Wednesday newspaper round-up: Sanctions, Centrica, Microsoft...
30th Jul 2014 07:12
EU governments have agreed to impose sweeping sanctions on Russia, targeting state-owned banks, imposing an arms embargo and restricting sales of sensitive technology and the export of equipment for the country's oil industry, in response to Moscow's continued backing for separatists in eastern Ukra
Read moreCentrica confirms BP's Iain Conn as new Chief Executive
29th Jul 2014 16:11
British Gas owner Centrica confirmed on Tuesday the appoitment of BP executive Iain Conn as its new Chief Executive. Conn will join Centrica at the start of January next year, replacing Sam Laidlaw who will retire from the group at the end of this year. He joins from BP, where he has been Chief E
Read moreCentrica moves into US home solar energy market
29th Jul 2014 14:42
Centrica's North American subsidiary, Direct Energy, has moved into the US home solar energy market by buying US business Astrum Solar for £32m. Astrum Solar designs, fits and maintains solar power generating equipment for home use. It has about 4,000 customers, mainly in the north-eastern US and
Read moreSunday newspaper round-up: Home Retail, strong pound, Lloyds Banking Group
27th Jul 2014 18:00
Home Retail Group is considering a sale of its £1.5bn Homebase DIY chain, the Mail on Sunday said. Home Retail wants to concentrate on its core Argos business under new group Chief Executive John Walden, who turned around Argos in the previous two years. Stronger sales and profitability at Homebase
Read moreCentrica subsidiary sells Ontario home services business
25th Jul 2014 07:18
Direct Energy, the North American subsidiary of Centrica, has agreed to sell its Ontario home services business to EnerCare for £300m. The group said the deal offered "an attractive opportunity" to realise value from the Canadian home services business. "With our activities in Ontario no longer
Read moreThursday newspaper round-up: StanChart, Big Six, Centrica...
24th Jul 2014 07:16
The directors of Standard Chartered rushed out a statement last night, giving emphatic support to the chairman Sir John Peace and chief executive Peter Sands amid growing shareholder pressure for heads to roll at the embattled blue-chip bank. Institutional shareholders contacted by The Times said th
Read moreSunday newspaper round-up: Shire, Mothercare, Blinkx, Barclays
6th Jul 2014 17:18
AbbVie is expected to make an improved offer for Shire in the next few days after its Chief Executive Rick Gonzalez visited Shire's biggest investors in London, The Sunday Times said. Gonzalez is back in the US mulling his options after having three bid approaches turned down with the most recent va
Read moreWatchdog fines Centrica's British Gas £1m for mis-selling
4th Jul 2014 10:12
The UK energy regulator has fined Centrica's retail arm British Gas £1m for mis-selling power and gas deals. Ofgem said British Gas had agreed the compensation package after it mis-sold products to customers in Sainsbury's stores nationwide and in the Westfield shopping centre in Shepherds Bush, we
Read moreSector movers: Electricity and utility stocks lead the rise
2nd Jul 2014 15:30
Negative headlines failed to stop electricity and utility stocks from advancing on Wednesday. One week after regulator Ofgem referred the energy market for a full competition investigation to rebuild consumer trust, investors were largely shrugging off the news of new mis-selling scandals and devel
Read moreBritish Gas and Sainsbury's Energy in new mis-selling row
2nd Jul 2014 13:38
Centrica's British Gas and Sainsbury's have been hit by a new mis-selling scandal and are expected to return £500,000 to more than 4,000 affected customers. British Gas has, according to Sky News, already notified industry regulator Ofgem, which is apparently satisfied with the company's proposal t
Read moreEnergy competition probe an opportunity to "restore investor trust", says Investec
27th Jun 2014 12:59
Investec has said it was not surprised by Ofgem's move to refer the UK energy market for a full competition investigation, saying it should be a positive for the industry. The broker said its view on stocks in the sector remains unchanged despite the developments, as it kept 'buy' ratings on Drax a
Read moreBroker tips: Energy stocks, Housebuilders, Meggitt
27th Jun 2014 12:23
Investec has said it was not surprised by Ofgem's move to refer the UK energy market for a full competition investigation, saying it should be a positive for the industry. "We believe this is an opportunity to restore investor trust in an important part of the GB energy market, which has recently b
Read moreOfgem refers energy market for full competition investigation
26th Jun 2014 12:02
Ofgem is to refer the energy market for a full competition investigation, the regulator announced on Thursday, in a move to "rebuild consumer trust and provide confidence for investors". Following the proposal made in March, the Competition and Markets Authority (CMA) is now being tasked to "ensure
Read moreSunday newspaper round-up: Tesco, AstraZeneca, Asos
22nd Jun 2014 13:02
Some of Tesco's biggest shareholders have complained to the retailer's senior independent director (Sid) about its strategy and management, the Sunday Times said. An unidentified top 10 shareholder said it expressed its concerns with the Sid, Patrick Cescau, and not Tesco's Chairman, Sir Richard Bro
Read moreAnalysts see 10% downside from Ofgem warning to energy suppliers
11th Jun 2014 11:09
Analysts predict around 10% downside to earnings for the 'Big 6' energy suppliers after regulator Ofgem urged them to explain to consumers why falling wholesale prices had not been passed through to household bills. The regulator wrote to the energy suppliers, outlining that "failure to engage with
Read more