Sam Meredith
Sam Meredith
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Oil major Shell to write down up to $22 billion of assets in second quarter

Oil major Shell to write down up to $22 billion of assets in second quarter

Keep Me Logged InKey PointsOil giant  said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices.It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by 2050.Shell said in a statement to investors that it had reviewed a significant portion of its business given the impact of the coronavirus pandemic and the "ongoing challenging commodity price environment."It said it would take aggregate post-tax impairment charges in the...

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Sam Meredith
5d ago
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Goldman Sachs says the only other commodity 'looking as precarious as oil' is livestock

Goldman Sachs says the only other commodity 'looking as precarious as oil' is livestock

Business News and FinanceVIEW IN APPA Facebook iconA Twitter iconA LinkedIn iconAn email iconKEY POINTS The head of commodities research at believes the two big commodity stories looking ahead to 2021 and beyond will concern oil and livestock. The forecast comes at a time when the coronavirus pandemic has prompted many countries across the globe to effectively shut down. It has created an unprecedented demand shock in energy markets, with U.S. oil prices for the first time ever last month.Both major oil benchmarks have registered modest gains in recent weeks. However, Brent crude futures...

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Sam Meredith
May 13
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Venezuela files legal claim in bid to force Bank of England to hand over $1 billion of gold

Venezuela files legal claim in bid to force Bank of England to hand over $1 billion of gold

Keep Me Logged InKey PointsVenezuela has launched legal proceedings to try to force the Bank of England to hand over $1 billion worth of gold, claiming it needs the money to fund an appropriate response to the coronavirus pandemic.The gold is being retained at the Bank of England as a result of U.K. and U.S. sanctions on the crisis-stricken South American country.President Nicolas Maduro's administration has claimed it wants the Bank of England to sell part of the reserves in order to help fund the country's response to the coronavirus pandemic.The legal document, which was filed in a...

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Sam Meredith
May 20
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US oil prices are on track for their worst day ever: Here's why

US oil prices are on track for their worst day ever: Here's why

U.S. oil prices were on track for their worst day on record on Monday, with crude storage facilities filling rapidly as the coronavirus pandemic continues to crush demand. The May contract of U.S. West Texas Intermediate (WTI) futures fell to $10.52 per barrel on Monday, down 42%. Earlier in the day it hit $10.01, its lowest level since at least April 1986. To be sure, the May contract expires on Tuesday, thus leaving it exposed to weaker trading volumes and more extreme market moves. The June contract of WTI, which is more actively traded, fell more than 9% to $22.70 per barrel. ...

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Sam Meredith
Apr 20
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The coronavirus crisis could pave the way to universal basic income

The coronavirus crisis could pave the way to universal basic income

Keep Me Logged InKey PointsThe coronavirus crisis has revitalized calls for a universal basic income, with even the Pope suggesting that now may be the time to consider giving everyone free money.The Covid-19 outbreak has meant countries across the globe have effectively had to shut down, with many governments imposing draconian measures on the lives of billions of people.The social, educational and economic ramifications of the confinement measures, which vary in their application worldwide but broadly include social distancing, school closures and bans on public gatherings, are expected...

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Sam Meredith
Apr 16
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Harvard researchers warn social-distancing measures may need to remain in place into 2022

Harvard researchers warn social-distancing measures may need to remain in place into 2022

Keep Me Logged InKey PointsResearchers from the Harvard T.H. Chan School of Public Health have warned that, in the absence of a vaccine or an effective treatment of the coronavirus, social-distancing measures may be required through to 2022.In a study on Tuesday, a team of epidemiologists at Harvard assessed what is known about Covid-19 and other coronaviruses to anticipate possible scenarios for the current global health crisis.It said social-distancing measures, such as school closures, bans on public gatherings and stay-at-home orders, may have to remain in place for at least the next...

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Sam Meredith
Apr 15
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'A Frankenstein creation': Saudi prince says US peace plan takes away Palestine's heart and soul

'A Frankenstein creation': Saudi prince says US peace plan takes away Palestine's heart and soul

Keep Me Logged InKey PointsSaudi politician: Trump's Middle East deal a 'monstrous conception' of PalestinePresident 's Middle East peace plan is a "monstrous conception" of a Palestinian state that is not going to progress any further, according to a former chief of intelligence.The U.S. unveiled its long-awaited peace initiative for an Israeli-Palestinian deal with great fanfare . The proposal, which Trump delivered standing alongside Israeli Prime Minister , would give Israel most of what it has sought during decades of conflict. This includes the disputed city of Jerusalem and...

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Sam Meredith
Feb 11
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Xi insists China will definitely win fight against coronavirus outbreak; death toll at 908

Xi insists China will definitely win fight against coronavirus outbreak; death toll at 908

Keep Me Logged InKey PointsCoronavirus worldwide death toll surpasses SARSThe coverage on this live blog has ended — but for up-to-the-minute coverage on the coronavirus, .All times below are in Beijing time.Chinese President Xi Jinping insisted the country will win the fight against the coronavirus outbreak, saying he will adopt more decisive measures to contain the spread.Speaking on state television Monday, Xi said the country would speed up the development of drugs that have relatively good clinical effects against the deadly pneumonia-like virus.Xi's come shortly after China's National...

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Sam Meredith
Feb 11
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The 'biggest change in oil market history' is less than six months away

The 'biggest change in oil market history' is less than six months away

Tens of thousands of ships sailing the world's oceans of sludge-like high-sulfur fuel every single day. But, starting next year, the shipping industry will have to comply with rules that should dramatically reduce sulfur emissions. "It is the biggest change in oil market history," Steve Sawyer, senior analyst at energy consultant Facts Global Energy, told CNBC. "It is going to affect crude oil producers, traders, ship owners, refiners, equity investors, insurance companies, logistical businesses, banks… Who's left? I'm struggling to think of anyone it might not affect. That's why it is a...

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Sam Meredith
Jul 16
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Venezuela crisis: US condemns Maduro for blocking critical point of entry for humanitarian aid

Venezuela crisis: US condemns Maduro for blocking critical point of entry for humanitarian aid

Keep Me Logged In|armed forces have barricaded a bridge on the country's western border with Colombia, in a dramatic attempt to prevent a delivery of humanitarian aid.It comes at a time when tensions in Venezuela are reaching boiling point, with the South American country in the midst of the Western Hemisphere's .The opposition government, led by Juan Guaido, has said it is preparing to deliver tens of millions of dollars in food and medicine over the coming days, with supplies donated by the U.S. and others being stocked in warehouses near the border.President , who has the , has...

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Sam Meredith
Feb 8
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