SHELL WRITES DOWN BY $4 BILLION

Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth quarter results on February 4, Shell said the post-tax charge was due in part to impairments on its Appomattox field in the U.S. Gulf of Mexico, the closure of refineries and liquefied natural gas (LNG) contracts. SOURCE: Reuters

TESLA CAN CUT DOWN SOME TREES, NOT ALL

A German court on Friday ruled Tesla could partially proceed with clearing a forest to build a manufacturing site near Berlin. Environmentalists had gone to court in the eastern city of Frankfurt an der Oder in an attempt to stop Tesla from clearing the forest, arguing that cutting down more trees could endanger hibernating reptiles. A temporary halt in clearing had been in force while a regional court studied the matter. In Friday’s ruling, the Berlin-Brandenburg Higher Administrative Court said it would ban clearing by Tesla in peripheral areas of the site, ruling in favour of environmentalists. SOURCE: Reuters

CALL FOR MORE UK COVID BUSINESS HELP

Business groups and bosses have demanded that the Government provide more support to prevent job losses and a hit to the economy. Adam Marshall, of the British Chambers of Commerce, said: “While Government must act on public health concerns, it must also address the economic consequences of its actions. “Will there be more help for firms being forced to shut their doors – and for those who have paid for stock they now can’t sell? What support will there be for companies whose cash flow projections have once again been thrown into chaos?” SOURCE: inews.co.uk

INVESTMENT SHIFTS FROM JAPAN TO CHINA

American and European institutional investors, including pension funds, are moving away from Japanese stocks and accelerating a shift into Chinese companies, as China stages a faster recovery than the rest of the world from the COVID-19 pandemic. The California State Teachers’ Retirement System, better known as CalSTRS, is one such investor. Christopher Ailman, chief investment officer of America’s second largest public pension fund, recently said that the company’s focus was on two “Cs” – climate change and China. SOURCE: asia.nikkei.com