Power shortages loom for UK February 3, 2010 BUSINESSES and homes across the UK could face power shortages in the years ahead, energy regulator Ofgem has warned. The regulator also warns that a proportion of consumers may not be able to afford the higher energy prices they will have to face. Ofgem says there is “reasonable doubt” about whether the UK’s energy market [...]
Standard Life beats sales forecasts February 3, 2010 INSURER Standard Life kicked off the sector’s reporting season with forecast-beating sales for 2009 following a pick-up in market conditions in the second half of the year. The UK’s fifth biggest insurer by market value reported total life and pensions sales of £14.7bn on a present value of new business premiums basis – down by [...]
First-time buyers benefit from falling deposits February 2, 2010 FIRST time buyers have been given a boost after new figures showed that the availability of mortgages is on the rise. The number of deals is up 20 per cent compared to the start of the year, according to financial information service Moneyfacts. The increased has been driven by the thawing of the mortgage market [...]
Businesses ‘face power shortages’ February 2, 2010 BUSINESSES and homes across the UK could face power shortages in the years ahead, energy regulator Ofgem has warned. The regulator also warns that a proportion of consumers may not be able to afford the higher energy prices they will have to face. Ofgem says there is “reasonable doubt” about whether the UK’s energy market [...]
Businesses ‘face power shortages’ February 2, 2010 BUSINESSES and homes across the UK could face power shortages in the years ahead, energy regulator Ofgem has warned. The regulator also warns that a proportion of consumers may not be able to afford the higher energy prices they will have to face. Ofgem says there is “reasonable doubt” about whether the UK’s energy market [...]
BP annual profits plunge February 2, 2010 OIL giant BP has seen its annual profits plunge 45 per cent after lower oil and gas prices and depressed refining margins took their toll last year. The FTSE 100 group posted replacement cost profits – a measure that takes into account the cost of replacing the company’s oil reserves at current prices – of [...]
New Look to float on stock exchange February 2, 2010 BUDGET High Street fashion chain New Look is planning to float on the stock exchange in a bid to raise £650m. The company, owned by Permira and Apax, said that new shares would be used to pay down debts and help bankroll its expansion plans. It said that a secondary sell-down by existing shareholders was [...]
Madoff’s London unit escapes fraud charges February 2, 2010 THE Serious Fraud Office (SFO) has said it will not take any action against Madoff Securities International – a London arm of frausdster Berine Madoff’s business empire. Directors of the Mayfair-based business have also escaped charges as prosecutors had “insufficient evidence”. The SFO said in a statement there isn’t enough evidence to “provide a realistic [...]
John Lewis to open “Olympic” store February 1, 2010 DEPARTMENT store John Lewis is to open a shop next to the 2010 Games site as part of its sponsorship deal. The shop, in Stratford, will sell Olympic merchandise and become the 26th home-grown sponsor. An estimated 10,000 licensed products which will be on sale. The john Lewis Flagship store in Oxford Street will also [...]
Manufacturing activity at 15-year high February 1, 2010 MANUFACTURING activity expanded at its fastest pace in 15 years in January, according to a new survey. The CIPS/Markit manufacturing purchasing managers’ index jumped to 56.7 last month from an upwardly revised 54.6 in December. It was the highest since October 1994 and well above analysts’ forecasts for a reading of 54.0. The improvement came [...]