Oil prices near three month highs on trade deal optimism December 17, 2019 Oil prices neared their highest levels for three months today as the apparent stabilisation in the world economy continued. The combination of Opec+ cuts, a trade deal between the US and China, and a slowdown in US shale production sent Brent crude over $65 a barrel, while West Texas Intermediate hit $60.22. Read more: Opec [...]
Sterling sinks as PM vows not to extend Brexit transition period December 17, 2019 Sterling sank in early trading today to hit the GBP/USD exchange rate as Boris Johnson revealed he wants to leave the EU completely with or without a deal by December 2020. The Prime Minister’s plan to bring his Brexit deal back to parliament with none of the concessions he made before winning his 80-seat majority [...]
Ofwat orders water companies to cut bills by £50 December 16, 2019 Water firms must slash the average bill by £50 by 2025, regulator Ofwat insisted today as it set out plans to improve the utility providers’ performance. The demand forms part of a massive £51bn investment strategy for water companies under Ofwat, including a goal to cut the amount of water lost to leaks by 16 [...]
National Grid reveals contractors for London rewiring project December 16, 2019 National Grid have named its partners for the second phase of its ongoing London Power Tunnels (LPT) project, in a contract worth £400m. The UK power provider has done a deal with a joint venture between Murphy Group and Bavarian construction firm Hochtief, with work scheduled to begin in March. Read more: National Grid pays [...]
FTSE 100 surges after UK election result and trade deal ease uncertainty December 16, 2019 The FTSE 100 has soared after the Conservatives’ election victory and a phase one US-China trade deal helped ease long term uncertainties that have consistently weighed on markets. UK stocks rallied again today after making substantial gains on Friday, with the benchmark FTSE 100 rising as much as 2.57 per cent by mid-afternoon to 7,542.46 [...]
Tullow Oil nightmare continues as shares fall for second week in a row December 16, 2019 Tullow Oil’s nightmare December continued today after shares dropped nearly 11 per cent, a week after the oil explorer lost over £1bn of its market value. Shares fell to 59.3p, having opened at 67.8p. Last week shares had staged a slow comeback, having initially fallen as low as 39.9p. Read more: Tullow Oil share price [...]
iSupply pays Ofgem £1.5m for overcharging customers December 16, 2019 Bournemouth-based renewable energy supplier iSupply will pay £1.5m to industry watchdog Ofgem for overcharging its customers. The firm, which has supplied domestic customers since 2012, overcharged around 4,400 customers who were on price-cap protected default tariffs. Read more: British Gas owner Centrica wins Ofgem appeal over energy price cap Between January and March 2019, iSupply [...]
Aramco hits $2 trillion as shares rise for fourth day in a row December 16, 2019 Shares in Saudi Aramco continued to rise for a fourth day, with the firm’s value tipping $2 trillion (£1.5 trillion) as shares hit 38 riyals (760p) today. The firm’s opening price was 37.5 riyals, but soon rose 1.6 per cent to reach 38 riyals, making the oil giant worth $2.03 trillion. Read more: Saudi Aramco [...]
Yü Group shares skyrocket on energy supply deal with Smartest December 16, 2019 Yü Group, the supplier of energy and utilities services to UK businesses, saw its share price rise by nearly 50 per cent today after it announced an energy supply arrangement with Smartest Energy. The hedging facility with Smartest will provide Yü with a credit line up to £13m, which will grow in line with the [...]
Private equity fundraising to fall in 2020 after record year, analysts predict December 16, 2019 Private equity fundraising next year may fall below the record levels seen in 2019 as large firms shift their focus on to capital deployment, analysts have predicted. Firms will also try to hold on to some of their top performing assets for longer in 2020, according to a note from private equity data firm Pitchbook. [...]