De Beers ends difficult 2019 with sales rise December 18, 2019 Anglo American-owned diamond specialists De Beers said that the value of rough diamond sales rose to $425m (£324.5m) in the tenth cycle of 2019. The sales marked a $25m improvement on cycle nine in November, which in turn had the highest levels since June. Read more: De Beers diamond sales improve despite market challenges However, [...]
Shell paid no corporate income tax in the UK in 2018 December 18, 2019 Oil supermajor Royal Dutch Shell has revealed that it paid no corporate income tax in the UK in 2018, despite earning $731m (£557m) in profit. Instead, the Anglo-Dutch giant took nearly $115m in tax rebates related to the decommissioning of North Sea oil platforms. Read more: Mitsubishi beats Shell to purchase of Dutch energy supplier [...]
Brydon review finds UK audit industry in need of ‘urgent reform’ December 18, 2019 The UK’s audit industry is in need of “urgent reform”, according to the findings of a year-long review into the sector. The review, which was led by Sir Donald Brydon, a former chair of the London Stock Exchange Group, calls for the creation of “a standalone and transparent audit profession” split off from the accounting [...]
Shipping sector proposes $5bn fund to cut emissions December 18, 2019 The global shipping industry will this morning submit a proposal to form a $5bn research and development fund for decarbonising the industry. Shipping currently accounts for two per cent of all global emissions. Read more: Global banks are leading the charge to decarbonise shipping The fund, which will operate over a ten-year period, is designed [...]
Ofcom to ban firms from selling ‘locked’ mobile phones December 17, 2019 Communications regulator Ofcom has proposed a new set of plans which would prevent phone companies from selling ‘locked’ handsets. BT/EE, Tesco Mobile and Vodafone still sell mobile phones that cannot be used on other networks without being unlocked first, which can cost £10. Read more: MPs say hands-free phones should be banned while driving The [...]
Persimmon slammed for poor culture after customer complaints December 17, 2019 An independent review into Persimmon’s culture and building practices has criticised the UK’s largest housebuilder over issues such as “excessive” renumeration and the lack of a group build policy. The report, which was led by Stephanie Barwise QC of law firm Atkin Chambers, concluded: Read more: Persimmon blames sales drop on customer satisfaction drive “Persimmon’s [...]
Petrofac shares drop as order book shrinks December 17, 2019 Petrofac shares fell over six and a half per cent today after the oilfield services company’s order book continued to shrink. New orders to date for the firm total $3bn (£2.3bn), down from nearly $5bn at the same time last year. Read more: Petrofac warns revenues will shrink after SFO prove hinders new work The [...]
Petra Diamonds appoints new chairman as founder steps down December 17, 2019 Petra, one of the world’s largest diamond miners, has appointed Peter Hill as its next chairman, succeeding the group’s founder Adonis Pouroulis. Hill, a mining engineer by trade, is currently non-executive chairman of geotechnical contractor Keller Group and building products firm Volution. Read more: Diamond in the rough: Petra sells blue gem for £14.9m Between [...]
Person dies after being hit by train at Harringay station December 17, 2019 A person has died after being hit by a train at Harringay station in north London this morning. In a statement, British Transport Police confirmed that officers were called to the station shortly before 11.50 this morning following reports of a casualty on the tracks. Paramedics were also in attendance, but the person was pronounced [...]
Oil prices near three month highs on trade deal optimism December 17, 2019 Oil prices neared their highest levels for three months today as the apparent stabilisation in the world economy continued. The combination of Opec+ cuts, a trade deal between the US and China, and a slowdown in US shale production sent Brent crude over $65 a barrel, while West Texas Intermediate hit $60.22. Read more: Opec [...]
