Brent crude and WTI oil prices edge up after yesterday’s massive losses March 10, 2017 Oil prices have recovered slightly after their worst slump in more than three months. Brent crude, the global benchmark, was trading at $52.37 a barrel, up 0.34 per cent from the previous close. West Texas Intermediate prices traded 0.43 per cent higher, but still below $50, at $49.49 a barrel. Yesterday, crude prices plummeted more than 2.5 per cent [...]
Tim Martin, chair of JD Wetherspoon, says the Budget didn’t do enough for Britain’s pubs March 10, 2017 JD Wetherspoon chairman Tim Martin has hit back at chancellor Philip Hammond's Budget, arguing it doesn't do enough to support pubs from increasing cost pressures. Wetherspoon's share price dipped in morning trading as investors took note of Martin's warning that lower sales and increased costs in the second half of the year will hit the [...]
JD Wetherspoon’s share price dips as chair Tim Martin cautions of lower sales and added costs in the second half March 10, 2017 JD Wetherspoon's shares fell more than three per cent after the pub group reported half-year results slightly ahead of expectations but warned of a difficult second half to come. The figures The pub owner and operator said profit before tax and exceptional items jumped 42.8 per cent to £51.4m from £36m for the 26 weeks to 22 January. Like-for-like sales [...]
William Hill has named Philip Bowcock its new chief executive March 10, 2017 Philip Bowcock has been named the new boss of William Hill with immediate effect. Previously chief financial officer of the bookmaker, Bowcock has worked as interim chief exec since July 2016. Chairman Gareth Davis said: "Since his appointment as interim chief executive last July, Philip has driven the business forward at real pace and we have seen important [...]
Toshiba’s troubled nuclear business Westinghouse is bringing in bankruptcy lawyers March 9, 2017 Toshiba's US nuclear business, Westinghouse, has hired bankruptcy attorneys, signalling to investors it is serious about the potential of a Chapter 11 filing. The Japanese conglomerate brought in law firm Weil Gotshal & Manges to explore the option, but it had not yet taken a decision on a bankruptcy filing, sources told Reuters. Toshiba's shares closed down 7.2 per [...]
Shell’s directors will now be paid bonuses based on how the firm manages greenhouse gas emissions March 9, 2017 Shell has announced changes to its remuneration strategy, which include basing a portion of directors' bonuses on how well the oil major manages greenhouse gas emissions. Shell outlined the new direction at its capital markets day and they took effect from the start of the year. New metrics for greenhouse gas management now form 10 per cent of [...]
Shell divestment drive continues with the sale of its Canadian oil sands assets March 9, 2017 Shell is progressing with its $30bn divestment plan quite nicely as it today agreed to sell most of its Canadian oil sands assets for $8.5bn (£7bn). The Anglo-Dutch oil giant will sell its existing and undeveloped interests to Canadian Natural and cut its share in the Athabasca Oil Sands Project from 60 to 10 per cent. "This significant divestment [...]
Ineos snaps up Engie’s shale gas assets to create the largest portfolio in Britain’s fracking industry March 9, 2017 Ineos has just become the UK's biggest shale gas firm, after it completed a deal to acquire all of French rival Engie's shale gas interests for an undisclosed amount. That means Ineos' total portfolio under licence is now more than 1.2m acres, the largest of any company involved in the UK's shale industry. Ineos, a [...]
West Texas Intermediate oil prices are below $50 a barrel March 9, 2017 After sharp losses yesterday, oil prices have continued their biggest downward slump of the year as US benchmark West Texas Intermediate (WTI) dropped below $50 a barrel. WTI is trading more than 2.5 per cent lower today at $48.79 a barrel while global benchmark Brent crude fell to a low of $51.60 a barrel. Yesterday, oil prices posted their sharpest [...]
Shell’s chief executive Ben van Beurden’s pay package soared in 2016 March 9, 2017 Ben van Beurden, the boss of oil major Shell, received a total pay package increase of 60 per cent in 2016. Shell reported van Burden was paid €8.263m last year, up from €5.135m due to deferred bonuses and long-term incentive plans. Although his salary didn't change much, rising only 2.1 per cent to €1.46m, and his bonus fell to [...]
