DONG Energy Reduces Investment Plans
DONG Energy – one of Northern Europe’s leading energy groups based on procuring, producing, distributing, trading and selling energy – has announced plans to decrease its net investment programme in 2010 and 2011 to reduce its debt load whilst strengthening its capital structure.
The Danish business advises that it is likely to decrease net investments to US $1.98 billion in 2010 and US $1.98-$2.97 billion in 2011 compared with earlier proposed levels of US$2.97-3.96 billion for both years.
Through investing, DONG is expecting to attain a net interest-bearing debt which is the equivalent to nearly treble its EBITDA in 2010, and the company is to focus more on renewable energy while achieving its 2020 target of lowering carbon dioxide emissions per produced MW/h by 50%.
The financial results for 2009 will not be affected by the proposed investment cuts, said DONG.
Source;
e-news @ powertechnology.com
http://www.power-technology.com/news/news66320.html?WT.mc_id=DN_News&mxmroi=14002247/2207106/false
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Imjack appoints Bafta winner
Imjack is a Yorkshire digital educational networking and media business, and has announced the appointment of Anthony Lilley OBE – BAFTA award winning digital media creative – as their acting chief executive in a move the business believes will create new opportunities.
AIM-listed imJack have stated that Mr. Lilley will become the company’s permanent chief executive subject to “certain strategic milestones” being achieved.
imJack is a web-based communication and collaboration platform that allows teachers and parents to communicate securely with students, whilst removing what it describes as “the dangers” of using unregulated public websites.
Students use imJack’s platform to upload and download homework, share ideas or to collaborate with teachers and peers through messaging or video conferencing via separate networks to the general internet.
Imjack is hoping to provide the service for free to schools, colleges and universities, by generating income from both sponsorship and digital news.
Mr Lilley comes to imjack with experience in large scale digital learning projects as well as children’s media production, where he is chief executive of Magic Lantern Productions, an interactive media company that imJack is already working closely with regarding product development.
Source;
Thebusinessdesk.com/ News
http://www.thebusinessdesk.com/yorkshire/news/16729-bafta-winner-joins-imjack.html?utm_source=newsletter&utm_medium=email&utm_campaign=Yorkshire_7th_Oct_2009_-_Daily_E-mail
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Aer Lingus hits turbulence times
Irish airline Aer Lingus, as it continues to fight for survival, has requested that staff who earn over €35,000 (£32,400) a year take pay cuts, as it unveils plans to axe almost 700 jobs in a last-ditch rescue plan.
The loss-making airline has twice rebuffed a takeover approach from Ryanair and has made this request after negotiating a cost-cutting drive which aims to save €97 million a year by the end of 2011.
The airline has already 100 jobs cuts and also advises that they cannot rule out compulsory redundancies and further staff cuts in the future, where the proposed pay cuts would be banded as basic salaries increase, accompanied by cuts in allowances for all airline staff.
Aer Lingus have also stated that by trimming its flight schedule and rearranging working practices, should lead to 489 “surplus positions” at the airline, which currently employs 3,900 staff. However, it is reported that operational and support areas would suffer the brunt of the job cuts, and that a further 187 redundancies would be a result from changes to its IT processes.
The latest job cut proposals total 666 in addition to come 151 employees who have already been told that they will have to go – Aer Lingus believe that these job cuts should save €74 million a year, with a further €23 million of savings coming from other areas, for example airport charges, distribution and reduced operating costs.
Aer Lingus have stated that they plan to transfer all staff into more defined contribution pension schemes, instead of the current generous “final salary” pension provision.
The company is aware that the changes will be “extremely difficult” for staff and has therefore embarked on a six-week consultation exercise with unions and other employee representatives.
Source;
Business.timesonline.co.uk/ Business/ Industry
http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article6864111.ece
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Enel supplies Electric car charging stations
Enel produces and sells electricity and gas across Europe, North and Latin America, and is now established in 21 countries around the world. As reported by utilityweek.co.uk Enel has confirmed that they have signed agreements with the mayors of Rome and Pisa allowing them to deliver electric car charging stations.
The energy firm will install 150 charging points in Rome and 100 in Pisa, which will be in operation by September 2010.
The project will act as a pilot scheme in Italy’s capital, where Enel is planning to use the information and experience it gathers during the pilot that will help develop a service system that “meets the real needs of drivers” allowing users the ability to charge their cars at home and at public charging points.
Source article;
http://www.utilityweek.co.uk/news/europe/enel-to-deliver-electric-car-c.php
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Reduced Carbon Footprint
According to figures released by the Climate Change Department – Green efforts by the great British public are starting to pay off. The data shows that more than three-quarters of local councils across the UK have reduced their carbon emissions over a two-year period, and that Greater London boasts the lowest emissions per person.
The statistics, covering emissions from homes, businesses, road transport and land use across each area, showed that there were reductions for 335 out of 434 local authorities in the period 2005 to 2007, and also revealed a slight fall in UK-wide emissions, which dropped 2% over the same period, however, some councils did see their carbon footprint increase.
Greater London produces the lowest emissions per person, at six tonnes each, in comparison to the North East which had the highest level at 12.5 tonnes per person in 2007. Interestingly, the North East was also the region with the biggest improvement for the two years preceding. Local and regional figures reflect on the density of the population along with energy use and business activity in any given area.
David Kidney, Energy and Climate Change Minister, said that he is very encouraged by the published results. He continued by saying that every community in the country is working to reduce their carbon footprint -local Authorities are at the heart of the community and as such are able to set an example on tackling climate change via their own actions.
Further more, Mr Kidney advised that the government is helping people as well as businesses to save energy, cut emissions and save money, and that their plans include every home having a smart meter to monitor energy use by 2020, more homes will be insulated, incentives will be provided for businesses to go green and that they will be targeting support to those vulnerable people who need it most.
Source article;
http://www.greenenergy.uk.com/Article.aspx?ARTICLE_ID=130
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US Chamber of Commerce takes another bite as Apple quits
Technology giant Apple has become the latest in a rapidly growing list of companies quitting the US Chamber of Commerce regarding its policies on climate change. In a letter to Thomas Donohue –chamber president – Apple’s Catherine Novelli stated that she was frustrated by the hard-line stance the business organisation has taken against the Environmental Protection Agency (EPA) along with draft climate legislation now before the Senate.
As reported by guardian.co.uk Ms. Novelli has not sugarcoated Apple’s exit, and in the letter, which was released yesterday, she wrote:
“We strongly object to the chamber’s recent comments opposing the EPA’s effort to limit greenhouse gases…
… Apple supports regulating greenhouse gas emissions, and it is frustrating to find the chamber at odds with us in this effort”
It was concluded that the company’s departure is effective immediately.
The US chamber of commerce is against the idea that the EPA should use its authority under the Clean Air Act to regulate greenhouse gas emissions – which is almost universally seen as a fallback position in case the Democrats fail to push a climate change bill through Congress.
The chamber has also opposed the climate bill passed by the house last June – claiming that it will drive up business costs.
Utility Exchange recently reported that Pacific Gas and Electric quit the US Chamber of Commerce for the same reasons; http://www.utility-exchange.co.uk/2009/09/pacific-gas-and-electric-quits-us-chamber-of-commerce/
Source;
Twitterfeed @ Guardianeco – http://bit.ly/Rz9MD
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Opus Energy runs for money
Opus Energy, a leading independent supplier of gas and electricity to the business sector, supply’s energy to more than 50,000 properties across the UK – Many of which are small and medium sized businesses. In a bid to raise £3000 for a local charity – Opus Energy is sponsoring two employees to run in the New York Marathon on Sunday 1st November – their challenge, forming part of a wider pledge by Opus Energy to raise £10,000 for the Friends of Cynthia Spencer Hospice.
The employees; Neil Robinson, a Credit Controller and Tanya Matchett, a Credit Control Team Leader for Opus Energy are both novice runners and have never run in a competitive race before.
The duo will become the 7th and 8th employees from Opus Energy to enter the New York marathon as part of an initiative the company started in 2007 – each year, Opus Energy pays for the travel costs, hotels, and entry fees for the chosen employees, and encourages them to achieve a challenging personal goal, as well as raise funds for an important local cause.
MD and founder of Opus Energy, Charlie Crossley Cooke stated:
“This is the third year we have offered Opus Energy employees the opportunity to complete the New York Marathon. It’s a great way to support and raise money for a local charity. We are one hundred percent behind Neil and Tanya and wish them both the best of luck”
Source;
Opusenergy.co.uk/ News
http://www.opusenergy.co.uk/module/page-166/nID-122/item_action-view_item/item-opus-energy-sponsors-two-employees-to-run-the-new-york-marathon/
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No Siesta for Spanish BT
BT is celebrating its 20th anniversary in Spain after maintaining twenty years where it has stood out for offering the most advanced communications services to businesses and public sector organisations with a strong commitment to business innovation.
BT was the first alternative network operator that established itself in Spain where as a consequence the communications company played a vital role in liberating the telecoms market, contributing decisively to creating an effective competitive environment that has since benefited businesses in the Spanish market.
According to an issued press release – BT is a firmly established company with 1,200 employees in Spain with a revenue above 500 million euros. They provide services to 2,000 major Spanish enterprises – 28 of which are listed in the IBEX-35 index – and also supply over 30,000 small and medium sized businesses throughout the country.
Further to its pioneering role as a network operator, BT has also reinforced its continual commitment to innovation, and therefore positioned itself as a leader in the introduction of new technologies and services for Spanish businesses.
Jacinto Cavestany, Country Manager of BT in Spain commented that BT as a business has learnt to constantly evolve the the ever changing market expectations, and continued by saying:
“Our leading commitment to the business world has been and continues to be to offer the best and highest quality service. We have always maintained this strategy and have structured our offering on the basis of the demand of the different client profiles that BT targets”
BT implemented the world’s first IP network in Spain in 1999 – when the future of this technology was still unknown. In addition, the launch of IP telephony and MPLS were also the first of its kind in the Spanish market.
Source;
Btplc.com/ News Media/ Press Release
http://www.btplc.com/News/Articles/Showarticle.cfm?ArticleID=4021C8FE-AA44-4BD3-8835-13C1BD891FC8
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French Bank raises the cash
French bank, Société Générale (SocGen), has today announced a €4.8 billion (£4.4 billion) cash call to its shareholders which would allow it to buy back the stake acquired by the French Government at the height of the credit crunch – The bank states that the deal will also allow it to reinforce the quality of its solvency ratios whilst seizing its potential external growth opportunities.
The banks decision comes a week after BNP Paribas, its larger rival, announced their €4.3 billion share issue that will pay back its government rescue.
€5 billion of SocGen’s losses were racked up by the allegedly unauthorised trading of Jerome Kerviel, whereby preliminary charges have been filed against the French trader, however, the bank will use €3.4 billion of the proceeds to buy back €1.7 billion in preference shares the French state took in May and another €1.7 billion in special securities that it bought in December last year.
The bank has also initiated talks to buy the remaining 20% it does not yet own of Crédit du Nord, the French retail bank, from Dexia, the Franco-Belgian banking group – whereby following this acquisition and following repaying the government, the bank stated that its core tier one ratio – a key measure of its financial solvency – would be around 8% which is comfortably in line with most current regulatory requirements.
Source;
Business.timesonline.co.uk/ Industry Sectors/ Banking & Finance
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6862707.ece
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Irish Business Buys Bayford Oil
Yorkshire oil distributor Bayford Oil has been acquired for £22.5 million by Irish business support services group DCC – a company consisting of five divisions, including healthcare, food and beverage and environmental.
Bayford Oil forms part of Wetherby-based Bayford Group operating from 14 locations. The company has a fleet of 60 road tankers and around 155 employees. As well as the separate fuel cards business, Bayford Group also comprises Bayford & Co (Developments), a property development and investment company.
The oil business sold 468m litres of oil in the year ended June 30 – reporting adjusted operating profit of £3.5 million.
DCC, the largest conglomerate on the Irish stock exchange, already has extensive oil distribution operations in the UK and Ireland, and the acquisition of Bayford Oil will add 12% to the amount of oil DCC sells in Britain.
DCC’s chief executive, Tommy Breen said the deal:
“Represents a further step in DCC’s continuing strategy of consolidating the fragmented oil distribution business in Britain…
And that
… It will strengthen DCC’s position in the North of England and significantly increase our business in supplying the independent retail petrol station market”
Source;
Thebusinessdesk.com/ Deals Restructuring (Irish giant in £22.5m Bayford Oil deal-06.10.09)