Energy giant Shell saw a 29% decline in profits last year
British energy giant Shell experienced a 29% decrease in profits last year due to falling oil and gas prices. However, its earnings of £22.4 billion were still higher than all but one year since 2011, leading to a nearly 3% increase in shares.
Dividend payouts to shareholders increased by 4%
Shell announced a 4% increase in dividend payouts to shareholders, which was well received by the market. In addition, the company revealed a £2.8 billion share buyback scheme.
Climate change campaigners criticize Shell's priorities
Shell has faced criticism from climate change campaigners who accuse the company of prioritizing shareholder returns over net-zero goals. Greenpeace activists dressed as executives and held a mock "profit party" outside Shell's London headquarters to express their discontent.
Shell CEO emphasizes commitment to net-zero emissions
Shell CEO Wael Sawan stated that the company had reduced greenhouse gas emissions from its operations by up to 60% and is progressing towards its goal of net-zero emissions by 2050. However, some analysts believe that Shell's focus on returns may overshadow its net-zero commitments.
BT sees revenue climb 3% after price increases
Telecoms giant BT reported a 3% increase in revenue for the latest quarter after implementing price rises for broadband and mobile customers. The company's new CEO, Allison Kirkby, expressed confidence in meeting targets and leading BT through the next phase of development.
Supply chain disruption impacts UK manufacturing
The UK's manufacturing sector experienced its 11th consecutive month of decline in January, partly due to supply chain disruption caused by troubles in the Red Sea. Manufacturers are becoming increasingly cost-cautious as a result.
Job cuts expected at TSB and Deutsche Bank
TSB's Spanish owner Banco Sabadell has set aside £29 million for restructuring costs in 2024, indicating potential job cuts and branch closures at the British bank. Similarly, Deutsche Bank plans to cut 3,500 jobs by the end of 2025 as part of cost-cutting efforts.
Record number of people submit tax returns
A record-breaking 11.5 million people filed their self-assessment tax returns for the 2022-2023 period. While thousands left it until the last minute, those who missed the deadline can appeal against fines if they have a reasonable excuse.
Rank Group returns to profit with help from returning punters
The Rank Group, owner of Mecca bingo and Grosvenor Casino, made a profit of £10.4 million in the last six months, thanks to the return of customers during the Christmas and New Year period. This marks a significant turnaround from the £109.1 million loss in the same period the previous year.
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