National Grid in energy bill spat with regulator July 16, 2012 NATIONAL Grid hit out at Ofgem over its plans to curb the cost of fuel bills yesterday, with the regulator’s initial £22bn proposals for upgrading Britain’s networks falling short of expectations. Ofgem will allow bills to rise by on average £11 a year for the next eight years, with a £7 increase next year rising [...]
FTSE dips as investors eye US jobs data July 6, 2012 The FTSE 100 fell in early trading with investors cautious ahead of key US jobs data and still absorbing moves by three central banks to get their country’s economies back on track. Banks in China, Europe and Britain loosened monetary policy in an attempt to boost flagging global growth but ended up spooking investors, who [...]
Eurozone hikes taxes to fill big budget holes July 3, 2012 TAX rises may be on the way in Spain and France, say government ministers, who are under pressure to make budget targets. The French Prime Minister Jean-Marc Ayrault yesterday promised a 75 per cent tax band on earnings above €1m, but confirmed that the government would reverse a sales tax increase due to begin in [...]
BEST of the BROKERS June 14, 2012 H&M Liberum rates the fashion chain “sell” with a target price of SEK170. The broker thinks H&M will struggle to leverage costs and maintain its gross margins in a tough time for European clothes retailers. But it expects like for like sales to rise 1.3 per cent at the firm’s quarterly results on Wednesday. TUI [...]
Britain’s solitary stance on energy policy is foolish May 24, 2012 THE government’s draft Energy Bill is an utter disaster. It reverses the course of UK energy deregulation, which cut prices, and will lead to confusion for companies and added costs for consumers. Lord (Nigel) Lawson, who as energy secretary was the architect of Britain’s energy market deregulation in the 1980s, has warned that the Bill [...]
Mitie profit rises as order book swells May 21, 2012 British outsourcing firm Mitie posted an 8.9 per cent rise in full year profit and said it was upbeat about growth prospects in the coming year as governments and businesses seek to cut costs and secure energy supply. Mitie, which provides catering, cleaning and maintenance services for clients like Vodafone, Tesco, and the British government, [...]
Events in Europe shouldn’t distract us from the global challenges we face May 20, 2012 AS City A.M. readers read this, Greece and the stability of the euro is probably at the forefront of their minds. I am concerned, too, but my perspective today is different. I am looking back across the globe from where I have just landed on day one of a City business mission to the Philippines, [...]
Drax margins in boost as its costs reduce May 15, 2012 POWER station Drax yesterday said it had been boosted by lower costs in producing power, while sales are on the rise. Drax, which converts coal into energy, said that the wholesale prices it was paying for coal were falling while it was selling energy at higher rates. The difference in so called “dark green spreads” [...]
E.ON freezes its tariffs for 2012 May 14, 2012 E.ON, one of Britain’s biggest energy suppliers, said yesterday it will not increase energy tariffs for its UK residential customers this year, despite rising wholesale energy prices. Last week, Centrica said gas costs would be 15 per cent higher next winter, while other pressures would add another £50 to the cost of supplying energy to [...]
We are in a world without leaders: The G-Zero will soon replace the G7 May 13, 2012 WHEN so many problems bestride borders, the need for international cooperation has never been greater. Cooperation demands leadership, however. Only leaders have the leverage to coordinate multinational responses to transnational problems. They have the wealth and power to persuade other governments to take actions they wouldn’t otherwise take. They pick up the bills that others [...]