Where are the opportunities in a disrupted US auto sector? May 4, 2022 Worldwide automobile production is struggling to keep up with demand, mainly due to shortages in semiconductors and supply chain disruptions. Geopolitical unrest is causing further declines in production estimates and applying the most pressure to European output. Russian auto production is expected to collapse. German auto original equipment manufacturers (OEMs) are facing factory slowdowns due [...]
From Russia with losses: BP counts the cost of Rosneft exit amid escalating windfall tax row May 4, 2022 BP’s decision to pull out of its Russian holdings after the Kremlin’s invasion of Ukraine has blown a £20bn hole in its first quarter finances.
Chelsea sale: Deal plunged into doubt after U-turn on loan repayment – reports May 3, 2022 Fresh doubt surrounds the proposed sale of Chelsea after it was reported that owner Roman Abramovich wants to change the structure of the deal. Having previously indicated that he was willing to write off more than £1.5bn of debt owed by the club to another of his companies, he is now said to have asked [...]
Windfall tax misses the point – energy giants must invest May 3, 2022 A windfall tax is a terrible idea – but BP would have been savvy to up investment not go for a buyback It’s the middle of 2020, and the price of oil has tanked to almost single digits. Energy giants are being slammed by an almost total collapse in demand. BP’s share price is down [...]
Johnson announces £300m military top-up for Ukraine, including radars, heavy-lifting drones and night vision equipment May 3, 2022 Boris Johnson has announced a new £300m military package for Ukraine, including radars to pinpoint artillery and heavy-lift drones to supply Kyiv’s army on the front line. The prime minister made the announcement during a speech to Ukraine’s parliament, the Verkhovna Rada, which is the first time a world leader has addressed it since the [...]
Decade-high BP profit take boosts London’s FTSE 100 May 3, 2022 The best underlying profit take from one of the UK’s biggest oil giants in a decade sent London’s top index higher today. The capital’s FTSE 100 index climbed 0.22 per cent to close at 7,561.33 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
Putin ramps up pressure on West with plans to terminate exports May 3, 2022 Russian President Vladimir Putin has signalled he could terminate exports of products and raw materials, in response to Western sanctions.
The City View: Michael Hewson on why calls for a windfall tax are misplaced May 3, 2022 Today Andy Silvester talks to Michael Hewson, Chief Market Analyst at CMC Markets. They pick apart the arguments for a windfall tax on BP, discuss potential rate rises from the Fed and Bank of England, and go through the impact that China’s zero-Covid policy has had on manufacturing in the country. And in other news [...]
Russia avoids first foreign debt default since Bolshevik revolution May 3, 2022 Russia has avoided its first default on foreign debt since the Bolshevik revolution after it paid creditors in dollars, it was revealed today. Holders of Russian eurobonds confirmed they had received payments after the Kremlin rolled back on its decision not to meet debt obligations last Friday. The payment comes before a 4 May grace [...]
BP rebounds with soaring underlying profits as calls for windfall tax escalate May 3, 2022 BP has raked in massive underlying profits across its oil and gas operations over the first three months of 2022 amid soaring energy prices.