Energy
FeedFour energy firms face mis-selling probe
Press Association
Sep 2nd 2010
Filed under: Personal Finance, News , Energy
Ofgem has launched an investigation into four energy companies amid concerns of mis-selling to consumers.The energy regulator said it was prepared to take "strong action" if it found that npower, Scottish Power, Scottish and Southern Energy and EDF Energy were failing to comply with new obligations to prevent mis-selling.
Is BP Still Spraying Toxic Dispersants in the Gulf?
DailyFinance.com
Aug 28th 2010
Filed under: Company, News , Energy, US
The BP (BP) oil spill may be over, but controversy over the company's use of toxic oil dispersants in the Gulf of Mexico is still going strong. Although BP allegedly stopped using the chemicals more than a month ago, area residents claim it is still spraying Corexit, a chemical dispersant, from airplanes and boats.Bloodbath warning for equity investors
Adrian Holliday
Aug 27th 2010
Filed under: Economy, Investing, Financial Crisis, Energy, US
Société Générale strategist Albert Edwards has warned that global stock markets face a bloodbath. Excessive valuations based on too much unfounded optimism about an end to the economic downturn have all played their part he says. Bond yields will also be affected.
Victims of the Gulf of Mexico oil spill who receive compensation from BP's (Winter fuel payments 'may be cut'
Press Association
Aug 18th 2010
Filed under: Personal Finance, News , Energy
The qualifying age for winter fuel payments could be raised under government plans to cut the welfare bill, it was reported on Wednesday.Rather than being eligible for the annual handout at 60, people could have to wait until they are at least 66, the Daily Telegraph said, with talks apparently under way to impose an even bigger rise.
Rise in cost of living busts limit
Helen Fowler
Aug 17th 2010
Filed under: Economy, News , Energy, Retail, Leisure & hospitality
Life in Britain got more expensive last month. More expensive than it should have done. Growth in the cost of living broke official limits again, as we forked out more for the essentials of ordinary living. Overleaf we tell you which items rose the most. And why.
Supermarket chain cuts fuel prices
Press Association
Aug 17th 2010
Filed under: Personal Finance, News , Energy, Retail
Asda has lowered its petrol prices and said the reduction would last until at least the end of the August bank holiday weekend.Legal Briefing: Texas Sues BP Over Refinery Pollution
DailyFinance.com
Aug 10th 2010
Filed under: Company, Energy, US
BP Lawsuits Over Refinery Air PollutionA second BP disaster continues to produce expensive lawsuits. Nearly a quarter of Texas City's residents are suing the oil company over air pollution that spewed from the town's BP refinery for a month.
This is the same refinery that had a deadly explosion a few years ago.
French snaps up International Power
Adrian Holliday
Aug 10th 2010
Filed under: Company, Economy, Investing, Energy
The French have pounced on another UK British energy company. International Power has been bought by part-state-owned French energy operator GDF Suez. International Power shareholders will get an extra 92p per share for the deal. The new merger - GDF will control 70% of International Power - means the UK is left with just two independent energy producers, Centrica and Scottish & Southern.
Pick of the early market news
Helen Fowler
Aug 10th 2010
Filed under: Company, Markets, News , Energy, Leisure & hospitality
The boards of International Power and GDF-Suez have agreed to merge, creating one of the world's biggest independent power generators with estimated sales of £11.2bn. Talks between the companies fell apart this year as sparks flew over whether France's GDF-Suez would be willing to pay a cash sweetener to shareholders in International Power. Today the firms pulled the switch on their deal.
BP clean-up costs rise above $6 billion
Douglas McIntyre
Aug 9th 2010
Filed under: Company, Energy, US
Buried in a press release from BP is the new amount that it has cost the company so far to clean-up the oil spill, and cover costs to stop the leak from its well in the Gulf of Mexico.Pick of the early market news
Helen Fowler
Aug 9th 2010
Filed under: Company, News , Energy, Media, Leisure & hospitality
BP has so far spent more than $6bn responding to the Gulf of Mexico spill, the firm revealed. Oil has at last stopped flowing into the sea, more than three months after it started, thanks to the efforts of over 30,000 people.Pouring cement into the well has succeeded in capping the spill, the firm said. It expects the relief well it is drilling to be operational by next weekend.
Boris launches free London bike hire
Adrian Holliday
Jul 30th 2010
Filed under: Personal Finance, News , Taxes, Energy
It's an impressive start: 6,000 bikes-for-hire - even bike-hire-for-free if you pedal quickly - have been dotted around the capital. It's claimed 11,000 people have already signed up to use the new Barclays Cycle Hire Scheme, backed by Boris Johnson and Transport for London. Will it get people off the Tube and buses and encourage more people to get fit, weaving in and out of bus lanes and London cabs? Well, the scheme certainly wins plaudits for being "green" and cheap, even if it's also potentially life threatening for the inexperienced.
Exxon Mobil reveals bumper profits
Adrian Holliday
Jul 30th 2010
Filed under: Company, Economy, Energy
Exxon Mobil has seen profits for the last quarter soar to $7.6bn, beating just about all analyst estimates. Significantly, the profits upturn means Exxon is making as much profits as it did back in the summer of 2008 when oil hit almost $150 a barrel.It's a bumper result for Exxon shareholders who have seen their investment fall significantly in recent months, following Exxon's massive deal with gas giant XTO Energy.
Shell Q2 profits soar on better margins
Adrian Holliday
Jul 29th 2010
Filed under: Company, Financial Crisis, Energy
It must be hard for Shell not to feel a tad smug. Second quarter profits from the oil giant have almost doubled to £2.9bn compared to around £1.5bn a year ago.Compare that, in contrast, to BP's recent $17bn loss. Shell has confirmed it will pay a second quarter dividend of $0.42 a share. It's heartening news for Shell with underlying profits - $4.21bn - beating most analyst estimates.
