EDF pledges to increase cash flow to fund Hinkley Point nuclear reactor February 14, 2017 French state-owned utility firm EDF today said a drop in nuclear production hit its core earnings for 2016. However, it said it will deliver positive cash flow next year before it has to invest in building new reactors in Britain. The figures The energy giant's core earnings fell 6.7 per cent to €16.41bn (£13.98bn), while sales dropped [...]
Xafinity wants to take on the big boys with its London IPO February 14, 2017 The £190m float of a mid-tier actuarial and consulting firm will help it break the stranglehold of the largest three market players, its boss said today. Xafinity announced plans earlier this morning for a London listing and intends to make an official admission to the exchange on Thursday. Paul Cuff, the company's co-chief executive, told City A.M. he hopes the [...]
Inflation: How far will UK consumer prices rise this year? February 14, 2017 Inflation has already hit a 31-month high, but economists are almost universally predicted a steep rise in consumer prices over the coming year. The Bank of England (BoE) expects consumer prices to rise to 2.7 per cent by the end of this year, but other economists think that might be at the more conservative end [...]
Sir John Parker will step down as chairman of Anglo American February 14, 2017 Sir John Parker today said he will step down as chairman of Anglo American after serving the board for eight years. "Having seen Anglo American emerge in a strong position from the mining industry downturn, with its sharp falls in commodity prices between 2014 and 2016, I believe that the time is now right for the [...]
Peugeot-maker PSA confirms it’s in talks to buy rival Opel from General Motors February 14, 2017 French car firm PSA has confirmed it's in talks to acquire rival European carmaker Opel from General Motors. Any new combined company would overtake Renault to become the second largest European carmaker after Volkswagen. In a statement, the company, which controls Peugeot, DS and Citroen, confirmed that "it is exploring numerous strategic initiatives aiming at improving its [...]
HSBC has appointed a new boss for its retail bank February 14, 2017 HSBC has named a new boss for its retail bank – the current head of commercial banking. Ian Stuart will become chief executive of the newly ring-fenced institution, subject to regulatory approval. Stuart will be based in Birmingham, in the head office of the retail bank. Stuart has helmed commercial banking in both the UK for the bank [...]
Eurozone growth lower than expected as German inflation approaches European Central Bank target February 14, 2017 Growth in the Eurozone was revised down in the fourth quarter as more accurate data revealed a weaker than expected German economy as well as a surprise contraction in the struggling Greek economy. Growth in Europe's largest economy rose in the fourth quarter of 2016, confirming a solid rate of expansion for the year but [...]
French presidential hopeful Emmanuel Macron says he will be “tough” on the UK in Brexit talks February 14, 2017 One of the leading candidates in the French presidential election has vowed to be tough on the UK when it comes to Brexit talks later this year. Emmanuel Macron, whose En Marche movement is gaining ground with just over ten weeks to go before the first vote, has told Channel Four News that France must [...]
Car prices have surged five per cent since the Brexit vote – with large SUVs up 12.3 per cent February 14, 2017 Average new car prices have risen 5.2 per cent since the Brexit vote on 23 June last year, according to industry research. What Car? magazine said the price changes have cost the consumer nearly £2bn in just seven months, after a "perfect storm of rising inflation and the car industry's efforts to increase dealer profitability". [...]
US extends probe into $43bn ChemChina-Syngenta deal February 14, 2017 The US has asked for more information for its probe into China’s largest ever foreign acquisition. But Syngenta, the Swiss chemical company being taken over by ChemChina in a $43bn (£34bn) deal, said the transaction should still complete in the first half of this year. “We have received a second request but do not expect [...]