Activist investor prepares to take on Shell over climate targets May 12, 2022 Shell is preparing for a shareholder showdown at its upcoming AGM, as activists push for more stringent environmental targets.
The City View: Subpar UK economic figures, and more rate hikes to come May 12, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward. And in the news: BT has confirmed a joint sports venture with Warner Bros [...]
Gas prices soar as the Kremlin brings in sanctions against European Gazprom divisions May 12, 2022 Gas prices on UK and European benchmarks have spiked again after the Kremlin has imposed sanctions on Gazprom units in Europe and the US.
Italy floats creation of new cartel to meet European interests May 12, 2022 Italian Prime Minister Mario Draghi has proposed the creation of a new cartel of oil consumers to make markets more favourable to Western buyers.
Siemens loses £512m as it gears up for full Russian exit after 170 years May 12, 2022 Siemens is set to face a €600m (£512m) hit in the second quarter after announcing its full exit from the Russian market after 170 years.
Octopus backs plans to build the world’s largest subsea power cable to power seven million homes May 12, 2022 Octopus is backing Xlinks' plans to build the world’s largest subsea power cable to deliver renewable energy from Morocco to the UK.
Apple knocked off perch as world’s most valuable firm by oil giant Saudi Aramco May 12, 2022 Apple has been knocked off its perch of the world’s most valuable company by Saudi Aramco. The oil giant topped $2.426tn this on Wednesday, overtaking the iPhone-maker at $2.415tn, representing just over £10bn. This is the first time the state-backed Saudi Aramco has taken the top spot since 2020 according to the The Financial Times, [...]
‘Let the West pay more’: Russia dares EU to bring in oil ban May 11, 2022 The Kremlin has warned it has enough buyers for its energy resources outside of Western countries, as the EU weighs up a Russian oil ban.
Priti Patel looks to crack down on ‘criminal and disruptive guerrilla tactics’ of groups like XR, Insulate Britain and Just Stop Oil May 11, 2022 Priti Patel is looking to end “criminal, disruptive and self-defeating guerrilla tactics” of environmental activists, including those who glue themselves to roads in protest of fossil fuels. The Home Secretary made the Public Order Bill announcement in the Queen’s Speech, which will try to stop “relentless reoffending and significant disruption by a selfish minority of [...]
Oil prices recover as EU pushes for Russian oil ban May 11, 2022 Oil prices rebounded as the European Union (EU) closes in on a Russian oil embargo, raising concerns of supply shortages across the continent.