Jeff Bezos Just Humiliated Elon Musk

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Shell reports record 1st-quarter earnings as oil prices soar

By DANICA KIRKA
May 05, 2022

LONDON (AP) -- Energy giant Shell reported record first-quarter earnings after a surge in oil prices, fueling calls for the British government to impose a tax on energy companies' windfall earnings to help consumers struggling with the soaring cost of living.

London-based Shell said adjusted earnings -- which exclude one-time items and fluctuations in the value of inventories -- rose to $9.1 billion from $3.2 billion in the same period last year. That beat analyst expectations of $8.2 billion.

High oil and gas prices, partly due to uncertainty about supplies from Russia, are boosting the profits of major energy companies and feeding inflation around the world. In Britain, where households face the biggest drop in living standards on record, that has triggered demands for a special tax on energy company earnings to help consumers.

Prime Minister Boris Johnson on Wednesday rejected calls for a windfall profits tax, saying it would reduce investment in Britain just as the country is trying to diversify its energy industry and increase production from renewable sources. But opposition parties stepped up pressure after Shell's earnings report.

The government's "refusal to tax the super-profits of energy companies is completely unforgivable when people are too terrified to heat their homes," said Ed Davey, leader of the Liberal Democrats. "This one-off levy would raise billions of pounds that could help vulnerable families with their energy bills now. It is a no-brainer."

Brent crude, a benchmark for global oil prices, averaged $102.23 a barrel during the first quarter, 67% higher than during the same period last year.

The British media is filled with stories about people forced to skip meals or go into debt as they struggle to heat their homes after a 54% increase in household energy prices took effect April 1. Even before those increases, inflation accelerated to a 30-year high of 7% in March.

Shell rival BP on Tuesday reported its highest quarterly profit in more than a decade. The London-based company said adjusted earnings rose to $6.2 billion in the first quarter, from $2.6 billion in the same period last year.

Michael Hewson, chief market analyst at CMC Markets UK, criticized politicians for "grandstanding" with calls for a windfall profits tax, pointing out that Shell last month announced plans to invest 25 billion pounds ($31 billion) in renewable energy in the U.K. BP made a commitment to invest 18 billion pounds in U.K. energy this week.

"That's a lot more than a windfall tax would raise and would probably be better spent," Hewson said.

Shell said Thursday that it would take a $3.9 billion charge to cover the cost of exiting investments in Russia, which it pledged to do after the invasion of Ukraine.

First-quarter net income, which includes such one-time items, rose to $7.3 billion from $5.8 billion in the same period last year.

"The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted," CEO Ben van Beurden said in a statement. "We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can."

Continue Reading...

Popular

Goldman Sachs Thinks GE Vernova Is Uniquely Positioned To Electrify And Decarbonize Future

Goldman Sachs analyst Joe Ritchie kicks off coverage on GE Vernova with a Buy rating, projecting a target price of $154. Highlighting GEV's significant global electricity contribution and advanced grid technologies, Ritchie anticipates double-digit profitability for the Power business by 2024.

US files 2nd labor complaint after Mexico refuses to act on union-busting by a Mexican company

MEXICO CITY (AP) — The United States said Tuesday it has filed a labor complaint after Mexico refused to act on alleged union-busting by a Mexican company.

Steve Jobs' 'Final Prophecy' Is Now Coming True! - Ad

Just before he died, Steve Jobs issued a "Final Prophecy" that's now coming true... and making some people rich. In one recent 90-day stretch, 50 companies related to Jobs' "Final Prophecy" soared by 100% or more. What was Steve Jobs' last big prediction, and how can you get in on it? Professor Joel Litman explains everything.

Business boom: Record numbers of people are starting up new small businesses

NEW YORK (AP) — Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study.

Top 3 Tech Stocks That May Explode This Month

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.

Gold Is SOARING -- Here's What You Need to Do - Ad

Everything is lining up perfectly for a historic gold bull run. One gold expert says he's found the best way to get in, for less than $5.

Nvidia Robotics Expert Praises Tesla FSD's 'Human-Like Maneuvers' As Magical

Tesla's latest FSD feature has impressed users like Nvidia employee Yuke Zhu who called it 'magical'. Tesla has made FSD more accessible with price cuts and free trials.

On Location at My No. 1 A.I. Stock Pick - Ad

In this video, I go on location to share the name, ticker symbol, and story behind my #1 A.I. stock pick. I can almost guarantee you've never heard of this company -- but soon you, your friends, and your family will likely all be using it.

What's Going On With Ballard Power Systems Stock Tuesday?

Ballard Power Systems secures purchase orders for hydrogen fuel cell engines from Wrightbus, amid broader market acceptance of fuel cell buses in Europe.

Uber and Lyft delay their plans to leave Minneapolis after officials push back driver pay plan

MINNEAPOLIS (AP) — The ride-hailing companies Uber and Lyft said they will delay their planned exit from Minneapolis after city officials decided Wednesday to push back the start of a driver by two months.

The No. 1 AI Stock of 2024 (Not Nvidia) - Ad

It's not Nvidia, Meta Platforms, Alphabet, or Amazon. But thanks to a recent major deal, an under-the-radar stock could become the No. 1 winner of the AI boom. "This company just teamed up with one of the biggest power players in the AI industry... yet you can still buy it for just one-twelfth the price of Nvidia -- the time to buy is NOW," says Marc Chaikin.

Macy's names 2 independent directors as part of agreement with activist investor

NEW YORK (AP) — Macy's said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

"Gold's Final Bull Market Has Just Begun..." - Ad

The last time an event this seismic played out, gold surged 2,382%... yet most Americans had no clue it was even happening. Today, a Stansberry Senior Partner and former Goldman Sachs VP is pulling back the curtain on this strange story playing out in the upper echelons of world finance. And even if you've never owned an ounce of gold, this could impact everything from your investments to your mortgage.

Peter Schiff Predicts Bitcoin ETFs Will Lead To Its 'Biggest Crash Ever'

Bitcoin's (CRYPTO: BTC) ever-bearish commentator Peter Schiff commented on the crypto king, foreseeing its biggest crash and a potential MicroStrategy (NASDAQ:MSTR) bankruptcy.

Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio This Quarter

The most oversold stocks in the communication services sector presents an opportunity to buy into undervalued companies.

EXPOSED: How the Rich Are Using A.I. To Get An Unfair Advantage - Ad

The wealthy elite have always used cutting-edge technology to get an unfair advantage... A.I. will be no different. Right now, A.I. is creating a huge wealth-building advantage for folks who know how to use it.

A.I. Pioneer Warns: "I thought we had more time..." - Ad

A radical new A.I. development is about to blindside millions of Americans. This early A.I. pioneer just issued an urgent warning explaining everything.

Company that made millions of defective sleep apnea machines ordered to overhaul manufacturing

WASHINGTON (AP) — The company responsible for a will be barred from resuming production at U.S. facilities until it meets a number of safety requirements, under a announced Tuesday by federal officials.

The Sleeper Crypto of 2024? - Ad

One little-known coin is quietly gearing up for a potential breakout. Our analysts believe it could be the surprise crypto hit of 2024. Discover the name of this under-the-radar gem and our full analysis for just $3.

FBI Chief To Warn Congress Of Potential Coordinated Attack In US Similar To Russia Massacre: 'Threats To Our Public Safety And National Security...So Elevated'

FBI Director Christopher Wray is expected to raise concerns about the possibility of a coordinated attack in the United States, similar to the recent massacre in Russia, in a congressional hearing on Thursday.

The Next Nvidia? - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

Olympic track uniforms spark online debate about who designed them and why they're so skimpy

PARIS (AP) — U.S. track and field athletes have around four dozen pieces to choose from when assembling their uniforms at the Olympics. The one grabbing the most attention is a high-cut leotard that barely covers the bikini line and has triggered debate between those who think it is sexist and others who argue they don't need the internet to make sure they have good uniforms.

America's Cash Bubble Set to Burst on May 1, 2024 - Ad

For the first time I've ever heard of... we know the exact day (and time) a bubble is going to burst. This is insane and something we only have access to because of Jason's findings (that he's sharing with his ultra-elite clients). To find out what the cash bubble is and why you're vulnerable to it without even realizing...

As Israel Weighs Next Move After Iran's Unprecedented Attack, Western Allies Urge Restraint

Following a significant and unprecedented assault from Iran, Israel's leadership is deliberating an appropriate countermeasure.

The Six Words That Could Destroy America... And the Value of Your Savings. - Ad

He predicted the dangerous rise of inflation... the death of the 60/40 portfolio... and now, this 40-year market veteran and retirement expert is stepping forward with a new must-see warning for every American. It involves the world's most powerful investors, central bankers, and America's most bitter geopolitical rivals.

Saudi foreign minister arrives in Pakistan to discuss how to help with the country's economic crisis

ISLAMABAD (AP) — Saudi Arabia’s foreign minister on Monday led a high-level delegation on a two-day visit to Pakistan, which is seeking help in overcoming one of its worst economic crises.

Last call for dry towns? New York weighs lifting post-Prohibition law that let towns keep booze bans

ALBANY, N.Y. (AP) — New York towns and villages that have post-Prohibition bans on alcohol sales would be forced to lift such restrictions under a bill moving through the Legislature.

Legendary Stockpicker: "Buy This A.I. Stock NOW" - Ad

His award-winning system pinpointed NVDA and META before both stocks doubled. Now it's flashing "BUY" on this under-the-radar A.I. stock.

Thai prime minister unveils details of a $13.5 billion digital money handout plan

BANGKOK (AP) — Thailand's Prime Minister Srettha Thavisin on Wednesday revealed details of his government’s plan to stimulate the economy by giving digital cash handouts of 10,000 baht ($275) to an estimated 50 million Thais for spending at their local businesses.

10X Gains on the Horizon? - Ad

Our top pick for the next crypto boom is flying under most investors' radars. We believe this coin has the potential to deliver 10X returns or more. Get the name of the coin and our complete investment guide for just $3.

OpenAI Launches First Asian Office in Tokyo Amid Microsoft's Massive AI and Cloud Push in Japan

Microsoft-backed OpenAI expands to Tokyo, Japan to engage with regional businesses and develop AI solutions. Japan invests in AI despite lagging behind in tech.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service