China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

ENERGY TOP STORIES

Germany’s DEA to buy Mexico’s Sierra oil and gas

Germany's DEA to buy- GBO

The German energy firm announced that it had signed an agreement to buy independent Mexican company Sierra Oil and Gas at a time of growing uncertainty over the private sector’s role in Mexico’s oil industry

On taking office, veteran leftist and self-professed oil nationalist Andres Manuel Lopez Obrador pledged a shift away from the previous government’s drive to attract private capital to the oil and gas sector. The acquisition of Sierra should boost the German firm’s presence in Mexico ahead of DEA’s planned merger next year with Wintershall, the oil and gas unit of chemicals giant BASF.

In a statement, DEA Chief Executive Officer Maria Moraeus Hanssen stated that the acquisition of Sierra would provide DEA with a “high-quality exploration and appraisal portfolio in one of the world’s most sought-after offshore basins.”

“The transaction also underlines our confidence in the future of Mexico’s energy industry,” she further added.

Terms of the deal were not disclosed, though the company said it expected to close in the first half of 2019. The Financial Times, which first reported the deal, stated that the transaction was worth around $500mn.Hamburg-based DEA and Sierra have both won rights to develop blocks in the oil and gas auctions Mexico held under the country’s previous president, Enrique Pena Nieto.

Lopez Obrador has been a trenchant critic of Pena Nieto’s opening of the oil and gas market to foreign and private producers. He was stated that while contracts awarded under Pena Nieto will be respected, provided there is no evidence of corruption, he vowed last week that the energy plan rolled out in the “neo-liberal period” would not be carried out.

By acquiring Sierra, DEA will hold interests in one onshore production block and ten exploration blocks, including the Zama shallow water discovery, the company said in its statement.

Those would attract “significant investments from DEA and its joint venture partners” over the next five years, it added.

Sierra holds a 40% stake in the block where the Zama discovery was made, but does not operate the project.

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