City news: Ineos, RBS, Britain's car industry, Screwfix
PETROCHEMICALS giant Ineos is expanding its North Sea presence after buying the oil and gas assets of Danish group Dong Energy in a deal worth up to £1billion.
Ineos has bought Danish group Dong Energy in a deal worth up to £1billion
Last year, Dong’s wells across Danish, Norwegian and British fields produced 100,000 barrels of oil equivalent per day and potentially contain 570 million barrels.
Ineos said the deal makes it the biggest private operator in the North Sea.
It recently bought BP’s Forties Pipeline linking 85 assets to the UK and its Grangemouth refinery.
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High Court in London has granted an adjournment to allow further RBS talks
A week for RBS deal
Shareholders in Royal Bank of Scotland suing over its claims of financial health before its taxpayer bailout are holding their breath yet again.
After difficulties in tracing some, a judge at the High Court in London has granted an adjournment to allow further talks but ordered both sides to notify him of any deal by June 1 or the trial goes ahead.
A settlement would avert the prospect of disgraced former boss Fred Goodwin giving evidence in a case centred on a 2008 £12billion fundraising.
RBS denies any wrongdoing.
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Britain's car industry remains at its highest since 2000
British business consultant: UK car industry to BOOM after Brexit
Car output hits bump
Britain's car industry slammed into reverse last month but output so far this year remains at its highest since 2000 after strong export growth.
The Society of Motor Manufacturers and Traders blamed the late Easter bank holiday for April’s 18.2 per cent decline from the previous year as 122,116 vehicles rolled off lines.
But year-to-date output is up 1 per cent at 593,796, with 3.5 per cent higher demand from overseas buyers offset by a 7 per cent fall at home.
Nearly 77 per cent of all cars made this year have been shipped abroad, mainly to the EU.
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Screwfix failed to prevent a hammering for owner Kingfisher yesterday
French don’t B&Q it
Trade-focused Screwfix failed to prevent a hammering for owner Kingfisher yesterday after weak sales at its French operations.
The B&Q operator suffered a 0.6 per cent drop in first quarter group same-store sales but French businesses Castorama and Brico Depot were down 4.3 per cent and 6.8 per cent.
Screwfix outlets open for at least a year were up 12.6 per cent, while B&Q’s takings edged up 0.5 per cent.
Boss Veronique Laury blamed “disruption as we clear old ranges” at B&Q. Shares fell 25¼p to 334p.