Klarna targets 2023 profits despite swelling losses November 30, 2022 Buy-now pay-later giant Klarna said it was targeting profitability in the second half of 2023 despite losses nearly doubling in the third quarter of the year. In its third quarter results today, the Swedish-headquartered fintech firm said losses had swelled to SEK 2.13bn (£170m) in the three months to the end of September, up from SEK [...]
Ofgem pushes UK’s energy networks to go green without hiking bills November 30, 2022 Ofgem has confirmed a five-year investment package for the UK's electricity distribution network companies.
Centrica rolls out bold plans to kickstart a ‘UK hydrogen economy’ via niche player Ryze November 30, 2022 Energy giant Centrica and Ryze Hydrogen will jointly build and operate hydrogen production facilities aimed at providing a reliable supply of hydrogen for industry and transportation, the companies told City A.M. this morning. A Memorandum of Understanding has been signed and will combine expertise in order to kickstart the development of a so-called “UK hydrogen [...]
Profits plunge for Pennon as inflation bites November 30, 2022 Profits dipped for Pennon this half year as inflationary pressures get the better of the water services group. Underlying profit before tax slumped 75 per cent compared to 2021 levels, reflecting the near-term pressures on earnings from inflation driven power pricing and financing costs. Profit before tax was £20.9m for Pennon, down from £79.9m in [...]
Major City report sheds light on ‘class ceiling’ blighting financial services November 30, 2022 A major City report into social mobility has called to “break the ‘class’ ceiling” and get more people from non-professional backgrounds in boardrooms. The industry must “act now” to make the workforce more socio-economically diverse, with a lofty goal of at least half senior leaders in financial and professional services being from that background by [...]
City watchdog looks to boost access to financial advice for consumers November 30, 2022 The Financial Conduct Authority has laid out measures to widen access to financial advice today to allow consumers to “invest with confidence” amidst a cost of living crunch.
Norway scraps oil and gas licensing round as supply crisis looms November 29, 2022 Norway has postponed its next round of new oil and gas exploration licenses until 2025, putting more pressure on the continent.
London not ‘hottest’ cannabis market in Europe but hope lies in CBD November 29, 2022 The UK government should capitalise on its efforts in medical cannabis research if it wants to keep up with the budding market growing across Europe. The country currently has the second-largest cannabis market in Europe, behind only France, and worth around $150m (£125m), according to a white paper by investment bank Bryan Garnier today. The estimated value is far [...]
Pressure builds on Delta as Ofgem imposes two more provisional orders November 29, 2022 Delta Gas and Power is under more scrutiny from Ofgem, after the regulator slapped the supplier with a further two provisional orders.
Octopus’ deal for Bulb faces further delays as rivals push for judicial review November 29, 2022 Octopus Energy's takeover of Bulb Energy faces further delays after rival suppliers tabled demands for a judicial review.