Energy companies breathed a sigh of relief on Thursday as the industry watchdog finally ended the uncertainty over a long-awaited cap on rip-off gas and electricity tariffs. Shares in the two UK-listed members of the industry’s “Big Six”, Centrica (CNA) and SSE (SSE), rallied after Ofgem revealed the cap would be set at £1,136 for a “typical” dual fuel customer paying by direct debit, marginally higher than some had expected.
Melrose falls to a loss as GKN takeover lifts costs. Melrose Industries (MRO) has recorded a loss as the cost of its swoop on GKN hit results, but the turnaround group said “no black holes” had been found in the engineering business, which it bought earlier this year for £8.1bn.
International Consolidated Airlines Group SA (CDI) (IAG) – British Airways hacked as 380,000 sets of payment details stolen. British Airways has launched an “urgent” investigation and notified police after hundreds of thousands of customers’ personal and financial details were stolen. The airline said the hack continued for almost two weeks, between August 21 and September 5, with 380,000 payments compromised.
Plus500 founders cash in £145m after selling shares for ‘personal reasons’. Plus500 Ltd (DI) (PLUS) founders have sold £145m worth of shares in the business weeks after warning that the trading platform’s record run was coming to an end. Five of the businessmen who set up the Israel-based firm a decade ago have decided to halve their stake in the company “in response to significant demand from a small number of institutional investors”.
Food maker Bakkavor warns rising prices may dampen shopper demand. Bakkavor Group (BAKK) has warned rising commodity prices may dampen demand from shoppers, as it sounded a cautious note for the rest of the year. Bakkavor, which makes pizzas, salads and other fresh foods for supermarkets such as Tesco and Marks & Spencer, said that “pressure has continued across our cost base”.
Sirius Minerals spooks investors as cost of Yorkshire mine mounts. Sirius Minerals (SXX) said the cost of digging the mile-deep mine would rise by $400m-$600m (£309m-£464m), on top of the previously estimated $3bn it still needs to raise in debt funding. It also admitted a deal for the $3bn funding was likely to slip into the start of 2019, having previously indicated it would be secured by this autumn.
World Cup fails to bolster Dixons Carphone (DC.) sales. Like-for-like sales, which strip out new stores, flatlined during the first quarter despite online revenues climbing 13%. While the World Cup boosted sales of TVs, the rise was countered by weaker uptake for white goods and computer products.
aiming for record profits after bouncing back from faulty homes scandal. The FTSE 250 company made £60.2m in pre-tax profits in the six months to June, up 41% on last year, when it had to shell out millions of pounds to repair faulty homes and for advisors’ fees to fend off takeover approaches by rivals Redrow and Galliford Try.
Questor – Scottish Inv Trust (SCIN): this trust’s performance lags behind its rivals – here is why investors should hold
