LONDON—Shell said on Thursday it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine. In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand…
Shell Boosts Oil and Gas Asset Value as Refining Soars
July 8, 2022
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UN Chief Warns of Food Shortage ‘Catastrophe’
June 25, 2022
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António GuterresBusiness & Marketscommoditieseconomyenergy pricesEuropefood crisisInternationalMarketsRussia-Ukraine WarWorld
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BERLIN—The head of the United Nations warned Friday that the world faces “catastrophe” because of the growing shortage of food around the globe. “There is a real risk that multiple famines will be declared in 2022,” U.N. Secretary-General Antonio Guterres said in a video message to officials from dozens of rich and developing countries gathered…
Quuensland Government Denies Electricity Price Gouging
Queensland’s energy minister has denied publicly owned electricity generators are overbidding in the wholesale power market and driving up prices for consumers. Household and business electricity bills will surge at least nine per cent across Queensland, with firms in the southeast set to cop a 19.8 percent rise in 2022/23. Retail bills are rising on…
Queensland Government Denies Electricity Price Gouging
Queensland’s energy minister has denied publicly owned electricity generators are overbidding in the wholesale power market and driving up prices for consumers. Household and business electricity bills will surge at least nine per cent across Queensland, with firms in the southeast set to cop a 19.8 percent rise in 2022/23. Retail bills are rising on…
Petrol and Diesel Prices Hit Record High in UK
May 24, 2022
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Boris JohnsonBusiness & Economyeconomic policieseconomyenergy pricesinflationMarketsRishi SunakUKWorld
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Fuel prices in the UK have continued to hit record highs, official statistics show. The average price of a litre of petrol at UK forecourts was 167.7 pence ($2.1) on May 23, up from 165.1 pence a week earlier, according to new figures released by the Department for Business, Energy, and Industrial Strategy. The average…
Energy Price Rises Push UK Inflation to 40-Year High
Rising energy prices have pushed the UK’s inflation rate to the highest level in four decades, adding to the financial pressure on millions of British households. The Consumer Price Index (CPI) inflation rose to 9 percent in the 12 months to April, up from an already high 7 percent in March, the Office for National…
Record Number of UK Firms Warn Rising Costs Could Hurt Profits: Report
May 1, 2022
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A record number of UK-listed companies have issued warnings to shareholders that rising costs could hurt their profits, a new report shows. The number of profit warnings issued in the first quarter of 2022 rose by 44 percent compared to the same period last year, according to the report from accounting firm EY. Some 43…
Rising Energy Prices Push Almost Half German Companies to Cut New Investments: Survey
April 26, 2022
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Business & Economyeconomic policieseconomyenergy pricesEuropeinflationMarketsRussia-Ukraine WarRussia's invasionWorld
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BERLIN—Around 40 percent of German companies are already feeling the impact of rising energy prices and almost half want to reduce investments due to rising energy costs, a survey showed on Monday. Gas and electricity bills for German householders entering into new contracts hit a record high last month and soaring natural gas and oil…
UK Energy Websites Crash as Consumers Rush to Submit Meter Readings Ahead of Price Hike
Several British energy websites have crashed as customers rush to submit meter readings before the price jump which is set to take place on April 1. The websites, including those of energy firms E.ON, Scottish Power, British Gas, and SSE, were affected after experts urged households to submit meter readings to their gas and electricity…
UK Inflation Surges to 6.2 Percent, Highest for 30 Years
Rampant price rises in the UK have sent inflation rates to a new 30-year high, further adding to the pressure on British households. The Consumer Price Index (CPI) rose to 6.2 percent in February 2022 from 5.5 percent in January 2022, according to the latest figures released by the Office for National Statistics (ONS) on…
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