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 [...]
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 [...]