Monday newspaper round-up: Electricity companies, Arm, British Steel
By Michele Maatouk
Date: Monday 21 Nov 2022
(Sharecast News) - The companies responsible for bringing electricity to UK homes have been accused of "rampant profiteering" by a leading union that is calling for the energy regulator to cap their earnings. Sharon Graham, general secretary of Unite, has written to Ofgem to ask it to clamp down on "excessive" profits generated by regional electricity distribution network operators (DNOs), which raked in £15.8bn in profits last year and have paid out £3.6bn in dividends between 2017 and 2021. - Guardian
Much-anticipated plans to list the British chip designer Arm on the stock exchange have been delayed by managers who fear the global economic downturn and a slump in tech shares could spook potential investors. The Cambridge-based company wrote to private shareholders a few days ago, saying the initial public offering (IPO), which could value the company at up to $40bn (£34bn), would not take place until well into next year. The company was widely expected to float as soon as the first quarter of next year. - Guardian
The Chinese owners of British Steel have injected only a fraction of the £1.2bn they promised to invest despite begging British taxpayers for a bailout worth hundreds of millions of pounds. Jingye, the largely unknown Chinese company that acquired British Steel almost three years ago, has pumped in just £156m since acquiring the business in a Government-supported takeover in March 2020, the Telegraph can disclose. - Telegraph
Middle earners face a fresh income squeeze as the Government examines plans for "social tariffs", which would see the energy bills of vulnerable households subsidised through levies on bills paid by the better off. The Government plans to "develop a new approach to consumer protection in energy... including options such as social tariffs," documents published alongside the Chancellor's Autumn Statement show. - Telegraph
An American private equity firm that once owned a stake in Heathrow is reviving a plan to list an investment company on the London stock market that it hopes will raise £300 million to buy into infrastructure assets. The flotation will be a boost for the stock exchange, which has suffered from a slump in listings this year as investor fears about the economy have mounted and market volatility has risen. The investment company, which will be called AT85, will be managed by the Connecticut-based Astatine Investment Partners and will set out its plan to sell shares today. - The Times
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN