(RTTNews) – bp plc (BP.L, BP_UN.TO, BP) announced Monday that production has begun from its Block 61 Phase 2 Ghazeer gas field in Oman, 33 months after the development was approved.

Ghazeer was initially expected to come into production in 2021. The first phase of development of Block 61 – Khazzan – was brought online in September 2017.

Total production capacity from Block 61, comprising both Khazzan and Ghazeer, is expected to rise to 1.5 billion cubic feet of gas a day and more than 65,000 barrels a day of associated condensate. With an estimated 10.5 trillion cubic feet of recoverable gas resources, the block has the capacity to deliver approximately 35% of Oman’s total gas demand.

Mohammed Al Rumhy, Minister of Energy & Minerals of the Sultanate of Oman, stated that the gas from Ghazeer will contribute towards Oman’s 2040 vision in terms of providing additional energy to local industries as well as diversifying the economy.

Bernard Looney, bp chief executive, said, “This project has been delivered with capital discipline four months early, wells are being drilled in record times and, importantly, safety performance has been excellent. It exemplifies what a strong and resilient hydrocarbons business looks like – a core part of our strategy.”

The company noted that as this important first gas milestone is achieved, Omanisation in bp Oman reached over 80%.

Omani-registered companies were also used for over 85% of all project spend.

In London, bp shares are trading at 218.35 pence, down 1.69 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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LONDON, Oct 7 (Reuters)Tesco TSCO.L, Britain’s biggest retailer by sales, on Wednesday reported a 15.6% fall in core profit, with a jump in sales due to the COVID-19 pandemic more than outweighed by higher costs and losses at Tesco Bank.

The group, led since the start of the month by new chief executive Ken Murphy, made operating profit before one-off items of 1.037 billion pounds ($1.34 billion) in the 26 weeks to August 29, down from 1.229 billion pounds in the same period last year.

However, the group forecast that retail operating profit in the full 2020-21 year would be at least the same level as 2019-20 on a continuing operations basis.

UK like-for-like sales rose 7.6% in the first half, having been up 8.7% in the first quarter, while the response to the pandemic led to 533 million pounds of costs.

Tesco Bank made a loss of 155 million pounds and a loss of 175-200 million pounds is still expected for the full year.

Murphy, formerly at healthcare group Walgreens Boots Alliance WBA.O, succeeded Dave Lewis, who in his six years at the helm put Tesco back on track after an accounting scandal and refocused the group on its home market.

But Tesco still faces major challenges, most notably the long-term impact of the pandemic, a recession and disruption when Britain’s Brexit transition period finishes at the end of 2020.

Shares in Tesco, which has a 27% share of Britain’s grocery market, went sideways during Lewis’ tenure and last week the group briefly lost its position as Britain’s most valuable food retailer to online specialist Ocado OCDO.L.

The group also named Tate & Lyle’s TATE.L Imran Nawaz as its new finance chief. He will succeed Alan Stewart who is retiring in

He was clearly betting on the wrong horse, but Kindleberger’s treatise should still be top of European regulators’ reading list on the eve of a potentially messy end to decades of unfettered free trade with Britain.

His insights into the forces that make or break a financial center resonate in post-Brexit Europe. Over-centralization carries big risks, bringing what he called “diseconomies of scale,” such as information bottlenecks, spiraling overheads and interference by politicians. His work is a challenge to those who scoff at the idea that London could ever face any serious competition.

The U.K. financial capital arguably became too concentrated for its own good. The 2016 Brexit vote showed euro-zone officials were right to warn that it was risky to have a third of all EU capital markets activity and 90% of euro-denominated derivatives clearing in one place.

Back in the 1970s when Kindleberger was writing, the City looked more like a speculative bubble than a real contender, with U.S. banks using London as a revolving door for U.S. dollar-denominated deposits held overseas called eurodollars. Nobody was waxing lyrical about the City’s talent pool, or superior legal system, as so many do today. Its attraction as a conduit for European cash only really took off after the 1980s, helped by light-touch regulation, political stability and its membership in the EU single market.

Those advantages are more vulnerable today than they’ve ever been. With the post-Brexit transition period set to end on Dec. 31, bringing an end to the U.K.’s frictionless market access to the EU, euro-area hubs are dangling the carrot of tax breaks and regulators are waving the stick of forced relocations. Financial firms operating in the U.K. have already shifted about 7,500 staff and more than 1.2 trillion pounds ($1.6 trillion) of assets to the EU.


(RTTNews) – Today’s Daily Dose brings you news about the first rolling review of a COVID-19 vaccine in the EU, reverse merger of privately held Chinook Therapeutics with Aduro, Enlivex Therapeutics’ positive top-line results of an investigator-initiated clinical trial of Allocetra in COVID-19 patients in severe/critical condition, FDA lifting the clinical hold on Solid Biosciences’ IGNITE DMD trial, and Vaccibody’s deal with Roche to develop neoantigen cancer vaccines.

Read on…

1. EU begins First Rolling Review of COVID-19 vaccine

The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has started the ‘rolling review’ of AZD1222, the COVID-19 vaccine candidate, being developed by AstraZeneca plc (AZN) in collaboration with the University of Oxford.

This marks the first ‘rolling review’ of a COVID-19 vaccine, and the data being reviewed by the committee comes from laboratory studies (non-clinical data). The CHMP decided to start the rolling review of the AZD1222 vaccine based on preliminary results from non-clinical and early clinical studies which suggest that the vaccine triggers the production of antibodies and T cells (cells of the immune system, the body’s natural defense) that target the virus.

AZD1222 advanced into phase III testing in the U.S. in late August. The vaccine candidate is being tested in phase II/III trials in the U.K. and Brazil and in phase I/II trial in South Africa.

Early this month, AstraZeneca paused all the AZD1222 vaccine trials following a single event of an unexplained illness, which is believed to be transverse myelitis that occurred in the UK phase III trial. While the trials of the vaccine candidate in the UK and other countries have resumed, the trial continues to remain on hold in the U.S. as regulators have asked the company to furnish further data over its safety.

Gilead Sciences’ antiviral Veklury (remdesivir), which secured

TOKYO (Reuters) – Japanese business sentiment improved in July-September from a 11-year low hit three months ago, a key central bank survey showed, in a sign the economy is gradually emerging from the devastating hit from the coronavirus pandemic.

FILE PHOTO: An employee wearing a protective face mask and face guard works on the automobile assembly line as the maker ramps up car production with new security and health measures as a step to resume full operations, during the outbreak of the coronavirus disease (COVID-19), at Kawasaki factory of Mitsubishi Fuso Truck and Bus Corp., owned by Germany-based Daimler AG, in Kawasaki, south of Tokyo, Japan May 18, 2020. REUTERS/Issei Kato

The data offers some hope for new Prime Minister Yoshihide Suga’s efforts to achieve an economic revival from the crisis and pave the way for hosting next year’s Tokyo Olympic Games.

But factory activity remained shaky and corporate capital expenditure plans were at their weakest since the 2009 global financial crisis, underscoring the challenge of pulling the world’s third-largest economy sustainably out of its slump.

As the pandemic’s pain persists, a ruling party heavyweight signalled Japan’s readiness to compile a “large-scale, bold” additional spending package.

The headline index for big manufacturers’ sentiment improved to minus 27 in September, off a 11-year low of minus 34 in June but worse than a median market forecast of minus 23, the Bank of Japan’s closely watched “tankan” survey showed on Thursday.

While it showed many firms remain downbeat, it was the first sign of improvement in nearly three years.

“The big manufacturers’ index turned out a little weaker than expected, reflecting an uneven recovery,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“Capital expenditure may weaken in coming months as companies put off non-urgent spending plans