Big six energy utilities hit by Ofgem threat June 22, 2011 BRITAIN’S six largest utilities face tough retail power market reforms next year that could force them to auction off more than one fifth of electricity they produce, energy regulator Ofgem announced yesterday. The regulator proposed in March that it could impose power production auctions of up to twenty percent of generation on the Big Six [...]
CHELSEA CHARMS THE CITY May 23, 2011 THE Queen was presented with a rare orchid named in her honour yesterday as this year’s Chelsea Flower Show 2011 opened with several well-known City players braving the strong winds for the annual gala preview. Centrica boss Sam Laidlaw, Marks & Spencer chair Robert Swannell, Lloyds chairman Sir Win Bischoff, newly appointed Tesco chair Sir [...]
Osborne’s tax guru slams North Sea raid May 2, 2011 THE government’s own tax tsar has attacked the chancellor’s surprise tax raid on North Sea oil and gas producers, just days after British Gas owner Centrica warned it could shut one of its fields in response to the windfall levy. John Whiting, head of the Office of Tax Simplification (OTS), told City A.M. the North [...]
FTSE takes a battering on recovery fears August 3, 2011 Energy companies took a hammering in London today as a renewed investor focus on global economic fragility saw a flight to safety across Europe. The FTSE 100 retreated more than 133 points or 2.3 per cent to close at 5,584.51, levels not seen since November 2010, after confidence in sovereign debt fell again and investors [...]
CBI rallies behind Plan A but calls for pro-growth agenda… June 6, 2011 NEW Confederation of British Industry president Sir Roger Carr praised the “rigour and transparency” of chancellor George Osborne’s deficit reduction plans yesterday, yet warned that the government must do more to boost growth. The Centrica chairman urged the coalition to cut personal taxes and avoid any repeat of the “counter-productive” hike in North Sea oil [...]
Centrica on track to meet profit forecast November 17, 2010 CENTRICA, which owns British Gas, continued to perform well during the third quarter it said yesterday. The group forecast operating profit for the year would be slightly ahead of market expectations of around £2.2bn although this would be slightly offset by interest and tax charges relating to several joint ventures. Centrica said interest charges were [...]
CITY MOVES | WHO’S SWITCHING JOBS July 4, 2011 Compact GTL The modular gas solution for oil and gas fields has appointed Simon Clark (pictured) as its first chief operating officer. Clark joins Compact GTL after spending the majority of his career at Centrica, where he developed large-scale energy infrastructure projects such as the North Sea oil and gas production business and the offshore [...]
CITY MOVES | WHO’S SWITCHING JOBS July 4, 2011 Compact GTL The modular gas solution for oil and gas fields has appointed Simon Clark (pictured) as its first chief operating officer. Clark joins Compact GTL after spending the majority of his career at Centrica, where he developed large-scale energy infrastructure projects such as the North Sea oil and gas production business and the offshore [...]
BEST OF THE BROKERS May 10, 2011 VODAFONE Credit Suisse rates the telecoms group “outperform” with a target price of 185p. The broker has cut its medium-term earnings per share forecast by three per cent in light of recent results in the sector, and expects European operations to miss consensus estimates – this is particularly disappointing given the expected boost from iPhone [...]
BEST OF THE BROKERS May 10, 2011 VODAFONE Credit Suisse rates the telecoms group “outperform” with a target price of 185p. The broker has cut its medium-term earnings per share forecast by three per cent in light of recent results in the sector, and expects European operations to miss consensus estimates – this is particularly disappointing given the expected boost from iPhone [...]