Vivo Energy announces record third quarter growth October 25, 2019 African fuel company Vivo Energy this morning announced another record quarter of growth, with a 13 per cent rise in gross cash profit for the third quarter. Vivo, which operates as a Shell licensee across 23 African countries, made a total cash profit of $189m (£147m), up from $167 million a year earlier, propped up [...]
Short sellers take a bite out of Beyond Meat as shares slump October 24, 2019 Short sellers have sunk their teeth into Beyond Meat as shares in the plant-based meat substitute company come off the gas following its hugely successful US listing earlier this year. Shares in Beyond Meat had surged past $200 in July, having debuted at $25 in May, but have gone steadily downhill since then. Now short [...]
Energy industry questions Labour’s ‘exceedingly ambitious’ zero-carbon plan October 24, 2019 Senior figures in the UK energy industry have cast doubt upon a Labour party-backed report setting out the “most radical feasible pathway” to reach zero-carbon by 2030. The report, commissioned on the back of this year’s Labour party conference, said the move would require £150bn in up-front capital, followed by investment of 2% GDP each [...]
Equinor forecast steady despite gas sales fall October 24, 2019 Equinor, the Norwegian oil company, today reiterated flat forecasts for 2019 production, despite a significant decline in the volume of natural gas sold to Europe. Commenting on the third-quarter update, chief executive Eldar Saetre said: “We maintain strong cost and capital discipline, but our results are affected by lower commodity prices in the quarter.” Read [...]
Half a million UK homes face £114 energy bill hike October 24, 2019 Half a million households will be hit with a £114 rise in energy bills if they do not switch provider over the next three months. New research by price comparison website comparethemarket.com shows that there are 213 fixed energy tariffs ending this year. Read more: Competition watchdog to examine £500m Ovo Energy SSE deal If [...]
Schroders to take charge of Woodford Patient Capital Trust October 24, 2019 Schroders will take charge of the embattled Woodford Patient Capital Trust (WPCT) after former star stockpicker Neil Woodford’s abrupt departure last week. Shares in WPCT surged over 28 per cent in morning trading following the news. Read more: DEBATE: Can Neil Woodford’s reputation ever recover? Woodford’s fall from grace was cemented last week when he [...]
FTSE 100 and European stocks climb higher amid Brexit limbo October 24, 2019 The FTSE 100 pushed upwards on today’s open, after European stocks rallied while the Brexit process got stuck in limbo. London’s main market climbed 0.58 per cent to 7,303 points today after a weak pound boosted the blue-chip index’s exporters yesterday. Read more: Brexit latest: Liberal Democrats reveal second referendum plan Boris Johnson’s cabinet is [...]
UK coal set to suffer huge losses in 2019 October 24, 2019 The UK’s coal plants face losses of £629m in 2019, according to a new report released this morning by Carbon Tracker. Drax Group will be hit hardest in the UK, with £171m in losses expected by the year end. E.ON and EDF Group will also be hit for more than £100m, with costs of £143m [...]
Toto Energy collapses with 134,000 customers affected October 23, 2019 Toto Energy collapsed this afternoon, leaving 134,000 customers in limbo. The failure comes less than a week after the company was ordered to pay £4.5m in outstanding renewables payments. Read more: Ofgem proposes new rules to stop energy firms going bust Under Ofgem’s safety net, the energy supply of Toto Energy’s customers will continue. The [...]
Zero carbon transition to cost gold industry $70bn October 23, 2019 Achieving global net-zero emissions targets by 2050 may cost the gold industry up to $70bn (£54.3bn) over the next decade, according to a new paper by the World Gold Council. However, the analysis found that “it is feasible and cost-effective for the gold industry to reduce emissions by up to 95 per cent over the [...]