There is a problem in the UK’s energy market – but it’s the regulator’s fault July 1, 2014 OFGEM has referred the retail energy market for investigation by the Competition and Markets Authority (CMA). This is the right decision, for the wrong reasons. Most of Ofgem’s concerns are insubstantial. The real source of the problem is Ofgem’s policy, described in its annual report issued the same day as “Simpler, clearer, fairer. Three words [...]
Tata steelworks cuts 400 jobs due to “uncompetitive” energy costs July 1, 2014 The Tata steelworks in Port Talbot is set to shed 400 jobs, with chief executive Karl Koehler saying the moves were necessary for the company to remain competitive. High business rates and rising energy costs were cited as reasons for the job losses. "Steel demand and prices are likely to be under pressure for some [...]
Eurozone growth stutters as French output threatened by oil price risks June 23, 2014 Preliminary survey data shows that the Eurozone's (still) fledgling recovery has stuttered in June. Purchasing managers' index (PMI) data released by Markit shows that the pace of expansion across the private sector has slowed a little, with a headline PMI of 52.8 in the euro area. Any number above 50 implies that order books are [...]
Infinis Energy backers get £20m windfall after its maiden results June 19, 2014 Infinis Energy will give investors a £20m windfall after beating management expectations with its maiden results as a listed company. The group, floated by Guy Hands’ private equity group Terra Firma in November, reported record operating earnings of £148.4m, calculated before costs associated with the market listing. The company intends to pay a 6.63p dividend [...]
New York Report: Dow goes up with inflation June 17, 2014 US STOCKS rose yesterday as data pointing to higher inflation lifted shares while high-growth tech names attracted renewed attention. The Dow Jones was up 27.48 points or 0.16 per cent, to end at 16,808.49. The S&P 500 gained 4.21 points or 0.22 per cent, to 1,941.99, while the Nasdaq Composite added 16.13 points or 0.37 [...]
Stock market correction: How to protect yourself from losses June 17, 2014 Income can help you weather any volatility, but be wary of bonds AFTER a stellar few years for global stock markets, concerns are growing over a looming correction. The S&P 500, Dow Jones Industrial Average, FTSE 100 and MSCI All-World share index have all been at or near record highs in recent weeks, and valuations [...]
Energy crunch: Oil prices rise over Iraq fears as cost of gas jumps after Ukraine cut-off June 16, 2014 Fears of a disruptive energy price spike grew yesterday as conflict escalated in Iraq and Ukraine’s gas supplies from Russia were abruptly cut off. Experts warned that growing geopolitical risk could send oil and gas prices sharply upwards, prompting a more severe market reaction and even a slowdown in the global economic recovery. The US [...]
Firms hit back in energy row June 10, 2014 THE UK’S largest energy firms were forced to defend themselves yesterday after Ofgem wrote to the big six companies asking them to explain why falling wholesale costs had not been passed on to consumers. The regulator said that failure to engage with consumers on this issue “further risks undermining public confidence in the energy market”. [...]
What the other papers say this morning – 10 June 2014 June 9, 2014 FINANCIAL TIMES Chico’s explores private equity sale Chico’s, the US womenswear chain, is exploring a sale to private equity and has discussed a deal with potential suitors that could lead to one of the largest take-private transactions so far this year. The final asking price could not be ascertained but one industry source said Chico’s [...]
Most UK adults do not trust any energy supplier June 9, 2014 MORE than half of British adults do not trust any energy supplier, while 36 per cent do not trust their energy bills, according to new research published today. Forty-one per cent of 10,000 respondents fear they are paying for more energy than they are using, showed a survey commissioned by the Smart Meter Central Delivery [...]