Drax Group shares rise despite 83pc profit plunge February 18, 2014 Drax Group, Britain’s largest coal-fired power station which is set to become one of the world’s biggest renewable generators, has reported a whopping 83 per cent drop in statutory profit before tax – from £190m to £32m – for 2013, because of rising carbon costs. Underlying earnings per share fell 32 per cent to 35p [...]
3 reasons for the achingly slow progress on EU-US free trade deals February 17, 2014 Though a stock-taking meeting for the US-EU Transatlantic Trade and Investment Partnership (TTIP) begins again today, progress is likely to be painfully sluggish. Transpacific talks have gone through 18 rounds already, not including meetings between ministers or chief negotiators. In comparison, the EU and US not yet even the third round of talks, which [...]
How energy bills are threatening export hopes of UK businesses February 17, 2014 BRITAIN risks missing the government’s export targets because high energy bills make it hard to compete overseas, manufacturing group EEF warned today. George Osborne wants UK firms’ exports to hit £1 trillion per year in 2020, a target requiring growth of nine per cent each year. But by that stage the government expects taxes to [...]
Commitee of MPs launch inquiry into energy network charges February 12, 2014 THE ENERGY and Climate Change Committee yesterday launched a new inquiry into network costs, as the public furore into rising energy bills rumbles on. The committee of MPs is assessing whether the regulator Ofgem is doing enough to ensure the costs of transporting and distributing energy stay low. Network costs make up around 23 per [...]
Energy networks to face MP grilling February 12, 2014 Energy suppliers could breathe a (brief) sigh of relief today as the Energy and Climate Change Committee’s latest inquiry isn’t about them. As the public furore into rising energy bills rumbles on, the committee of MPs is now looking into energy network costs, which regulator Ofgem estimates make up around 23 per cent of a [...]
London Report: Utilities drag on FTSE as energy profits debated February 10, 2014 FRESH political pressure on British utilities hit the sector’s stocks yesterday, limiting broader gains in the UK’s top equity index although it rose for the fourth straight session. The blue-chip FTSE 100 index closed up by 0.3 per cent, or 19.87 points, at 6,591.55 points. Gains at British bank Barclays and drugmaker AstraZeneca together added [...]
BP boss warns against Scottish independence February 4, 2014 BP CHIEF Bob Dudley yesterday warned that Scottish independence would cause uncertainties for Britain’s oil and gas industry, ahead business secretary Vince Cable’s grilling from MPs on the issue today. Dudley said that there were “big uncertainties” surrounding a Scottish currency and that the FTSE 100 oil giant’s overheads would rise if Scotland left the [...]
Could falling Japanese stocks see Abenomics end in tears? February 4, 2014 The Nikkei took the biggest hit of any advanced economy stock index yesterday, dropping over four per cent. The Japanese stock index is down by about 14 per cent from its December peak. Is Prime Minister Shinzo Abe’s radical easing policy slipping up? Despite fears of a new bear market, this isn’t even the biggest [...]
City Matters: Social impact investing: The City must embrace a future of philanthropy January 29, 2014 THE CITY has always been a crucible for debate, innovation and philanthropy. All three are crucial as we strive to rise to the complex challenges posed by the “new normal” – a fast-developing globalised world where resources are increasingly scarce and in demand. I am particularly keen to draw upon the City’s energy, expertise and [...]
EU must invest in new technology or lose out to global rivals, warns energy boss January 28, 2014 Europe needs to invest more in new technology if it wants to compete in an age of cheap energy, according to the chief executive of Italy's largest power company, Fulvio Conti. Speaking to CNBC, he said: If we don't invest in new technologies and improvements it will be difficult to match the competition of emerging [...]