British Gas pledges to simplify tariffs November 24, 2011 BRITISH Gas has said it is simplifying its tariffs after admitting customers were being baffled by the current system. All customers would be able to choose between two tariffs – variable and fixed – under the shake-up. Energy industry regulator Ofgem earlier this year told energy companies they must offer simpler billing. The British Gas [...]
Green to cut hundreds of shops as wary consumers stay home November 24, 2011 ARCADIA Group, the retailer owned by billionaire Sir Philip Green, yesterday said it planned to close up to 260 stores over the next three years after announcing a big fall in profits. The group, which owns fashion retail stores including Topshop, Miss Selfridge, and department store BHS, said it would not renew half of its [...]
Young’s toasts profits rise fuelled by £60m purchase of Geronimo Inns November 24, 2011 BREWER Young & Co said yesterday it had seen revenues rise strongly in the first half. The company said revenue was up 34 per cent to £90.5m during the six months to October. Adjusted profit before tax was up 11 per cent to £12.5m. However, including exceptional items the company posted a loss of £16m. [...]
Contracts are awarded for Crossrail plan November 24, 2011 BRITISH construction and infrastructure companies Kier, Balfour Beatty and Morgan Sindall have been awarded multi-million pound contracts for work on London’s Crossrail project. A joint venture between British contractors Balfour Beatty and Morgan Sindall, together with France’s Vinci Construction, has been awarded a £110m contract for work on Whitechapel station in east London, the companies [...]
Network Rail is on track as its debt soars November 24, 2011 RAIL infrastructure group Network Rail said its debts have jumped, though it remains on track with cost-savings and improvement works. Its debt rose to a whopping £25.7bn in the period, which the group said was “at an expected level” due to capital expenditure and the rising value of its inflation-linked bonds. Around £1.25bn of Network [...]
BATS gets go ahead to buy Chi-X Europe November 24, 2011 STOCK trading platforms Chi-X Europe and BATS Global Markets were given the final green light to merge by the competition watchdog yesterday, clearing the way for them to control a quarter of Europe’s equities volume. The UK Competition Commission rubber-stamped an earlier provisional decision and will allow the exchanges to complete a $300m (£192m) deal [...]
Highways Agency chief calls for £200m annual savings November 24, 2011 THE Highways Agency could save £200m per year by taking “a much more businesslike” approach to managing the UK’s busiest roads, its chairman said in a new report yesterday. In his independent review of the strategic road network for the department for transport, Alan Cook said the agency had become inefficient and ineffective through a [...]
Heritage loses Uganda spat November 24, 2011 HERITAGE Oil has lost a $404m (£261m) tax row in Uganda after the east African country’s tax authority ruled it was liable to pay a disputed capital gains bill. But Heritage said the ruling was “fundamentally flawed” and that it would look at its options for appeal through the courts and arbitration. The dispute centres [...]
Deal agreed for City’s Merchant November 24, 2011 SHAREHOLDERS in Merchant Securities have overwhelmingly backed a takeover offer from South African investment group Sanlam. Investors holding nearly 94 per cent of Merchant shares agreed to the £12.25m deal, which will see Sanlam’s SPIH subsidiary buy the City stockbroker. Sanlam, which had been Merchant’s largest investor with nearly ten per cent, will take its [...]
Grainger up on a south east boost November 24, 2011 GRAINGER, the UK’s largest residential landlord, posted an 8.2 per cent rise in full year net asset value and remained confident in its outlook for the UK residential market as it focuses on London and the south east. Gross net asset value per share at the company grew to 216p at the end of September [...]
