Offshore: 1,650 workers to strike in sector’s biggest walkout – following Shell and BP’s £11.7bn profits May 23, 2023 Around 1,650 North Sea offshore contractors will begin two new rounds of 48-hour strike action in what a trade union said is the biggest walkout in the sector so far. The workers are striking in an increasingly bitter dispute over jobs, pay and conditions in the offshore sector, Unite said. The union says BP and Shell recorded [...]
Markets: Three things we learned this week May 5, 2023 This week the markets had a lot to digest, bumper energy profits, the tail end of the banking sector’s latest round of results, and a rate rise from the Federal Reserve. There was also some positive house price data, which gave the FTSE 100 a spring in its step. With Coronation weekend looming we take [...]
FTSE 100 close: London index slips despite Shell rising after posting £7.6bn profit May 4, 2023 London’s FTSE 100 tumbled today despite investors piling into Shell after it launched a fresh buyback funded from its huge first quarter profits. The capital’s premier index fell 1.04 per cent to 7,707.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 0.62 per [...]
Windfall windbags: Labour calls for tougher tax after BP profits May 3, 2023 Windfall tax-backing politicians were described as “completely out of ideas” after calling for the levy to be toughened up.
BP and the ‘profits of war?’ Could falling energy prices end the battle for a tougher windfall tax May 2, 2023 As Labour ramps up calls for a tougher windfall tax, it would be easy to miss that BP's shares are down five per cent on the FTSE 100.
BP profits the “unearned windfalls of war” say Labour as windfall tax row heats up May 2, 2023 "Pearl-clutching" begins with Labour and Lib Dems plotting moves to toughen up windfall tax - despite BP paying a further £520m already
BP unveils further bumper profits as oil and gas price hikes continue to fuel energy giant’s earnings May 2, 2023 BP has unveiled its second-highest first-quarter profit in more than a decade, posting healthy earnings over its first three months of trading.
Results from BP and Shell mean one thing: more political grandstanding May 2, 2023 Oil majors will update the market this week, allowing us to add a third idiom to a list includes something about bears defecating in forested areas and the Pope remaining unimpressed with Lutherian teaching: when BP and Shell report bumper profits, politicians are going to get involved. As we report today, most expect healthy numbers [...]
Recession knife-edge: Consumer spending on credit at £1.3bn as house prices continue to slide May 2, 2023 Britain’s better than expected economic performance since the turn of the year is poised to have lured consumers into splashing the cash on their credit cards, new numbers out this week are tipped to show. Families are tipped by markets to have borrowed £1.3bn in March, which would signal spending in the UK is holding [...]
BP and Shell ready for share price bump as analysts predict super-sized profits April 30, 2023 Oil giant BP is expected to report its second-highest first-quarter profit in more than a decade next week, despite a dip from last year’s massive spike. Analysts expect the company to report that underlying replacement cost profit – the way the company prefers to measure its earnings – reached 4.27 billion dollars (£3.4 billion) in [...]