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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Tata Scunthorpe/Greybull pensions story

April 11, 2016

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Vedanta Resources gets more leeway with debt covenant change

April 11, 2016

Shares in Vedanta Resources rose today, after the miner secured changes to its debt covenants which will give it more financial leeway amid the commodity price rout. The India-focused miner said certain changes agreed with creditors at its request came into effect on 31 March, the end of its financial year, and will stand until 30 [...]
Tata sells its Scunthorpe steel plant to Greybull Capital

April 11, 2016

Tata has sold its Scunthorpe steel plant to turnaround specialist Greybull Capital, in a deal which will see its steelworks business renamed as British Steel. The move will save around a third of the 15,000 British steel jobs which have been threatened by Tata's decision to sell its UK assets. Greybull will also take on two mills in Teesside, an [...]
Tata Steel to start sales process today

April 11, 2016

Tata Steel kicked off the formal process of selling its loss-making UK plants today. So far Liberty House, which is owned by steel tycoon Sanjeev Gupta, is the only company to publicly express interest. Other potential bidders include turnaround specialist Greybull Capital and German steelmaker ThyssenKrupp. Read more: Why the bank bailouts are no model to follow [...]
Row over BP boss Bob Dudley’s pay ramps up

April 11, 2016

The row over BP chief executive Bob Dudley's pay packet stepped up a gear today, after shareholder advisory group ShareSoc urged its members to vote against the oil major's remuneration report. It comes amid rising ire among shareholders and advisors about Dudley's $19.6m (£13.9m) compensation package for last year. Read more: BP's Bob Dudley banks $19.6m despite losses BP wants to [...]
Germany won’t launch legal action if ECB uses “helicopter money”

April 9, 2016

Germany has denied that it would consider legal action if the European Central Bank resorted to "helicopter money" as it fights off economic stagnation. It follows a report by German newspaper Der Spiegel said the government could seek a legal clarification of Frankfurt's mandate if it opts for the controversial policy. "Helicopter money" is the brainchild [...]
Foreign Secretary Philip Hammond urges China to curb steel production

April 9, 2016

Foreign Secretary Philip Hammond has urged China to stop dumping excess Steel onto the global market as the UK steel industry is in its death throes. His intervention comes as a Tata Steel is preparing to kick off the formal sales process for its British assets on Monday. Read more: Why the bank bailouts are no model [...]
Tube map shows most unaffordable areas to rent in London

April 9, 2016

Everybody knows that renting in London is really, really expensive. But which areas require city-dwellers to cough up the most cash? The answer is most places, according to a tube map drawn up by housing charity Shelter which lumps areas into three categories – "unaffordable", "difficult to afford," and affordable." So it will come as no surprise [...]
David Cameron admits he could’ve handled the Panama Papers better

April 9, 2016

Prime minister David Cameron has admitted that he could've handled the scrutiny of his financial affairs better. Speaking at the Conservative party's spring forum, he accepted blame for the mishandling of revelations about his late father's offshore fund. He made the comments as crowds gathered outside of Downing Street to call for his resignation in light of the [...]
Moody’s downgrades Shell due to BG acquisition

April 9, 2016

Moody's has slashed Royal Dutch Shell's credit rating, citing the impact of its £36bn acquisition of smaller rival BG on its leverage. The two companies merged on February 15, creating the world's second-biggest publicly-traded oil and gas company measured by market cap. But the credit ratings agency warned today that it has left Shell with increased leverage, leading [...]

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By: Jessica Morris

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