Ovo Energy’s price hike shows hedging isn’t always bad for the customer May 15, 2014 Independent energy supplier Ovo Energy announced today that it would be increasing its prices by three per cent for new and renewing customers, bringing the average annual dual fuel bill up to £1,028. It blamed the price hike on an “upward move in wholesale commodity costs in April”, but bearing in mind SSE’s recent price [...]
Ukraine crisis and warm weather hammer EU-Russia trade May 15, 2014 Trade between Russia and the EU slumped in the first three months of 2014, according to figures to be released by Eurostat on Friday, reports Euractiv. EU imports from Russia dropped nine per cent in the first quarter compared to the same period last year, with the volume of Russian imports standing at €49bn (£40bn), [...]
What the other papers say this morning – 15 May 2014 May 14, 2014 FINANCIAL TIMES Sanctions put squeeze on Russia Russian companies are facing tougher lending restrictions from western banks as sanctions against the country start to bite. Banks are insisting that new loans to Russian businesses that are not directly targeted by sanctions carry clauses forcing immediate repayment or default if sanctions affect those companies. “If someone [...]
Emerging market slowdown to hit global economy’s prospects May 14, 2014 GROWTH is slowing down in Russia, Asia and South America, economists at the Ifo Institute warned yesterday. The economic climate index slowed from 103.2 in the first quarter to 102.3 in the second quarter, a firm slowdown which brings the outlook closer to its long-term average level of 95.5. Much of the developed world accelerated in [...]
BHP mulls sale of its Australian nickel business May 14, 2014 BHP BILLITON yesterday said it was considering selling off its nickel business in western Australia, as the miner pushes ahead with plans to streamline its portfolio. “The review is considering all options for the long-term future of Nickel West, including the potential sale of all or parts of the business,” said the firm. The asset [...]
Letters to the Editor – 15/05 – Politicising M&A, Best of Twitter May 14, 2014 Politicising M&A [Re: Britain’s apparently open economy can’t afford this Pfizer political inquisition, yesterday] Government interference in the market always leads to disaster. The shareholders and their board of directors created Pfizer and Astrazeneca, and only they should decide their future. House of Commons committees are merely a device for airing political prejudice or personal [...]
How the global economy became more equal – thanks to capitalism May 13, 2014 METROPOLITAN liberals love to be able to criticise Western society. Recently, their lives have been brightened by the extensive discussion on the rise in inequality since the 1970s, especially in the Anglo-Saxon economies. There is a danger that this essentially anti-capitalist narrative will come to dominate the media, paving the way for increased regulation and [...]
Ofgem chief warns Ukraine crisis could increase UK energy prices May 13, 2014 AN ESCALATION of the Ukraine situation could push up UK energy prices, the chief executive of regulator Ofgem warned yesterday. Around one third of Europe’s gas comes from Russia, the majority through Ukraine, which has provoked fears of a supply shortage if Moscow cuts off supply amid escalating tensions with the West. While the UK [...]
Rusal forecasts strong growth in demand for aluminium in China May 13, 2014 THE WORLD’S largest aluminium producer UC Rusal yesterday said it expects strong growth in demand from China this year, as it reported flat first-quarter revenue and a fall in output. The Moscow-headquartered company forecasts global aluminium demand of six per cent this year, with a 10 per cent increase in China, the world’s largest consumer [...]
Markets cool on Germany after Ukraine tension May 13, 2014 INVESTOR confidence in Germany appears to be weakening, with the political crisis in Ukraine helping to send a major index of sentiment to its lowest level since the beginning of 2013. The Zew index for economic sentiment announced yesterday stood at just 33.1 for May. It has now fallen for five months in a row, [...]