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 [...]
UK mortgage approvals slip to six-month low October 24, 2019 The number of new mortgages approved by UK banks fell to a six-month low in September, survey data has revealed, suggesting Britain’s property market is slowing as Brexit uncertainty continues. Read more: UK house prices suffer slowest October rise since 2008 Banking trade association UK Finance said banks gave the green light to 42,310 loans [...]
‘Super’ Mario Draghi’s ECB odyssey comes to an end October 24, 2019 European Central Bank (ECB) president Mario Draghi will today chair the final rate-setting meeting of his eight-year tenure. If not quite a poisoned chalice, his successor Christine Lagarde is certainly being left with an unappetising cocktail. Read more: Mario Draghi’s ECB reign ends with Eurozone ‘close to stagnation’ Growth in the bloc is slowing towards [...]
Dame Jayne-Anne Gadhia: Three ways UK firms can prosper post-Brexit October 24, 2019 This is an important moment for business across the UK. Whatever the final outcome of the Brexit negotiations, as business leaders we have to keep our eyes on the big picture – which means thinking years and not days ahead. I believe the fundamentals of the UK are strong. The onus now is on business [...]
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 [...]
Mario Draghi’s ECB reign ends with Eurozone ‘close to stagnation’ October 24, 2019 The Eurozone economy stayed “close to stagnation” in October as European Central Bank (ECB) president Mario Draghi prepares to step down. Read more: Two highs and two lows of ‘Super’ Mario Draghi’s reign at the ECB The recession in the euro area’s manufacturing sector continued with another steep decline in output. Meanwhile, the crucial services [...]
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 [...]