Denmark’s AP Moller-Maersk announced the first share buy-back in its 110-year history yesterday as an overhaul of the sprawling shipping and oil empire leaves it with more cash than it can usefully invest.

Maersk shares jumped 5 per cent after the company reported better than expected quarterly earnings and raised its 2014 profit guidance, as cost cuts at its container shipping arm help it navigate persistent weakness in the global economy.

Maersk said it would buy $1 billion of its shares in the 12 months from September 1 and would consider further buybacks in coming years.

More at the Times of Malta