Labor demands windfall tax on election day as Shell profits triple Business

ggood morning.

Shell followed rival BP in posting a surge in first-quarter profit thanks to the chaos in energy markets.

The FTSE 100 company reported adjusted profit of $9.1bn (£7.2bn), nearly triple what it made in the same period last year and £1bn more dollars than expected.

Energy companies have benefited from the recent rise in oil and gas prices, which has been exacerbated by the war in Ukraine. This has prompted calls for a windfall tax, although the government has resisted such a move, warning it would discourage investment.

Shell also reported a $3.9 billion charge for its decision to pull out of Russia, including its major Sakhalin-2 liquefied natural gas project with Gazprom.

He is warned that the move will cost him up to $5 billion, although that is significantly less than the $25 billion that BP expects.

5 things to start your day

1) Barclays challenges environmentalists to support oil and gas Bank pledges to help Europe break away from reliance on Russian fossil fuels

2) Workplace lawsuits for ‘joking’ hit record high Former colleagues clash over what they deem to be acceptable office humor

3) Can a Ferrari ‘unicorn’ save Aston Martin? The sports car manufacturer aims to replicate the success of its Italian rival by banking on veteran Ferraris

4) Virgin Atlantic flight aborted mid-flight after pilot training error Airline blames Monday blunder on ‘alignment issue’

5) Elon Musk’s SpaceX rockets linked to endangered bird deaths Habitats threatened by traffic, noise, heat and rocket launch explosions, draft report says

What happened overnight

Hong Kong stocks started Thursday with a healthy lead after the Federal Reserve raised interest rates but played down any possibility of a huge 75 basis point hike in the near future.

The Hang Seng Index climbed 1.41pc, or 293.63 points, to 21,163.15.

The Shanghai Composite Index fell 0.07pc, or 2.21 points, to 3,044.85 as traders returned from an extended break this week, while the Shenzhen Composite Index on the second China’s stock market fell 0.66pc, or 12.39 points, to 1,866.49.

coming today

  • Business : Railway line (full year); Endeavor Mining, Shell, Virgin Money (temporary); BAE Systems, Barratt Developments, Derwent London, Hiscox, IMI, Mondi, Next, Rathbone Brothers, Reach (commercial statement)
  • Economy: Bank of England interest rate decision (UK)unemployment benefit claims (WE)

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This notice was published: 2022-05-05 07:14:26

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