British Business Oct 18,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. The Times: British online retailer N Brown Group has agreed to a takeover of 191 million pounds ($248.72 millions) led by its majority owner Joshua Alliance. British Prime Minister Keir starmer has criticised senior members of his Cabinet for urging him to reverse planned cuts in Finance Minister Rachel Reeves’s first budget.
British Business – Sept 27
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Keir starmer, British Prime Minister, is in talks with Donald Trump. He wants to build a relationship with him personally and continue his support for Ukraine. Two of the leading credit rating agencies in the world have rated Thames Water as on the verge of default. This could bring a government-backed bailout deal closer.
British Business – Sept 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP engineers will now be required to take faster decisions based on AI-generated information about oil and natural gas exploration, following a recent agreement with Palantir Technologies. Hostmore, a British restaurant operator, announced on Monday that it had dropped its plans to purchase pub chain TGI Fridays following the removal of Hostmore as manager of TGIF Funding.
British Business – September 6
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. According to a new study, British pension funds have the lowest level of support for their own stock market among developed economies. This will fuel debates about reforming UK retirement pots in order to boost the London Stock Exchange. BMW plans to launch its first hydrogen powered vehicle in 2028 using the fuel cell technology it developed with Toyota Motor Corp.
BP CEO Dudley Planning to Step Down
BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday.BP's first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him into 2020.His retirement plans were discussed at BP's board meeting in the United States last week…
Shell, Blackstone in Joint Bid for BHP's Shale Assets
Royal Dutch Shell Plc and American private equity firm Blackstone Group LP are working on a joint bid for BHP Billiton Plc's U.S. shale assets for $10 billion, Sky News reported. The shale auction is expected to lead to a deal later this year, Sky News said. BHP had put up the U.S. shale assets for sale last year. BHP declined to comment. Shell and Blackstone could not be immediately reached for comment. Reporting by Sangameswaran S
BP Slashes 5 mln pounds from CEO's Pay
BP Plc has agreed to cut about 5 million pounds ($6.24 million) from Chief Executive Bob Dudley's maximum pay for the next three years in a bid to avoid a shareholder revolt, Sky News said on Monday, citing people briefed on the matter. Sky News said that Dudley's maximum annual pay over the next three years will now be about 12.2 million pounds ($15.22 million) including his salary, an annual bonus of 3.3 million pounds and a long-term share incentive plan award worth up to 7.4 million pounds.
Australia says clean energy fund could underwrite new coal plants
Australia is considering altering legislation to enable funds slated for clean energy developments to be used to bankroll construction of new low emission, coal-fired power plants. The suggestion by Energy Minister Josh Frydenberg comes after a major power outage during a heat wave in South Australia state worsened a row with the national government over energy security and the state's heavy reliance on wind and solar power. Frydenberg said…
Atlantic Council holds Global Energy Summit
OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended a new flagship initiative - the Global Energy Forum in Abu Dhabi - organized by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC), the Mubadala Development Company and the International Petroleum Investment Company (IPIC). The event, a high-level policy gathering, provided the opportunity for valuable interactions among oil and energy ministers…
UK Minister Says Govt Backs Fracking
The British government still supports fracking in general, Communities Minister Sajid Javid said on Monday, just days before his department is due to rule on whether to grant a shale gas fracking permit in northwest England. The government is due to decide by Oct. 6 whether to grant permits to shale gas firm Cuadrilla to undertake fracking at two sites. The permits had previously been rejected by the local authority and the decision will be the first time the government uses new powers to intervene on shale gas planning permits.
BHP Shedding 100 HQ Jobs Amidst Commodities Rout
Global mining giant BHP Billiton intends to cut about 100 jobs at its Melbourne headquarters in coming years as it strives to lower overheads and streamline corporate operations amid a crash in minerals prices. BHP has reported double-digit price falls across all of its main commodities in fiscal 2015, which analysts expect will lead to a fall of around 40 percent in profit for the year. The job cuts will gradually see the number of staff in Melbourne drop to around 300 from 400 at present and a peak of 480, according to the company.
Kemp: BP Must Remain British, says Whitehall
"Downing Street has discreetly let it be known in the City that it would oppose any takeover of BP," the Financial Times reported on Sunday. The prime minister's office has signalled it would make life difficult for any bidder, although no bid has been mooted yet, the newspaper said ("UK ministers make Gallic gesture to keep the British in BP", April 26). The company formerly known as British Petroleum was rebranded as the more neutral BP at the turn of the millennium after absorbing U.S. oil firms Amoco and Arco.
Argentina Launches Lawsuit Against Falklands Oil Drillers
Argentina announced on Friday it had started legal proceedings in one of its own courts against five British and American companies drilling for oil and gas in the Falkland Islands, a move Britain denounced as bullying. Britain defeated Argentina in a 1982 war over the South Atlantic islands and administers them as an overseas territory, whose population of around 3,000 voted overwhelmingly to remain under British rule in a referendum in 2013.
British Independent Energy Supplier in Stake Sale Talks
Independent British energy supplier Ovo Energy, one of the leading challengers to the country's big-six energy groups, is in talks to sell a minority stake in a deal that would value it at more than 200 million pounds ($300 million), Sky News said. A spokeswoman for Ovo confirmed the company was in talks with a third party but refused to provide any more details. Sky News, citing sources close to the deal, said the supplier was in advanced talks…
UK Energy Market Abuse to Include Jail Terms
Energy market riggers could face up to 2 years in prison. New criminal sanctions should come into force next spring. Utilities under pressure to improve transparency. The British government has proposed penalties including potential prison terms for people who manipulate the gas and electricity markets. Energy regulators can currently investigate and fine people found breaching rules on energy market abuse but cannot send them to prison or impose a criminal record.
Centrica Loses Second Executive in Five Months
Weston to join power provider Aggreko as CEO. Resignations potentially create leadership problems. Britain's Centrica said the head of its British Gas division was leaving the company, the second big-name departure to be announced in five months as it battles public anger over soaring energy bills. Chris Weston, who will become the new boss of power provider Aggreko next year, joins Centrica's Finance Director Nick Luff in announcing his intention to leave. Media have speculated that Chief Executive Sam Laidlaw may also soon quit.
Gulf Keystone Denies Report On CEO's Ouster
Oil explorer Gulf Keystone on Thursday denied a media report that its board and investors planned to call for the resignation of founder and Chief Executive Todd Kozel within months. British broadcaster Sky News reported that several Gulf Keystone directors had held talks this week about Kozel's departure, prompted by a series of rows over executive pay and shareholder returns. Gulf Keystone spokesman Terence Franklin denied the report and told Reuters there was no substance to these "rumours".
