Britain’s solitary stance on energy policy is foolish May 24, 2012 THE government’s draft Energy Bill is an utter disaster. It reverses the course of UK energy deregulation, which cut prices, and will lead to confusion for companies and added costs for consumers. Lord (Nigel) Lawson, who as energy secretary was the architect of Britain’s energy market deregulation in the 1980s, has warned that the Bill [...]
Mitie profit rises as order book swells May 21, 2012 British outsourcing firm Mitie posted an 8.9 per cent rise in full year profit and said it was upbeat about growth prospects in the coming year as governments and businesses seek to cut costs and secure energy supply. Mitie, which provides catering, cleaning and maintenance services for clients like Vodafone, Tesco, and the British government, [...]
Events in Europe shouldn’t distract us from the global challenges we face May 20, 2012 AS City A.M. readers read this, Greece and the stability of the euro is probably at the forefront of their minds. I am concerned, too, but my perspective today is different. I am looking back across the globe from where I have just landed on day one of a City business mission to the Philippines, [...]
Drax margins in boost as its costs reduce May 15, 2012 POWER station Drax yesterday said it had been boosted by lower costs in producing power, while sales are on the rise. Drax, which converts coal into energy, said that the wholesale prices it was paying for coal were falling while it was selling energy at higher rates. The difference in so called “dark green spreads” [...]
E.ON freezes its tariffs for 2012 May 14, 2012 E.ON, one of Britain’s biggest energy suppliers, said yesterday it will not increase energy tariffs for its UK residential customers this year, despite rising wholesale energy prices. Last week, Centrica said gas costs would be 15 per cent higher next winter, while other pressures would add another £50 to the cost of supplying energy to [...]
We are in a world without leaders: The G-Zero will soon replace the G7 May 13, 2012 WHEN so many problems bestride borders, the need for international cooperation has never been greater. Cooperation demands leadership, however. Only leaders have the leverage to coordinate multinational responses to transnational problems. They have the wealth and power to persuade other governments to take actions they wouldn’t otherwise take. They pick up the bills that others [...]
FTSE closes above 5,800 mark after good US data boosts world outlook May 1, 2012 B RITAIN’S top share index jumped more than one per cent yesterday after stronger-than-expected US manufacturing data gave a lift to global growth hopes, pulling commodity stocks higher. Banks were also in demand as investor risk appetite returned. Shares of Lloyds rallied more than eight per cent after the part state-owned lender reported a £288m [...]
The mayoral debate: Boris and Ken issue their final message to voters April 30, 2012 THIS election comes when we have been going through the toughest times that anyone can remember. The big question is therefore blindingly simple. It is about who has the best plan for the jobs and growth that will help bring prosperity to all. It is about who will deliver the investment – from central government [...]
Shell earnings rise fuelled by oil price jump April 26, 2012 OIL major Royal Dutch Shell beat forecasts yesterday with an 11 per cent rise in quarterly profit, fuelled by higher oil prices. Europe’s largest oil company by market capitalisation said its current cost of supply (CCS) net income – an industry measure of profit – jumped to $7.66bn (£4.7bn). Production lifted by 1.4 per cent [...]
Silence of the doves as inflation concerns grow April 18, 2012 AFTER tolerating the UK’s high inflation for years, Bank of England officials have suddenly begun to worry that it is not coming down towards its two per cent target as they had hoped. The Bank had predicted inflation would fall to its target before the end of the year, but deputy governor Paul Tucker yesterday [...]