Noble Group swings to a massive $5bn loss as the board pushes its restructuring plan February 28, 2018 Commodities trader Noble Group has revealed a loss of nearly $5bn (£3.6bn) for 2017 in what analysts have said is possibly the biggest loss made by a Singapore-listed company. The firm said it will focus on a debt restructuring after it tumbled to a loss of $4.9bn for 2017 compared with a profit of $8.7m [...]
UK weather: Wholesale gas price hits a 12-year high as the Beast from the East rages February 28, 2018 Freezing temperatures in Britain continued to send the UK wholesale natural gas price flying today, with gas for immediate delivery climbing to a 12-year high. Within-day gas prices reached 194p per therm as the so-called “Beast from the East” whipped through the country carrying frigid winds from Siberia, pushing daily gas demand higher, according to [...]
John Major calls for free vote with second Brexit referendum on the table February 28, 2018 Former Prime Minister John Major has called for MPs to have a final say on Brexit, which could send voters back to the polls. Speaking at Somerset House today, Major said the terms of the parliamentary vote should have the power to send negotiators back to the table or order another referendum. “It is already [...]
European airline body says aviation industry must not suffer “the brunt of political inadequacies” as it offers airlines Brexit advice February 28, 2018 A European aviation trade body has issued advice for airlines on Brexit, saying there is “no one-size-fits-all solution”, with a warning that the aviation industry should not suffer “the brunt of political inadequacies”. The European Regions Airline Association (ERA) has provided guidance to airlines to prepare for different Brexit scenarios, noting in a report out [...]
Low inflation? Blame it on the old people (or raise the target to three per cent) February 28, 2018 Central bankers scratching their heads as to why inflation has stayed so low despite unprecedented loose monetary policy may have a new scapegoat: old people. Research published today by Oxford Economics, a consultancy, shows a clear correlation between an ageing population and lower inflation. In the five years to 2015 47 per cent of the [...]
SSE-Npower merger: Competition and Markets Authority launches probe into the proposed merger February 28, 2018 The competitions watchdog has opened an investigation into the proposed merger of SSE’s retail unit and German-owned Npower. In November, the firms announced a deal where Britain’s second-largest supplier, SSE, would merge and spin off its household energy and supply business to create an independent supplier with Innogy’s Npower. The Competition and Markets Authority (CMA) [...]
Eurozone inflation dips back down to give European Central Bank further cause to pause February 28, 2018 Inflation in the Eurozone fell back in February as growth in the cost of services fell back in a development which will confirm European Central Bank (ECB) bosses’ hesitance to signal a tightening of policy. Prices grew by 1.2 per cent over the year to February, down from 1.3 per cent in the previous month, [...]
European Commission Draft Withdrawal Agreement: EU draft Brexit treaty has Northern Ireland remaining in the customs union February 28, 2018 The European Commission has published its draft Brexit agreement, in which it lays out the possibility of Northern Ireland remaining in the customs union. In the document, the EU said it aimed to “create a common regulatory area on the island of Ireland in order to safeguard North-South cooperation, the all-island economy, and protect the [...]
Toyota to build new Auris in the UK in Brexit boost for the UK car industry February 28, 2018 Toyota has announced it will build its new generation Auris model at its Burnaston factory in Derbyshire. The majority of the engines for the new model will be sourced from the firm’s Deeside factory in north Wales, which it said will secure 3,000 jobs across the two sites. The government said the commitment was secured [...]
Maplin has collapsed putting 2,500 jobs at risk February 28, 2018 Maplin has collapsed this morning, with PwC set to handle the administration, after sale talks broke down with a potential buyer. The retailer’s private equity owner Rutland Fund Management was in talks with Edinburgh Woollen Mill about a sale, but talks have collapsed, putting thousands of jobs at risk. Read more: The rescue buyer which [...]