Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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32% of US Gulf oil output, 13% of gas production remains shut-in, post hurricane Michael

32% of US Gulf oil output,13% of gas production remains shut-in, post hurricane Michael

This was indicated in data from the US Bureau of Safety and Environmental Enforcement (BSEE) in a midday update

A total of 550,313 b/d of oil and 334 MMcf/d of gas remains shut-in, BSEE said.

Oil output was off 15.8% and natural gas production was down less than 10%.

Overall though, the levels of oil and gas production are slowly returning to near normal levels.

BSEE also said that personnel have been evacuated from nine production platforms, accounting for about 1% of the 687 manned platforms in the Gulf of Mexico. All the evacuated oil and gas operators were also reported to have returned to their production platforms.

Anadarko Petroleum Corp. stated on October 12 that it had finished inspecting its platforms and had “anticipated restarting production as soon as third-party infrastructure allows.” The company had shut-in its platforms in Horn Mountain, Marco Polo and Marlin as a safety measure.

BHP Billiton, BP Plc , Chevron Corp., Equinor and Exxon Mobil Corp. earlier reported they had returned crews and were in the process of restarting offshore facilities.

It possibly may take several days after a storm passes to inspect platforms for damages, fully return crews and restore production after wells are shut-in ahead of a storm.

Michael entered the Gulf as a tropical storm and quickly escalated into a major hurricane. It produced rough seas and winds of up to 155 mph (250 kph) when it made landfall as a Category 4 storm near Panama City in Florida.

The Gulf production still remained offline on Saturday morning, and represented 268,824 b/d and 227 MMcf/d of natural gas output. BSEE reported from a survey of 17 oil and gas producers. In all, Michael was reported to have cost Gulf producers about 3.27mn barrels of oil this week.

Offshore production in federal waters of the U.S. Gulf of Mexico accounts for 17% of total US crude output and 5% of national natural gas production, according to the US Energy Information Administration.

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