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Online Shoppers To Break Xmas Day Records

Written By Unknown on Sabtu, 27 Desember 2014 | 16.01

Christmas Day online shoppers are predicted to set a new spending record splashing out an estimated £636m today.

Shoppers are expected to make 142 million visits to retail sites today - a 25% increase on last year.

Research by Experian and online retailing trade association IMRG found Britons will spend around £441,000 a minute.

"The ease of shopping online via connected devices raises the prospect of a very large amount of shopping activity on Christmas Day itself," said Experian general manager of consumer insight Giles Longhurst.

Dominic Trigg, managing director for Europe of digital advertising technology company Rocket Fuel, said: "Shopping online on Christmas Day is now a normal part of UK consumers' holiday experiences every year.

"It is clear that UK consumers now see shopping from the comfort of their own home, following Christmas Day dinner, as much of a tradition as a turkey and ham dinner."

Shoppers have already been enjoying heavy discounting as some stores began their traditional Boxing Day sales up to two days early.

Britain's retail sector has already been celebrating a record-breaking year as official figures are projecting an all-time high for sales in 2014.

The forecast from the Office of National Statistics shows that sales for the year are expected to reach £342bn - a £48bn increase since 2010.

Pre-Christmas sales are up by 5.2% compared with last year.


16.01 | 0 komentar | Read More

2,700 Jobs At Risk As City Link Collapses

By Mark Kleinman, City Editor

More than 2,700 jobs are at risk over the festive period after one of the UK's biggest parcel delivery services companies collapsed into administration.

Sky News has learnt that City Link, which has been a perennial loss-maker, called in the professional services firm EY on Christmas Eve and immediately ceased accepting parcels from customers.

A public statement confirming the move is expected to be circulated on Friday.

City Link, which is owned by the investment firm headed by Jon Moulton, the veteran venture capitalist, is understood to count John Lewis among its largest clients.

John Lewis said it has transferred all its business with the company to alternative carriers.

"John Lewis has worked with City Link during this challenging period and provided significant support to enable them to trade," a spokesperson said.

"It is always a matter of deep regret when any of our suppliers are unable to continue with their business."

In a statement issued to Sky News, EY confirmed its appointment, saying it had put in place the ban on accepting new parcels at its Coventry head office, three other transport hubs and 53 depots across the UK.

"The company has entered administration as a result of continued substantial losses and is unable to continue accepting new parcels due to the further losses it would incur," it said.

The scale of possible job losses among City Link's 2,727 employees has not yet been identified, although EY said they were likely to be '"substantial" following an unsuccessful process to identify a new owner.

A number of staff would be retained to help return parcels to customers and assist with winding down City Link's operations, the administrator said.

Mr Moulton's firm, Better Capital, bought the courier and parcel delivery group last year, paying just £1 to its previous owner, the pest control firm Rentokil.

City Link has been loss-making for many years, suffering from poor systems and intense competition from rivals buoyed by the explosion in online shopping.

A number of competitors, such as Yodel, were the target of consumers' fury in the run-up to Christmas amid a series of delays.

Last month, Better Capital wrote down the value of its £40m investment in City Link by 50% and said that "various options to maximise the value of the (holding)".

In the wake of a £14m loss for the 2013-14 financial year, City Link's owner added that the business had "progressively deviated from its monthly profit budget during its current year to 31 December driving the conclusion that its current structure is unsustainable in the long term".

Better Capital blamed the worsening outlook on "excess (and increasing) capacity in the sector, made worse by customers developing their own delivery capabilities".

The administrators said customers who had handed over parcels to City Link on Christmas Eve should go to a depot to retrieve them on or after December 29.

The company's online parcel tracking system and helpline telephone numbers remained open to enable fulfilment of existing orders, EY added.

City Link's website said it had annual revenues of approximately £300m, a fleet of 1,700 vehicles and delivered 60m items each year.

A rival ParcelBright.com says:

"This shows the immense pressure couriers are placed under further outlining the need for retailers to have alternative delivery solutions available at all times should one of their providers fail."


16.01 | 0 komentar | Read More

Bank Of England To Monitor Social Networks

By Ed Conway, Economics Editor

What you search for on Google and post on Facebook could soon influence what happens to interest rates.

The Bank of England has set up a special taskforce to monitor the internet and social networks for early signs of Britain's economic ups and downs.

The special team, set up by the Bank's chief economist, Andy Haldane, has been charged with exploring how new unconventional sources of data could improve its picture of Britain's recovery.

In an interview with Sky News, Mr Haldane said that the Bank had started to explore using unconventional data, including data gleaned from analysing internet activity, after it found that it could be more timely than the official data.

For instance, analysis of the frequency of internet job searches, or of prices online, can give one an insight into the prospects for unemployment and inflation.

"Official statistics tend to be lagging and tend to be revised. And what this scraping of the web can do is give us a better today read on what's going on," he said.

He added that these and other "informal sources" of data "have been somewhat more reliable in picking up the uptick in the fortunes of the economy".

Mr Haldane told Sky News that the Bank was already using new data sources, including a massive "big data" database on mortgages, which helped them decide to impose their new constraints on the housing market earlier this year.

"Some of those interventions were calibrated by analysing this big database on mortgage borrowing by pretty much everyone in the UK," he said.

"We have a new advanced analytics team who are constructing little models, algorithms and methods for extracting this data. We have a data lab. This is quite a big strategic change for the bank.

"This is going to be quite a big shift from the past."


16.01 | 0 komentar | Read More

Online Shoppers To Break Xmas Day Records

Written By Unknown on Jumat, 26 Desember 2014 | 16.02

Christmas Day online shoppers are predicted to set a new spending record splashing out an estimated £636m today.

Shoppers are expected to make 142 million visits to retail sites today - a 25% increase on last year.

Research by Experian and online retailing trade association IMRG found Britons will spend around £441,000 a minute.

"The ease of shopping online via connected devices raises the prospect of a very large amount of shopping activity on Christmas Day itself," said Experian general manager of consumer insight Giles Longhurst.

Dominic Trigg, managing director for Europe of digital advertising technology company Rocket Fuel, said: "Shopping online on Christmas Day is now a normal part of UK consumers' holiday experiences every year.

"It is clear that UK consumers now see shopping from the comfort of their own home, following Christmas Day dinner, as much of a tradition as a turkey and ham dinner."

Shoppers have already been enjoying heavy discounting as some stores began their traditional Boxing Day sales up to two days early.

Britain's retail sector has already been celebrating a record-breaking year as official figures are projecting an all-time high for sales in 2014.

The forecast from the Office of National Statistics shows that sales for the year are expected to reach £342bn - a £48bn increase since 2010.

Pre-Christmas sales are up by 5.2% compared with last year.


16.02 | 0 komentar | Read More

City High-Flyer In Sudden Exit From Signia

By Mark Kleinman, City Editor

A top City wealth management firm backed by the billionaire founder of Phones 4U has seen its chief executive quit suddenly in the wake of a string of executive departures.

Sky News understands that Nathalie Dauriac-Stoebe, a former Coutts partner who founded Signia Wealth in 2010, resigned earlier this week and left immediately.

Sources said there had been tensions between Ms Dauriac-Stoebe and senior colleagues despite the success of Signia, which manages £2.3bn on behalf of high net worth clients.

Signia was established with the backing of John Caudwell, the founder of Phones 4U, which collapsed into administration amid acrimonious circumstances earlier this year.

Mr Caudwell had had no involvement with the mobile phone retailer since selling it to private equity firms nearly a decade ago, instead committing his time and money to philanthropic ventures and private business interests such as Signia.

Ms Dauriac-Stoebe is widely regarded as one of the rising stars of the City, and is frequently named in lists of the financial sector's leading women executives.

Last year, the Daily Mail reported that she had hosted a private dinner attended by Nick Clegg, the Deputy Prime Minister, and some of Signia's clients.

It is unclear whether she will be prevented under the terms of her departure from launching or joining another wealth management business in the near future, although she remains a significant shareholder in Signia alongside Mr Caudwell.

Signia's other backers include Jon Moulton, the veteran investor, Mike Balfour, founder of the Fitness First chain, and Sir Keith Mills, the founder of the Air Miles and Nectar customer loyalty schemes and architect of London's bid to host the 2012 Olympic Games.

The departure of Ms Dauriac-Stoebe comes amid a shake-up in the regulation of the wealth management sector following the implementation of a framework called the Retail Distribution Review, which is designed to improve advice and transparency around client fees.

Meanwhile, the private banking arms of lenders such as Barclays and Royal Bank of Scotland, which owns Coutts, have been experiencing a significant period of upheaval amid broader restructuring of their parent companies.

A number of other senior executives have left Signia since its launch, including Rupert Robinson, a former Schroders executive who quit just over a year ago after less than 12 months in the job.

Signia is chaired by Paul Lester, an industrialist whose other roles include chairing the John Laing Infrastructure Fund, which recently made an audacious approach to buy parts of the struggling construction company Balfour Beatty.

A Signia spokeswoman declined to comment.


16.02 | 0 komentar | Read More

2,700 Jobs At Risk As City Link Collapses

By Mark Kleinman, City Editor

More than 2,700 jobs are at risk over the festive period after one of the UK's biggest parcel delivery services companies collapsed into administration.

Sky News has learnt that City Link, which has been a perennial loss-maker, called in the professional services firm EY on Christmas Eve and immediately ceased accepting parcels from customers.

A public statement confirming the move is expected to be circulated on Friday.

The news comes at the start of what is expected to be a frenetic period for retailers, with many chains beginning their Boxing Day sales online 24 hours earlier.

City Link, which is owned by the investment firm headed by Jon Moulton, the veteran venture capitalist, is understood to count John Lewis among its largest clients.

John Lewis said it has transferred all its business with the company to alternative carriers.

"John Lewis has worked with City Link during this challenging period and provided significant support to enable them to trade," a spokesperson said.

"It is always a matter of deep regret when any of our suppliers are unable to continue with their business."

In a statement issued to Sky News, EY confirmed its appointment, saying it had put in place the ban on accepting new parcels at its Coventry head office, three other transport hubs and 53 depots across the UK.

"The company has entered administration as a result of continued substantial losses and is unable to continue accepting new parcels due to the further losses it would incur," it said.

The scale of possible job losses among City Link's 2,727 employees has not yet been identified, although EY said they were likely to be '"substantial" following an unsuccessful process to identify a new owner.

A number of staff would be retained to help return parcels to customers and assist with winding down City Link's operations, the administrator said.

Mr Moulton's firm, Better Capital, bought the courier and parcel delivery group last year, paying just £1 to its previous owner, the pest control firm Rentokil.

City Link has been loss-making for many years, suffering from poor systems and intense competition from rivals buoyed by the explosion in online shopping.

A number of competitors, such as Yodel, were the target of consumers' fury in the run-up to Christmas amid a series of delays.

Last month, Better Capital wrote down the value of its £40m investment in City Link by 50% and said that "various options to maximise the value of the (holding)".

In the wake of a £14m loss for the 2013-14 financial year, City Link's owner added that the business had "progressively deviated from its monthly profit budget during its current year to 31 December driving the conclusion that its current structure is unsustainable in the long term".

Better Capital blamed the worsening outlook on "excess (and increasing) capacity in the sector, made worse by customers developing their own delivery capabilities".

The administrators said customers who had handed over parcels to City Link on Christmas Eve should go to a depot to retrieve them on or after December 29.

The company's online parcel tracking system and helpline telephone numbers remained open to enable fulfilment of existing orders, EY added.

City Link's website said it had annual revenues of approximately £300m, a fleet of 1,700 vehicles and delivered 60m items each year.

A Better Capital spokesman could not be reached for comment.


16.02 | 0 komentar | Read More

City High-Flyer In Sudden Exit From Signia

Written By Unknown on Kamis, 25 Desember 2014 | 16.01

By Mark Kleinman, City Editor

A top City wealth management firm backed by the billionaire founder of Phones 4U has seen its chief executive quit suddenly in the wake of a string of executive departures.

Sky News understands that Nathalie Dauriac-Stoebe, a former Coutts partner who founded Signia Wealth in 2010, resigned earlier this week and left immediately.

Sources said there had been tensions between Ms Dauriac-Stoebe and senior colleagues despite the success of Signia, which manages £2.3bn on behalf of high net worth clients.

Signia was established with the backing of John Caudwell, the founder of Phones 4U, which collapsed into administration amid acrimonious circumstances earlier this year.

Mr Caudwell had had no involvement with the mobile phone retailer since selling it to private equity firms nearly a decade ago, instead committing his time and money to philanthropic ventures and private business interests such as Signia.

Ms Dauriac-Stoebe is widely regarded as one of the rising stars of the City, and is frequently named in lists of the financial sector's leading women executives.

Last year, the Daily Mail reported that she had hosted a private dinner attended by Nick Clegg, the Deputy Prime Minister, and some of Signia's clients.

It is unclear whether she will be prevented under the terms of her departure from launching or joining another wealth management business in the near future, although she remains a significant shareholder in Signia alongside Mr Caudwell.

Signia's other backers include Jon Moulton, the veteran investor, Mike Balfour, founder of the Fitness First chain, and Sir Keith Mills, the founder of the Air Miles and Nectar customer loyalty schemes and architect of London's bid to host the 2012 Olympic Games.

The departure of Ms Dauriac-Stoebe comes amid a shake-up in the regulation of the wealth management sector following the implementation of a framework called the Retail Distribution Review, which is designed to improve advice and transparency around client fees.

Meanwhile, the private banking arms of lenders such as Barclays and Royal Bank of Scotland, which owns Coutts, have been experiencing a significant period of upheaval amid broader restructuring of their parent companies.

A number of other senior executives have left Signia since its launch, including Rupert Robinson, a former Schroders executive who quit just over a year ago after less than 12 months in the job.

Signia is chaired by Paul Lester, an industrialist whose other roles include chairing the John Laing Infrastructure Fund, which recently made an audacious approach to buy parts of the struggling construction company Balfour Beatty.

A Signia spokeswoman declined to comment.


16.01 | 0 komentar | Read More

RBS Investigates Over 50 Staff In Forex Probe

Royal Bank of Scotland (RBS) says it is investigating the conduct of more than 50 past and present staff and suspended bonuses for 18 people as part of its forex scandal inquiry.

In an update today on the accountability review, initiated after it was among five banks fined a total of £2.6bn by regulators last month, RBS said six senior employees had been placed in a disciplinary process.

Three of those members of staff were currently away from their desks, pending continuing investigations, RBS said.

The bank was handed fines totalling £400m in November after it settled separate cases with US regulators and the City watchdog, the Financial Conduct Authority.

Settlement notices showed market rules were breached over years through collusion between foreign exchange traders.

The RBS statement on its continuing review said: "These investigations are complex, and the bank is striving to complete the review as soon as possible.

"The bank will provide a further update when the review is complete, which we expect to be in the first quarter."

It added: "Currently the unvested awards of 18 individuals remain suspended pending the outcome of the review.

"The awards will not vest until the process is complete.

RBS Head of Conduct and Regulatory Affairs, Jon Pain, who is leading the review said: "We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it.

"This is a complicated process but also an essential one in order to identify culpability and accountability for this unacceptable misconduct.

"To be clear, no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered by the Remuneration Committee and the Board Risk Committee.

"There is no place for any misconduct at the RBS we are building. We want to get these things settled so we can put these issues behind us and get on with rebuilding trust in this bank."

The Chancellor confirmed plans this week to amend legislation so traders who rig rates in future could face jail terms of up to seven years.


16.01 | 0 komentar | Read More

Online Shoppers To Break Xmas Day Records

Christmas Day online shoppers are predicted to set a new spending record splashing out an estimated £636m today.

Shoppers are expected to make 142 million visits to retail sites today - a 25% increase on last year.

Research by Experian and online retailing trade association IMRG found Britons will spend around £441,000 a minute.

"The ease of shopping online via connected devices raises the prospect of a very large amount of shopping activity on Christmas Day itself," said Experian general manager of consumer insight Giles Longhurst.

Dominic Trigg, managing director for Europe of digital advertising technology company Rocket Fuel, said: "Shopping online on Christmas Day is now a normal part of UK consumers' holiday experiences every year.

"It is clear that UK consumers now see shopping from the comfort of their own home, following Christmas Day dinner, as much of a tradition as a turkey and ham dinner."

Shoppers have already been enjoying heavy discounting as some stores began their traditional Boxing Day sales up to two days early.

Britain's retail sector has already been celebrating a record-breaking year as official figures are projecting an all-time high for sales in 2014.

The forecast from the Office of National Statistics shows that sales for the year are expected to reach £342bn - a £48bn increase since 2010.

Pre-Christmas sales are up by 5.2% compared with last year.


16.01 | 0 komentar | Read More

ITE Exhibits Move From Sanctions-Hit Russia

Written By Unknown on Senin, 22 Desember 2014 | 16.01

By Mark Kleinman, City Editor

A London-listed exhibitions firm will this week announce a £20m takeover that will reduce its reliance on Russia amid the country's currency crisis and the ongoing impact of international sanctions.

Sky News has learnt that ITE Group, which has a market value of more than £350m, is to acquire Breakbulk, a leading provider of shipping and logistics intelligence.

The deal, which is understood to include an additional performance-related payment based on future revenues, is expected to be announced on Monday.

Investors in ITE are expected to view the takeover as a welcome diversification from the company's dependence upon Russia and emerging markets for the majority of its revenues.

Roughly 60% of ITE's sales are generated in Russia, which has seen a plunge in the value of the rouble in recent weeks as evidence of the weakness of the country's economy has mounted.

ITE's chief executive recently acknowledged "currency headwinds and difficult trading conditions in Russia and Ukraine", but managed to beat analysts' profit forecasts despite a decline in sales.

The Russian economy's travails are the main factor behind a near-52% fall in ITE's share price during the last 12 months, prior to which it was in the FTSE-250 index.

Breakbulk runs annual exhibitions - held in Shanghai, the Belgian port of Antwerp and, in alternating years, New Orleans and Houston - for senior executives in logistics roles in sectors such as energy and infrastructure.

Reflecting rapid growth in demand, Breakbulk has also added exhibitions in Brazil, South Africa and Turkey.

The business is part of Axio-Data, which has been owned by Electra Partners, a private equity firm, since last year.

It had previously been under the umbrella of UBM, the much larger media and events group listed on the London Stock Exchange.

Announcing annual results earlier this month, Russell Taylor, ITE chief executive, said it remained "sensitive to the economic climate in Russia but has increasingly good growth prospects in its other markets".

An ITE spokesman declined to comment.


16.01 | 0 komentar | Read More

OPEC's Dominance Of Energy Market 'Is Over'

By Ed Conway, Economics Editor

The era of OPEC domination over the global energy market is over, the former head of the oil cartel has told Sky News.

Abdullah bin Hamad al-Attiyah, the former energy minister of Qatar, said that the group of 12 oil exporters, which dominated the production and price-setting of energy for half a century, had surrendered its power to single-handedly affect prices.

He urged the organisation to collaborate with Russia and reduce global oil production.

Asked whether the era of OPEC dominance was finished, he said: "It's over. OPEC cannot play alone. This is why when OPEC met at the last moment they cannot decide it because if they will cut there is no meaning it will be the others who will benefit and even increase their production."

His comments, in an exclusive Sky News interview, come after the oil price fell sharply, from $115 a barrel earlier this year to below $60 last week.

The collapse in prices has triggered a currency crisis in Russia and threatens to undermine prosperity in the Middle East, where stock markets have fallen sharply. Mr al-Attiyah said that his country, Qatar, was well-placed to weather the downturn, but added that others might struggle more.

He said that he suspected Russia and others were waiting for OPEC to act - but that they might be mistaken.

"We have to learn from our lessons; we have to be careful.

"Sometimes we forget the cycle and just close our eyes thinking that the oil price will never go down. But ... it happened before. And it will happen in the future."

He warned that it was conceivable that the oil price remained depressed for as long as 15 years - as it did from the oil price crash in the mid-1980s.

He said that prices needed to be lifted to $90 or $100 a barrel to keep most producers in business. He also disputed claims that OPEC had not cut its production at a recent meeting because it wanted to undermine the viability of shale oil production in the US.


16.01 | 0 komentar | Read More

City Bonuses 'To Rise 21%' Despite Cap Rules

Bonuses for senior City workers are tipped to rise by 21% in 2015, despite the latest regulatory crackdown in the wake of the financial crisis.

The report by recruitment firm Astbury Marsden found that top staff could expect average awards of £124,000 - up from £102,000 - with a pick-up in activity and profitability raising pressure on employers.

Adam Jackson, director at Astbury Marsden, said: "Business conditions in the City have improved significantly over the last year, which is now translating to rising bonus expectations."

"Despite shareholder and public pressure to limit bonuses - and with the EU bonus cap now set to be introduced at the start of 2015 - City staff clearly feel that their employers are in the position to reward them well."

The cap, which became law in January 2014 to take account of bonuses to be paid in 2015, is aimed at 'risk-takers' - particularly in the banking sector.

The law limits a worker's extra pay to 200% of salary - if shareholders agree.

Banks have moved to sidestep the rules by hiking salaries in some cases, arguing that a failure to reward key personnel in London would drive them away to Asia or the United States.


16.01 | 0 komentar | Read More

Push To Get More Women Into The Cockpit

Written By Unknown on Minggu, 21 Desember 2014 | 16.01

By Charlotte Lomas, Sky News Reporter

More than four decades after the first British female pilot took to the skies in a commercial airliner, there are still few women choosing flying as a career. But why are there so few female pilots?

Of the 3,500 pilots employed by British Airways, just 200 are women and this is more than any other UK airline.

Globally, 4,000 of the 130,000 airline pilots are female and fewer still are captains - worldwide there are around 450.

Helen Macnamara has been a British Airways pilot for 14 years after enrolling on a sponsorship scheme once she left university.

"I like to see the world and different places and I enjoy the magic of flying itself," she said.

"Once you have the passion for it, then that's it really".

Helen, 38, believes the reason so few women go into flying may stem from a lack of opportunities in the past.

She said: "I think historically there were less women involved in aviation and that has been changing throughout my career.

"I think it's important females see this as an option and that there are role models in our industry."

One such role model is TV presenter and now fully trained pilot, Carol Vorderman.

She is planning to embark on a solo round-the-world flying trip and is supporting a recruitment drive by British Airways to get more women in the cockpit.

Carol said: "I always wanted to be a pilot since I was very young.

"It was the reason I read Engineering at Cambridge, and ideally would have joined the RAF or a commercial airline after graduating, but sadly this was not an option then.

"I think the reason so few women enter the profession can be traced back to schools, home and the media. Girls need to be encouraged more to pursue sciences, maths and technology at school and realise different paths are open to them."

Although many women work in the aviation industry as a whole - piloting is still very much a male-dominated profession.

Jim McAuslan, the general secretary of BALPA, the British Airline Pilots Association, is hoping this will change.

He said: "Women make great pilots, unfortunately only five percent of our members and British pilots are women, and that's disappointing.

"So we're reaching out to women to find why they're not coming forward. Perhaps it's because of their choice of careers at an earlier age. Engineering is a great way to get into flying, so perhaps people should look at their careers early on.

"But our big message would be: have the dream."

Some critics argue that women face prejudice when considering a career in flying.

In 2009 a Virgin Airlines advert featuring glamorous female flight attendants flanking a male pilot received complaints it was sexist.

So too did an Air New Zealand in-flight safety video where women were dressed bikinis.

But Helen says that she has never experienced any negativity. Most passengers are simply surprised to have a female pilot, she said.

"Actually when members of the public come to our flight simulator where we train, it is usually the women who fare better than the men.

"They are softer with the manoeuvres and males can be more heavy handed."

In an industry where fewer than 5% of pilots are women it's hoped more will be landing safely on the tarmac in future.


16.01 | 0 komentar | Read More

UK Election Delays Top Energy Appointment

By Mark Kleinman, City Editor

The energy industry's leading trade association is to wait until after the General Election before appointing a new chief executive amid intense political scrutiny of the sector.

Sky News understands that Energy UK, whose members include each of the 'big six' residential gas and electricity suppliers, has decided to wait until the middle of 2015 before recruiting a permanent successor to Angela Knight, who will step down at the end of the month.

The decision by Energy UK underlines the scale of concern within the industry about the political climate at a time when tens of billions of infrastructure spending is required for modernisation programmes.

Some board members are understood to have pushed for the delay to enable the appointment of a new boss with strong connections to the party that leads the next administration.

"The timing of the election makes it impossible to pick a chief executive and be sure that they are the right person to lead the organisation," said an executive at one of the big utilities.

National Grid recently warned that the UK was at its highest risk of winter blackouts for seven years, while the major energy retailers - British Gas, EDF, EON, Npower, Scottish Power and SSE - have been at the centre of a string of mis-selling scandals and pricing rows.

Ed Miliband, the Labour leader, has pledged to freeze retail prices for 20 months if he becomes Prime Minister, while Ofgem, the industry regulator, has referred the energy suppliers to the Competition and Markets Authority (CMA) for a full investigation.

The CMA intends to publish its provisional findings and possible remedies in May or June next year, and could recommend far-reaching measures including the enforced separation of companies' power generation and supply activities.

Last month, Energy UK confirmed the appointment of Sir David Arculus, a City grandee who previously chaired Severn Trent, as its new chairman.

The trade body also said that Lawrence Slade, its chief operating officer, would become interim chief executive from January 1, although it did not say how long the role would be filled on a temporary basis.

Mr Slade is likely to be a leading candidate for the job, which is an increasingly public-facing post as energy companies acknowledge the need to explain commercial decisions to their customers.

Sir David will take over from Lord Spicer, a former Parliamentary Under-Secretary at the Department of Energy during the premiership of Margaret Thatcher.

Lord Spicer was on the board of the Association of Electricity Producers before it was absorbed into Energy UK as part of efforts by the industry to promote a more co-ordinated approach to key issues.

The new chairman said on his appointment: "This is a time of major change for the industry and for the country as old power stations are closed and cleaner greener electricity generators are built. This vital industry deserves a clear, strong voice.

"I look forward to getting to grips with the key three-fold challenge of balancing energy security with the low carbon agenda and with bills which people and industry can afford."


16.01 | 0 komentar | Read More

North Korea: We Can Prove Hacking Wasn't Us

North Korea: We Can Prove Hacking Wasn't Us

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North Korea says it can prove it had nothing to do with the cyber-attack on Sony and proposes a joint investigation with the US.

The North Korean news agency KCNA warned there would be "grave consequences" if the White House declined the offer.

State media called the FBI's claim that North Korea was behind the attack on the entertainment giant a "slander".

The North's foreign ministry, quoted by KCNA, said: "As the United States is spreading groundless allegations and slandering us, we propose a joint investigation with it into this incident.

"Without resorting to such tortures as were used by the US CIA, we have means to prove that this incident has nothing to do with us."

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  1. Gallery: Kim Jong Un Seen Amid US Tensions

    North Korean leader Kim Jong Un smiles as a huge crowd surrounds him while he gives field guidance at the Kim Jong Suk Pyongyang Textile Mill

North Korea stated it can prove it had nothing to do with the recent cyber-attack on Sony and proposed a joint investigation with the US

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The North Korean news agency KCNA warned there would be "grave consequences" if the White House declined the offer. Continue through for more images

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North Korea: We Can Prove Hacking Wasn't Us

We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

North Korea says it can prove it had nothing to do with the cyber-attack on Sony and proposes a joint investigation with the US.

The North Korean news agency KCNA warned there would be "grave consequences" if the White House declined the offer.

State media called the FBI's claim that North Korea was behind the attack on the entertainment giant a "slander".

The North's foreign ministry, quoted by KCNA, said: "As the United States is spreading groundless allegations and slandering us, we propose a joint investigation with it into this incident.

"Without resorting to such tortures as were used by the US CIA, we have means to prove that this incident has nothing to do with us."

1/8

  1. Gallery: Kim Jong Un Seen Amid US Tensions

    North Korean leader Kim Jong Un smiles as a huge crowd surrounds him while he gives field guidance at the Kim Jong Suk Pyongyang Textile Mill

North Korea stated it can prove it had nothing to do with the recent cyber-attack on Sony and proposed a joint investigation with the US

]]>

The North Korean news agency KCNA warned there would be "grave consequences" if the White House declined the offer. Continue through for more images

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16.01 | 0 komentar | Read More
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