Trade tensions the biggest threat to markets in 2020, say traders January 30, 2020 Traders are worried about the impact international trade tensions will have on the markets in 2020, but only see Brexit as a minor concern, a new survey from JP Morgan has found. Despite the “phase one” deal between the US and China lessening tensions, 50 per cent of the 650 online traders surveyed by JP [...]
Households paying too much to support UK electricity networks January 30, 2020 Consumers have paid more than they should have to support the UK’s electricity networks, according to a new paper from the National Audit Office (NAO). Each year around one fifth of a typical household’s annual electricity bill – £130 – goes towards the running and maintenance of the UK’s power networks, which transports electricity to [...]
Lawyers challenge Andrea Leadsom’s decision to approve power plant January 30, 2020 An environmental law charity has launched a High Court challenge against business secretary Andrea Leadsom’s decision to approve a new gas power plant in North Yorkshire. Clientearth is challenging Leadsom’s decision on the grounds that construction of the plant, which would be the largest in Europe, goes against the Planning Inspectorate’s (PI) recommendation that it [...]
Fresnillo production falls as firm prepares for mine closure January 29, 2020 Full year gold and silver production at FTSE 250 miner Fresnillo fell in 2019 as the firm prepared for the closure of its Noche Buena mine in Mexico. Total silver production fell 11 per cent, from 61.8 million ounces in 2018 to 54.6 million ounces last year. However, the final quarter showed a 3.7 per [...]
Hong Kong stocks tumble three per cent on coronavirus fears January 29, 2020 The Hong Kong stock index slumped three per cent overnight in its first day of trading since the coronavirus outbreak intensified over the Chinese Lunar New Year. Coronavirus has now claimed 132 lives while the number of cases has hit 5,974. The jump in deaths has triggered an international response, with British Airways the latest [...]
Ovo Energy slapped with £8.9m fine for inaccurate billing January 29, 2020 Ovo Energy has been charged £8.9m by industry regulator Ofgem after inaccurate information on bills led to some customers being charged too much. The challenger firm, which recently became one of the UK’s largest energy suppliers, fell foul of the watchdog after incorrect annual statements were sent to more than 500,000 customers between July 2015 [...]
De Beers records highest diamond sales since April as 2020 looks brighter January 29, 2020 De Beers, the diamond mining arm of Anglo American, recorded its highest sales of the gems since April last year in signs that the global market is beginning to recover from a nightmare 2019. The firm, which was taken over by Anglo in 2011, sold $545m (£418.7m) in rough diamonds in its first cycle of [...]
Oil majors investing only three per cent of capital into renewables January 29, 2020 Oil majors responsible for half of global output are investing a mere three per cent of their combined capital expenditure on renewable energy sources. According to a new report by law firm CMS, fifteen of the world’s largest oil companies, including Shell, BP, Exxon Mobil, and Saudi Aramco spent approximately $6.6bn of a combined $228bn [...]
Flash crash trader sentenced to one year’s house arrest January 28, 2020 British trader Navinder Sarao who was responsible for the so-called flash crash in 2010 has been sentenced to one year home incarceration. Sarao was arrested in 2015 and pleaded guilty to illegally manipulating the stock markets. The sentence, which was handed down by a Chicago court yesterday, was thrown into doubt after lawyers said it [...]
Ofgem launches probe into troubled Western Link cable January 28, 2020 Ofgem has launched an investigation into National Grid and Scottish Power’s delivery of a high voltage subsea cable which carries energy from Scottish windfarms to north Wales. The £1.3bn Western Link, as the cable is known, has endured a deeply troubled gestation involving multiple delays and outages. Originally designated to come online in 2015, the [...]