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Thursday newspaper round-up: North Sea oil & gas, Debenhams, Pershing Square

By Michele Maatouk

Date: Thursday 03 Dec 2020

Thursday newspaper round-up: North Sea oil & gas, Debenhams, Pershing Square

(Sharecast News) - The UK's North Sea oil and gas industry should agree to phase out production through a series of five-year targets to help its 260,00 strong workforce migrate to clean energy sectors, according to a report. The plan would require the UK and Scottish governments to scrap a controversial policy that calls on North Sea companies to extract as much oil and gas as they can from the ageing basin. - Guardian
Debenhams claimed £40.5m of taxpayers' money through Rishi Sunak's furlough scheme after the failed retailer fell into administration, records show. The department store chain - which is now being liquidated after administrator FRP Advisory failed to find a buyer - legally claimed the sum from HMRC between 9 April and 8 October, according to a progress report. - Telegraph

Bill Ackman's Pershing Square will move into the FTSE 100 and replace Homeserve following the quarterly review of the blue-chip index. The billionaire's hedge fund will replace the home repairs firm that is demoted to the FTSE 250 after just two quarters in the top tier. Last month Pershing's $11.4bn portfolio gained 13.4pc, lifting net gains for the first 11 months of the year to 62.8pc, according to a company filing. Its stock has climbed over 100pc since listing in 2017. It was listed on Euronext in Amsterdam in 2014 and in London three years later. - Telegraph

At the height of the pandemic, Britain imported more goods from China than from any other country, for the first time on record. One pound in every £7 of goods bought by the UK came from China in the second quarter. Chinese companies sold goods worth £11 billion to Britain, with a big jump in textiles, such as medical masks for the NHS, and electrical machinery, such as home computers for remote working. - The Times

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