Ofwat to reject Thames Water’s price rise plans October 16, 2013 INDUSTRY regulator Ofwat yesterday said it plans to block Thames Water’s request to raise customer bills by eight per cent next year, on the grounds that it is unjustified. The watchdog has published a draft decision to reject the proposal – which would add an extra £29 on to the annual average household bill – [...]
Tempers flare as Ineos vows to keep Grangemouth plant shut October 16, 2013 THE UNITE union yesterday agreed to cancel a 48-hour strike at the Grangemouth oil refinery in Scotland, but owner Ineos infuriated workers and left future fuel supplies in doubt as it vowed to keep the plant shut for now. Ineos, which said the refinery has been losing money for four years, said “Grangemouth is shut [...]
Big six supplier SSE defends its dividends after Miliband attack October 16, 2013 BIG SIX energy supplier SSE, which is raising customers’ bills by 8.2 per cent next month, yesterday defended itself against Labour leader Ed Miliband’s accusation that it has a “dividend obsession”. “Miliband appears to have missed our core purpose, namely to provide the energy people need in a reliable and sustainable way,” said SSE. “Our [...]
Banks’ PPI crisis eases at last as complaints fall October 16, 2013 THE WORST of the payments protection insurance (PPI) crisis appears to be over for Britain’s banks as the City watchdog yesterday published numbers showing a fall in complaints. A total of 2.9m complaints were made in the first six months of 2013, according to the Financial Conduct Authority (FCA), down 500,000 on the previous six-month [...]
Banker bashing and job cuts are piling stress on financial workers October 16, 2013 FEARS of job cuts and “banker bashing” are taking a toll on the health of bank workers of all levels, according to an international study published yesterday that follows a trail of burnouts and tragedies in the world of finance. The study by Swiss-based UNI Global Union found more than 80 per cent of banking [...]
Private equity refinance loans hit record rate October 16, 2013 PRIVATE equity firms are tapping debt markets at a record rate to refinance the companies they own as an alternative to selling them, new figures show. About €23bn (£19bn) of European private equity-related loans have been re-negotiated in the first three quarters of the year, two-third higher than last year and an increase on the [...]
Hargreaves Lansdown’s first employee exits after 30 years October 16, 2013 THE FIRST employee of investment group Hargreaves Lansdown is leaving the company after more than three decades. May Theresa Barry joined the firm in 1982 as its first full-time member of staff and rose to become group marketing director. Hargreaves boss Ian Gorham said Barry “has been fundamental to its growth and success over the [...]
Knight Capital fined $12m over trading mistake October 16, 2013 KNIGHT Capital, now part of KCG Holdings, was fined $12m (£7.5m) to settle charges connected with a trading error in 2012 that caused millions of errant orders to flood the market, the US Securities and Exchange Commission said yesterday. Knight did not have appropriate risk controls in place to prevent the execution of erroneous trades [...]
Housing squeeze worsens for London as demand accelerates October 16, 2013 FRESH figures from estate agency Barnard Marcus, released today, demonstrate the rapid and recent increase in activity currently happening in the London housing market. According to the group, there are now 50 per cent more buyer registrations than there were a year ago, and 12 buyers for every house going on the market in the [...]
Eurozone posts trade surplus for August following upward trend October 16, 2013 THE EUROZONE announced trade figures for August yesterday, registering a larger surplus in goods and services than it did in the same month last year. The currency union’s trade surplus was worth €7.1bn (£6.01bn) in August, up from €4.6bn in the same month last year, but down from July’s €18bn. On a seasonally adjusted basis, [...]
