Block Energy raises £12m to fund better than expected new well May 16, 2019 Block Energy today completed a £12m fundraise this morning after the company found it needed more money to explore a well which proved much more fruitful than first thought. The Aim-listed oil explorer said it had placed around 109m new shares at 11p each, a discount of nearly 16 per cent on yesterday’s closing price. Read [...]
British Gas owner Centrica’s shareholders say yes to chief executive’s £740,000 pay rise in ‘challenging’ conditions May 13, 2019 Shareholders expecting their dividends to be slashed this year clubbed through a 44 per cent pay rise for Centrica’s chief executive today despite company’s disappointing performance. Conn has overseen a two-thirds drop in share prices, to a 20-year low, since stepping into the role while the British Gas owner is haemorrhaging customers to other suppliers. [...]
British Gas owner Centrica ‘may slash dividend’ after challenging start to the year May 13, 2019 Analysts warned that a dividend cut is on the horizon at British Gas owner Centrica after several external factors hit performance in the opening months of 2019. Centrica said that the government’s new energy price cap had dented its figures, including a one-off £70m impact in the first quarter. Read more: British Gas owner Centrica [...]
Bank of England upgrades UK growth forecast as household spending boosts economy May 2, 2019 The Bank of England once again voted to keep interest rates on hold today, as it painted a picture of an economy propped up by household spending as Brexit uncertainty continues. Read more: City A.M.'s shadow MPC votes to hold interest rates despite recent growth Threadneedle Street also upgraded Britain's 2019 economic growth forecast to 1.5 [...]
The material consequences of choosing sustainable fashion April 29, 2019 The textile industry – primarily the business of cloth and clothing – produces close to 100 million tonnes of fibres every year. This number is only set to grow as purchasing power in emerging markets rises. The industry – and its growth – has huge consequences for the environment and climate change, producing some 1.2 [...]
North Sea explorers get boost as US clamps down on Iran oil exports April 23, 2019 Toughened sanctions against Iran helped push up oil prices over the weekend, lighting a fire under London-listed exploration companies today. The cost of international standard Brent crude has risen 2.9 per cent over since Friday, hitting $74.68 per barrel – its highest point since October. Read more: FTSE 100 climbs to fresh six-month high as [...]
AO World spends £15m on Brexit stockpiling as founder returns as CEO April 4, 2019 Electrical retailer AO World today warned investors it expects to take a £2.5m hit this year as it shakes up its management team in the wake of John Roberts’ return as chief executive. Read more: AO World’s chief executive departs with founder returning to the role The exceptional costs for the 12 months to the [...]
UK inflation rate highest of major advanced economies in February April 2, 2019 The UK’s annual inflation rate was the highest of the G7 countries in February, statistics released today showed, due in part to the fall in the value of the pound pushing up the cost of imported goods. Read more: Inflation edges up from two-year low as food and alcohol prices rise Britain’s inflation rate in [...]
Homes switch energy supplier at record rate as consumers face massive price hike next week March 28, 2019 Over 4.5m households changed their gas supplier last year, hitting an all-time high, while electricity switches were at their highest point since 2008. The number of domestic homes that switched electricity supplier hit 5.4m, a 5.5 per cent increase on the year before, figures from the Department for Business, Energy and Industrial Strategy (Beis) show. [...]
TP Icap to move staff out of the City in a no-deal Brexit as it awaits Paris approval March 19, 2019 The world’s largest interdealer broker TP Icap has revealed plans to move staff out of the City in the event of a no-deal Brexit. The brokerage giant said its UK desk’s ability to continue to provide business for EU clients would be under threat if Britain leaves the EU without a deal later this month. [...]