Neo Energy, a Norwegian-owned oil and gas company, has significantly slowed investment in its North Sea projects, citing growing uncertainty surrounding the Labour government’s stance on fossil fuel regulation and taxation. The company’s decision to reduce investment across its portfolio highlights concerns over impending windfall tax increases and stricter environmental rules. One of Neo’s major projects affected by this slowdown is the Buchan Horst oilfield, located approximately 70 miles north-east of Aberdeenshire in Scotland. Initially, production from this field was scheduled to begin by the end of 2027, with the potential to yield 162 million barrels of oil equivalent. However,…
Author: Introducing Live
The Qatari owners of Harrods, the iconic Harrods Knightsbridge department store, have granted themselves a substantial £180 million dividend for the second consecutive year. This comes despite a 35% drop in profits, highlighting concerns about a potential slowdown in the luxury goods sector. In the financial year ending 3 February 2024, Harrods, which is owned by Qatar’s sovereign wealth fund, saw an 8.2% increase in sales, reaching £1 billion. The group, which also manages private jet services and sells merchandise to overseas stores, recorded a pre-tax profit drop from £171.5 million to £111.5 million. This significant decline can largely be…
The energy price cap is set to increase in October, affecting households across England, Scotland, and Wales. Under this new cap, a typical dual-fuel household paying by direct debit will face an annual bill of £1,717. Simultaneously, new changes to winter fuel payments will come into effect, leaving many pensioners without the financial aid they have relied on during the colder months. What Are Winter Fuel Payments and Who Will Qualify? Previously, all pensioners were eligible for winter fuel payments, a vital financial support ranging from £100 to £300, depending on age and living arrangements. In the winter of 2022-23,…
The UK’s oil and gas sector has raised alarms over the government’s proposed increase in the windfall tax, with warnings that it could stifle investment and negatively impact the economy. Offshore Energies UK (OEUK) has voiced concerns that the upcoming rise in the Energy Profits Levy (EPL) will lead to a significant £13bn economic loss from 2025 to 2029 and place around 35,000 jobs in jeopardy. The industry’s caution comes amid broader concerns about the UK’s business climate, as discussions about tax hikes and stricter employment rights have caused a decline in business confidence. Windfall Tax Increase: The Impact Under…
Bristol-based law firm Foot Anstey has made a significant addition to its leadership team by appointing Brian Johnson, formerly the finance chief at Investec Bank, as its new Chief Financial Officer (CFO). Johnson brings a wealth of experience, having spent over a decade at the FTSE-250 bank and accumulating more than 20 years of expertise in global investment banking and wealth management. During his tenure at Investec Bank, Johnson played a pivotal role in driving the company’s strategic expansion. His appointment at Foot Anstey reflects the firm’s dedication to continuing its growth trajectory and pursuing innovative opportunities within the legal…