British Gas owner Centrica falls to £1.1bn loss as price cap bites February 13, 2020 British Gas owner Centrica reported a £1.1bn loss before tax today as the utilities giant suffered from the implementation of new energy tariff cap for UK households and lower commodities prices. Shares in the firm plunged 17 per cent as the firm swung from profit of £575m in 2018. The figures Having posted statutory profit [...]
BP makes pledge to become a net zero company by 2050 February 12, 2020 BP has announced plans to become a net zero emissions company by 2050 or sooner, one of the most ambitious climate pledges yet made by an oil major. Along with absolute net zero commitments across all of BP’s operations, it will also cut the carbon intensity of products it sells by 50 per cent by [...]
Barrick hikes dividend 40 per cent on back of profit boost February 12, 2020 Canadian miner Barrick Gold beat final quarter expectations for profit today on the back of higher prices for the precious metal, announcing a 40 per cent hike in its dividend as a result. The company said it justified the payout on the basis of increased cash flow and reducing its debt pile by 50 per [...]
Business groups blast new Ofcom powers to police social media February 12, 2020 Business groups have hit out at Nicky Morgan’s plans to give Ofcom an expanded role in regulating the internet, calling the plan “unrealistic” and saying it would create “uncertainty”. The culture secretary announced that the broadcast regulator would be beefed up to tackle social media firms over “online harms”. Ofcom’s new role, first mooted in [...]
Angry Birds maker Rovio sees profit collapse in final quarter February 12, 2020 Rovio, the games firm behind Angry Birds saw quarterly profit plummet 96 per cent after its new 5G platform Hatch failed to take flight. Rovio, which saw its shares fall 15 per cent this morning, said that the roll out of 5G networks had been slower than expected and had had a knock-on effect on [...]
Babcock lowers profit guidance amid oil and gas woes February 12, 2020 UK defence contractor Babcock lowered its guidance for profit for the year today in the company’s first update since chief executive Archie Bethel said he would step down. Shares in the defence giant dropped over four per cent in early trading after a quarter which the outgoing chief labelled as “frustrating”. The group estimated operating [...]
Ofcom set for role as ‘online harms’ regulator February 12, 2020 A beefed-up Ofcom will be responsible for tackling social media firms over “online harms”, culture secretary Nicky Morgan will announce later today. The broadcasting regulator will become Britain’s first internet watchdog, the Financial Times reported, as the UK attempts to crack down on illegal material on sites such as Youtube and Facebook. Ofcom’s new role, [...]
Bernie Sanders wins New Hampshire on bad night for Joe Biden February 12, 2020 Vermont senator Bernie Sanders put the disappointment of Iowa behind him last night as the progressive firebrand squeezed out moderate Pete Buttigieg in New Hampshire’s Democratic primary. However, despite being the overwhelming favourite in the Granite State, Sanders’ 26 per cent put him only 1.6 per cent ahead of Buttigieg, the former mayor of South [...]
Switching energy supplier? You could get £30 compensation for mistakes February 12, 2020 Energy watchdog Ofgem has today announced a new raft of compensation measures to protect consumers from difficulties caused by switching supplier. From 1 May, customers will receive an automatic £30 payment from suppliers if they are switched by mistake, if their switch takes longer than 15 days, or if their final bill does not arrive [...]
Under the pump: the challenges facing BP’s new boss in the 2020s February 12, 2020 When Bob Dudley bowed out after a decade at the helm of BP last week, the praise was both effusive and universal. During his tenure, Dudley managed to plot a course between the Scylla and Charybdis of 2010’s Deepwater Horizon disaster and the mid-decade collapse of the oil market while maintaining BP’s position as the [...]
