Petrofac books $78m loss and cuts dividend on back of oil price crash August 11, 2020 Oil services group Petrofac posted a $78m (£59.6m) loss in the first half of 2020 and said it would not pay its dividend due to the decline in oil prices caused by the coronavirus pandemic. The FTSE 250 firm also announced plans to become net zero in scope one and two emissions – those used [...]
Heathrow calls for airport testing as passenger numbers drop 88 per cent August 11, 2020 Around 88 per cent fewer people travelled through Heathrow Airport in July compared with last year as the coronavirus pandemic continued to strangle air travel. In total, over 860,000 people used the airport last month, a slight uplift from the 350,000 who did so in June, which Heathrow said was down to the government’s “travel [...]
Activist investor Everest prevails in Petropavlovsk board battle August 10, 2020 Investor Everest Alliance has prevailed in a bitter boardroom showdown with Petropavlovsk as shareholders elected not to reappoint former chief executive Pavel Mavlovskiy. Shares plummeted on the back of the results, falling 8.7 per cent in the immediate aftermath of the meeting. Along with six other directors, Mavlovskiy was voted out at the firm’s previous [...]
Boris Johnson ‘deeply concerned’ by Jimmy Lai arrest August 10, 2020 The government has accused China of using its new security law to “silence opposition” in Hong Kong after media tycoon Jimmy Lai was arrested today. Lai, 71, is one of the most prominent democracy activists in the Chinese-ruled city and an ardent critic of Beijing. He has become the most high-profile victim of a Beijing-backed [...]
Equinor picks new chief executive as oil giant prepares for green pivot August 10, 2020 Norwegian oil giant Equinor has today announced a new chief executive as it seeks to accelerate the transition to becoming a renewable energy focused business. Company insider Anders Opedal, executive vice president for technology, projects and drilling, will replace Elder Saetre, a 40-year veteran of the company, in November. The appointment comes at a time [...]
Capita extends £355m deal to manage congestion charge August 10, 2020 Outsourcing giant Capita today announced that it had extended three contracts with Transport for London (TfL) in a deal worth £355m. Under the contracts, Capita will continue to run London’s Congestion Charge, Low Emission Zone (LEZ) and Ultra Low Emission Zone (ULEZ) until October 2026. Shares in the firm rose three per cent this morning [...]
Bus operators welcome new £220m government package August 10, 2020 The UK’s transport operators have welcomed the government’s announcement of hefty new funding to keep bus services running while passenger numbers remain low due to coronavirus. Over the weekend, the Department for Transport (DfT) unveiled £218.4m in additional cash for embattled bus operators, taking the total funding for the sector to over £700m. That money [...]
Saudi Aramco profit collapses but oil giant retains $75bn dividend August 10, 2020 State oil giant Saudi Aramco saw profit collapse nearly 75 per cent in the second quarter as the coronavirus pandemic decimated oil prices around the world. In the three month period, profit fell to 24.6bn riyals (£5bn), down 73 per cent from 92.6bn riyals the year before. The figure was lower than that forecast by [...]
Government mulls scrapping of daily coronavirus death toll August 10, 2020 The government is considering scrapping the UK’s daily coronavirus death toll after an investigation into how the figure is tallied by Public Health England (PHE). The Telegraph reported that the findings of the investigation were expected to be reported this week, with future options including shifting to a weekly death toll. The probe was launched [...]
Superdry secures new lending facility as coronavirus hits revenue August 10, 2020 Superdry has secured a new financing arrangement with its lenders as the designer clothing brand seeks to shore up its financial position amid ongoing disruption from the coronavirus pandemic. In a trading update, the firm said it had agreed a new £70m asset backed lending facility with HSBC and BNPP, extending the term until January [...]
