We can bring down UK energy costs without Miliband’s populist price fix September 25, 2013 WELL, no one can say we don’t know what Ed Miliband stands for any more. Whacking business with higher taxes, strangling them with regulation, expropriating land from owners who don’t develop, and reversing benefit cuts. The list of Wonga policies – superficially attractive in the short term, punitively expensive in the long term – was [...]
Letters to the Editor – 26/09 – Energy price fix, Inflation target, Best of Twitter September 25, 2013 Energy price fix [Re: Miliband’s lurch to left is a recipe for disaster, yesterday] Labour claims that it wishes to promote a more competitive energy industry by breaking up the largest firms. Of course the irony is that the plan to freeze energy prices will likely result in a far less competitive market. Centrica has [...]
Labour declares war on business September 24, 2013 Miliband hits energy firms with plot for £4.5bn price freeze British Gas owner Centrica threatens to quit UK over plan Policies on tax, energy and construction slammed ED MILIBAND yesterday launched an extraordinary attack on swathes of British business as he returned his party to its left-wing roots by unveiling a range of punitive policies [...]
Centrica labels Labour plan as a recipe for ruin September 24, 2013 BRITAIN’S big six energy companies yesterday lambasted Labour leader Ed Miliband’s pledge to freeze energy bills until 2017, saying his planned reforms could financially ruin firms and discourage infrastructure investment. Sir Roger Carr, chairman of British Gas owner Centrica, said Labour’s plan to implement price controls could leave companies in a vulnerable position. “When costs [...]
Riverstone aims to raise £1.5bn in energy float September 24, 2013 PRIVATE equity firm Riverstone Holdings yesterday said it is planning to float a new energy investment vehicle, Riverstone Energy, on the London Stock Exchange, in an initial public offering to raise up to £1.5bn. Lord Browne, former boss of oil major BP, is a partner at Riverstone Holdings and will take a board seat at [...]
Statoil finds natural gas but no oil in the Arctic Ice Crystal well September 23, 2013 NORWEGIAN energy explorer Statoil found only natural gas and no oil at the Ice Crystal prospect in the Arctic Barents Sea, the company and the Norwegian Petroleum Directorate said yesterday. “Our main goal was to find oil… but unfortunately it did not materialise,” said Gro Haatvedt, senior vice president for exploration in Norway. “We still [...]
Turning up the heat: Former trader taking on the Big Six September 22, 2013 Annabel Palmer talks tariffs and talent with Stephen Fitzpatrick, who switched the City for the Cotswolds to found energy company Ovo EXPERTS are predicting another gloomy winter for Britain, with power firms expected to raise tariffs in November and December by up to 10 per cent – pushing annual average bills to over £1,500 for [...]
Lib Dem lines to take for interviews – in full September 19, 2013 The Lib Dems appear to have given journalists their full lines to take for every interview: Five things to remember for every interview This conference sees the party in a confident mood We have a strong record of achievement in Government Our priorities are jobs and easing the squeeze on household budgets Labour cannot be [...]
Surprise £118m dividend cheers Smiths investors September 18, 2013 ENGINEERING firm Smiths’ shares were one of the FTSE 100’s top risers yesterday after it unveiled a special dividend for shareholders alongside full-year results in line with expectations. The unanticipated dividend of 30p, worth £118m in total, drove the shares 2.6 per cent higher to close at 1,412p. Smiths also announced a restructuring programme that [...]
Stable inflation fuels taper talk in the States September 17, 2013 INFLATION readings in the US barely rose in August, but gains in rents and medical care costs pointed to a stabilisation in underlying inflation that could allow the Federal Reserve to start trimming its bond purchases. The Labor Department said yesterday its consumer price index (CPI) edged up 0.1 per cent last month after rising [...]