Stalemate in Brussels hurts FTSE markets – London Report February 16, 2015 THE FTSE 100 index retreated from five-month highs yesterday, with leading companies such as miner Fresnillo and utility Centrica hit by broker downgrades. Investors adopted a cautious approach as debt-laden Greece and European Union paymaster Germany drew firm battle lines yesterday in talks on the future of Greece’s unpopular international bailout. After the FTSE closed, [...]
British Gas profits down as Centrica hit by UK warmer weather and US polar vortex July 31, 2014 Pre-tax profits at British Gas owner Centrica fell 40 per cent in the first half of the year as British Gas felt the effects of warmer weather in the UK. British Gas operating profit dropped 26 per cent as gas consumption fell 24 per cent and electricity use dropped nine per cent. Customer numbers at the [...]
Centrica set for major shakeup May 28, 2014 BRITISH Gas managing director Chris Weston is to step down this week, and is now reportedly in advanced talks to take over as chief executive of Aggreko. The move would indicate that a major reorganisation is in the offing at Centrica, the parent company of British Gas. Chief executive Sam Laidlaw is also said to [...]
Poor data in the US and at home send FTSE down – London Report April 28, 2015 WEAK data at home and poor results across the Atlantic meant the FTSE 100 faced its biggest one-day drop in nearly a month yesterday. The FTSE 100 closed 73.45 points lower, or one per cent, at 7,030.53 points, retreating from a record high of 7,122.74 hit on Monday. The index extended losses in afternoon trade [...]
Ford’s European chief Jim Farley says UK is better off without a Brexit March 4, 2015 Car manufacturing behemoth Ford has thrown its weight behind the campaign to keep the UK in the European Union. Jim Farley, the president of Ford’s European operation, said the company “really hopes” the UK remains part of the EU. He called the UK’s continued membership “critical”. During his slot on Radio 4's Today programme, Farley underlined [...]
British Gas price cuts will save customers £37 a year January 19, 2015 BRITISH Gas is reducing household gas prices by five per cent, cutting annual energy bills by an average of £37. The company, which is owned by utility firm Centrica, said the reduction in standard tariffs will benefit 6.8m customers. According to British Gas, the price cut reflects recent declines in wholesale gas prices, and although [...]
Inside Track: Centrica’s Conn job on stock award June 18, 2014 TALK of energy suppliers and con tricks, and the assumption might be that the Big Six have been indulging in a reputation-shredding episode of doorstep mis-selling. In the boardroom of Centrica, owner of British Gas, though, the phrase is acquiring a different meaning. Directors have been preoccupied for weeks with prising Iain Conn, the long-serving [...]
Centrica loses MD for the top job at Aggreko May 29, 2014 Aggreko, the temporary power hire company, has appointed Chris Weston as its new chief executive officer, confirming reports leaked last night. He has handed in his resignation at Centrica, where he was managing director of the company's international downstream division. Weston will replace Rupert Soames, who has taken the top job at Serco, after 11 [...]
Centrica puts Caribbean gas sites up for sale amid disposal plans June 23, 2014 British-Gas owner Centrica has appointed Canadian finance giants Macquarie to auction off the energy firm’s gas operations in Trinidad. The FTSE 100 firm, run by chief executive Sam Laidlaw, is hoping to sell its gas operations in the Caribbean state along with assets in Tobago for a price tag in the region of £250m, it [...]
Executive pay: Why I long for the restrained days of Cedric the Pig January 20, 2015 Executive pay is back in the news. The Goldman Sachs pay pot of $12.7bn (£8.3bn) has been prominent. German executive pay has overtaken that in the UK for the first time. Top management seems to have no shame. They get some bad publicity today, but the fat cheque remains safely in the bank. How one [...]