Welcome to Taking Stock on Wednesday 27th September 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
New oil filed given the go ahead - is this good decision?
TOP BUSINESS STORIES
The controversial Rosebank offshore development off Shetland has been granted consent by regulators.
Located 80 miles of west of Shetland, Rosebank is the UK's largest untapped oil field and is estimated to contain 500 million barrels of oil.
Development and production approval has been given to owners Equinor and Ithaca Energy, following reassurances over environmental concerns.
The plan has faced widespread criticism due to its impact on climate change.
Last month 50 MPs and peers from all major parties raised concerns the oil field could produce 200 million tonnes of carbon dioxide.
They wrote to then Energy Secretary Grant Shapps urging him to block Rosebank, adding that most of the cost of development would be shouldered by the taxpayer.
London office market in 'rental recession' as vacancies hit 30-year high
London's embattled office market is in "rental recession" as empty workspace across the UK capital's West End, City and Canary Wharf business hubs hits a 30-year high, analysts at Jefferies said, pressuring shares of several top landlords.
In a note downgrading Land Securities (LAND.L), British Land (BLND.L), Derwent London (DLN.L) and Great Portland Estates (GPEG.L), Jefferies estimated a 20% contraction in London office usage due to post-pandemic hybrid working and tenants' growing preference for greener buildings in the suburbs.
An HS2 construction firm boss has said he would be cautious about taking on future government projects amid doubts over the rail line's future.
Rising costs have led to speculation that the Birmingham to Manchester leg of the high speed line could be axed.
Mark Reynolds, of Mace Group, said it was "very rare" work on a major scheme "gets stopped", adding that working in the UK had been "challenging".
The government has said it is reviewing how costs of HS2 can be controlled.