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Tax haul falls as stamp duty rise hits sales of top homes, suggests data: Sweeping changes to stamp duty at the turn of the year have cost the Exchequer hundreds of millions of pounds – and may even have led to less tax being raised from the richest home-buyers.

Royal Dutch Shell cuts ties with Alec over rightwing group’s climate denial: Royal Dutch Shell have announced they will end their membership of the far-right American Legislative Exchange Council (Alec) because of its continuing denial of the science of climate change

Oil fall shuts Colombia’s ‘door to paradise’: Long gone are the heady days when salsa star Marc Anthony and Puerto Rican rapper Daddy Yankee were flown in to enhance blowout parties in Puerto Gaitán, “The Door to Paradise” as locals once called this backwater Colombian oil town.

Petrol price war pumps up consumer feel good factor: Morrisons is set to reignite the supermarket fuel price war by slashing the cost of diesel. The Bradford-based grocer is expected to cut 4p from the price of a litre of diesel and up to 1p from a litre of petrol, giving a boost to holidaymakers.

Tories put fracking on fast track: Fracking applications will be fast-tracked through the planning system under new rules intended to kick-start the shale gas revolution.

Oil prices tumbled last week and closed below $50 per barrel, after Iran vowed to boost its oil output by 500,000 once the sanctions against the county were lifted. Downbeat Chinese manufacturing also contributed to the weakness. Moreover, the EIA reported that US crude production rose to 9.5 million barrels per day in the week ended 31 July. Brent crude oil prices fell 1.8% to $48.61/barrel.

Petrobras profits dive 90%: Brazil`s state-controlled oil company Petrobras reported a 90% fall in net profit in the second quarter from the first three months of its year, after significant impairment and tax charges.

Genel Energy foresees regular payments from KRG: Genel Energy is confident the past two months of oil sales by the Kurdistan Regional Government will translate into regular payments for energy companies operating in the semi-autonomous Iraqi region, according to Chairman Tony Hayward

Oil dips below $50 as U.S. adds to glut: Oil prices slumped below $50 a barrel, close to their lowest level in seven months, after figures pointed to rising U.S. crude production which threatens to exacerbate a worsening global supply glut.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.46% or $0.23 higher at $49.75 per barrel. Yesterday, the contract declined 0.14% or $0.07, to settle at $49.52 per barrel, as a constant concerns surrounding a glut in global supplies coupled with a stronger dollar and slowdown in China continued to push the crude oil prices down

Genel planning to invest more in Kurdistan oil: Genel Energy’s shares took a hammering as the company reported that profit had more than halved in the six months to 30 June.

Yukos move signals drift away from law Kremlin’s retaliation threat seems to imply that it could go beyond seizing only state assets

Saudi Arabia plans $27bn in bond issues Low oil prices put strain on kingdom’s finances

BP to invest around £640 million extending lives of North Sea fields: BP has decided to proceed with a $1 billion (£640 million) investment intended to maximise recovery of oil and gas from some North Sea fields, highlighting the impact of a Budget move to boost spending in the area amid the crude price slump.

Average house price rises to 8.8 times local salary in England and Wales: The average home in England and Wales cost a record 8.8 times the typical local salary in 2014, according to analysis by the Office for National Statistics that reveals prices in some areas have reached 20 times local incomes.

Devro profits recover ahead of Asian expansion: Sausage skin maker Devro, which is currently embarking on an ambitious overseas expansion plan, enjoyed a recovery in profits during the first half of the year. Peter Page, Chief Executive of Devro, is passionate about his product. He believes Devro’s collagen casings (sausage skins), are better than its competitors’ products that use more traditional animal gut. Meat consumption has increased in emerging markets, because people eat more animal products as they get richer. It is also investing £100 million developing new facilities in the U.S. and China. These factories are expected to begin production by the middle of next year. The company said pretax profits increased to £9.6 million during the six months to the end of June, from £1.6 million last year. Revenues increased by £3 million to £112.7 million in the first half, leading Mr Page to point out that “market demand is strong”. Shares in Devro now trade on a price to earnings ratio of 19.3 times. That rating looks quite high given the challenges ahead during the next 12 months. The last time Questor looked at the shares (Sell, 211p, April, 2014), the recovery was far from certain. With profits now heading in the right direction and an exciting expansion phase ahead we are happy to upgrade. Devro at 320p +21.25p. Questor says “Hold.”

U.K. growth slows in July as dominant services sector cools: Growth in Britain’s dominant services sector cooled in July, as employment growth rose at its slowest pace in more than a year, according to a closely watched survey.

Samson Resources close to filing for bankruptcy protection: Samson Resources, the Oklahoma-based oil and gas producer, is close to filing for bankruptcy protection, wiping out the $4 billion investment made by the KKR-led group that acquired the business in a $7.2 billion deal in 2011

Social landlords’ low bond yield fundraising tempers rent cut pain: A group of housing associations has raised hundreds of millions of pounds through a bond issue priced at a record low yield, despite a rent cut imposed by Whitehall.

Sky returns to hoist cup for La Liga games: Sky has scored a last-minute winner over BT in the battle for the rights to Spanish football matches despite walking away from the bidding over the weekend