Just one in ten energy suppliers have made net-zero plans November 12, 2019 Only 10 per cent of the world’s biggest energy suppliers have made a dated commitment to reduce greenhouse gas emissions to net-zero. According to research published this morning, 13 out of the largest 132 coal, electricity, and oil and gas companies have set a date by which they have pledged to be carbon-neutral. Read more: [...]
Hero’s green energy arm relocates to London after $150m investment November 11, 2019 Hero Future Energies (HFE), the renewable energy subsidiary of India’s Hero MotoCorp, has today announced $150m (£116.5m) in investment to expand its project portfolio. The company also announced that they had relocated their global headquarters to London, citing its status as the leading centre for international finance and ambitions in renewables as the chief reasons. [...]
Construction sector swings back to growth in third quarter November 11, 2019 Britain’s construction sector dodged a recession and swung back to growth in the third quarter, despite a slight dip last month. Construction output increased 0.6 per cent, or £253m in the three months to September, from months of turmoil caused in part by Brexit uncertainty. It follows a decrease of 1.2 per cent in the [...]
Opec unlikely to increase oil production cuts in December November 11, 2019 Opec and its oil-producing allies are unlikely to approve further cuts to production when they meet in December, according to Oman’s energy minister Mohammed bin Hamad al-Rumhy. Speaking at a press conference in Abu Dhabi this morning, al Rumhy said that he expected the producers’ current deal to limit supply would probably be extended: Read [...]
FTSE 100 slumps on UK credit rating downgrade as Hong Kong violence hits Asian stocks November 11, 2019 The FTSE 100 index slumped this morning after Moody’s downgraded its outlook on the UK’s credit rating, while global stocks took a hit on continued uncertainty over US and China trade talks and escalating violence in Hong Kong. The FTSE 100 fell as much as 1.19 per cent this morning to 7,271.5 points. London’s blue-chip [...]
Sterling jumps as Nigel Farage says Brexit party will not fight Conservatives in key seats November 11, 2019 Sterling has jumped against the dollar and euro after Brexit Party leader Nigel Farage said he will not fight the Conservatives in the 317 seats it won in 2017, giving a big boost to Prime Minister Boris Johnson. Read more: Brexit Party will not contest 317 Conservative-held seats at General Election Traders were heartened by [...]
Four charts that explain the UK economy’s latest slowdown November 11, 2019 Annual growth in the UK economy fell to its slowest pace in nine years in the third quarter, data showed today, although the country avoided slipping into a recession. Read more: UK avoids recession but annual growth hits slowest pace in a decade “This slowdown follows not only Brexit uncertainty at home, but a weaker [...]
Chevron latest US major to quit North Sea with $2bn asset sale November 11, 2019 Chevron has become the latest oil major to quit the North Sea, today announcing it had sold its entire oil and gas portfolio to Israeli-owned Ithaca Energy. The deal, which is worth $2bn, will see Ithaca add Chevron’s 10 producing fields to its existing portfolio, giving it a total of 18 field interests. Read more: [...]
UK avoids recession but annual growth slowest in almost a decade November 11, 2019 The UK economy avoided falling into recession in the third quarter of the year, official figures have shown today, but annual growth slipped to its slowest pace in nine years. A pick up in the giant services sector and a return to growth in construction boosted the economy, but the malaise in manufacturing continued with [...]
Sirius Minerals seeks $600m in investment for flagship project November 11, 2019 Sirius Minerals have released revised plans for financing its North Yorkshire potash mine, the largest project of its type in the world. After placing the project under review in September, the London-listed group said that it was seeking $600m (£468.9m) in funding from investors for the project. Read more: Sirius boss buys shares after project [...]