Last rites for nuclear power March 29, 2012 BRITAIN’S nuclear strategy has been left in tatters after German utilities E.ON and RWE suddenly ditched their £15bn plans to build two new reactors. The firms blamed “significant ongoing costs” for shelving their scheme, which had been due to supply more than a quarter of Britain’s new nuclear energy by 2025. The news will fuel [...]
Centrica buys Texas energy retailer in $270m deal September 23, 2011 British utility Centrica agreed to buy Texas-based energy retailer First Choice Power from smaller US peer PNM Resources for $270m (£175m) in cash, as the UK firm looks to expand and strengthen its North American customer base. Irving, Texas-based First Choice Power, a wholly owned unit of PNM Resources, has more than 220,000 residential and [...]
Evidence of revolt at every single level May 20, 2012 THE shareholder spring has sprung. Since proxy season started, we’ve become accustomed to the sight of investors giving directors a bloody nose. I’ve decided to crunch the numbers to see just how rebellious the buy side has become. A win is a win. Just three firms have been voted down at their annual meetings in [...]
Evidence of revolt at every single level May 20, 2012 THE shareholder spring has sprung. Since proxy season started, we’ve become accustomed to the sight of investors giving directors a bloody nose. I’ve decided to crunch the numbers to see just how rebellious the buy side has become. A win is a win. Just three firms have been voted down at their annual meetings in [...]
Nuclear project on the hunt for new backers May 15, 2012 ENERGY minister Charles Hendry said yesterday that RWE and E.ON’s British nuclear joint venture, Horizon, needs to find new investors if it is to survive because its existing backers will not stump up more cash. Britain’s nuclear future was thrown into doubt in March when RWE and E.ON, under pressure from their home country’s decision [...]
FTSE rise aided by banks April 25, 2012 The FTSE 100 opened on the front foot this morning as the tech sector was given a boost by stellar sales from Apple in the US while banks also nudged up. But UK GDP figures showing that the country had plunged back into recession cast a shadow.The UK economy shrank by 0.2 per cent in [...]
Meet this year’s judging panel May 7, 2012 Once again the judging panel for the City A.M. awards brings together some of the best known and brightest minds in the City. Our already excellent panel is this year joined by Katherine Garrett-Cox, chief executive of Alliance Trust. ALLISTER HEATH Allister, editor of City A.M., chairs the judging session. Last year’s session lasted nearly [...]
CITY CYCLISTS SHOW THEY CARE WITH OLYMPIAN CHARITY RIDE March 18, 2012 TEAMS from the City are signing up to CARE’s Gold Bike Ride supported by City A.M. on Saturday 23 June. The route will see cyclists ride a minimum of 65 miles and a maximum of 130 miles of the Olympic Road Race route a month before the nation’s competitors take to the saddle. A team [...]
Shareholder Spring claims new casualties May 10, 2012 THE SHAREHOLDER Spring continued to blossom yesterday as investors rejected another executive pay settlement. Pendragon, Britain’s leading car dealer, was forced to back down on plans to increase its directors’ pay packets after 67 per cent of shareholders voted against its remuneration report. Meanwhile almost half of Trinity Mirror investors voted against the proposed pay [...]
Shareholder Spring claims new casualties May 10, 2012 THE SHAREHOLDER Spring continued to blossom yesterday as investors rejected another executive pay settlement. Pendragon, Britain’s leading car dealer, was forced to back down on plans to increase its directors’ pay packets after 67 per cent of shareholders voted against its remuneration report. Meanwhile almost half of Trinity Mirror investors voted against the proposed pay [...]