Rishi Sunak to outline cost of living help on Thursday May 25, 2022 Rishi Sunak will tomorrow outline a multi-billion pound package to help Brits with the cost of living squeeze, with rumours rife the chancellor will hit UK oil and gas firms with a windfall tax. City A.M. understands that Sunak will deliver an “economy update” to the House of Commons, which will see up to £10bn [...]
Insurance sector exodus could serve major hit to Russia’s energy exports May 25, 2022 Efforts on the part of insurers to cut their links to Russia could put a stranglehold on Russian energy exports, unless the Kremlin fills the void, analysts have said. The push amongst Western insurance companies to distance themselves from Russian clients, to ensure they are not in breach of Western sanctions, could severely impact the [...]
Energy firms recharge as windfall tax fears ease May 25, 2022 Investors today piled back into London-listed energy firms that were pummeled earlier this week by rumours they will be spiked by the government including them in a windfall tax on the energy sector. The capital’s premier FTSE 100 index jumped 0.51 per cent to 7,522.75 points, while the mid-cap domestically-focused FTSE 250 index, which is [...]
Oil prices remain elevated as US refineries ramp up processing while EU edges toward embargo May 25, 2022 Oil prices rose slightly today, buoyed by US refinery processing levels and growing expectations of an EU ban on Russian imports.
The City View: Offshore Energies UK CEO on deleterious effects of a windfall tax May 25, 2022 Today Andy Silvester chats to Deirdre Michie, CEO at Offshore Energies UK. They unpick the windfall tax, the risk it poses for smaller energy firms and the sector in general, the state of the energy industry, and the seemingly lackadaisical speed of the energy transition. In other news: M&S is leaving its Russian franchise business, [...]
Petrol prices rise to record levels as RAC calls on government to provide more support for drivers May 25, 2022 Petrol prices climbed to record levels for the third consecutive day yesterday, with soaring oil prices putting more pressure on consumers.
European chemical companies could take a hit as valuations decline amid soaring commodity prices May 25, 2022 Investment guidance for European chemicals companies is too optimistic, warned financial services group Morningstar.
JD Sports’ chair steps down after City watchdog fine for covert car park meeting May 25, 2022 JD Sports’ executive chairman Peter Cowgill is to step down from his role with immediate effect, the sportswear brand has announced. The London-listed retailer said it had opted to accelerate a separation of the roles of chair and chief executive. Cowgill’s departure follows JD Sports and its rival Footasylum being slapped with fine worth almost [...]
Fortune favours Coinbase after 2021 surge May 25, 2022 Coinbase has become the first cryptocurrency company to break into the Fortune 500.
Volkswagen coughs up £193m in UK ‘Dieselgate’ settlement May 25, 2022 Volkswagen has agreed to pay £193m as part of an out-of-court UK settlement after 91,000 UK motorists filed a class action over the “Dieselgate” scandal. Tony Winterburn, head of consumer protection litigation at PGMBM, commented on the news and said: “This is a good day for the claimants and is the culmination of five years [...]
