Ofgem and big six energy suppliers spar over profit July 30, 2014 A fight between the big six energy suppliers and regulator Ofgem kicked off yesterday, due to a wide disparity between their estimates of company profits. Ofgem will today predict that firms will make £106 per household, up from the £101 it forecast a month ago. But the industry argues that their estimates have been wildly [...]
Rio Tinto sells Mozambique coal venture July 30, 2014 RIO TINTO yesterday said it had agreed to sell its Mozambique coal assets for a knock-down price of $50m (£29.6m), marking the end of former boss Tom Albanese’s misjudged acquisition at the end of the commodities boom. The Anglo-Australian mining powerhouse is selling the Benga coal mine and other projects in the Tete province of [...]
Antofagasta slides despite higher output July 30, 2014 ANTOFAGASTA’S share price slumped over four per cent yesterday, after the Chilean copper miner’s production update missed expectations. The FTSE 100-listed company said it was on track to meet its full-year guidance of 700,000 tonnes, after posting a 5.5 per cent increase in second-quarter copper output to 178,800 tonnes. This was not good enough for [...]
Tullow drills into first-half loss July 30, 2014 TULLOW Oil yesterday revealed a $95m (£56m) first-half loss after tax due to exploration write-offs of $402m. A string of exploration failures in Mauritania, Ethiopia and Norway, combined with a $114m loss on a Ugandan farm-down agreement, pushed the fourth largest energy explorer listed on the London Stock Exchange into the red, compared to a [...]
Polymetal raises its production guidance but revenue declines July 30, 2014 PRECIOUS metals miner Polymetal International yesterday raised its full-year production forecast, but posted a two per cent decline in first-half revenue. The FTSE 250-quoted firm said it expected to beat its 2014 gold production target of 1.3m ounces by around five per cent. Gold output rose 17 per cent to 652,000 ounces in the first [...]
GKN tops FTSE on higher profits from car division July 29, 2014 ENGINEERING giant GKN topped the FTSE 100 yesterday, after unveiling a six per cent rise in first-half profit and hiking its interim dividend by eight per cent. The company, which supplies components for car makers such as Volkswagen and aircraft manufacturers including Airbus, posted pre-tax profit of £296m for the first half of the year [...]
Carbon tax hits Drax’s earnings as subsidy dispute rumbles on July 29, 2014 DRAX, the operator of Britain’s largest coal-fired power station, yesterday posted a 15 per cent drop in half-year earnings due to the increasing cost of carbon tax. The FTSE 250-quoted company, which is converting some of its units from coal to biomass to cut its carbon emissions, reported earnings of £102m, compared to £120m for [...]
Shale gas industry urges for more clarity on fracking guidelines July 28, 2014 New planning guidance for shale gas exploration is just a political panacea to temper opposition, legal experts and industry sources claimed yesterday. The government has introduced new guidelines for fracking in areas such as National Parks, as it opened up the 14th licencing round for shale gas. “Where applications represent major development, planning permission should [...]
National Grid on track for year due to improved performance July 28, 2014 ENERGY network operator National Grid yesterday announced it was on track for the next financial year after making improvements to its business on both sides of the Atlantic. The FTSE 100-listed company said it had made progress in delivering operational efficiencies and with its investment programme in the UK. It planned to spend £3.4bn in [...]
Supermarkets cut fuel prices July 28, 2014 THE LATEST round of petrol price wars kicks off today, as three of the country’s largest supermarket chains lower the cost at the pumps. Tesco, Asda and Sainsbury’s have all slashed 2p per litre off the price of diesel and petrol. Morrisons has not yet followed suit, but says it “will be evaluating [its] pricing [...]
