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Chevron is in talks to sell its east Texas natural gas assets to Tokyo Gas, said three people familiar with the discussions, as the Japanese utility looks to expand its access to abundant US reserves of the fuel.

The companies have been in negotiations for months about a potential deal for Chevron’s portfolio in the Haynesville shale, a prolific gas-producing basin straddling Texas and Louisiana.

The assets include 72,000 acres of mostly undeveloped land. It was not immediately clear how much gas the land is believed to hold. The transaction could be valued at up to $1bn, the people said.

If completed, the deal would bolster Tokyo Gas’s foothold in the US shale patch, the world’s largest source of gas, as it looks to secure supplies for Japan, which is heavily reliant on fossil fuel imports to meet its energy needs.

For Chevron, the second-biggest western supermajor, it would be another step in its multibillion-dollar divestment programme, as it looks to close a contentious $53bn deal for Hess, the biggest acquisition in its history.

Chevron and Tokyo Gas did not respond to requests for comment.

A person involved in the process said it was not clear if the deal would be completed, and that a rival bid could emerge.

Tokyo Gas established a foothold in the Haynesville basin last December through a $2.7bn deal for Rockcliff Energy. It produces about 1.3bn cubic feet a day of gas there, near a cluster of liquefied natural gas terminals — both existing and planned — on the Gulf of Mexico.

In February, the Japanese group agreed to buy a 49 per cent stake in Arm Energy, a North American trading and marketing group, and has made no secret of its appetite for further expansion into the US gas business.

Dan Pickering, chief investment officer at Pickering Energy Partners, said the transaction “would absolutely make sense”.

“It is a bolt-on acquisition for Tokyo Gas, which is already the number four producer in the basin and a logical divestment of a non-core asset by Chevron,” he said.

Chevron is looking to offload $10bn to $15bn of non-core assets by 2028 as part of a strategy to “optimise its global energy portfolio” by focusing on areas of higher-yielding production, including the Permian Basin and Kazakhstan.

It said in a March filing with the Securities and Exchange Commission it was “evaluating strategic opportunities” for its Haynesville acreage.

On Monday it agreed a $6.5bn deal to sell stakes in a number of oil sands and shale assets to Canadian Natural Resources.

WETHERSPOONS has confirmed the closure of more of their pubs including an iconic “stunning” venue.

The popular pub chain has closed locations across the UK, including Stafford, London, Halifax and Penarth.

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The Geroge, Wanstead Wetherspoons is set to pull down their shutters for good on October 13.

Punters took to social media to express their frustrations over the closure of another popular branch.

One user wrote: “That’s sad.”

“My local. A very popular pub,” another commented.

The George had been a favourite among locals, who often left glowing reviews about the pub.

“Good service, competitively priced drinks and tasty food,” a user said.

Another added: “Excellent staff and well-kept beer at low prices.”

It comes after the Wetherspoons revealed that five pubs had been put up for sale, four of which are already under offer.

The Ivor Davies in Cardiff is up for sale, while the four pubs under offer are the Sir Daniel Arms in Swindon, the Hain Line in St Ives, the Foot of the Walk in Leith and the Quay in Poole

Under offer may mean that a bid is being considered or has been accepted.

But as the sale has not been finalised the pub remains on the market

Wetherspoons regularly reviews the branches it has up for sale and has often taken venues off the market to continue operating as part of the pub chain.

In its annual report published today, the pub giant said the disposal of the 27 pubs it has closed gave rise to a cash inflow of £8.9 million.

Wetherspoons has sold the freehold of premises it owned outright and returned others to their landlords.

The pub sites sold may reopen to welcome drinkers under their new owners.

Landlords could also find new tenants, so Wetherspoons’ departure doesn’t necessarily mean the loss of a pub for locals.

The sites closed are:

• The Saltoun Inn, Fraserburgh – sold
• Widow Frost, Mansfield – sold
• General Sir Redvers Buller, Crediton – sold
• Butler’s Bell, Stafford – sold
• Coronet, Holloway Road, London – sold
• White Hart, Todmorden – sold
• Asparagus, Battersea – sold
• Mock Beggar Hall, Moreton – sold
• Sir Norman Rae, Shipley – sold
• Lord Arthur Lee, Fareham – sold
• Market Cross, Holywell – sold
• The Cross Keys, Peebles – sold
• The Regent, Kirkby in Ashfield – sold
• An Geata Arundel, Waterford – sold
• Jolly Sailor, Hanham – sold
• Millers Well, Purley, Halifax – sold
• The London & Rye in Rushey Green, Catford – sold
• Bankers Draft, Eltham – returned to landlord
• Sir John Arderne, Newark – returned to landlord
• Night Jar, Ferndown – returned to landlord
• Moon and Bell, Loughborough – returned to landlord
• Capitol, Forest Hill – returned to landlord
• Hart and Spool, Borehamwood – returned to landlord
• Alfred Herring, Palmers Green – returned to landlord
• Tichenham Inn, Ickenham – returned to landlord
• Bears Head, Penarth – returned to landlord

Wetherspoons has also opened two new sites in the last 12 months – The Captain Flinders near Euston Station and the Star Light at Heathrow Airport, and The Grand Assembly in Marlow.

Several sites have also been expanded including the Red Lion,
Skegness; the Talk of the Town, Paignton; the Albany Palace, Trowbridge and the Mile Castle, Newcastle.

It follows Wetherspoons being sued for more than £200,000 after a drinker fell to his death from a second-floor window.

And the popular pub chain’s 12-day beer festival will be back with a bang tomorrow with some ales selling for less than £2 a pint.

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Activist hedge fund Elliott said its long-term thesis on British mining conglomerate Anglo American was “very interesting and very much intact”, after the fund built a stake of $1bn during a takeover offer by Anglo rival BHP.

In Elliott’s first comments on the deal since it disclosed its stake in April, equity partner Nabeel Bhanji said the US hedge fund was in a “very good [and] constructive]” dialogue with Anglo’s management.

“The BHP approach was third-party validation that clearly this is an asset that has a very interesting portfolio that is just trading at the wrong price,” said Bhanji at the Financial Times Due Diligence conference on Tuesday. “We’ve got billions of dollars riding on that bet.”

Bhanji added that BHP’s approach in April, which sent the London-listed miner’s share price up 13 per cent, was “genuinely annoying” as the firm was only “part way through our stake build”. Official filings in May showed that Elliott held 3.5 per cent of the FTSE 100 miner.

After intense negotiations and several improved offers by BHP, the talks collapsed at the end of May.

Elliott manages about $70bn for investors and invests in a mix of private and public companies. It has a reputation for taking on company management if it strongly disagrees with a company’s strategic direction.

Anglo is under pressure to make good on its radical plan to reshape the business following BHP’s failed takeover of the group — a restructuring that includes selling off parts of the business to leave it with a core three divisions of copper, iron ore and fertiliser.

Chief executive Duncan Wanblad said in September that plans to offload businesses including its DeBeers diamond arm would mean “we will get a re-rating” and Anglo would become “a very high-quality business”. Shares in Anglo have jumped 12 per cent in the past month, supported by the recent Chinese stimulus measures that have bolstered mining stocks.

Wanblad also said that he expected to finalise the sale of Anglo’s coal business this year, though a disposal of the diamonds business could extend beyond the planned restructuring timeline.

Investors have been speculating about whether BHP would return to bid again for Anglo, which it could do from the end of November under London takeover rules. Analysts at BNP Paribas said this month that it was “unlikely” for BHP to bid again for Anglo until the company was “more progressed through its restructuring process.”

CHRISTMAS has come early for shoppers at this department store after they discovered a £30 festive essential is scanning for just 50p.

Savvy customers have been rushing to House of Fraser‘s website to bag up the Xmas item which has been described as “brilliant”.

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The department store giant has sent fans wild by selling a personalised “Mrs Gonk Stocking” for under a pound which is 98 per cent cheaper than the original price.

It was originally priced at a whopping £29.99 – saving buyers an unbelievable £29.49.

One customer shared the find on Facebook and posted a screenshot of the item, captioning: “House of Fraser UK… 50p!”

Excited users left comments under the post and tagged their friends.

One user said: “They have the Mr Gonk aswell for 50p!”

Another commented: “I ordered 4 of these last week, they’re brilliant for the price.”

And: “Yeah I got it, it’s lovely!”

However do bear in mind that when prices are reduced by this much it’s usually in order for stores to clear excess stock, so availability will vary.

It’s always best to phone ahead to your local shop to check what they have available to avoid disappointment.

It always pays to compare prices so you know you’re getting the best deal.

There are plenty of comparison websites out there that’ll check prices for you – so don’t be left paying more than you have to.

Most of them work by comparing the prices across hundreds of retailers.

Google Shopping is a tool that lets users search for and compare prices for products across the web.

Simply type in keywords, or a product number, to bring up search results.

Christmas fanatics have also spotted a festive essential on offer at Home Bargains.

Shoppers are racing to their nearest store to buy £4 Polar Express slippers in time for the big day.

Last month House of Fraser shoppers were hit by delivery chaos with hundreds waiting weeks for parcels that remain undelivered.

Frustrated shoppers have struggled to reach customer service to request refunds, leaving those affected out of pocket.

The issues have plagued those who placed online orders on the retailer’s website since late August.

Angry customers have taken to social media to vent their fury, branding the company’s response as “appalling.”

Money-Saving Tips from Gemma Bird: Save £2k Before Christmas

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IF youre’ looking to save cash, you’ve come to the right place, as here, Gemma Bird has shared her top tips that’ll save you £2k before Christmas.

• Set a budget: Track your spending and create a realistic budget.
• Cut unnecessary costs: Cancel unused subscriptions and avoid impulse buys.
• Meal planning: Plan meals to reduce grocery bills and avoid takeaways.
• Sell unwanted items: Declutter and sell items online for extra cash.
• Cashback and discounts: Use cashback sites and hunt for discount codes.
• DIY gifts: Make personalised gifts to save money and add a personal touch.
• Pick up a seasonal shift: A really easy way to pick up a bit of extra cash in the winter is to find yourself some seasonal work.

Follow these practical tips from Gemma Bird to boost your savings before the festive season!

Courtesy of AQUA DOME

Austria’s AQUA DOME is a wellness haven where every detail is designed to rejuvenate. From gourmet dining to invigorating spa treatments, fitness classes to soothing saunas, this world-class resort offers a holistic escape. After my visit, I felt refreshed, relaxed and ready to take on the world. It is the perfect destination for those seeking a true sanctuary of serenity.

Despite its early 2000s origins, AQUA DOME remains a beacon of modern luxury. Chic architecture, thoughtful design, and recent renovations, like the lobby restaurant, have ensured it stays at the forefront of hospitality. The expansive hotel lobby bar and restaurant are a testament to the property’s ongoing commitment to excellence. The elegant lounges and open floorplans create a serene ambiance, while the restaurant’s floor-to-ceiling windows offer stunning mountain views. The tempting buffet and a la carte options showcase the best of local cuisine, making every meal a memorable experience. Bussing robots whizz about the dining room floor returning dishes to the kitchen, allowing for servers to be closer and more attentive to guests during mealtimes.

Stone, wood, glass and fabric accents can be found throughout the property, leaning into the natural aesthetic and subtly immersing guests in an elemental visual experience. Harkening to the surrounding nature, everything from firepit lounges to artful hallways let your tensions ease and stress reduction start to set in.

The hotel rooms at AQUA DOME are spacious and comfortable, all of which have balconies and outfitted with the comfy Austrian duvet bedding. Double rooms are 115 square feet with The Junior Suites at 213 square feet, with sitting areas and optionally offer a fireplace. Large bathrooms are equipped with totes for taking towels to the pools and saunas, bathrobes and slippers are available through the hotel. JustLuxe insider tip: ask for an oversized robe at the front desk for and even more opulent envelopment.

During the winter, AQUA DOME offers ski gear rental and e-bikes during the summer. A subterranean daytime wardrobe is a perfect spot to change out of ski clothes or bike attire to head to the spa. A tunnel connecting the hotel to the thermal pools and saunas is an ideal moment to take a few breaths and unwind as you move into the AQUA DOME domain.

  The signature thermal spas are a great place to literally dip your toe into the experience; indoor and outdoor pools of various temperatures are popular options for both hotel guests and locals alike. While I attended AQUA DOME in early September, there was light snowfall, which was an invigorating and enchanting swim to be in the outdoor warm pools while fluffy flakes fell from the sky. There are 12 indoor and outdoor pools to explore on property, each with its own unique character.

It should be noted that photography is prohibited at AQUA DOME with the exception of a few designated areas defined with signage. I not only appreciated the destination’s thoughtfulness for privacy of guests, but noticed people were connecting more with one another while not endlessly on their phones.

The fitness center is located next to the spa, where classes are available daily. Yoga, guided meditation, and strength training are all offered. Spa appointments should be made in advance and everything from signature treatments to standard massages and facials are available. A hairdresser is also on property. Thermal Deep is the exclusive beauty line which is only available at AQUA DOME. It includes a range of products such as body lotions, face masks, and body oils—all are enriched with thermal water from theLängenfeld thermal spring, sourced from a depth of over 6,000 feet.

Sauna World is home to 11 saunas of various heats and themes. My favorite was a barn sauna; a little cooler, with a haystack in the center of the room and charming beams and a roof over the top. The larger two-tiered Loft Sauna was warmer and also fantastic. An adults-only side of the resort, it should also be noted that this area is no clothing allowed. Due to the oils of the skin and fabrics which can ruin the cedarwood in the saunas, as well as cross-contaminations of minerals carried via swimsuit from spa location to location, the European way of soaking up the heat is in the nude. While this may be daunting to some tourists, my suggestion is to embrace the practice and appreciate the experience. Showering before each offering is a must, and sitting on the towel entirely (with no skin touching the wooden planks) is also a rule. Sauna masters are also scheduled throughout the day for infusion experiences in the saunas, whipping hot air around with towels and scented air, much to guests’ delight.  

For an immersive experience, head upstairs to the Waterfall; a 30-foot cavern with acoustic effects of a thunderstorm and rain, waterfall and mist to accentuate it. After the invigorating waterfall experience, a warm grotto is just around the corner for a soothing soak lined with glowing Himalayan sea salt.

Spa 3000, only offered to hotel guests, is also a textile-free area. My absolute favorite offering was the Hamman-style mineral bath.  Upon entering, guests use an attached hose to water down the tiled seat and soak in the steamy heat of the room. A quick step outside to a salt-scrub over the skin and then back into the heat. After courteously hosing off their seating area, guests then step into a warm-cold-and-hot series of mineral-infused waterfall-style showers. Thankfully, a video explaining how to enjoy this experience is step-by-step nearby. Additional Spa 3000 opportunities that keep guests coming back for more include a tranquil soaking pool, gently swinging hammocks in a Himalayan sea salt relaxation room, more saunas (of course), and an upstairs panoramic lounge with café and bar to sit fireside or take a nap, finish a book, or take in the Austrian mountain views.

Home to approximately 3,000 square feet of meeting space, the property has a large seminar area, which can accommodate up to 800 people for events and meetings.

AQUA DOME is a property I won’t soon forget, and I look forward to returning to. The outgoing staff, beautiful interiors, relaxing facilities and stunning setting have guests clamoring to unwind at this incredible property. For rates and reservations, visit www.aqua-dome.at/en/

Chad Chisholm

The incredible AQUA DOME located in The Otztal, Austria. 

Courtesy of AQUA DOME

The chic hotel lobby bar.

Courtesy of AQUA DOME

Lounges are great spaces to relax in the evenings. 

Courtesy of AQUA DOME

Local fare and wonderful buffet options from cheese lockers to vegas desserts, local produce to delicious meats. 

Courtesy of AQUA DOME

Sample the local fare at AQUA DOME.

Courtesy of AQUA DOME

Dining rooms abound on property. 

Courtesy of AQUA DOME

Junior Suites have the option of a cozy fireplace. 

Courtesy of AQUA DOME

Double rooms are cheerful and luxurious. 

Courtesy of AQUA DOME

Beautifully appointed bathrooms. 

Courtesy of AQUA DOME

Start your aquatic adventure with one of the indoor pools at AQUA DOME.

Courtesy of AQUA DOME

The outdoor pools all have their own character.

Courtesy of AQUA DOME

Take in the alpine views year round. 

Courtesy of AQUA DOME

The crisp alpine air is a perfect contrast to the hot saunas and pools. 

Courtesy of AQUA DOME

Spa 3000 is only available to hotel guests. 

Courtesy of AQUA DOME

This tranquil pool is in the heart of Spa 3000. 

Courtesy of AQUA DOME

My favorite experience, the mineral bath is absolutely a must-try. 

Courtesy of AQUA DOME

Relax and enjoy a weightless and carefree swing in this room. 

Courtesy of AQUA DOME

Saunas abound at AQUA DOME.

Courtesy of AQUA DOME

So many options for relaxation at AQUA DOME.

Courtesy of AQUA DOME

A view from one of the Spa 3000 sauna spaces. 

Courtesy of AQUA DOME

Grab a robe, cuddle up with a book, and enjoy these private spaces to relax. 

Courtesy of AQUA DOME

Meeting space at AQUA DOME.

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Abu Dhabi’s sovereign wealth fund has written off its investment in Thames Water in a blow to the Labour government as it gears up to host a summit designed to attract big institutional investors to the UK.

Accounts filed in June by a Luxembourg-registered subsidiary of the Abu Dhabi Investment Authority (Adia), which holds a 9.9 per cent stake in Thames Water’s parent company, said that it had written down the entire value of its investment “due to the challenging regulatory environment and operational performance”.

Rachel Reeves, the chancellor, wants to convince global investors that Britain is open for business despite a Budget at the end of the month that is expected to increase taxes on wealth.

Next week’s summit, which Prime Minister Sir Keir Starmer is expected to open, is designed to promote investment in the UK, including in large infrastructure projects.

But the troubles faced by Thames Water, the UK’s largest water utility, are weighing on investors, who are concerned over what they perceive as an increasingly tough regulatory regime. Ofwat, the sector regulator, made a draft determination for water companies in June that prevented them from hiking customer bills for the next five years by as much as they had demanded.

Jon Phillips, chief executive of the Global Infrastructure Investor Association, said: “Some 30 international investors in UK water are also potential investors in energy, transport and digital infrastructure. But perceptions continue to be coloured by their experience in water, where the regulatory environment remains a red flag.

“In reaching its final determinations for the next five years, Ofwat must give greater priority to its duty to make the industry investible.”

Adia, which bought its stake from Macquarie in 2011, declined to comment on the writedown.

A government spokesperson said it was closely monitoring Thames Water, which remained “stable”.

The spokesperson added: “Our Water (Special Measures) Bill will create a level playing field through stronger regulation and secure £88bn of private-sector investment to upgrade our crumbling infrastructure, boost economic growth and create thousands of good, well-paid jobs right across the country.”

Guy Lambert, Adia’s head of utilities, was invited to a private meeting last month with Steve Reed, the environment secretary, according to a guest list seen by the Financial Times. During the meeting, investors complained about the regulation of the water industry, according to people familiar with the situation.

Crisis-struck Thames, which provides water and sewerage services to about 16mn households in England, is struggling under a £19bn debt load and risks running out of cash by Christmas.

The utility is racing to raise at least £3bn of equity to stave off being renationalised under the government’s special administration regime and make infrastructure improvements between 2025 and 2030. Its existing investors — which as well as Adia include a Chinese sovereign wealth fund and a Canadian pension fund — have refused to put more equity into the business and are willing to take up to £5bn losses.

Adia wrote down the value of its stake from £263mn to £1 at the end of last year, according to the accounts filed in June.

The writedown comes after a Singapore-registered subsidiary of Thames’s biggest shareholder, Ontario Municipal Employees Retirement System, said in accounts published in May that it would make “a full writedown” of its 31 per cent stake, as well as writing down loans given to the utility. The Universities Superannuation Scheme, the UK pension fund, has also said its stake in Thames Water was now worth “minimal” value.

Adia, which is one of Thames’s largest shareholders, has also taken a full writedown on a £31mn loan awarded to one of the holding companies that owns Thames.

Adia also owns a 16.7 per cent stake worth more than £580mn in Anglian Water, another of the UK’s largest suppliers of water and sewerage services, which serves 7mn customers.

Ofwat said: “We have received responses on our 2024 Price Review draft decisions from many organisations, including water companies, customers, environmental and consumer organisations, and investors. Inevitably these reflect a diverse range of views on the proposals we have made. We will consider all of these responses carefully and set out our final decisions on December 19.”

Thames Water declined to comment.

Additional reporting by Malcolm Moore in London