Huhne calls for energy backing November 23, 2011 CLIMATE change secretary Chris Huhne hopes his “Green Deal” will kickstart £14bn private investment in insulating draughty homes by 2020. In his annual energy statement, Huhne said policies to increase efficiency and boost participation in renewable technologies would save households about £94, or seven per cent off the annual utility bill. But he conceded rising [...]
Mitie looking for deals as profits grow November 21, 2011 FACILITIES manager Mitie said it had benefited from austerity Britain’s spending cuts as it reported a small rise in first-half profits. The firm, which screens baggage at Heathrow airport and helps keep the Royal Opera House up to scratch, won contracts across the shrinking public sector, pushing it to a 0.8 per cent rise in [...]
Outsourcer Mitie sees healthy sales pipeline November 21, 2011 Outsourcing group Mitie has posted a small profit rise and said a significant bid pipeline leaves it confident of further growth, as governments and businesses seeking to cut costs sign up for its support services. Mitie, whose customers include Tesco and London’s Royal Opera House, said its pre-tax profit before one-off items for the six [...]
The captain of industry who says the UK needs to be more like Asia November 20, 2011 FROM the CBI’s offices on the second floor of the Centre Point tower, you get a great view of the construction site that will eventually become the Tottenham Court Road Crossrail station. It is fitting that the CBI, which was one of the railway’s biggest supporters, is so close to the action, and a reminder [...]
National Grid earnings grow with cost cuts November 17, 2011 NATIONAL Grid yesterday reported a rise in first-half pre-tax profits and said it was on track to deliver strong full-year results. Britain’s biggest energy distributor said first-half profits rose two per cent to £953m, and was up 19 per cent excluding the impact of Hurricane Irene. That compared with estimates of £985.1m, according to a [...]
Rebalancing the economy is a priority: The carbon floor price needs to be scrapped November 17, 2011 POLITICIANS of all parties are keen that the British economy’s fortunes depend less on the work of City A.M.’s readers. Chuka Umunna – Labour’s shadow business secretary – told Bloomberg this week that under the last government growth “was too concentrated in too few sectors, and in too few regions”. Similar sentiments have been expressed [...]
Supermarket price war dents inflation November 15, 2011 CONSUMER price inflation in the UK dropped slightly in October, figures out yesterday from the Office for National Statistics (ONS) revealed, though it remains well above the Bank of England’s target. Headline CPI inflation fell from 5.2 per cent in the year to September to five per cent last month. A 0.9 per cent fall [...]
FTSE falls as Eurozone fear factor hits banks November 15, 2011 The FTSE edged down this morning, mirroring weaknesses in Asia, as rises in bond yields in Spain and Italy heaped more pressure on markets. Italy sold three billion euros of five-year bonds at 6.29 per cent yesterday – a euro-era record. The country’s 10-year bond yields rose to 6.76 per cent, also pushing Spanish 10-year [...]
Setting a match to the debate on petrol inflation November 14, 2011 INFLATION is now rising faster than wages, and Britain faces a cost-of-living crisis. Astronomical fuel prices are the number one issue in my constituency: they are creating a poverty trap, and are a major brake on economic growth. In real terms, adjusted for inflation, motoring fuel has never been this expensive – except for just [...]
BHP in $4bn shale gas expansion November 14, 2011 BHP Billiton plans to spend over $4bn (£2bn) on developing shale gas in 2012 following two shale gas acquisitions this year, the head of the top global miner’s petroleum business said on Monday. BHP Billiton spent nearly $17bn buying shale gas producer Petrohawk Energy and shale gas assets from Chesapeake Energy earlier this year. “In [...]