Lower prices impact profits
Oil giants BP and Shell both saw their profits halve last year due to lower prices, but they still managed to bring in a significant £11billion. Although this figure was lower than the record £22.1billion made in 2022, it was still higher than any of the previous ten years. Shell also experienced a similar slump, but it continues to generate more profit than ever before.
BP surprises market with better-than-expected figures
BP surprised the market by reporting better-than-expected figures for the final quarter of last year, resulting in a 5.46% increase in shares. CEO Murray Auchincloss, who took over from Bernard Looney in 2022, expressed optimism for 2023 and announced a 10% dividend increase to 7.27 cents. However, critics have accused BP of prioritizing shareholder payouts over investing in the green transition.
Home insurance costs soar
The cost of home insurance rose by a fifth, or £59, in the last quarter of 2023. The average price paid for combined home and buildings insurance was £364, up from £305 in 2022. The increase in premiums has been attributed to higher costs of raw building materials and labor, as well as payouts for damage caused by storms and burst pipes.
Gender pension gap revealed
New figures reveal that women need to work an additional 19 years to retire with the same pension savings as men. On average, women retire with £69,000 in pension savings, compared to £205,000 for men. This leaves women with £136,000 less, despite the likelihood of living longer. The report calls for changes to allow women with multiple jobs or part-time work to access workplace pensions and for those who take time off to care for family members to be able to "top up" their pensions.
Virgin Money UK closes branches and raises provisions
High street bank Virgin Money UK closed 39 branches in the last three months as part of its cost-saving efforts. It also increased provisions for bad debts to nearly £640million, reflecting more customers falling behind on credit card repayments. Mortgage lending also dipped by 2.2% to £57.1billion in the last quarter of 2023.
NatWest sale to the public delayed
The sale of NatWest to the public has been delayed due to unforeseen circumstances.
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https://hellofaread.com/money/man-forgets-about-two-winning-tickets-wins-record-jackpot-on-postcode-lottery/
