Saudi Aramco IPO gets the green light for December float November 3, 2019 Saudi Aramco finally announced it would begin its long-awaited initial public offering (IPO) this morning after nearly four years of uncertainty and delays. The world’s most valuable company will list on Saudi Arabia’s domestic Tadawul exchange in December, with an international float planned afterwards. Read more: Saudi Aramco to start IPO process on 3 November [...]
Heinz and Unilever advertise on Pornhub, UK’s most popular adult website November 3, 2019 Unilever and Kraft Heinz, two of the world’s largest consumer goods retailers, have run advertisements on Pornhub, the world’s biggest porn website. A Sunday Times investigation revealed that earlier this year Unilever, which is behind brands such as Dove, Marmite and Hellman’s mayonnaise, ran a campaign on the site for male grooming company Dollar Shave [...]
Government bans fracking “with immediate effect” November 2, 2019 The government announced it has ended its support for fracking in the UK, following the publication of new scientific analysis. Ministers took the decision on the basis of a report by the Oil and Gas Authority (OGA), which found that it is impossible to accurately predict the probability or magnitude of earthquakes linked to fracking [...]
Sajid Javid launches zero-carbon review as government bans fracking November 2, 2019 Sajid Javid will launch a new review this morning of how the UK can maximise economic growth as it transitions to a green economy. The net zero review, which is the first of its type, will determine how the UK goes about achieving its target of zero emissions by 2050. Read more: Energy industry questions [...]
Exxon Mobil profits halve in the third quarter November 1, 2019 Exxon Mobil saw its third quarter profit nearly half today as lower oil prices and weaker margins in refining and chemicals saw earnings drop to $3.17bn (£2.5bn). The oil giant’s three main businesses all reported lower year-over-year profit as earnings fell 49 per cent from $6.24bn a year earlier. Read more: Shell profits slide 15 [...]
Thomas Cook lives on in name only as Fosun pays £11m for brand November 1, 2019 The Thomas Cook brand will live on, it was confirmed today, as Hong Kong-listed Fosun Tourism Group announced they had bought the brand for £11m. The move, which was widely expected, will see Fosun also acquire subsidiary brands such as boutique hotel chain Casa Cook and beach hotel concept Cook’s Club. Read more: Fosun set [...]
Insurance giant AIG fights back in third quarter results November 1, 2019 A huge drop in catastrophe losses propelled insurer American International Group (AIG) to a profit in the third quarter, with a reported net income of $648m (£500m). Total pretax catastrophe losses in 2019 narrowed to $511m, well down on last year’s $1.6bn. Read more: Volatile market movements boost TP ICAP revenues This included $254m for [...]
MP Antoinette Sandbach quits Tories for Liberal Democrats November 1, 2019 Antoinette Sandbach, one of the Conservative MPs who was expelled from the party in September, this morning announced she had joined the Liberal Democrats. The Remain supporter was one of 21 MPs who had the whip removed after voting against Boris Johnson in an attempt to avoid a no-deal Brexit. Read more: The 21 MPs [...]
Oil giants face vast cuts to hit climate targets November 1, 2019 The world’s major oil and gas suppliers must cut combined production 35 per cent by 2040 to keep emissions within international climate targets. According to a new report released this morning from think tank Carbon Tracker, none of the majors are currently on track to be in line with the Paris agreement by 2040, despite [...]
Vaping backlash hits Altria for $4.5bn October 31, 2019 The backlash from the crackdown on vaping has knocked Altria for $4.5bn (£3.5bn) today, as its 35 per cent stake in e-cigarette maker Juul turned sour. The company reported a net loss of $2.60bn, or $1.39 per share in the third quarter ended 30 September, from a profit of $1.94bn, or $1.03 per share. Read [...]
