Shell to cut 10, 000 jobs

Royal Dutch Shell has confirmed it is cutting 10,000 jobs amid its steepest fall in annual profits for 13 years.

It made $1.8bn (£1.23bn) for the fourth quarter of the year, compared with a $4.2bn profit for the same period the year before.

Full-year 2015 earnings were $3.8bn, compared with $19bn in 2014, the BBC reports.

The oil firm indicated it would report a massive drop in profits two weeks ago and said it would cut 10,000 jobs, partly thanks to its takeover of BG.

Royal Dutch Shell’s chief executive, Ben van Beurden, said: “The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company and improving shareholder returns.