EDF moves to cut gas price by 5 per cent January 11, 2012 EDF Energy yesterday piled pressure on its rivals by announcing a five per cent cut to its gas prices. The company said the reduction, which comes into effect on 7 February, had been made possible by the lower wholesale cost of gas in the mild winter. But yesterday none of the other companies in the [...]
FTSE rally ends as investors eye Eurozone bond auctions January 11, 2012 The rally on the FTSE 100 yesterday stalled in early trading today as concerns over upcoming Eurozone bond auctions and slightly weaker commodity stocks took their toll. Heavyweight miners failed to keep up the gains made yesterday which were fuelled by positive data from China showing the country’s demand for metals had risen. Wall Street [...]
Resource stocks stoke FTSE gains January 10, 2012 The FTSE 100 saw solid gains this morning as resource and energy stocks were boosted by upbeat forecasts from US aluminium giant Alcoa and figures showing growing demand from China. Alcoa, the largest US aluminium producer, reported fourth-quarter revenue that beat Wall Street expectations, even though it registered a loss. The earnings news had a [...]
Airlines lose appeal over EU carbon tax December 21, 2011 US airlines have lost a legal fight to block the EU’s plans for carbon permits, which are due to come into force on 1 January. Industry group Airlines for America said it was considering an appeal after the European Court of Justice said the scheme to charge airlines for carbon emissions on flights to and [...]
Wall Street slumps on oil and euro fear December 14, 2011 US stocks fell for a third day and hit their lowest level in two weeks yesterday as widespread risk aversion sank commodity prices, drove the euro to its lowest in a year and pushed Italian bond yields to a record high. Investors are disappointed the European Central Bank is not buying more bonds of troubled [...]
In America, the shale gas revolution is creating jobs and growth. It can here too December 14, 2011 WHEN is a job not a job? Answer: when it is a green job. Jobs in an industry that raises the price of energy effectively destroy jobs elsewhere; jobs in an industry that cuts the cost of energy create extra jobs elsewhere. The entire argument for green jobs is a version of Frederic Bastiat’s broken-window [...]
TUI to post full-year profit December 14, 2011 Germany’s TUI, owner of Europe’s largest tour operator TUI TraveL, said it expects to post a net profit in its current fiscal year as it passes on rising input costs to holidaymakers and weathers strong economic headwinds. Turnover and operating earnings will grow moderately in the twelve months through the end of September, it said. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 8, 2011 FINANCIAL TIMES GDF SUEZ LAYS OUT FIVE YEAR PLAN GDF Suez, the world’s biggest independent power producer, is to spend up to €55bn globally over five years as it tries to double its size in Asia and cut its reliance on Europe, where it has been locked in dispute with two of its biggest state [...]
Price war cut food inflation December 6, 2011 CUSTOMERS are benefiting from intense competition between supermarkets, according to data out today from the British Retail Consortium. Food price inflation fell for a second consecutive month to 4.0 per cent in the year to November, compared with 4.2 per cent in October. Overall shop prices rose 2.0 per cent in the twelve-month period, down [...]
RWE’s €2.1bn share sale hampered by S&P’s credit warning to the Eurozone December 6, 2011 RWE’s share sale fell flat yesterday as investors held back amid the Standard & Poor’s warning of a credit rating cut to Eurozone countries. The German utility said it raised €2.1bn (£1.8bn) by selling 80.4m shares to institutional investors at €26 a piece – well below the €2.5bn it had hoped for when it announced [...]