BUSINESS LIVE: US oil hits 7-year high; Fortress reports boost supermarkets

Published: 04 October 2021

BUSINESS LIVE: US oil hits 7-year high; Sainsbury’s shares up on Fortress reports; Greggs warns on staffing and supply chain disruption

By Mike Sheen For This Is Money

Published: 07:44,

BUSINESS LIVE: US oil hits 7-year high; Sainsbury’s shares up on Fortress reports; Greggs warns on staffing and supply chain disruption

By Mike Sheen For This Is Money

Published: 07:44, 5 October 2021 | Updated: 08:15, 5 October 2021

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The decision by the world's major oil producers to keep a cap on crude supplies has extended gains in oil prices globally, with the US oil benchmark West Texas Intermediate hitting its highest level since 2014 on Monday.

Brent crude was also up 0.5 per cent to $81.66 a barrel after OPEC+ said it would increase oil production only gradually, ignoring calls from the US and India to boost output as the world economy recovers.

Shares in supermarkets were on the charge on Monday amid speculation that private equity sharks are still scouring the UK for deals.

Clayton, Dubilier & Rice beat US giant Fortress in an auction for Morrisons at the weekend, and investors view Sainsbury’s as the most likely target of the latter’s next attempt to put its capital to work in the UK.

Greggs has raised its full year profit outlook after underlying sales in its latest quarter rose 3.5 per cent on 2019 levels, but the British baker and fast-food chain warned progress has been hampered by staffing and supply chain disruption.

The group said growth was particularly strong in August when a ‘staycation’ effect was evident and remained in positive territory in September.

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The US oil benchmark West Texas Intermediate hitting its highest level since 2014 on Monday

Harry Wise
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Mike Sheen
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08:15

Pandora Papers: Philip Green's wife bought London homes as BHS fell

Sir Philip Green's wife bought up exclusive London properties before and after BHS collapsed including a £10.6m home for their daughter Chloe just yards from Buckingham Palace, the Pandora Papers revealed today.

Lady Tina's identity as the buyer of properties in Mayfair and Belgravia was hidden because they were purchased using offshore companies set up in the British Virgin Islands.

Pandora Papers: Philip Green's wife bought London homes as BHS fell

Lady Tina's identity as the buyer of properties in Mayfair and Belgravia was hidden because they were purchased using offshore companies set up in the British Virgin Islands.

Mail Online

08:08

Is it time to invest in Japan?

Japan has a new Prime Minister after the ruling Liberal Democratic party’s leadership was secured by Fumio Kishida, who having suceeded Yoshihide Suga will be tasked with reviving an economy badly damaged by the Covid-19 pandemic.

Japan’s stock market has had a year of ups and downs, to add to many years of soap opera, but some investors believe it continues to look cheap versus global peers, such as the US, and potentially offers a lucrative opportunity over the longer term.

Is it time to invest in Japan and its 'cheap' stock market?

Japan's stock market has had a year of ups and downs but some investors believe it continues to look cheap and potentially offers a lucrative opportunity.

This is Money

07:55

Rolls-Royce in talks with US tech giants over using mini nuclear plants to power data centres

Rolls-Royce is in talks with Amazon and other US tech giants to power vast data centres with mini nuclear reactors.

The FTSE 100 engineering group is spearheading a project to design and build the flat-pack plants, called small modular reactors.

The Government is planning to roll out a fleet of more than a dozen reactors that could be up and running by the early 2030s.

Rolls-Royce in talks with US tech giants over mini nuclear plants

Rolls-Royce is leading a project to build flat-pack plants, called small modular reactors. The UK Government is planning to roll out a fleet of more than a dozen that could be up and running by the 2030s.

This is Money

07:54

Ovo set to bid for stricken supplier Bulb

Ovo Energy is preparing to table a takeover bid for its struggling rival Bulb as firms in the sector continue to fall by the wayside.

Ovo, backed by its biggest shareholder Mitsubishi, is set to make an offer later this week for the stricken group

Ovo set to bid for stricken energy supplier Bulb

Ovo is set to table an offer later this week for the stricken group, according to reports. Bulb is the latest group to be pushed to the brink by the crisis rocking Britain's energy suppliers.

This is Money

07:53

Morrisons faces petrol station probe ahead of £7bn takeover deal vote

On the subject of supermarkets, regulators are poring over the proposed £7billion takeover of Morrisons by CD&R over concerns about the number of petrol stations the group would own.

Officials at the Competition and Markets Authority are monitoring the situation after Clayton, Dubilier & Rice beat rival Fortress in a bidding war over the weekend.

Morrisons faces petrol station probe ahead of £7bn takeover deal vote

Morrisons chief exec David Potts (pictured) could make £22m from the proposed £7bn takeover. Regulators are concerned about the number of petrol stations the group would own.

This is Money

07:51

Sainsbury's shares rise with private equity predator Fortress still on the prowl

Shares in supermarkets were on the charge amid speculation that private equity sharks are still scouring the UK for deals.

Over the weekend, Clayton, Dubilier & Rice beat US giant Fortress in an auction for Morrisons. But despite losing out, Fortress remains on the prowl.

Investors view Sainsbury’s as the most likely target.

Sainsbury's rises with private equity shark Fortress still on prowl

Over the weekend, Clayton, Dubilier & Rice beat US giant Fortress in an auction for Morrisons. Investors view Sainsbury's as the private equity firm's most likely next target.

This is Money

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