Hiscox sets aside £32m to weather impact of war in Ukraine May 5, 2022 Insurance giant Hiscox has ring fenced $40m to weather expected losses from the war in Ukraine, as it quantifies the hit of the conflict for the first time.
Shell’s profits surge amid soaring oil and gas prices May 5, 2022 Shell has continued its rebound from the pandemic, posting profits of $9.13bn in the first three months of the year.
UK risks carbon dioxide shortage due to energy taxes, warns vital fertiliser firm May 4, 2022 CF Fertilisers warned the government last year that green levies could lead to more firms collapsing, as it struggled to deal with energy prices.
European Union finally unveils Russian oil import ban May 4, 2022 The EU has proposed to phase out Russian oil imports, as part of a sixth package of sanctions against Russia following its invasion of Ukraine.
Chelsea facing administration unless Roman Abramovich drops plans to call in £1.5bn debt May 4, 2022 Chelsea owner Roman Abramovich will likely have to drop plans to call in his £1.5bn loan to the club or see it go into administration. Abramovich is reported to have scrapped an apparent previous commitment to write off the debt as part of the sale of the club. The sanctioned Russian oligarch is not allowed [...]
OPEC+ forecasts oil surplus as high prices and lockdowns bite into demand expectations May 4, 2022 OPEC+ anticipates oil supply to exceed demand later this year by nearly two million barrels per day amid reduced growth expectations.
Government bans services exports to Russia – but UK lawyers excluded May 4, 2022 Ministers have announced a ban on services exports to Russia, including management consulting, accounting and public relations but excluding legal professions. In the latest tranche of sanctions from foreign secretary Liz Truss, Russian businesses will no longer be able to do businesses with UK professional services firms. Many businesses have already cut connections with the [...]
Volkswagen factories revert to coal following EU Russian oil ban May 4, 2022 Volkswagen is being forced to revert to coal and gas to power its plants after the EU proposed a phased ban on Russian oil. Proposed today by European Commission president Ursula von der Leyen, the ban will be gradually implemented over the course of 2022. “Understanding the situation, we just decided to upgrade our coal-fired [...]
Equinor revels in record profits as European energy crisis sends gas prices to all-time highs May 4, 2022 Equinor has reported record profits, as the war in Ukraine exacerbated Europe's energy crisis and sent gas prices spiralling to all-time highs.
Chinese refineries reportedly snapping up Russian oil on the cheap May 4, 2022 Independent Chinese oil refiners are reportedly snapping up cheap Russian fuel, which could draw the ire of the United States and United Kingdom. Firms have reportedly continued making deals since the start of the war, while state-run energy companies publicly halted new contracts. The buying of discounted oil by independent refineries by China, according to [...]