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 [...]
FTSE 100 edges higher after coronavirus sell-off January 28, 2020 The FTSE 100 has climbed higher in early-afternoon trading, making up lost ground after stock markets crumbled yesterday amid fears over the spread of coronavirus. The UK’s benchmark index had risen 0.5 per cent by 1.45pm to stand at 7,449. France’s CAC 40, Germany’s Dax and the Euronext 100 each also gained around 0.5 per [...]
Yu Group shares jump as firm eyes successful year ahead January 28, 2020 Business utility supplier Yu Group’s shares jumped 20 per cent this morning as the firm announced that its 2019 revenue would be 35 per cent ahead of expectations. According to a trading update, revenue for the financial year is expected to hit £110m, up from £80.6m in 2018. The group did not give an estimate [...]
Year of the Rat: How China’s coronavirus outbreak is spreading tremors through world markets January 28, 2020 Saturday marked the beginning of the Year of the Rat. This animal — representing the first of the 12 signs of the zodiac — is associated with wealth and prosperity in China. In other cultures, the rat is more often associated with plague and disease. It is unfortunate, then, that the dominant Chinese story this [...]
Energy sector needs to fill 400,000 jobs to reach net zero January 28, 2020 The energy sector will have to recruit 117,000 people in the next decade if the UK is to hit its net zero targets by 2050. According to new research by the National Grid, in total the UK will need to fill 400,000 jobs by 2050 to ensure it makes the transition successfully. The total number [...]
Coronavirus sends US markets into the red January 27, 2020 US stocks markets opened sharply lower this afternoon as investors grew fearful that the coronavirus outbreak – which has killed 81 – will damage the global economy. The S&P 500 was down 1.3 per cent shortly after the bell, while the Dow Jones was 1.2 per cent lower and the tech-heavy Nasdaq had fallen 1.6 [...]
Ovo strengthens leadership as new chapter begins January 27, 2020 Ovo Energy has bolstered its senior leadership team as it prepares for life as one of the UK’s largest household energy suppliers. Earlier this month Ovo completed the acquisition of SSE’s retail arm for £505m, meaning that the challenger brand now has around 5m customers in the UK. Today the firm announced that three people [...]
FTSE 100 ‘in panic mode’ as coronavirus fears push it into red January 27, 2020 FTSE 100 stocks have fallen deep into the red today as fears rise over the spread of coronavirus, which has now claimed 81 lives in China. Britain’s blue-chip index was down 2.3 per cent by 2pm at 7,412 as hoteliers, airlines and luxury goods firms with links to China suffered. As the death toll mounted, [...]
Mattress startup Casper slashes valuation ahead of IPO January 27, 2020 Casper Sleep has said it expects its initial public offering (IPO) valuation to be well below the $1.1bn (£842m) the online mattress retailer had commanded in a recent funding round. In a regulatory filing in New York today, Casper said it expects its offering of 9.6 million shares to be priced between $17 and $19 [...]
Regulatory burden dampening appeal of UK IPOs, survey finds January 27, 2020 Increased regulatory burdens and listing requirements are denting private companies’ appetite to list in the UK, a new survey has found, as the London market grapples with weakened demand. Last year marked the London Stock Exchange’s quietest year since 2009, with just 36 companies listing on the exchange, while the number on the alternative AIM [...]