(Bloomberg) — The UK’s windfall tax knocked the wind out of another oil and gas producer. Harbour Energy Plc said the tax imposed on North Sea producers will impact its activity levels in the country, just a day after a similar warning by Ithaca Energy Plc.
Here’s the key business news from London this morning:
In The City
Harbour Energy Plc: The company narrowed its full-year production guidance and scaled back activities in certain areas after the UK’s windfall tax led to a first-half loss.
This advertisement has not loaded yet, but your article continues below.
- Britain’s largest independent North Sea producer said a review of its UK organization is expected to deliver annual savings of about $50 million from 2024
Liontrust Asset Management Plc: After months of wrangling with GAM Holding AG’s investors to tender their shares in the latest extension to its offer, the London-based asset manager is now expected to declare the offer unsuccessful.
- At the end of the third extended offer period, shares corresponding to 33.45% of GAM were tendered, below the 66.67% minimum acceptance level
- Liontrust expects to incur a one-time charge of as much as £11 million
Hays Plc: The recruitment firm raised its core dividend by 5% for the year and paid a special dividend of 2.24 pence per share after reporting better-than-expected pretax profit and operating profit that met expectations.
- The London-listed company also named Dirk Hahn as chief executive officer, effective Sept. 1
In Westminster
UK doctors and rail workers are embarking on a fresh round of strikes over pay and conditions, underscoring the challenges Rishi Sunak faces as he tries to steer the country past the worst worker unrest since the late 1980s while addressing the risks of inflation.
This advertisement has not loaded yet, but your article continues below.
In Case You Missed It
Crispin Odey stepped down from several companies connected to his family. That’s after disappearing from numerous business roles in the wake of allegations of sexual harassment and assault. Odey, who has denied the claims, resigned this month as a director of three UK companies that oversee assets for his adult children, according to registry filings.
On this week’s In the City podcast, Francine Lacqua speaks to Phoenix Group Chief Executive Andy Briggs on how how the UK’s pension system compares with those of other countries.
Looking Ahead
The British energy regulator will set out the limit on prices local energy suppliers can charge average households for consumption. With wholesale energy prices largely off last year’s record levels, Ofgem is expected to lower the price cap for next quarter. UK consumers are taking matters into their own hands, with a jump in the number signing up for fixed energy rates rather than allowing rates to fluctuate up to the limit set by the regulator.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
