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Four arrested in Serious Fraud Office probe into firms delivering home insulation contracts

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SFO appeals for information on firms in West Midlands, Sheffield and Hampshire

A sign for the Serious Fraud Office

The investigation is being carried out by by the Serious Fraud Office

Four people have been arrested in connection with a Serious Fraud Office investigation into companies delivering government energy efficiency contracts.

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The Serious Fraud Office (SFO) has launched a public appeal and searched six sites across the UK as it announced a new investigation into three companies delivering Energy Company Obligation 4 (ECO4) contracts.

It is appealing for information on Cannock-based Warmfront, Sheffield-based JJ Crump, and Fareham-based South Coast Insulation Services in connection with ECO4 projects – a government energy efficiency scheme designed to tackle fuel poverty and help reduce carbon emissions – between 2022 and 2024.

The SFO said it understood that Warmfront was sold in 2024 and now trades under new management not connected to the investigation.

The investigation followed allegations that the three companies were involved in a “sophisticated conspiracy” by submitting claims where “little or no work was undertaken”.

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It was suspected that energy companies were defrauded of at least £44 million in this way, the SFO said.

A UK-wide operation involving the SFO and the National Crime Agency resulted in investigators arresting four people on suspicion of conspiracy to defraud following searches of four homes in Cannock, Wolverhampton, Chilworth and Southwell and two commercial sites at Cannock and Killamarsh.

The SFO appealed to members of the public who had any information or had witnessed anything concerning to contact it in confidence by email at confidential@sfo.gov.uk.

SFO director Graham McNulty said: “This scheme was designed to reduce carbon emissions, help households cut costs and stay warm – instead, in many cases, we suspect little or no work was done.

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“We are particularly keen to hear from installers and assessors who worked on these contracts and know what really happened.

“Our door is open, and coming forward is the right thing to do.”

Solicitor General Ellie Reeves said: “This scheme was meant to tackle fuel poverty and improve people’s homes.

“Instead, the Serious Fraud Office is investigating claims £44 million in public money was paid to companies that allegedly did little more than submit false invoices for work they failed to carry out.

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“I am sickened by those who want to profit off the back of a scheme designed to help vulnerable people, and I’m confident the SFO’s investigation into allegations of substantial fraud will deliver the answers victims and the public deserve.”

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Trump administration in advanced talks for Spirit Airlines rescue

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Trump administration in advanced talks for Spirit Airlines rescue

The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.

The iconic discounter Spirit has been challenged for years by rising costs, changing consumer tastes, an engine recall and a court-blocked plan to be acquired by JetBlue Airways two years ago.

“Spirit Airlines would be on a much firmer financial footing had the Biden administration not recklessly blocked the airline’s merger with JetBlue,” White House spokesman Kush Desai said in a statement to CNBC. “The Trump administration continues to monitor the situation and overall health of the U.S. aviation industry that millions of Americans rely on every day for essential travel and their livelihoods.”

Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.

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President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.” 

The terms of the talks weren’t immediately clear and a deal could still fall apart. The Wall Street Journal earlier reported that the talks were in an advanced stage.

“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”

The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.

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Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.

The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.

In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.

But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.

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As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.

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All eyes on Raymond James earnings amid peer outperformance

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All eyes on Raymond James earnings amid peer outperformance

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How Travel Shapes Education and Business Growth

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Skiing

Ski trips are usually seen as a break, but that’s not really how they play out. Across both education and business, they tend to take on a different role once you’re actually there.

Whether it’s students on school ski trips in a new environment or teams spending time together outside the office, things don’t work the same way as they usually do. It’s a different kind of experience from what happens in a classroom or a structured work setting.

This guide explores how ski trips are being used in practice, from student development to corporate travel, and why they are increasingly seen as part of long-term growth.

Understanding Why Ski Trips Go Beyond Recreation

Ski trips are often seen as a break from routine, but they are usually shaped by timing rather than choice. School terms and work schedules mean people travel when they can, not when conditions are ideal.

That carries into the experience. Plans shift, conditions change, and unfamiliar surroundings require constant adjustment. Even simple things, like getting around or coordinating with others, become part of the day.

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In more structured environments, there is usually a clear plan. On a ski trip, that structure is less defined. Decisions are made more quickly, often without complete information.

The experience is shaped less by the skiing and more by how people manage everything around it.

How School Ski Trips Support Student Development

School trips have always been part of education, but settings like school ski trips tend to change how students move through the experience. Being away from their usual environment shifts expectations. Things feel less structured, and not everything runs to plan.

You start to see it in how students go about the day. They manage their own time, keep track of their things, and make small decisions without much guidance. It’s not always smooth, especially at the start.

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Outside the classroom, things shift as well. Students spend more time together in shared spaces, and that changes how they interact. Some take on more responsibility, while others step into roles they wouldn’t usually take on in school. This is often why settings like business trips for schools feel different from the usual environment.

Learning to ski is part of that. Progress isn’t always steady, and mistakes are just part of it. For some, it means sticking with it even when things don’t go right, instead of stepping away.

Key Skills That Carry Into Education and the Workplace

What develops during these trips doesn’t stay limited to the setting itself. The situations students face tend to carry into how they approach other environments.

This often shows up in a few areas:

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  • People end up making decisions on the spot, especially when things aren’t fully planned
  • Conversations are more direct when everyone’s figuring things out together
  • There isn’t always a clear structure, so people just manage their time and responsibilities as they go
  • Progress can be slow at first, so sticking with it matters more than getting it right immediately

These patterns don’t always stand out during the trip itself, but they tend to carry forward into more structured environments over time.

Why Businesses Are Investing in Corporate Ski Trips

Business travel still includes meetings and conferences, but that’s not always what defines the trip anymore. A lot of what happens around it ends up shaping the experience.

In that context, formats like corporate ski trips are becoming more common. They offer something different from structured programmes, not by design alone, but by nature of the environment itself.

Rather than being treated as one-off incentive, these trips are increasingly seen as part of a wider approach to engagement, where the setting plays a role in how teams spend time together.

How Travel Connects Education to the Workplace

The link between education and the workplace is not always direct. What is taught in structured settings does not always reflect how situations unfold in practice.

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Experiences outside the classroom begin to narrow that gap. Programmes such as business trips for schools place students in environments that feel closer to real-world settings, where expectations are less defined and outcomes are not always predictable.

That exposure changes how learning is applied. Students move from following instructions to navigating situations more independently, often with less guidance than they are used to.

The gap between education and industry is starting to narrow. It’s not just about formal learning anymore, experience is part of how skills develop.

Travel as a Long-Term Investment in Development

Travel is not always approached as part of development, but its impact tends to build over time. Experiences outside routine often shape how individuals respond to unfamiliar situations later on.

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You don’t really notice it at the time. It’s more something that shows up later, like in how people deal with things when plans change or when something doesn’t go the way they expected.

There’s also a shift in how travel is viewed. It’s less about stepping away and more about what carries forward afterwards.

In that sense, travel is no longer just an addition. It has started to sit alongside more traditional approaches, offering a different way of preparing individuals for what comes next.

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How will car finance compensation payments work?

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How will car loan compensation payments work?

Millions could be entitled to compensation as a result of commission arrangements between lenders and dealers.

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3D Systems: Aerospace And Defense Narrative Isn't Compelling

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3D Systems: Aerospace And Defense Narrative Isn't Compelling

3D Systems: Aerospace And Defense Narrative Isn't Compelling

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Iluka’s Eneabba build spend nears $1b

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Iluka’s Eneabba build spend nears $1b

Iluka Resources says the conflict in the Middle East has accelerated electrification efforts, as its capital expenditure on its under-construction Eneabba rare earths refinery nears $1 billion.

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Evolution AB (publ) (EVVTY) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Evolution AB (publ) (EVVTY) Q1 2026 Earnings Call April 22, 2026 3:00 AM EDT

Company Participants

Martin Carlesund – Group Chief Executive Officer
Joakim Andersson – Chief Financial Officer

Conference Call Participants

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Pravin Gondhale – Barclays Bank PLC, Research Division
Georg Attling – Pareto Securities AS, Research Division
Nikola Kalanoski – ABG Sundal Collier Holding ASA, Research Division
Benjamin Shelley – UBS Investment Bank, Research Division
Martin Arnell – DNB Carnegie, Research Division
Edward Young – Morgan Stanley, Research Division
Karan Puri – JPMorgan Chase & Co, Research Division
Andrew Tam – Rothschild & Co Redburn, Research Division
Rasmus Engberg – Kepler Cheuvreux, Research Division
James Bass – Citigroup Inc., Research Division

Presentation

Operator

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Welcome to Evolution Q1 Report 2026 Presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Martin Carlesund; and CFO, Joakim Andersson. Please go ahead.

Martin Carlesund
Group Chief Executive Officer

Good morning, everyone. Welcome to the presentation of interim report for the first quarter of 2026. My name is Martin Carlesund, and I’m the CEO of Evolution. With me, I have our CFO, Joakim Andersson. As always, I will start with some comments on our performance and then hand over to Joakim for a closer look at our financials. After that, I will conclude an outlook, and then we will open up for your questions. Next slide, please.

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So let’s start with the financial and operational highlights in the quarter. Net revenues were EUR 513 million, corresponding to a year-on-year decline of 1.5%. EBITDA came in at EUR 335.3 million, corresponding to a margin of 65.4%. The regional development was somewhat mixed in the quarter. Europe is not performing well at the moment, whereas LatAm is having a great momentum. North America continues its steady growth at a slightly higher pace than in Q4. In Asia, we made some further progress on combating cybercrime.

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Life sciences lab real estate is rebounding from disaster

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Life sciences lab real estate is rebounding from disaster

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Best Buy names insider Jason Bonfig CEO as Corie Barry plans exit

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Best Buy names insider Jason Bonfig CEO as Corie Barry plans exit

Best Buy announced on Wednesday that it is promoting a longtime executive to chief executive as the consumer electronics retailer navigates shifting demand and intensifying competition across the retail sector.

The company said that Jason Bonfig — currently its chief customer, product and fulfillment officer — will become CEO on Oct. 31, succeeding Corie Barry, who plans to step down after seven years in the role. Bonfig will become just the sixth CEO in Best Buy’s roughly 60-year history.

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The leadership transition comes as Best Buy and its peers face pressure from e-commerce competitors, changing consumer spending patterns and the need to expand beyond traditional hardware sales into higher-margin businesses.

CALIFORNIA ACCUSES AMAZON OF PUSHING RIVALS TO RAISE PRICES

Corie Barry (L) and Jason Bonfig.

Best Buy CEO Corie Barry (L) and incoming CEO Jason Bonfig. (Best Buy)

Bonfig, a 25-year company veteran, has overseen key areas including merchandising, e-commerce, marketing and supply chain – functions central to the retailer’s performance.

APPLE CEO TIM COOK TO STEP DOWN IN MAJOR LEADERSHIP SHAKEUP, SUCCESSOR NAMED

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A PlayStation 5 inside a box.

A worker holds a PlayStation 5 at a Best Buy store during Black Friday sales in Chicago, Illinois, on Nov. 25, 2022. (Jim Vondruska/Reuters)

He has also helped drive initiatives aimed at boosting profitability, including the expansion of Best Buy Ads, the company’s retail media network, and the launch of an online marketplace in the U.S., both viewed as core to its long-term growth strategy.

“As a Board, we are confident that Jason is the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders,” Best Buy board Chair David Kenny said in a statement. 

NETFLIX CO-FOUNDER REED HASTINGS TO STEP DOWN, DEPARTURE IS ‘SPOOKING INVESTORS’

Barry, who became the company’s first female CEO in 2019, led Best Buy through pandemic-era demand surges, supply chain challenges and shifting consumer behavior. During her tenure, the company expanded its focus on services, subscriptions and omnichannel retail.

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Ticker Security Last Change Change %
BBY BEST BUY CO. INC. 63.85 -2.74 -4.11%

Barry will remain in an advisory role for six months following the transition, signaling a structured leadership handoff.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Best Buy reported nearly $41.7 billion in revenue in fiscal 2026 and operates more than 1,000 stores across North America.

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Traders place $430 million bet on lower oil price before Trump ceasefire extension

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Traders place $430 million bet on lower oil price before Trump ceasefire extension


Traders place $430 million bet on lower oil price before Trump ceasefire extension

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