Business news 3 February 2022
James Salmon, Operations Director.
Energy Bills news. Bank Of England to announce rates. oil. And more business news.
Energy Bills
Average energy bills are to increase by £693 per annum as Ofgem revealed the details of the new price cap set to come into effect in April. With average bills set to hit £1971. Standard tariffs are set to increase by 54%
Bank Of England
The Bank of England is expected to announce the first back to back interest rate rises since 2004 as analysts expect rates to rise to 0.5% in order to combat inflation.
5G
Vodafone chief urges policymakers to allow European mobile operators to merge and consolidate as firms feel mounting pressure. European telecoms companies face a bill of up to €300bn to roll out super fast 5G across the continent, which some argue is made harder by regulators demanding multiple operators compete in each market to keep bills low.
Oil
OPEC+ has stuck to agreed plans to raise production by another 400,000 barrels per day in March. Despite suggestions from Goldman Sachs that the group would bring forward additional hikes in supplies, it has remained committed to agreements made in July to gradually replace lost output from the start of the pandemic. Oil rose as a result.
Shell
Shell raised its dividend and announced a $8.5 billion share buyback program after the oil major reported a jump in fourth quarter profit as surging energy prices bolstered performance. For the fourth quarter, adjusted earnings jumped 55% to $6.39 billion from $393 million a year earlier.Adjusted earnings for the full-year increased to $19.3 billion from $4.85 billion in 2020.
Compass
Compass said it made an ‘encouraging’ start to the year as revenue grew 38.6% in the first quarter, reaching 97% of pre-pandemic levels. ‘The quarterly improvement was largely driven by new business, continued strong client retention along with some ongoing recovery in the base business,’ the company said.
BT
BT Group lowered its revenue outlook after reporting a fall in profit in the nine months through December as weakness in its global and enterprise businesses weighed on performance. As a result of the ongoing impact of C-19 and supply chain issues, we now expect adjusted revenue
Meta
Facebook showed stagnating user growth and predicted lower than anticipated revenues to unnerve investors. Shares fell in after market future trading.
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