially triggering a loss of over 2,000 jobs in Scotland. The company’s board, chaired by former Anglo American finance director Rene Medori, is holding emergency talks. Petrofac’s financial struggles stem from rising costs and delayed payments, reflecting broader challenges in the oilfield services sector.

Greencore-Bakkavor Deal: Although there’s no update on the Greencore-Bakkavor deal in the search results, UK business news is currently focused on various sectoral developments.

UK Economic Update: The UK’s private sector showed steady momentum in October, with the composite output index rising to 51.1 from 50.1 in the previous month. The International Monetary Fund (IMF) has upgraded the UK’s 2026 growth forecast to 1.3%, supporting the British Pound’s recovery.

Market Trends:

Asian shares have jumped due to US-China trade optimism.

European stock markets are mixed, with the FTSE 100 rising 0.3% to 9,434.59.

The pound has cut losses and is trading at $1.3315, up 0.08% on the day.

Other Business News:

Jaguar Land Rover recently suffered a significant cyberattack, considered one of the most damaging in British history.

UK manufacturers are investing at their slowest pace since 2017, according to a Make UK report, highlighting the need for streamlined tax incentives.

Global Market Update: Asian Shares Jump on US-China Trade Optimism

The Asian markets opened with a positive note on Monday, October 27, 2025, as investors reacted to the latest developments in the US-China trade negotiations. The optimism surrounding a potential trade deal between the two economic giants boosted investor sentiment, driving shares higher.

In Asia, Japan’s Nikkei 225 index rose by 1.2% to 38,520.15, while China’s Shanghai Composite Index gained 0.8% to 3,254.81. The Hang Seng Index in Hong Kong climbed 1.5% to 17,221.94.

Petrofac’s Financial Crisis

In company news, oilfield services provider Petrofac is reportedly preparing to enter administration, putting over 2,000 jobs at risk in Scotland. The company’s board, chaired by former Anglo American finance director Rene Medori, is holding emergency talks with lenders. Petrofac’s financial struggles stem from rising costs and delayed payments, reflecting broader challenges in the oilfield services sector.

Greencore-Bakkavor Deal

Although there’s no update on the Greencore-Bakkavor deal, UK business news is currently focused on various sectoral developments. The UK’s private sector showed steady momentum in October, with the composite output index rising to 51.1 from 50.1 in the previous month.

UK Economic Update

The International Monetary Fund (IMF) has upgraded the UK’s 2026 growth forecast to 1.3%, supporting the British Pound’s recovery. The UK’s manufacturing sector is expected to play a crucial role in the country’s economic growth, with investors eyeing potential opportunities in the sector.

Market Trends

• European Stocks: European stock markets are mixed, with the FTSE 100 rising 0.3% to 9,434.59.
• Currency: The pound has cut losses and is trading at $1.3315, up 0.08% on the day.
• Oil Prices: Oil prices are stable, with Brent crude trading at $59.20 per barrel.

Top Stories

• Jaguar Land Rover Cyberattack: Jaguar Land Rover recently suffered a significant cyberattack, considered one of the most damaging in British history.
• UK Manufacturers’ Investment: UK manufacturers are investing at their slowest pace since 2017, according to a Make UK report, highlighting the need for streamlined tax incentives.
• Crown Estate Investment: The Crown Estate has acquired a major Oxfordshire site for a £4.5 billion life sciences project, part of a wider £10 billion investment package to stimulate growth [3].

In conclusion, the global economy is showing signs of recovery, driven by optimism surrounding US-China trade talks and steady growth in the UK’s private sector. However, challenges persist, including Petrofac’s financial crisis and the slow pace of investment in UK manufacturing. As investors navigate these developments, they will be watching for further updates on trade negotiations and economic indicators.