(Bloomberg) -- Here’s the key news from London this morning.

Boris Johnson: The prime minister has lost another key minister, Northern Ireland Secretary Brandon Lewis, as resignations kept coming in this morning. 

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Shell Plc: The energy giant said surging margins from fuel production could have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries. 

  • Shell’s trading update is the first indicator of just how much cash was flowing into the coffers of major oil companies due to the inflationary surge in the price of gasoline, which rose above $5 a gallon in the US for the first time

Currys Plc: The electronics retailer cut its 2023/24 profit margin target, citing the current economic outlook and inflationary headwinds as well as “the shift to online and the delays to transformation” caused by the pandemic. 

Outside The City

As Boris Johnson is desperately clinging to power, rebel Tories are determined to hold another vote on his leadership as soon as next week. Having narrowly failed to oust him last month, they are confident of having the numbers to finish the job this time.

But who would take over? Here are the top contenders for the Conservative Party leadership position.

In Case You Missed It 

British Airways is nearing a deal with one of the unions representing check-in employees, a person familiar with the matter told Bloomberg, potentially avoiding further disruption after having to scrap thousands of flights due to a staff crunch.

And a consortium backed by South African billionaire Johann Rupert is preparing a higher takeover bid for Mediclinic International Plc, the country’s largest hospital operator, people with knowledge of the matter told Bloomberg. 

Looking Ahead

Homebuilder Vistry Group Plc is set to update the market tomorrow. The company said last month it expects full-year profit to be at the top end of market forecasts, despite rising costs for some materials. 

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