Displaying items by tag: Business

Five days after Shell announced it is ending all joint ventures with the Russian energy company Gazprom, on 6 March it admitted having bought Russian crude oil at a discounted price. It said there was no alternative crude supplies which would reach Europe in time. On March 8th Shell said, ‘We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel - despite being made with security of supplies at the forefront of our thinking - was not the right one and we are sorry.’ The business says it will immediately stop all spot purchases of Russian crude oil and will shut its service stations, aviation fuel and lubricants operations in Russia. It says its withdrawal from other associations with Russia will be done ‘in a phased manner, aligned with new government guidance’. They said Russian oil profits will be used to help Ukrainians. See

There are several individuals being sanctioned by other nations but not by the UK. Oleg Deripaska was sanctioned by America for money laundering, ordering the murder of a business rival, illegally wiretapping government officials, extortion, racketeering and bribing government officials. He owns 45% of an aluminium company listed on the London Stock Exchange, and former Conservative energy minister Lord Barker is its executive chairman. The Russian state-owned VTB bank was suspended from the Stock Exchange but Andrey Kostin, president of the bank, is not sanctioned. Victor Zolotov, also on the EU's list but not UK's, leads Russia's national guard. His family is one of the richest in Russia in the real estate sector, with property portfolios in the UK. Pro-Kremlin billionaire Alisher Usmanov founded Russian-based USM which owns major iron, steel and copper suppliers and a telecommunications company, and has commercial ties to Everton Football Club (which has suspended its sponsorship contracts with USM).

It was announced on 2 March that Roman Abramovich wishes to sell Chelsea Football Club. He says he will donate the proceeds from the sale to a foundation ‘for the benefit of all victims of the Ukraine war.’ Swiss billionaire Hansjorg Wyss was given the chance to buy Chelsea. MP Chris Bryant revealed that Abramovich is selling his UK home and another flat, telling the House of Commons that he is ‘terrified of being sanctioned’. He is owed £1.5billion by Chelsea after buying it in a £140m deal in 2003, but he will not ask for any of the loans to be repaid; the sale will not be fast-tracked but will follow due process. Onlookers say that although Abramovich may want to sell Chelsea, he may not be allowed to; it depends on what the Government decides to do in the coming days and weeks. If his assets are frozen, he cannot do anything. His company Evraz continues to trade on the stock market: see

God gives some the vocation of serving Him by running a business. Kingdom businesses are businesses with God's perspectives. The world is hungry for thousands of new businesses to be created, and places where the gospel is least well-known often have the highest unemployment and the deepest poverty. Countries which close the door to missionaries often open it wide for business people. Kingdom businesses are an essential part of seeing God’s Kingdom impact every sphere of society. Pray that the Lord will call workers into the harvest field from among business entrepreneurs and professionals in the Church. Pray for essential business skills and resources to be released in greater number for global mission and to address the most pressing economic, social, environmental and spiritual needs: fighting poverty, freeing slaves, providing for communities, creating good jobs, and bringing the gospel to the ends of the earth. Pray for more resources to provide support for mentoring, training, startup, member care, prayer, and knowledge-sharing networks.

Last week you prayed for ‘wise costing and balancing by energy firms, oil giants and the government so that the cost of living remains stable’, after oil giant Shell announced profits four times higher than last year. This week BP reported its highest profit for eight years. The very same energy prices that have spelt crippling bills for consumers have prompted BP's boss to describe his operation right now as a ‘cash machine’. A combination of resurgent demand and geopolitical tensions means that wholesale gas prices are five times higher than before the pandemic - while oil prices have almost doubled. BP and Shell could make £40bn in profits this year, enough to cover the energy bills of the majority of UK households, renewing calls for a windfall tax. But the Chancellor fears it could damage investment in lower-carbon forms of energy, because energy giants' profits, tied as they are to global prices, are very volatile.

Electricity and gas bills for a typical household will go up by 54% in April because the energy price cap - the maximum amount suppliers in Great Britain can charge consumers - has been raised. Meanwhile oil giant Shell announced a huge increase in profits, four times the level recorded last year. The new price limit means 18 million households will pay £1,971 a year for gas and electricity. Another 4.5 million people on prepayment metres will see a bigger increase. The Chancellor plans to soften the blow via council tax rebates and help with bills. This would provide the majority of families with a total of £350 to help them adjust to higher prices. However many believe that with profits booming in recent months because of the spike in energy prices, the North Sea oil and gas producers who have recently made a fortune should be asked to contribute to ease the cost of living catastrophe.

Covid restrictions are easing as scientists believe the surge of Omicron infections ‘has peaked nationally.’ Hospitals in northern England are still struggling with high caseloads, but elsewhere admissions and patients in ICU are stabilising or falling. Covid passes for events have been scrapped. People are no longer being advised to work from home. Some firms are wary about rushing back to offices at a time of high staff absences. However Havas, with 11,500 staff worldwide, will be fully reopening its London office from 24 January. ‘Many of our employees want to come back into the office, but some people are nervous and we don't have a one-size-fits-all approach. We'll be talking to those people individually and finding solutions that work for them.’ The Government wants civil servants back at their desks as an example to other employers. The Chamber of Commerce called for improved access to rapid testing so that firms could confidently bring staff back to workplaces. See also

The chancellor pledged increasing public spending amid higher than expected economic growth. Whitehall departments will receive a rise of £150bn over the course of this parliament, the largest increase this century. There is extra money for schools, tax cuts for businesses and a cut in air duties for internal flights. A changed alcohol duty will see cheaper sparkling wine and draught beer, and the planned fuel duty rise is cancelled. Amid huge concern over the £20 cut to Universal Credit, changes will be made to let working claimants keep more of their benefits. There is new money for the NHS, a rise in the National Living Wage, and public sector pay rises. The Institute for Fiscal Studies said inflation and higher taxes on incomes would negate small wage increases for middle earners. Low-income households will see the cost of living increase faster than benefit payments. The chancellor acknowledged in his budget that families are under strain: see

Moldova has made history by buying gas from a source that was not Russia's Gazprom. The one million cubic metres came from Poland's PGNiG. Moldova will need much larger volumes if Russia cuts supplies, as it has threatened to do if they don’t agree to increased costs in a new contract. In the absence of a new deal Russia reduced supplies, prompting Moldova to declare a thirty-day state of emergency. Gazprom accused Moldova of ‘provoking a crisis’ and demanded repayment of a $709m (£514m) debt, which Moldova disputes. Officials say they would like to sign a new contract with Gazprom, but only if the terms are favourable. Negotiations continue. Moldova said PGNiG’s shipment was to test the ability of imported gas from alternative sources, and PGNiG was one of seven offers they had received. Critics accuse the Kremlin of hiking gas prices to punish Moldova for electing a pro-European president, Maia Sandu.

The UK wants to change the Brexit process to allow goods to circulate more freely between Great Britain and Northern Ireland, as current rules impose too many barriers to the sale of products. The EU have set out proposals that involve reduced checks on goods and medicines. The January post-Brexit arrangement, the Northern Ireland Protocol, was introduced to help prevent border checks between Northern Ireland and the Republic of Ireland. Both sides agree in differing degrees that the protocol poses many difficulties. EU and UK talks to reach a better arrangement are likely to go on for several weeks.