ScottishPower is hiking energy prices while British Gas says it will extend its price freeze February 10, 2017 Another Big Six energy provider is raising its prices – this time its ScottishPower. The utility firm said more than a million customers will be affected by the rises. Dual fuel prices will increase by an average of 7.8 per cent, electricity prices will jump 10.8 per cent and gas prices will raise 4.7 per cent. ScottishPower blamed [...]
Major natural catastrophe losses totalled $39.5bn in 2016 February 10, 2017 Losses from natural catastrophes reached a four-year high last year, driven by an earthquake in Japan and a wildfire in Canada. Insured losses arising out of natural catastrophes hit $39.5bn (£31.6bn) last year, which is the highest they've been since 2012, according to Willis Re. The largest single insured loss in 2016 came from the [...]
Pimlico Plumbers loses appeal in employment status case February 10, 2017 Pimlico Plumbers has lost its court appeal over the employment status of one of its workers. The case was brought after a ruling in favour of one of the company's "self-employed" plumbers, Gary Smith. Smith had worked as a "self-employed" plumber for the Charlie Mullins-owned company for six years and in 2010, after suffering a heart attack, [...]
Rio Tinto has appointed the former boss of Centrica and Shell’s financial head to its board February 10, 2017 Rio Tinto today announced a series of major board appointments – including the former boss of Centrica Sam Laidlaw. Laidlaw will join the global miner's board as a non-executive director with immediate effect along with former Sasol chief executive David Constable. Shell's chief financial officer Simon Henry will join the board from July. Two Rio non-executive directors, Robert Brown [...]
This influential banker says the Trump bump has only just begun February 10, 2017 Bankim Chadha, Deutsche Bank’s global chief strategist is bullish about the prospect of further growth in equities this year. Writing in a note, Chadha said the S&P 500 index could rise to a record of 2,600 points by the end of the year. The US index closed at a record of 2,307.87 points last week. He [...]
Oil prices surge as data shows record compliance to Opec cuts are curbing crude production February 10, 2017 Production cuts by the Organisation of Petroleum Exporting Countries (Opec) and non-Opec producers in January achieved a record compliance rate of 90 per cent, the International Energy Agency today said. As the news came out that oil supplies fell by around 1.5m barrels per day (bpd) last month, benchmark Brent crude prices surged up 1.15 per [...]
Pound rises as industrial production climbs to six-year high February 10, 2017 The pound climbed back above $1.25 in morning trading, after official figures showed industrial production in the UK reached a six-year high in December. The Office for National Statistics' index of industrial production rose to 106.03 in December, its highest since January 2011, when it hit 106.16. The figures showed total production rose 1.1 per [...]
UK construction output beat expectations in December February 10, 2017 UK construction output beat expectations in December, rising 1.8 per cent on the month before, compared with forecasts of one per cent. Official figures published this morning showed output was up 0.6 per cent on the year before – and 0.2 per cent on a quarterly basis. The rise was largely driven by private commercial work, which [...]
UK trade deficit narrows in fourth quarter as non-EU countries buy more February 10, 2017 The trade deficit narrowed in the fourth quarter as exports to countries outside the European Union (EU) rose sharply. The deficit shrank to £8.6bn between October and December, a £5.6bn drop from the third quarter, according to the Office for National Statistics (ONS). Exports to the EU rose steadily, but they were outshone by a £43.8bn increase in [...]
An influential German central banker says UK will lose “gateway to Europe” status for the City’s financial services February 10, 2017 An influential German central banker has said Brexit will “end” the UK’s position as the dominant financial services centre in Europe, after “numerous” financial services firms explore moving operations to the EU. The UK will lose its position as a “gateway to Europe” for the world’s financial services industry, according to a speech by Dr [...]