BP’s ‘underlying’ first-quarter profit of $6.2 billion, compared with $2.6 billion in the first quarter of 2021, was a direct reflection of the surge in global energy prices. Coming 48 hours before polling day, it also looked like a gift-wrapped on-time delivery for Sir Keir Starmer and his claim that a windfall tax on ‘excess’
Anecdotes and statistics should never be confused, but let’s do just that to build a composite picture of today’s UK economy. As the ‘cost of living crisis’ – barely out of its starting blocks – began to eat spending power and erode confidence, high street sales fell 1.4 per cent in March while non-store retail
I spent Easter agonising over whether to throw the considerable weight of this column behind Elon Musk’s maverick $43 billion bid for Twitter. One thing I didn’t do, however, was consult the multitude of opinions on the matter available via Twitter itself, because I’m afraid I regard it as a satanic cacophony of misinformation and
The UN Food and Agriculture Organisation’s food price index rose 13 per cent last month to stand a third higher than a year ago. Within the index, cereals rose by 17 per cent – driven by interrupted Ukrainian and Russian wheat supplies – and vegetable oils by 23 per cent, Ukraine being the world’s biggest
Enough of stagflation forecasts, each more frightening than the last. Enough – for now – of energy policy sermons, as the government at last proclaims a serious nuclear plan. Instead, let’s have a week of real business stories, starting with tales of the old and new City. First, a rum do at the London Metal
Should you happen to spot me these days lurking outside a Calvin Klein boutique, notebook in hand, I assure you I have a serious purpose. I’m applying the method of the former US Federal Reserve chairman Alan Greenspan, who relished statistical minutiae and believed that sales of men’s underpants – an item so out of
P & O once stood for ‘Peninsular and Oriental’, with pleasant connotations of sailings to Cadiz and Constantinople – but after the furious reaction to P&O Ferries’ sacking of 800 UK workers, to be replaced by cheaper overseas agency staff, you might think it stands for ‘Putin and his Oligarchs’. With the mad Russian warmonger
President Biden’s executive order ‘Ensuring Responsible Development of Digital Assets’ won praise on all sides, an unfamiliar experience for one routinely dismissed these days as lacking the vigour or grip needed for presidential leadership. The order does little more than call for cross-government research into all things crypto. But in doing so it pleased bitcoin
I’ll approach the hot topic of a ban on Russian oil by way of personal anecdote: I’ve never been a soldier or a spook but I have twice found myself ensconced in secure Nato conference rooms. The first occasion was a group visit to the military alliance’s Brussels headquarters 42 years ago, when an unsmiling
BP will offload the 20 per cent stake in Rosneft, the Kremlin-controlled energy giant, that is the residue of 25 years’ effort to teach true capitalism in Russia. Shell is ditching a deal with Gazprom, the other state oil and gas major, that includes participation in the stalled Nord Stream 2 gas pipeline to Europe
The price of Brent Crude oil was hovering at $100 a barrel as Germany halted approval of the controversial Nord Stream 2 gas pipeline from Russia in response to Putin’s latest aggression. The oil price is five times its low point in 2020 — and the name itself, from the now-defunct Brent field in the
I’ve had the opportunity recently to take part in wage-rise discussions for several small entities in which I’m involved. The conversation has been much the same everywhere. ‘How about we offer them 3 per cent?’ ‘But that’s less than current inflation and they didn’t have a rise when they were on furlough last year.’ ‘So
Annual profits of £9.5 billion at BP this week followed a £20 billion jackpot at Shell last week, thanks to soaring global wholesale energy prices that BP boss Bernard Looney recently said had turned his company into a ‘cash machine’. For the very same reason, Ofgem has announced a 54 per cent (roughly £700) increase
I’m picturing Sir Tony Blair enjoying a fitting of his Garter robes after watching Boris Johnson stagger through PMQs. ‘I’m in the clear these days,’ he’s thinking. ‘So much water under the bridge, what could possibly come back to haunt me?’ Well, here are two items he might like to consider: the application of the
‘Market turmoil’ looks set as the theme of the week, so let’s take a close look at a trading arena more prone to mayhem than most. Why has bitcoin lost half its value since November? First, I could make a case that since crypto investment has become at least a small part of many mainstream
‘Tell me we’re winning the media battle!’ I imagine Unilever boss Alan Jope barking at his team on Tuesday, following the revelation on Sunday of his rejected £50 billion bid for GlaxoSmithKline’s consumer healthcare arm. ‘Yes, sir,’ replies the flustered PR, ‘Very much so… except for top investor Richard Buxton of Jupiter telling the FT:
So farewell, Hunterston B, the nuclear power plant on the Firth of Clyde that shut last week after 46 years’ service. It will be followed this summer by Hinkley Point B in Somerset and in 2024 by Hartlepool and Heysham, leaving the UK with just four nuclear stations boasting five gigawatts of generating capacity between
What does the new year have in store for consumers — and families trying to make ends meet? A stumbling recovery at best, with a continuing tide of inflation that I predict will swiftly pass the Bank of England’s current forecast of ‘around 6 per cent by spring 2022’ and take much longer to turn
Twice recently I’ve been asked my opinion of ‘Doughnut Economics’. The first time, I was tempted to cover my ignorance with a Johnsonian impromptu riff on supply-chain issues in the deep-fried batter sector. But sensing seriousness I steered off and googled the phrase later, so I was ready the second time to discuss Kate Raworth’s
If the phrase ‘stranded asset’ hasn’t yet entered your vocabulary, here’s a useful example of what it means. The 178 million barrels of oil in the Cambo field west of Shetland may stay there for ever because of government shilly-shallying over whether and when to end exploitation of the UK’s remaining hydrocarbon resources — while
