BUSINESS LIVE: John Lewis returns to profit; Shell boss scoops £7.9m pay package; Vistry to build more homes

BP and Adnoc, the UAE’s state energy company, have suspended a deal to buy a £1.6bn stake in an Israeli gas group amid the war in Gaza.

The companies had offered a year ago to buy a 50 percent stake in Newmed.

But negotiations were thrown into doubt in October after Hamas militants invaded Israel from Gaza.

Vistry hopes to build more homes this year, encouraged by strong demand for its affordable homes from the private rental sector, after its 2023 profits exceeded market forecasts.

The British housing market has seen signs of stability in early 2024 thanks to the easing of mortgage rates after battling subdued demand for most of last year, but the delay of interest rate cuts by the Bank of England and incessant macroeconomic concerns have dimmed hopes for a better situation. accelerated recovery.

“The easing of mortgage rates earlier in the year has had a positive impact on open market demand and we are optimistic that this trend will continue throughout 2024,” Vistry said in a statement.

The company said it aimed to build more than 17,500 units in 2024, compared to 16,118 homes built a year ago.

Shell chief executive Wael Sawan’s total pay package in 2023 was £7.9m, its annual report published this morning shows.

Sawan was appointed to the top job at Shell in early 2023, replacing Ben van Beurden, who received a total remuneration of £9.7m in 2022.

John Lewis on Thursday reported a surprise return to profits after a “difficult” year, but the retail giant will not pay any bonuses to its staff for the second year in a row.

The company posted a pre-tax profit of £56m, compared with a loss of £234m last year, thanks to an aggressive £900m cost-cutting program following three consecutive years of losses.

Chairman Sharon White said John Lewis had made “significant progress”, giving the group the financial headroom to invest, and she expected “profits to continue growing” in 2024.