Broadband customers set to save up to £150 under new Ofcom rules February 14, 2020 New Ofcom rules set to come into effect from tomorrow could save millions of customers up to £150 each, or a collective £1bn a year, on the cost of landline, broadband, TV and mobile packages. The broadcasting and telecoms regulator is set to enforce rules that require companies to offer customers the best deals available [...]
Bittersweet farewell for Tidjane Thiam as Credit Suisse profits soar February 13, 2020 Credit Suisse has reported its highest annual profits in almost a decade, just days after chief executive Tidjane Thiam was ousted in the wake of a lurid spying scandal that erupted last year. The figures Credit Suisse’s pre-tax profit rose 40 per cent to 4.7bn Swiss francs (£3.7bn) for 2019, the highest figure since 2010. [...]
British Gas owner Centrica falls to £1.1bn loss as price cap bites February 13, 2020 British Gas owner Centrica reported a £1.1bn loss before tax today as the utilities giant suffered from the implementation of new energy tariff cap for UK households and lower commodities prices. Shares in the firm plunged 17 per cent as the firm swung from profit of £575m in 2018. The figures Having posted statutory profit [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Ofgem to lower the energy price cap by £17 for 15m households February 7, 2020 Ofgem will cut the energy price cap by £17 from April as lower wholesale costs drive the price downwards, the regulator confirmed today. That will leave the default price cap at £1,162 for April to September, down from its previous level of £1,179. Ofgem said 11m households will benefit from the lower cap. The pre-payment [...]
Fusion energy can power us to a greener world February 6, 2020 There is an old joke among scientists: fusion power is 30 years away, and always will be. Yet as we enter the decade in which the big questions on the future of energy must be answered, is it time to revisit fusion and its unrivalled potential to change the way the world generates power? The [...]
BP profit plunges but oil giant beats expectations in Bob Dudley’s swansong February 4, 2020 Bob Dudley bowed out after a decade as BP’s chief executive today as the firm outperformed analyst expectations in the face of a challenging macroeconomic environment. Despite a 26 per cent fall in profit in the final quarter of 2019, the oil giant’s underlying replacement cost (RC) figure – BP’s definition of net income – [...]
Ofgem publishes new plan for net zero Britain February 3, 2020 Ofgem has today published a new plan to decarbonise the UK’s energy system in order to meet emissions targets by 2050. The “Decarbonisation Action Plan” sets out nine actions that the energy industry must put into practice in order to ensure that the UK’s energy networks can deliver net zero. Central to the plan is [...]
Top five investment risks for 2020: What they said at Davos and how they’ve changed in a decade January 24, 2020 As recently as ten years ago the environment didn’t register in the top risks for discussion at the World Economic Forum. Now it dominates. This has important implications for investors. This week the annual World Economic Forum (WEF) is taking place in Davos. Attendees include leaders from the worlds of politics and business who meet [...]
Oil prices jump and gold hits seven-year high amid heightened Middle East tensions January 6, 2020 Oil prices have continued to rise after US President Donald Trump threatened Iraq with sanctions if the country expels American troops. Gold also hit a seven-year high as investors seek shelter from mounting tensions in safe haven assets. Read more: Qasem Soleimani: Trump threatens Iraq with sanctions if US troops are expelled The precious metal [...]