By: Jessica Morris

I write about energy and industrials for City A.M. I'm particularly interested in geopolitics, energy policy and, of course, the ever lively oil markets.

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OBR scraps July fiscal sustainability report due to Brexit vote fallout

June 30, 2016

The UK's fiscal watchdog scrapped its medium-term forecast which was due out next month, citing uncertainty from the UK's decision to leave the European Union. The OBR said Brexit uncertainty meant it wasn't currently worth making estimates using its previous prediction. This means the first official economic forecast post-vote will be the Bank of England's quarterly inflation report due out in August. Read more: [...]
Lord Stern warns UK emissions targets must be strengthened after Fifth Carbon Budget

June 30, 2016

One of the world's most formidable climate change economists applauded the government's adoption of its fifth carbon budget, but he warned that the UK must strengthen its emissions targets. The budget — which is a step in the right direction — will cut carbon emissions 57 per cent by 2032 compared to 1990 levels. But targets must be more [...]
Royal Dutch Shell says UK energy demand set to fall in future

June 30, 2016

The boss of oil major Royal Dutch Shell is set to say that energy demand in the UK will fall, while urging the government to help meet the world's climate change goals. Ben van Beurden, chief executive of Shell, will tell an audience at a forum in London later today: "In the UK … demand for energy [...]
Edi Truell to make bid for Tata UK in the next two days

June 29, 2016

Leading City financier Edi Truell has confirmed he will make a bid for Tata Steel's UK assets within the next 48 hours. He told Sky News that, contrary to popular belief, Brexit would benefit the UK steel industry. This is partly due to its improved ability to compete with subsidised German and French industries. Earlier today, Truell told City [...]
Norwegian oil workers threaten to strike as crude continues to rise

June 29, 2016

Hundreds of oil and gas workers in Norway are threatening to go on strike, halting output at five oil fields in Western Europe's largest producer. Sites operated by ExxonMobil, Engie and BASF's oil and gas unit Wintershall will be temporarily shuttered if talks between employers and unions on a new wage deal fail. Read more: Oil baron Algy Cluff warns [...]
City pro Edi Truell says Brexit encouraged him to put together £1 bid for Tata Steel’s UK assets

June 29, 2016

Leading City financier, Edi Truell, was encouraged to put together a £1 bid to save Tata Steel's UK assets by Britain's vote to leave the European Union. "Brexit has made the business a lot more attractive to potential buyers… that has certainly enhanced my thinking," he told City A.M. He said Britain would be better able to impose import [...]
Cobham share price rises as it poaches new finance boss David Mellors from QinetiQ

June 29, 2016

Engineering group Cobham has hired a new finance chief in a bid to improve the crisis-hit firm's fortunes. Investors have punished Cobham following an accounting scandal, a string of profit warnings as well as a $500m rights issue. Read more: The defence industry boss who is reshaping his firm for new realities Now David Mellors, who replaces Simon [...]
Circle Oil suspends shares as investors face total wipeout

June 29, 2016

Circle Oil shares were suspended from trading today due to the Irish oil explorer's increasingly uncertain financial situation. The Aim-listed company, which is in the midst of a strategic review, said shareholders are likely to be left with no equity value. This is based on the firm's debt position and the proposals put forward to date. Read more: Oil baron Algy [...]
Oil prices rally post-Brexit vote on Norway strike threat

June 28, 2016

Oil shook off a two-day slump which ensued after Britain's vote to leave the EU, helped by the threat of a union strike by Norwegian oil and gas workers. The strike at western Europe's biggest producer, which could start as soon as Saturday, would add to a string of outages in oil-producing countries such as Nigeria. [...]
Oil baron Algy Cluff warns Brexit could squeeze lending to distressed North Sea firms

June 28, 2016

UK oil baron Algy Cluff has warned Britain's vote to leave the European Union could make life harder for distressed oil and gas firms in the North Sea. "The banks haven't been falling over themselves to lend money to oil companies there recently, rather the reverse, and [the Brexit vote] could compound that I'm afraid," he told [...]

Block slashes 4,000 jobs in latest AI warning

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By: Jessica Morris

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