UK imposes sanctions on 10 ships in crackdown on Russia’s shadow oil fleet

Tankers believed to be at heart of illicit operation transporting gas and oil to fund Moscow’s war effort

The UK has taken new steps to clamp down on Russia’s shadow fleet exporting oil and funding Moscow’s war machine, with the Foreign Office announcing sanctions on 10 ships that it believes to be at heart of the operation.

Russia has a large fleet of often unseaworthy and ageing tankers that transport Russian gas and oil products around the globe. Oil exports are Vladimir Putin’s most critical revenue source for funding the war in Ukraine, accounting for about a quarter of the Russian budget in 2023.

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Sanctioned Russian oligarchs allowed to invest in UK North Sea oil producer

Critics say Labour ‘should have run a mile’ from LetterOne after it is acquires 15% of Aberdeen-based Harbour Energy

The government faces growing criticism after a company backed by two sanctioned Russian oligarchs was allowed to become a part-owner of the UK’s largest North Sea oil producer.

Critics of the decision to allow LetterOne, the investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, to acquire almost 15% of Aberdeen-based Harbour Energy, warned that oligarchs should have no place owning critical national assets.

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Shell to cut hundreds of jobs in oil and gas exploration operations

Reduction of about a fifth of workforce in two subdivisions part of plan to slash up to $3bn in costs by end of 2025

Shell is to cut hundreds of jobs from its oil and gas exploration operation in the latest move by the chief executive, Wael Sawan, to slash up to $3bn (£2.3bn) in costs by the end of next year.

The energy company is to cut about a fifth of its workforce in two subdivisions of its oil and gas business responsible for exploration strategy and developing its oil and gas finds.

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Gold prices hit record high amid prospect of US interest rate cuts

Spot price increases to $2,522.99, with record run meaning standard gold bar is worth more than $1m

Gold prices have hit a fresh high as increasing hopes of US interest rate cuts from the Federal Reserve prompted investors to buy more of the precious metal.

The spot price of gold rose to a record $2,522.99 (£1,941.69) on Tuesday morning, up 0.7% on the day. Gold bars generally weigh 400 troy ounces (12.4kg), so a standard gold bar is now worth more than $1m.

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Ukrainian team blew up Nord Stream pipeline, claims report

Spokesperson for Volodymyr Zelenskiy denies WSJ claims and again accuses Russia of carrying out the sabotage

The Nord Stream gas pipeline was blown up by a small Ukrainian sabotage team in an operation that was initially approved by Volodymyr Zelenskiy and then called off, but which went ahead anyway, according to claims in a report in the Wall Street Journal.

A spokesperson for the Ukrainian president has denied the claims.

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Investors push Glencore to scrap spin-off of heavily polluting coal division

More than 95% of investors urged commodities firm to keep highly profitable fossil fuel arm to help maximise shareholder cash

Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.

The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.

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Royal Mint opens factory in south Wales to recover gold from e-waste

‘Pioneering’ facility will extract precious metal from up to 4,000 tonnes of scrap circuit boards a year

The Royal Mint has unveiled a “pioneering” factory that will recover gold from electronic waste, creating a more sustainable source of the precious metal for the coin manufacturer’s luxury jewellery line.

The factory in south Wales, which has been under construction since March 2022, is designed to extract gold from up to 4,000 tonnes a year of circuit boards sourced in the UK from electronics including phones, laptops and TVs.

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Wood Group suitor pulls out of takeover, blaming market turmoil

Shares in FTSE 250 company slump 37% in early trading after Dubai-based Sidara cites geopolitical risk

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

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Former Lib Dem leader Vince Cable testifies at inquiry into Post Office Horizon scandal – business live

Cable was business secretary from 2010-15 when the government privatised the Post Office

Cable has agreed with a description of Post Office management as “thugs in suits”, and had a goal of rebalancing the relationship between bosses and subpostmasters during his time in post.

He recounted a story about challenging 8 Post Office closures in his constituency, before he entered government, and being treated poorly by the organisation’s “middle management”.

Mr Bates has, I believe, described them as ‘thugs in suits’ and I recognise the description,” said Cable in his witness statement. “And [the Post Office] dealt with us in an arrogant way when we campaigned against closures.


In my first meeting with Paula Vennells [Post Office chief executive] I suggested this is what the Post Office should do,” he said. “We perhaps should have been more modest and had postmasters on the board, which would have achieved some of our aims, which I think has now happened.

Problems with Horizon barely came across my desk,” he said. “When they did it was usually in a very uncontroversial way and not drawn to my attention as an issue I should focus on. General reason is that the officials who were briefing me and ministers on the subject hadn’t seen it as a particular problem.

In hindsight, I should have been told at the outset what Horizon was,” he said. “That competent people … were suggesting there was a risk factor and I should have been told about Mr Bates and the justice group. I never heard his name until I’d been in the job five years. I wasn’t briefed on them.

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Zelenskiy to attend UK cabinet meeting in effort to disrupt Russian oil sales

Ukraine’s president will ask for more help to block Putin’s growing ‘shadow fleet’ of tankers carrying sanctioned crude to buyers

The Ukrainian president, Volodmyr Zelenskiy, will attend an extraordinary meeting of the British cabinet on Friday to bring fresh impetus to efforts to stop Russia evading sanctions on its oil exports.

Zelenskiy will be the first foreign leader to visit Downing Street since Keir Starmer was elected prime minister two weeks ago and the first foreign leader to address cabinet in person since the US president Bill Clinton in 1997.

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Shell to take hit of up to $2bn on Rotterdam and Singapore sites

Oil firm’s warning comes after it had to halt work on Europe’s largest biofuel project and sell refinery in Asia

Shell has warned investors that it will take an impairment charge of up to $2bn (£1.6bn) in its next set of results after it was forced to halt work on Europe’s largest biofuel project and sell off a Singapore refinery.

The oil company told investors to expect a non-cash writedown of between $600m and $1bn when it publishes its second-quarter results next month because of trouble at a major biofuel project in Rotterdam in the Netherlands.

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Orange-juice makers consider using other fruits after prices go ‘bananas’

Global industry ‘in crisis’ as fears about Brazilian harvest help push wholesale prices to record highs

Orange-juice makers are considering turning to alternative fruits such as mandarins as wholesale prices have “gone bananas” amid fears of poor harvests in Brazil.

Prices of the citrus drink reached a new high of $4.95 (£3.88) a lb on commodity markets this week after growers in the main orange producing areas of Brazil said they were expecting the harvest to be 24% down on last year at 232m 40.8-kg boxes – worse than the 15% fall previously predicted.

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UK and Finland discuss further efforts to stop Russia’s shadow oil fleet

Third parties could be required to do more to block tankers from operating in Baltic and the Channel

Britain and Finland are discussing plans to require third parties to do more to block the Russian shadow oil tanker fleet operating in the Baltic and the Channel, the Finnish foreign minister has said.

The waters around Finland act as a key choke point for the estimated 100 Russian-bought oil tankers that navigate the Baltic monthly using opaque ownership structures to carry 90m tonnes of oil.

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Union urges Labour not to ban new North Sea licences without plan for jobs

Unite launches bid to persuade Keir Starmer to invest more in north-east Scotland

The UK’s oil and gas workers risk becoming “the coal miners of our generation,” Unite’s general secretary, Sharon Graham, has warned, urging Labour not to ban new North Sea licences without a clear plan to safeguard jobs.

Unite is launching a billboard campaign in six Scottish constituencies aimed at persuading Keir Starmer to commit more investment to north-east Scotland, the centre of the offshore oil and gas industry.

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Biden announces 100% tariff on Chinese-made electric vehicles

White House levy to protect US makers from cheap imports likely to inflame trade tensions

The US president, Joe Biden, has announced a 100% tariff on Chinese-made electric vehicles as part of a package of measures designed to protect US manufacturers from cheap imports.

In a move that is likely to inflame trade tensions between the world’s two biggest economies, the White House said it was imposing more stringent curbs on Chinese goods worth $18bn.

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Gazprom slumps to first annual loss in 22 years as trade with Europe hit

£5.5bn loss in 2023 comes after gas sales more than halved following Russia’s invasion of Ukraine

The Kremlin-owned gas company Gazprom has plunged to its first annual loss in more than 20 years, after gas sales more than halved following Vladimir Putin’s invasion of Ukraine.

The company made a net loss of 629bn roubles (£5.5bn) in 2023 amid dwindling gas trade with Europe, once Gazprom’s main sales market, as a result of sanctions and the throttling of pipelines to the continent.

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BHP’s pursuit of Anglo American has a major obstacle: South Africa

The De Beers owner is a longstanding jewel in the African' state’s economic crown – it would be a ‘big blow’ to see it sold off

The world’s largest mining company has a problem. Australia’s BHP has set out its intention to snap up the rival miner Anglo American in a multibillion-pound deal that would reshape the global industry. Its proposed £31bn takeover plan has already been rebuffed as a lowball offer that undervalues the company. But Anglo’s deep roots in South Africa could be a far more sensitive issue to address.

Africa’s most advanced economy was built on mining. For more than 150 years since the first discovery of diamonds, gold and coal, the industry has remained South Africa’s economic lifeblood. Today it is the world’s fifth largest producer of coal and diamonds and the 10th largest producer of gold.

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Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

Increase in cost of crude could drive inflation up and force central banks to keep interest rates high

Business live – latest updates

A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.

The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.

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Middle East conflict risks sharp rise in oil prices, says IMF

In the UK, anxiety over the crisis after Iran’s missile strike on Israel drives down UK shares

An escalating Middle East conflict risks leading to higher oil prices, a reversal of the recent fall in inflation and a puncturing of the optimistic mood in financial markets, the International Monetary Fund has warned.

The Washington-based IMF said it was closely monitoring events in the region after Iran’s missile strike on Israel at the weekend and stressed the possibility that a war between the two countries could lead to higher interest rates.

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Abu Dhabi state oil company reportedly looked at buying BP

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firms

Abu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP, in a sign that depressed share values in London are making even the biggest British businesses takeover targets.

Abu Dhabi National Oil Company (Adnoc) considered options including buying BP or acquiring a large stake before deciding it was not the right fit and abandoning preliminary discussions, according to Reuters.

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