Shell: a storm in a petrol pump

Fri, 13 Jun 2008 10:56:32 GMT

Shell is top of the headlines today as tanker drivers, employed by external companies, who deliver fuel to its petrol stations walk out in a four day strike over pay. Union officials complain that the hauliers are paid the same as they were in the 1990s and that Shell should intervene to avert a crisis and inject some of the fat profits it has made from soaring oil prices.

But as Cityblogger cruised past a BP garage this morning, all was quiet on the western front, with no motorists in fisticuffs over the petrol pumps. Similarly, despite all the fuss, Royal Dutch Shell's shares look pretty resilient, down only one per cent.

Elsewhere in the City, the Financial Services Authority is trying to stamp out the short-selling of shares which are subject to rights issues. And in a further snub to Microsoft as takeover talks between the two companies formally ended, Yahoo has got into bed with Google in an online ad deal. Ah...the course of geek love never did run smooth...

Cityblogger wishes you a relaxing weekend.