Shell hits back as activist Loeb calls for breakup October 28, 2021 Under-fire energy giant Shell yesterday shot down suggestions from US hedgie Daniel Loeb’s Third Point that it should split up its divisions. CEO Ben van Beurden warned the activist intervention could derail the FTSE major’s climate transition plans. His defensive move follows Third Point acquiring a $750m majority stake in the company, while pension fund [...]
China avoids big climate commitments ahead of COP26 conference October 28, 2021 China will aim to hit peak greenhouse gas emissions by 2030. The world’s biggest energy emitter has relesed its climate change blueprint ahead of the COP26 climate summit in Glasgow. In 2019, the country was repsonsible for 27 per cent of greenhouse gas emissions, according to research from the Rhodium Group. Its new roadmap includes [...]
Oil prices slump to lowest levels in two weeks October 28, 2021 Brent crude prices slumped to their lowest levels in two weeks this week, falling to $82.32 a barrel on Wednesday before stabilising above $83 on Thursday. In the US, WTI Crude prices fell 2.4 per cent to $80.83 on Wednesday, before recovering and dropping again by 1.1 per cent to $81.77 a barrel. Outbreaks of [...]
BP benefitting from gas price crisis with $500m trading bonanza October 27, 2021 BP’s trading team made at least $500 million in Q3 2021, according to Reuters. The energy giant’s gas trading results were reportedly disclosed at an internal call with staff earlier this month. It has benefitted from a gas crisis that has left embattled consumers and industries struggling with rising costs. Natural gas and power prices [...]
Budget 2021: Steel sector bemoans “missed opportunity” as energy costs continue to rise October 27, 2021 The Budget was a “missed opportunity” for the country’s steel sector, argues the UK Steel and Community Union. The organisation has criticised Chancellor Rishi Sunak, believing he has left the steel sector “high and dry” by the lack of action on electricity prices and its failure to set out a clear plan for decarbonising UK steel production. [...]
Gas crisis chokes third-quarter earnings at Scottish Power October 27, 2021 Scottish Power has suffered a third-quarter 39 per cent earnings drop in its retail division focusing on delivering gas and electricity to households. Liberalised Retail reported its EBITDA at £83m – a decline of £54m. The wider energy market has been ravaged by soaring wholesale energy costs. Challenging conditions across the sector have resulted in [...]
Budget 2021: Sunak commits £46bn to railways October 27, 2021 Chancellor Rishi Sunak has announced a further £46bn on rail investment at this year’s Budget. The money is focused predominantly on boosting connectivity across the country. The Autumn Budget and Spending Review includes £35bn directly for railway connectivity over the next three years. It is also committing £5.7bn over five years in eight city regions [...]
Budget 2021: Sunak scraps rise in fuel duty October 27, 2021 The chancellor is cancelling the planned rise in fuel duty. Speaking at the Budget, Rishi Sunak said he is “not prepared to add to the squeeze on families and small businesses”. Prices at the pumps reached record levels of 142.94p a litre on Sunday. The new record is 28p a litre higher than a year [...]
Budget 2021: Sunak extends HGV road user levy until 2023 October 27, 2021 Chancellor Rishi Sunak has announced that the HGV road user levy will be suspended until 2023. It was initially suspended until August in 2022, but this will now be extended for a further year. Speaking at the Budget, Sunak also revealed the government is freezing vehicle excise duty for HGVs. The Road Haulage Association welcomed [...]
Government U-turns over water firms dumping sewage in English rivers October 27, 2021 The government has U-turned its decision to block legal obligations being placed on water firms dumping raw sewage into English rivers. This follows an escalating row between ministers and backbench Conservative MPs after they were told to vote down the House of Lords’ amendment to the Environment Bill. Parliament’s upper house had pushed through an [...]
