New energy suppliers should prove financial ‘adequacy’, Ofgem say
New energy suppliers will have to show they have adequate financial resources and can meet customer service obligations under proposals by the regulator.
financial
UK economic growth ‘to be slowest since 2009 recession’
The economy will grow at its slowest pace since the 2009 recession this year as soaring inflation and lacklustre wage growth bring an end to Britain’s consumer spending boom, a report has warned.
OPEC can’t succeed alone as cuts would barely drain surplus
Even if OPEC defies a skeptical market by implementing output cuts in full, it still won’t drain the ocean of surplus oil already pumped from the ground.
Havila Shipping issues revised financial proposal
Havila Shipping said its financial positions remains “highly challenging” with a need for financial restructuring to be concluded.
Weatherford investors seek ‘more boring’ from oilfield servicer
Weatherford International Plc shareholders are asking the company for one thing this quarter: Please, just be a little more boring. Over the last decade, the oilfield services provider has missed analyst estimates 20 times, settled a corruption probe and spent more than $150 million in professional fees to fix errors in its accounting. And last month, it abandoned plans to raise $1 billion for an acquisition just hours after announcing them. Now the company is seeking to build investor trust amid the worst oil market slump in decades. Chief Executive Officer Bernard Duroc-Danner needs to manage day-to-day activities in a way that will, for the first time in five years, generate more cash than the company spends, said David Anderson, an analyst at Barclays in New York. It’s a target Weatherford set for itself last year but failed to reach.