SHELL'S INVESTMENT RISKS

FT -  It must be tempting for Ben van Beurden to crow, "told you so," to critics who questioned his decision to commit Royal Dutch Shell to the $50bn takeover of BG Group during the depths of the oil market downturn in 2015.

Two years later, the enlarged group is generating more cash at oil prices of less than $60 a barrel than it did when crude was trading below $100. More than $10bn of annual operating costs and $20bn of capital expenditure have been stripped away, and net debt is on course to end the year $17bn lower than at its peak after the BG deal.