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Harbour Energy Turns To Profit In H1, But EBITDAX, Production Down; Backs FY21 Production View

Angela Merkel’s Visit To Bird Park Didn’t Turn Out As Expected

BERLIN (AP) — Outgoing Chancellor Angela Merkel provided a rare splash of color amid Germany’s staid election campaign while visiting a bird park where she posed with half a dozen parrots.

Not content with the bird feed on offer, one of the rainbow lorikeets took a peck at the long-time German leader’s hand, prompting a theatrical scream from Merkel.

Merkel, who is not running for a fifth term, visited the northeastern state of Mecklenburg Western-Pomerania on Thursday to promote the center-right Union bloc’s candidate in the constituency she has held since 1990.

Germany holds a national election Sunday that will determine the composition of parliament. The strongest party usually ends up leading a new government and will name a new chancellor, who needs to be confirmed by a majority of lawmakers.

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Follow AP’s coverage of Germany’s election at https://apnews.com/hub/germany-election

Opinion | Wonking Out: This Might Be China’s ‘Babaru’ Moment


By Paul Krugman

Opinion Columnist

Crude Oil Futures Settle Notably Higher

Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico following the disruptions caused by recent hurricanes.

Recent data showing a drop in U.S. crude stockpiles in the week ended September 17 also continued to support oil prices.

West Texas Intermediate Crude oil futures for November ended up by $1.07 or about 1.5% at $73.30 a barrel, the highest settlement in about two months. Oil prices had dropped to $71.61 a barrel earlier in the session.

Brent crude futures were up $0.97 or 1.27% at $77.16 a barrel a little while ago.

Data from Energy Information Administration (EIA) showed crude stockpiles dropped by 3.481 million barrels to 414 million barrels last week, the lowest level since October 2018.

Gasoline stockpiles rose by 3.47 million barrels, more than 2.5 times the expected increase, while distillate stockpiles dropped by 2.55 million barrels, more than twice the expected drop.

The EIA also said that oil facilities in the Gulf of Mexico continue to return to production, and weekly output rose by 500,000 barrels per day in the most recent week.

OPEC and allies, collectively known as OPEC+, will meet on October 4. Iraq’s oil minister said on Wednesday that the group was working to keep crude prices close to $70 per barrel amid a recovery in the global economy.

HDFC offers home loan at 6.7%

This offer will be applicable to all new loan applications irrespective of the loan amount or employment category.

HDFC Ltd. has announced a special limited period home loan offer starting 6.7% for the upcoming festival season.

This offer will be applicable to all new loan applications irrespective of the loan amount or employment category. The special rate is linked to borrower’s credit score.

“This is a close ended scheme and will be valid till October 31, 2021,” HDFC said in a statement.

“ I am sure this offer will help prospective house buyers to realise their house buying dream and bring festive cheer. In the last couple of years, property prices have more or less remained the same…while income levels have gone up. Record low interest rates, subsidies under PMAY and the tax benefits have also helped,” said Renu Sud Karnad, Managing Director, HDFC Ltd.

Heathrow and Gatwick airports hit by UK border gates failure

London's Heathrow and Gatwick, Britain's busiest airports, said on Friday the e-gates used to control entry into the country had stopped working due to a systems failure that was affecting multiple ports of entry into Britain.

One passenger at Heathrow said it was chaos in the terminal, with space to queue rapidly running out.

The e-gates are staffed and operated by Britain's Border Force, a department of the interior ministry.

"Our teams are working with Border Force to find a solution as quickly as possible," Heathrow said on Twitter.

Passengers at Heathrow had already endured lengthy queues this summer as staff struggled to process COVID-19 documentation in addition to passports and visas. 

Treasury Reveals Details Of 2-Year, 5-Year And 7-Year Note Auctions

The Treasury Department on Thursday announced the details of this month’s auctions of two-year, five-year and seven-year notes.

The Treasury revealed it plans to sell $60 billion worth of two-year notes, $61 billion worth of five-year notes and $62 billion worth of seven-year notes.

The results of both the two-year and five-year note auctions will be announced next Monday, while the results of the seven-year note auction will be announced next Tuesday.

Last month, the Treasury also sold $60 billion worth of two-year notes, $61 billion worth of five-year notes and $62 billion worth of seven-year notes.

Harbour Energy Turns To Profit In H1, But EBITDAX, Production Down; Backs FY21 Production View

Harbour Energy Plc (HBR.L) reported Thursday that its first-half pre-tax profit was $120 million, compared to last year’s loss of $224 million.

Profit after tax was $87 million, compared to prior year’s loss after tax of $155 million. Earnings per share were 10.6 US cents, compared to loss of 21.9 US cents a year ago.

EBITDAX, meanwhile, was $843 million, down from $920 million a year ago.

Harbour reported total revenue and other income of $1.50 billion, up from prior year’s $1.24 billion. Revenue was driven primarily as a result of an increase in realised gas prices, offset to some extent by lower production volumes and lower realised liquid prices.

Reported production was 151 kboepd, down from 187 kboepd last year, impacted by planned maintenance programmes deferred from 2020 into 2021 due to COVID-19 and unplanned outages.

Looking ahead for fiscal 2021, the company continues to expect production of 170-180 kboepd, with higher expected production in the second half.

The company plans to provide an update on its strategy and capital allocation plans, including its dividend policy, at a capital markets day on December 9.