Energy companies Shell and BP have faced calls to pay more tax after they announced bumper payouts to shareholders.
The oil companies are predicted to report a combined £10.5 billion ($12.57 billion) in profit from the first three months of the financial year, far more than from the same period in 2021.
A lot of this will come from the cash that households pay to keep the lights on, heat their homes and fill up their cars.
Rishi Sunak, Britain's Chancellor of the Exchequer, hinted last week he would be prepared to introduce a windfall tax on energy companies that did not reinvest profits into the North Sea and clean energy projects. He had previously rejected such a policy.
The payouts are expected to prompt calls from opposition MPs for a windfall tax.
Shell expects to report adjusted earnings of £7 billion, according to a company-compiled consensus of analyst estimates.
BP is forecast to report £3.6bn in replacement cost profit.
While the war in Ukraine has caused the prices of oil and gas to rise, it has also resulted in significant costs for energy firms.
Last month, Shell increased its estimated costs of exiting Russia from £2.7bn to between £4bn and £5bn.
BP will report its results on Tuesday and Shell on Thursday.
On Sunday, the UK Business Secretary, Kwasi Kwarteng, suggested there was a split in opinion in the Cabinet when it came to a windfall tax on oil and gas companies.
“I’ve never been a supporter of windfall taxes — I’ve been very clear about that publicly. I think they discourage investment,” Mr Kwarteng told Sky News.
Sir Keir Starmer, the Labour leader, called for a £600 reduction in energy bills funded by a one-off tax on oil and gas profits to help the poorest households.
“We are not talking about taxing the profits they expected to make. This is the profits they didn’t expect to make,” he told Sky News. “We would then use that to reduce energy bills by up to £600 by those who need it, directly using that for the energy bills.
“I tell you this — £600 help with energy bills for those that need it will be desperately needed and welcomed across the country.”
Mr Starmer said the cost of living had been the “number one issue” on the doorstep while campaigning for the local elections. He said the Conservatives had said “absolutely nothing” about it.
On Thursday local elections will be held for some local authorities in England, including those in London, Leeds, Manchester and Birmingham. All 32 councils in Scotland and all 22 in Wales will also hold ballots. In Northern Ireland, voters will go to the polls across 18 constituencies to elect 90 MLAs.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
UAE currency: the story behind the money in your pockets
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
