French utility giant EDF is today expected to unveil a recommended £12bn, 760p to 770p-a-share offer for British Energy, the UK's nuclear power company. Legal and banking teams from all sides were working last night to hammer out the final details of the offer, which has been agreed by the British Energy board and by the Government, which owns a stake of around 35pc in the nuclear generator. - The Daily Telegraph
Royal Dutch Shell is turning to Australia, Brazil and Iraq to counter losses in the Niger Delta as the oil company raised investment spending targets for the year ahead. Chief executive Jeroen van der Veer said he would spend up to $36bn (£18bn) on drilling and acquisitions this year. - The Daily Telegraph
The Government’s plans for a rebirth of its nuclear industry were in jeopardy last night after France’s biggest energy company said at the eleventh hour that it was pulling out of a deal to take control of the sector.
EDF, the French state-controlled electricity company, had been widely expected to announce a £12 billion takeover of British Energy, the nuclear generator, this morning.
But shortly before midnight it released a statement saying that conditions were not right for “a major development in Great Britain”. - The Times
EDF, the French state-controlled electricity company, had been widely expected to announce a £12 billion takeover of British Energy, the nuclear generator, this morning.
But shortly before midnight it released a statement saying that conditions were not right for “a major development in Great Britain”. - The Times
Energy price rises are set to push inflation up by nearly 1 per cent to a 16-year high of 5 per cent, far above the Bank of England’s 2 per cent target, economists have forecast.
The Bank gave warning in May that the CPI measure of inflation could rise to more than 4 per cent this year before falling again. But economists including George Buckley, chief UK economist at Deutsche Bank, said that inflation could rise by an additional 0.9 percentage points if other energy companies follow the lead of British Gas and EDF Energy by introducing large price increases this month. This would drive CPI inflation up to 5 per cent as early as next month, said Philip Shaw, UK economist at Investec. - The Times
The Bank gave warning in May that the CPI measure of inflation could rise to more than 4 per cent this year before falling again. But economists including George Buckley, chief UK economist at Deutsche Bank, said that inflation could rise by an additional 0.9 percentage points if other energy companies follow the lead of British Gas and EDF Energy by introducing large price increases this month. This would drive CPI inflation up to 5 per cent as early as next month, said Philip Shaw, UK economist at Investec. - The Times
It is a fact not generally appreciated that one of the first successful windfall taxes on a hated group of businesses seen as profiteering from exorbitant charges to consumers was imposed by the woman now known as Baroness Thatcher, who handbagged the banks in the early 1980s. - The Times
The Chancellor is considering imposing a windfall tax on energy companies amid the public outcry over record increases in fuel bills.
Alistair Darling’s aides say that he is looking at measures to help families struggling to meet the rising cost of energy and food. These include a one-off tax on profits earned by energy companies as a result of a surge in the price of oil and gas. The money would be used to help the poorest to pay their fuel bills. - The Times
Alistair Darling’s aides say that he is looking at measures to help families struggling to meet the rising cost of energy and food. These include a one-off tax on profits earned by energy companies as a result of a surge in the price of oil and gas. The money would be used to help the poorest to pay their fuel bills. - The Times
Exxon Mobil reported the best quarterly profit ever for a corporation on Thursday, beating its own record, but investors sold off shares as oil and natural gas prices resumed their recent decline. - The New York Times
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