Shell: Oil trading slows as gas picks up pace amid wholesale price spikes January 7, 2022 Shell’s oil trading has slowed, with the latest wave of the pandemic hitting fuel sales, while gas trading appears stronger amid a wholesale price spike. In its latest trading update, the energy giant added that it will embark on its $7bn share buyback “at pace”. Production and liquefaction volumes were knocked in Shell’s fourth quarter [...]
Lenders left out of pocket by millions amid alleged fraud at broadcaster January 7, 2022 An alleged fraud at collapsed Arena Television has left some 50 lenders, including HSBC, millions out of pocket. The broadcasting company is suspected of concocting thousands of fake assets, in order to score nearly £300m in loans, The Times first reported. Banks, such as NatWest-owned Lombard, Shawbrook, ABN Amro and Lloyds, have also reportedly been [...]
City Moves: Who’s switching jobs in the Square Mile this week? January 7, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Burford Capital Burford Capital has hired an arbitration expert and legal finance industry veteran as a new principal in its London office. Mick Smith, who co-founded Calunis Capital in 2006, will focus on global arbitration matters. The former JP [...]
London-listed Kakuzi issues profit warning on poor avocado harvest January 6, 2022 Food producer Kakuzi has issued a profit warning to shareholders today due to a poor avocado harvest and stiff competition among European buyers. Total earnings for the year to December 31 will be at least 25 per cent lower than last year’s profits, the Kenya-based company said in a statement. Chairman Nicholas Ng’ang’a explained that [...]
Glencore closes $1bn sale of Australian mine January 6, 2022 Glencore is set to receive A$1bn (£530m) over the next year after closing the sale of one of its Australian mines today. The mining giant will first bag A$800m (£424m), and a further A$200m (£105m) in 12 months’ time, according to a regulatory filing. The deal will see Evolution Mining take over Glencore’s 100 per [...]
CMA boss Coscelli to step down from watchdog this year January 6, 2022 The boss of the Competition and Markets Authority (CMA) is set to step down from the helm of the watchdog in July. Andrea Coscelli, who has held the position for some six years, confirmed today that he would be stepping away from the role. The departing chief executive has been with the watchdog since its [...]
Maersk dethroned by MSC as world’s largest shipper January 6, 2022 Swiss container giant MSC has steamed past Danish rival Maersk as the world’s largest shipper, after holding the title for several decades. MSC’s shipping capacity, the equivalent of 4,284m 20ft containers, inched past Maersk’s 4,282m. Maersk CEO Soren Skou said in May that, while he wanted to be boss of the “world’s largest” shipping company, [...]
Omicron spread is slowing, new data suggests January 6, 2022 The spread of the Omicron variant is slowing, new data has suggested, as cases fall across London and in younger age groups. Around one in 25 people in the UK currently have symptomatic Covid-19, the ZOE COVID Study found. “It’s good news,” said Dr Claire Steves, a scientist on the study. “However, it’s worrying to [...]
HSBC, Bank of America and UBS urge new work routines for Hong Kong staff January 6, 2022 Large financiers have urged new work routines for their Hong Kong offices, as the city-state imposes a two-week Covid-19 circuit breaker. Tightened restrictions from January 8 to January 21 will see flights grounded from the UK, as well as the US, Canada, Australia, France, India, Pakistan and the Philippines. HSBC, which employs some 30,000 [...]
No more Big Oil: Former BP boss calls for sector split-up to boost investment January 6, 2022 Oil giants should split into separate smaller companies in a bid to boost investment into the world’s renewable energy transition, the former boss of BP has said. Both Shell and BP have said that they are stronger as whole companies, so they can use their oil winnings to invest in greener options. However, Lord Browne, [...]