Shell profit doubles to $9.5 billion, prompting windfall tax calls

Shell on Thursday posted a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, as it announced plans to sharply boost its dividend by year end when its CEO departs.
 

The strong earnings were likely to intensify calls in Britain and the European Union to impose further windfall taxes on energy companies as governments struggle with soaring gas and power bills.
 

Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter.
 

The company said it intends to increase its dividend by 15 per cent in the fourth quarter, when Chief Executive Officer Ben van Beurden will step down after nine years at the helm. The dividend will be paid in March. Van Beurden will be succeeded by Wael Sawan, the current head of Shell's natural gas and low-carbon division.
 

Shell shares were up 2.5 per cent after trading opened in London.  With a profit of $30.5 billion so far this year, Shell is well on track to exceed its record annual profit in 2008 of $31 billion.

Shell’s shares gained over 40 per cent so far this year, lifted by soaring oil and gas prices in the wake of Russia’s invasion of Ukraine in February and amid tightening global oil and gas supplies.

McDonald’s profit up on higher menu price

McDonald’s beat quarterly comparable sales and profit estimates on Thursday, helped by higher menu prices and an increase in restaurant traffic from inflation-weary customers looking for value meals. The company’s shares rose 3.5 per cent to $265.69. Like other fast-food chains, McDonald’s raised prices of its burgers and fries to keep up with surging commodity and labour costs. Its US menu prices rose 10 per cent in the quarter.  Reuters

Mastercard spending growth lowest in a year

Mastercard saw spending growth slow to its lowest level in more than a year as the company said it’s watching the impact of inflation and other geopolitical risks on its business.

Purchase volume on Mastercard’s network jumped 15 per cent to $1.67 trillion in the third quarter.

While that was the smallest increase in six quarters, it still topped the 14 per cent increase analysts in a Bloomberg survey were expecting. Bloomberg