Shell approves $12bn liquefied natural gas project in Canada. Scheme will send supercooled gas to Asia as countries switch over from coal. Royal Dutch Shell ‘B’ (RDSB) has approved a $12bn (£9.3bn) investment in a mega energy project to send supercooled gas from Canada to China and other Asian countries as they turn from coal to gas. The scheme will be Canada’s biggest ever infrastructure project and is the world’s first major liquefied natural gas project to be given the go-ahead in five years. Shell has a 40% stake in the $31bn Canada LNG joint venture, along with Malaysian, Chinese, Japanese and South Korean energy firms. The world’s appetite for LNG, where gas is cooled to -162C (-259.6F) so it can be shipped in huge tankers, had exceeded expectations in the past year and made the project viable, Shell said.
Royal Mail share price sinks further after profit warning shock. Downward spiral continues for postal service with share price just above controversial flotation price. Royal Mail (RMG) share price has sunk to its lowest level since the time of its flotation five years ago after investors were left shocked by a surprise profit warning. The company, which had £800m wiped off its stock market value after issuing the profit warning on Monday, has continued its downward spiral on Tuesday. It was hit by a further 9% dive in its share price, making it the biggest faller in the blue-chip FTSE 100 index. With its share price hovering just under 360p, the company is close to the 330p it floated at in October 2013.
