NatWest chair Howard Davies pledges to stay on after Farage row, says Alison Rose was a ‘great leader’ – business live - The Guardian

From 4h ago

Howard Davies has apologised for the uncertainty created by recent events but insisted that “My intention is to continue to lead the board”.

Speaking to reporters this morning, Davies says NatWest’s board met yesterday and agreed to the terms of reference for an independent review into the handling of Nigel Farage’s accounts at Coutts.

This review will examine the way in which information about that issue has been handled within the bank. The terms of reference of that review will be released today and the finding will be released “in due course”, says Davies.

He adds:

“My intention is to continue to lead the board and ensure that the bank remains sound and stable and able to support our 19 million customers”.

In April, Davies said he planned to step down as NatWest’s chair by July 2024.

Earlier this week, Farage called for all NatWest’s board to go, after it released a statement backing Rose, hours before her resignation.

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2023 has been a pretty profitable year for the banks, although there are now signs that the windfall from higher interest rates is fading…

Matt Britzman, equity analyst at Hargreaves Lansdown, says NatWest has had a “week to forget” as the row over Nigel Farage’s account closure saw it lose CEO Alison Rose and Coutts chief Peter Flavel.

He adds that the drop in NatWest’s net interest margin in the last quarter, and the lower guidance on this metric for the year (see earlier) is a disappointment.

Britzman says:

“It’s been a week to forget at NatWest as it’s had to lose two of its top execs because of the Nigel Farage account closure debacle.

Today’s results probably don’t do the group any favours either, despite a slight beat on the bottom line. We know markets are laser-focused on net interest margin and at 3.13% for the second quarter that was below expectations, leading to a miss on net interest income.

But perhaps more importantly, full-year guidance has been dragged lower reflecting the ongoing deposit shift to accounts that offer better rates as consumers do all they can to make cash savings go further. NatWest should be a little more robust than peers in this regard, owing to the fact more of its deposits are held by small and medium-sized businesses which tend to keep more cash current accounts that are more profitable for banks.

The UK borrower continues to look robust and this was one area of strength in today’s results. NatWest increased its expectations of future loan defaults by £223m over the half, though a lower-than-expected number for the second quarter reflects default levels that remain low across the portfolio. As we saw with Barclays, a new buyback will go some way to easing investor sentiment, but with NatWest much more reliant on interest income, the downgrade to margin guidance will be disappointing for many.”

More businesses in England and Wales collapsed in the second quarter of the year than in any three month period since 2009, according to the latest figures from the Insolvency Service.

The government agency said the number of company insolvencies in the three months to the end of June was 9% higher than the previous quarter and 13% higher than the same period last year.

Company insolvencies reached 6,342 in the quarter, comprising 5,240 creditors’ voluntary liquidations (CVLs), 637 compulsory liquidations, 409 administrations and 56 company voluntary arrangements (CVAs).

In total, in the first half of 2023, there were almost 13,000 corporate failures, the agency said.

Business groups have blamed high inflation, rising rents and the cost of living crisis affecting customers for the increase in the number of firms going to the wall.

In the last year the construction industry registered the largest number of insolvencies, closely followed by wholesale and retail trade and hotels and restaurants. Manufacturing made up 8% of cases.

Sam Fenwick, a partner at the law firm Wedlake Bell said:

“More and more businesses are struggling to make ends meet due to increased overheads and their customers having less money to spend.

He added:

“Directors are increasingly throwing in the towel, particularly in smaller businesses.”

The latest growth data from the eurozone paints a mixed picture this morning.

The good news is that France’s gross domestic product grew by 0.5% in the April-June quarter, faster than expected, after 0.1% growth in Q1.

Spain’s economy grew 0.4%, slightly slower than the 0.5% recorded in Q1.

But Germany’s economy stagnated, with no increase in GDP in the last quarter, after it fell into recession over the winter.

Politicians on the right of the political spectrum aren’t the only ones to fall victim to ‘debanking’, it seems.

According to the BBC, anti-Brexit campaigner Gina Miller was told a bank account for her political party would close without explanation.

The BBC reports:

Monzo initially refused to tell Ms Miller why her “True and Fair” party account would be closed in September.

After the BBC contacted the bank about the case, it said it did not allow political party accounts and had made a mistake in allowing it to be opened.

Monzo said it recognised the experience would have been “frustrating for the customer and we’re sorry for that”.

More here.

It’s not exactly the same as Nigel Farage’s situation, as the ex-Ukip leader saw his personal account closed. But it will put more focus on the issue.

Away from NatWest, the high court has dismissed a legal challenge by five Conservative-led councils against the expansion of London’s ultra-low emission zone (Ulez).

Our transport correspondent Gwyn Topham explains:

The zone, which the mayor of London, Sadiq Khan, has said is a vital move to tackle toxic air, is due to be extended throughout the whole of Greater London at the end of August, making owners of the most polluting cars pay to drive.

The outer London boroughs of Bexley, Bromley, Harrow and Hillingdon, along with Surrey county council, launched legal action in February. At the high court earlier this month, barristers argued that Khan had failed to adequately consult, overstepped his powers, and had provided a flawed £110m scrappage scheme.

Our Politics Live blog has all the reaction to th decision:

NatWest will make a fresh £190m payout to its largest shareholder, the UK government, after Downing Street had an influence in the resignation of Alison Rose as the bank’s chief executive amid a row over Nigel Farage’s accounts.

The crisis-hit group said it was planning to pay dividends worth £500m to its investors after another strong quarter in which pre-tax profits rose by a higher than expected 27% to £1.8bn in the three months to June. That was compared with £1.4bn a year earlier, as the bank benefited from rising interest rates that allowed it to charge borrowers more for loans and mortgages.

The shareholder payout will benefit the UK government, which still holds a 38.5% stake in the lender after its £45bn state bailout during the 2008 financial crisis. NatWest also announced a £500m share buyback on Friday morning but that will only benefit investors whose shares are traded on the public stock market, meaning it will not affect the taxpayer’s stake.

It comes during a chaotic week for NatWest Group after the departure of Rose and the ousting of the boss of its private bank Coutts, which triggered a scandal after closing Farage’s bank accounts earlier this year.

Their departures followed interventions by the chancellor and the prime minister this week, who made it clear they wanted change at the top of the bank.

More here.

While indiscretion may have led to her departure, the latest results from NatWest suggest former CEO Alison Rose was making “a decent fist of her day job”, says Russ Mould, investment director at AJ Bell.

Moult says:

“After years of struggle following its forced nationalisation during the 2007/8 financial crisis, Rose had probably got the bank as close to normality as any of her predecessors and there will be real frustration that NatWestis back in crisis mode, undoing much of that good work.

This is not an unblemished update. The trimming of guidance on the company’s net interest margin hints at the problems for banks, under big political and regulatory pressure, of charging more to borrowers without offering more to savers too, particularly with mounting competition in the savings market.

And, while earnings beat expectations, this reflected several one-off items and did not reveal too much about the underlying performance of the bank.

The scandal over confidentiality and the way it has played out is a reminder to other investors that the Government remains a major shareholder and, as such, has real influence on the way the bank is run. This is not a reminder the market is likely to receive positively.

While bad debts remain under control for now, the pressures on UK households are acute and this remains an issue which could flare-up for NatWest and the other banks.

NatWest’s share are ralling this morning, recovering some of their losses from earlier this week.

They’re up 1.75% at 244p, after the bank beat profit forecasts and announced a £500m share buyback this morning.

NatWest has appointed law firm Travers Smith to independently probe its handling of the Farage affair, our City editor Anna Isaac explains.

This review will have three aims: to check how Farage’s accounts at private bank Coutts were closed; why they were shut down; and how such a controversial set of statements about his political views and actions were compiled.

It will also look at how the bank communicated with him about his accounts at the bank and their closure.

The investigation is also set to examine the “timing and content” of updates about Farage’s accounts from Coutts to Natwest group level - suggesting this could include memos or briefings from former chief executive Peter Flavel to ex-group boss Dame Alison Rose.

One of its more sensitive tasks will be to put a spotlight on the circumstances and nature of any leaks to the press, and what confidential information may have been passed from the banking group to the media, including the BBC.

Beyond the handling of Farage’s accounts, the probe will also look at all accounts closed at Coutts over the past 24 months. It will follow a similar approach as with the Farage-specific investigation: looking at questions of how and why accounts were shut, and what was said to all other customers whose accounts were shut down.

Howard Davies ended his call with journalists about this morning’s results by insisting that this morning’s results are “positive” (Natwest posted a rise in profits to £3.6bn for the first half of the year).

People will want to look at its ‘net interest margin’, after NatWest cut its guidance on this profitability measure this morning (see earlier post), Davies predicts.

But, he says, “the bank is in a good financial condition”, insisting:

We have not seen deposit outflows or customer outflows on any scale which concerns us.

And the NatWest chair insists that business continues as normal.

Davies signs off by saying that Natwest is open for business for its customers, explaining:

I want to end where I began by reassuring our customers, and our shareholders, that the business of this bank is continuing as normal and will do because it’s crucial from the British economy point of view and for the 19 million customers we serve, that they know that, in spite of all this, we are open for business and ready to serve them.

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2023-07-28 10:18:45Z
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EYE NEWSFLASH: Rightmove announces major rise in revenue and profits - Property Industry Eye

Rightmove this morning announced a 10% rise in revenue along with an 7% increase in operating profits for the first half of the year, driven it says by “the resilient and growing customer demand for its products and services”. 

The latest financial update from the property portal, issued this morning, reveals that revenue increased by 10%, from £16.8m to £179.5m, as more agents increased their use of the platform’s products and upgrades their subscription packages.

This was the the highest revenue growth in a first half period since 2018.

Estate agency investment in Rightmove packages and products resulted in agency revenue and average revenue per advertiser (ARPA) from this cohort both growing by 6%.

Agency ARPA increased by £79 to £1,341.

Here is the statement issued to investors a few minutes ago:

Financial Highlights	H1 2023	H1 2022	Change vs 2022	% Change vs 2022
Revenue	£179.5m	£162.7m	£16.8m	10%
Operating profit	£129.5m	£121.3m	£8.2m	7%
Underlying operating profit(1)	£133.2m	£122.4m	£10.8m	9%
Interim dividend	3.6p	3.3p	0.3p	9%
Basic earnings per share	12.1p	11.7p	0.4p	3%
Underlying earnings per share(2)	12.5p	11.8p	0.7p	6%

·   Revenue up £16.8m/10% to £179.5m, as customers increased their use of our digital products and continued to upgrade their packages: the highest revenue growth in a first half period since 2018

·    Operating profit of £129.5m, up 7% (2022: £121.3m)

·    Underlying operating profit⁽¹⁾ of £133.2m, up 9% (2022: £122.4m)

·    Basic earnings per share up 3% to 12.1p (2022: 11.7p); underlying earnings per share⁽²⁾ up 6% to 12.5p (2022: 11.8p) – lower growth reflects the impact of the corporation tax increase in 2023

·    Interim dividend up 9% to 3.6p per ordinary share (2022: 3.3p)

·    £97.6m of returns to shareholders through share buybacks and dividends in the first half of 2023 (2022: £100.3m); 10 million shares (1.2% of outstanding share capital) cancelled in the first half of the year (2022: 9.8 million)

·    Cash and cash equivalents, including money market deposits, of £43.2m (31 December 2022: £40.1m)

Operational highlights

·    Average Revenue Per Advertiser (ARPA)  up 9% to £1,411 per month (30 June 2022: £1,290)

·    Highest New Homes ARPA growth in any reporting period to date, up £330 (23%), and strong Agency ARPA growth, up £79 (6%), both driven by increased product and package purchases and customer contract renewals

·    Membership numbers stable: up 1%/102 since the start of the year at 19,116 (Dec 22: 19,014), with 16,093 Agency branches and 3,023 New Homes developments (31 December 2022: 15,932 and 3,082)

·   Time on site averaged 1.4 billion⁽⁵⁾ minutes per month over the period (2022: 1.5 billion), reflecting 2023’s slower property market; 27% above pre- pandemic levels (June 2019: 1.1 billion)

·   Strong market share continues at 86%⁽⁵⁾ (2022: 85%) as Rightmove remains the trusted site that home-hunters turn to first to search for properties and to inform themselves about the housing market

·    Penetration of the top Estate Agency package, Optimiser, increased to 36% (Dec 22: 34%) and significant upgrades to the New Homes top package, Advanced, up to 49% (Dec 22: 42%)

·    Continued product innovation, including: the launch of Joint Application Mortgages in Principle; Enquiry Manager – our qualification product for Lettings customers; and Track A Property for consumers

·    Other business units, now representing 10% of revenues, have grown strongly, up 11%

·   SBTi targets validated and renewed focus on green homes initiatives; the second edition of our annual Greener Homes report is published today.

Summary and Outlook

The strength and resilience of Rightmove’s business has remained apparent throughout the first half of 2023. Agents and developers have continued to use our products to win new mandates and to drive their businesses forward, and home-movers have continued to trust our sites to allow them to see the whole of the property market, helping them to make informed decisions.  This has allowed us to deliver strong results, despite the backdrop of higher mortgage rates and the increased cost of living.

ARPA growth was strong in the first half:  new homes developers used our Advanced Development Listing and Native Search Adverts products to market their developments, while our agent customers used products such as Featured Agent and Sold By Me to differentiate their brands on our sites to win new vendor mandates.  As a result, first half ARPA growth has given us real momentum to deliver full year ARPA towards the top end of our previous guidance range of £95-£105.

Consumers turned to our Mortgage in Principle journey in increasing numbers during the first half to help them to understand their borrowing capacity and mortgage affordability, especially amidst the prevailing interest rate uncertainty.  We expect this to continue in the second half and therefore for the revenues in this area of our business, which we earn in partnership with Nationwide, to increase on 2022’s revenues. We expect the remaining Other business units to continue to perform in line with first-half performance and to maintain their year on year growth for the full year. 

Disciplined cost management remains a key feature of our business model.  Underlying operating margin for the reporting period was 74%.  We expect costs to be slightly higher in the second half, as is the usual weighting across the year, and expect a full year operating margin of 73%, in line with previous guidance.

Our performance in the year to date, the clear value of our products to customers and consumers alike, and the outlook for the second half, mean the Board is confident that the Group will deliver in line with its previous expectations for the full year. 

As we look further out, it is clear there are significant opportunities available across all our business units.  To maximise our ability to take advantage of these opportunities, we will modestly increase our investment in the business to drive organic growth, while maintaining an underlying profit margin of 70 – 72%.  We expect this investment to result in double digit revenue and profit growth in the medium term and beyond.

We will host an Investor Day at our London offices on Monday 27 November 2023, where we will set out our strategy for medium term investment to accelerate growth.   Further details will be issued closer to the date.

Johan Svanstrom, Chief Executive Officer, said: “This has been another period of strong financial and strategic progress for Rightmove. These results clearly illustrate that Rightmove continues to be the property portal that consumers turn to first and engage with the most, and that our customers continue to use our innovative products and services to support their businesses in both slower and faster housing markets. Our performance against the backdrop of a challenging interest rate environment demonstrates yet again that Rightmove isn’t materially impacted by the property cycle.

“I have been very impressed by what I have seen in my first five months as Rightmove’s CEO and would like to extend my thanks to the team for delivering so strongly. This is a business which has performed consistently well over an extended time-period, and I am excited by the growth opportunities that I see over the long term in the wider UK property market. From here, our aim is to expand our platform, our products and our data, for both customers and consumers, to further digitise the sector, both in our core business and in newer growth areas. We also want to play an active role in facilitating the much-needed green transition of the real estate market, leveraging our vast pool of data and insight to do so.”

Rightmove defends 17% fee hikes as estate agent says ‘no option’ but to pay

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2023-07-28 06:12:16Z
2290990307

NatWest chair Howard Davies pledges to stay on after Farage row, says Alison Rose was a ‘great leader’ – business live - The Guardian

From 2h ago

Howard Davies has apologised for the uncertainty created by recent events but insisted that “My intention is to continue to lead the board”.

Speaking to reporters this morning, Davies says NatWest’s board met yesterday and agreed to the terms of reference for an independent review into the handling of Nigel Farage’s accounts at Coutts.

This review will examine the way in which information about that issue has been handled within the bank. The terms of reference of that review will be released today and the finding will be released “in due course”, says Davies.

He adds:

“My intention is to continue to lead the board and ensure that the bank remains sound and stable and able to support our 19 million customers”.

In April, Davies said he planned to step down as NatWest’s chair by July 2024.

Earlier this week, Farage called for all NatWest’s board to go, after it released a statement backing Rose, hours before her resignation.

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While indiscretion may have led to her departure, the latest results from NatWest suggest former CEO Alison Rose was making “a decent fist of her day job”, says Russ Mould, investment director at AJ Bell.

Moult says:

“After years of struggle following its forced nationalisation during the 2007/8 financial crisis, Rose had probably got the bank as close to normality as any of her predecessors and there will be real frustration that NatWestis back in crisis mode, undoing much of that good work.

This is not an unblemished update. The trimming of guidance on the company’s net interest margin hints at the problems for banks, under big political and regulatory pressure, of charging more to borrowers without offering more to savers too, particularly with mounting competition in the savings market.

And, while earnings beat expectations, this reflected several one-off items and did not reveal too much about the underlying performance of the bank.

The scandal over confidentiality and the way it has played out is a reminder to other investors that the Government remains a major shareholder and, as such, has real influence on the way the bank is run. This is not a reminder the market is likely to receive positively.

While bad debts remain under control for now, the pressures on UK households are acute and this remains an issue which could flare-up for NatWest and the other banks.

NatWest’s share are ralling this morning, recovering some of their losses from earlier this week.

They’re up 1.75% at 244p, after the bank beat profit forecasts and announced a £500m share buyback this morning.

NatWest has appointed law firm Travers Smith to independently probe its handling of the Farage affair, our City editor Anna Isaac explains.

This review will have three aims: to check how Farage’s accounts at private bank Coutts were closed; why they were shut down; and how such a controversial set of statements about his political views and actions were compiled.

It will also look at how the bank communicated with him about his accounts at the bank and their closure.

The investigation is also set to examine the “timing and content” of updates about Farage’s accounts from Coutts to Natwest group level - suggesting this could include memos or briefings from former chief executive Peter Flavel to ex-group boss Dame Alison Rose.

One of its more sensitive tasks will be to put a spotlight on the circumstances and nature of any leaks to the press, and what confidential information may have been passed from the banking group to the media, including the BBC.

Beyond the handling of Farage’s accounts, the probe will also look at all accounts closed at Coutts over the past 24 months. It will follow a similar approach as with the Farage-specific investigation: looking at questions of how and why accounts were shut, and what was said to all other customers whose accounts were shut down.

Howard Davies ended his call with journalists about this morning’s results by insisting that this morning’s results are “positive” (Natwest posted a rise in profits to £3.6bn for the first half of the year).

People will want to look at its ‘net interest margin’, after NatWest cut its guidance on this profitability measure this morning (see earlier post), Davies predicts.

But, he says, “the bank is in a good financial condition”, insisting:

We have not seen deposit outflows or customer outflows on any scale which concerns us.

And the NatWest chair insists that business continues as normal.

Davies signs off by saying that Natwest is open for business for its customers, explaining:

I want to end where I began by reassuring our customers, and our shareholders, that the business of this bank is continuing as normal and will do because it’s crucial from the British economy point of view and for the 19 million customers we serve, that they know that, in spite of all this, we are open for business and ready to serve them.

NatWest is also asked about Alison Rose’s exit pay, following reports that she could receive a ‘multi-million-pound pay-off’.

Howard Davies says he can’t say precisely when details of the package will be published, explaining:

The independent review will take place and then we’ll have to consider it.

Davies adds that he doesn’t see a reaon to depart from the normal practice of reporting executive pay.

He also explained, earlier in the call, that decisions on Rose’s pay can’t be made until the independent review has been completed.

Howard Davies is then asked whether there is merit in him leaving early to draw a line under crisis, or whether it’s right to wait.

Davies replies that a search for a replacement chair is underway – but insists this is a completely planned process [reminder: he said in April he would leave by July 2024].

Davies says that his assessment, which was supported a day or two ago by the economic secretary, is to let that process continue.

That is a sensible position, Davies insists, as it maximises the chances of finding a good successor who can take NatWest forward.

And with regards to the Financial Conduct Authority’s involvement on the Farage bank account debacle, Howard Davies confirms the regulator have raised concerns with the bank.

With regard to account closures, these issues should be independently reviewed; we can certainly assure that will happen, Davies adds.

Davies says NatWest’s independent review into the closure of Nigel Farage’s Coutts account will have three dimensions.

It will cover: the decision to close the accounts of Mr Farage; the circumstances around the BBC article (which initially said it was a commercial decision); and to review other Coutts account closures.

Onto the appointment of Paul Thwaite as NatWest’s CEO earlier this week to succeed Alison Rose.

Howard Davies says the bank always has an emergency plan ready for unexpected departure.

This plan was considered a few months ago, and NatWest decided Thwaite was the right person to be emergency successor.

This was discussed with Paul himself, Howard Davies says; Thwaite obviously wasn’t expecting this to happen, but was prepared to take the role on.

This position was also discussed with regulators, Davies adds, as they would expect a bank to have a succession plan in place.

Howard Davies is also being grilled about when he found out about the bank’s discussion with the BBC about Nigel Farage.

He explains that during the course of the last week the story began to develop that BBC business editor Simon Jack’s piece had been sourced within the bank.

This was discussed with Alison Rose, and the board felt it needed to have a clear statement from her about what said in that conversation. The board then met on Monday to discuss it [it was released on Tuesday afternoon].

When asked whether Farage’s accounts at Coutts had been reinstated, Howard Davies says it is “not appropriate for me to speak about the state of his accounts”.

NatWest chair Howard Davies says the political reaction to the decision to retain Alison Rose as CEO on Tuesday night meant her position was untenable (prompting her resignation around 1.30am Wednesday morning).

He told reporters:

We took the view on Tuesday that even though mistakes had been made, it was on balance right to retain Alison Rose as our CEO.

But the reaction was such as to convince her and the board that her position was untenable.

Davies added that:

I clearly regret the way things have turned out. We’ve lost a great leader as a result, but I now have to look forward.

Davies added that the board was “unanimous at all points” (both the initial decision to support Rose, and the later u-turn that she would resign).

Howard Davies has apologised for the uncertainty created by recent events but insisted that “My intention is to continue to lead the board”.

Speaking to reporters this morning, Davies says NatWest’s board met yesterday and agreed to the terms of reference for an independent review into the handling of Nigel Farage’s accounts at Coutts.

This review will examine the way in which information about that issue has been handled within the bank. The terms of reference of that review will be released today and the finding will be released “in due course”, says Davies.

He adds:

“My intention is to continue to lead the board and ensure that the bank remains sound and stable and able to support our 19 million customers”.

In April, Davies said he planned to step down as NatWest’s chair by July 2024.

Earlier this week, Farage called for all NatWest’s board to go, after it released a statement backing Rose, hours before her resignation.

NatWest CEO Alison Rose’s resignation this week was a “pretty heavy price to pay for an error of judgment”, said Bill Winters, chief executive at Standard Chartered, the emerging markets-focused bank.

Speaking during an earnings call this morning, Winters said Rose’s apology should be accepted and it would be “surprising” if a reform to step up regulatory oversight in this area was needed, Reuters reports.

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2023-07-28 08:54:43Z
2246872094

Yen leaps on reports of BoJ policy tweaks - Financial Times

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2023-07-27 20:51:46Z
2284158865

Thousands of Wizz Air passengers in line for compensation - The Telegraph

Airlines face more watchdog intervention over delays after a landmark compensation ruling against budget service Wizz Air.

The Civil Aviation Authority (CAA) has said it will not hesitate to take future enforcement action against companies that fail to meet passenger obligations after its intervention means thousands of of people could be in line for compensation payouts.

In the first action of its kind, the CAA told the airline to pay back holidaymakers whose claims over cancelled flights were wrongly rejected.

It came after investigations found widespread examples of passengers not being paid when they should have. 

The regulator also found that Wizz Air failed to meet other passenger obligations to find alternative flights following cancellations.

Those who had claims rejected incorrectly over the past 15 months for flights either arriving in or leaving the UK will have their cases reviewed. The Telegraph understands that up to 15,000 passengers could have claims reopened.

Passengers who feel they were not recompensed properly for claims before March 18 2022 can also request their case is revisited, going back as far as six years.

‘Clear message’

Paul Smith, joint-interim chief executive at the CAA, said: “This enforcement action sends a clear message that airlines must meet their obligations to passengers when they cancel or delay a flight.

“We will not hesitate to step in if we believe that airlines are not consistently doing this.”

The action was prompted after the CAA received widespread complaints from passengers over difficulties getting money back from Wizz Air for cancelled or delayed flights.

This was further underlined after the CAA found a large number of county court judgments against Wizz Air over the past nine months.

The Government has backed the unprecedented action, with aviation minister Baroness Vere saying that other “rogue operators” should take warning from Thursday’s action.

She said: “I hope today sends a clear signal to operators that the UK Civil Aviation Authority is watching and will take action to protect passengers.”

Regulator ‘needs more powers’

However, Which? believes the Government should give the CAA more powers, as its action on Thursday could only work once Wizz Air had agreed to comply through an agreed undertaking.

Rory Boland, travel editor at Which?, said this exposed the current weaknesses in the CAA’s powers and it needed to be given new fining powers urgently, so the threat of financial penalties resulted in faster action.

The punishment will mean that passengers who had compensation claims incorrectly denied in the past are given the money that they are legally owed.

Claims that can be reviewed include those made for replacement flight costs, transfers when replacement flights were via different airports, and care and assistance – for example, hotel costs, following flight disruptions.

The CAA said that it was now engaging with Wizz Air, which has already agreed to introduce changes to its policies, procedures and passenger communications.

Marion Geoffroy, the managing director of Wizz Air, said the airline had learnt from the experience and had taken significant steps to make its “operation more robust and customer-centric”.

The CAA said it would continue to monitor the airline’s performance under its revised policies over the coming months, with Wizz Air also providing details of the compensation claims it closes.

It will also review a sample of claims that Wizz Air reassesses to be satisfied passengers are receiving what they are owed. 

If it finds that Wizz Air continues to fail in meeting, it has the option of taking legal action.

Flights ‘too often late or cancelled’

Iain Stewart, chairman House of Commons transport select committee, welcomed the CAA action but said that a scheme similar to delay and repay should be introduced for air travel.

He said: “When you book a ticket in advance on a train, you know what your rights are – it’s much clearer and efficient. I would like to see something similar for the airline industry.”

Ms Geoffroy added: “Last summer, like all airlines in Europe, Wizz Air faced unprecedented operating challenges, driven mostly by the external environment, including ATC [air-traffic control] disruptions, airport constraints and staff shortages across the whole supply chain. 

“As a result, we were unable to meet our own high standards of service.

“Flights were too often late or cancelled, disruption management overwhelmed our internal and external resources, and claims took too long to process and pay.

“We have learnt from this experience and have taken significant steps to make our operation more robust and customer-centric.”

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2023-07-27 19:03:00Z
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ECB raises interest rates back to record high - Financial Times

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2023-07-27 14:42:54Z
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Anger as British Gas owner Centrica’s ‘obscene’ profits surge; Shell’s earnings fall to $5bn – business live - The Guardian

From 34m ago

A quick recap…

Calls for a wider windfall tax on Britain’s energy sector are rising, after two major companies reported bumper profits.

Centrica burst back into the black, with a statutory operating profit of £6.5bn for the first half of this year, up from a loss of £1.1bn a year ago.

Its British Gas arm grew its earnings by almost 10 times, from £98m to a record £969m, at a time when many households have struggled to pay their energy bills.

British Gas benefitted from Ofgem’s controversial decision to allow energy suppliers to claim greater profits from hard-hit customers via the energy price cap.

Energy giant Shell made $5bn, or £3.85bn, in the last quarter. Earnings were hit by the drop in wholesale oil and gas prices this year, with Shell making less than half the $11.47bn of Q2 2022.

Both companies lifted their dividends, and are also passing spare cash to investors through share buyback programmes.

Campaigners have heavily criticised the government for not reining in the sector.

The TUC said ministers were allowing energy companies to “laugh all the way to the bank”.

Greenpeace UK erected a giant spoof advertising billboard outside Shell’s HQ, drawing attention to the oil and gas industry’s responsibility for extreme weather linked to the climate change caused by the burning of fossil fuels.

It shows an image of a Greek firefighter battling to contain a wildfire near Athens last week, is emblazoned with Shell’s logo and features the slogan “Our profit, your loss”.

Opposition politicians also weighed in.

Ed Miliband, Labour’s shadow climate and net zero secretary, said Labour would introduce a “proper windfall tax” on oil companies and promote cheap renewables to bring down bills for households.

Miliband said:

“These figures demonstrate the continuing scandal of the Tory failure to act on the windfalls of war being pocketed by oil and gas companies

The Liberal Democrat leader Sir Ed Davey called for a general election, saying:

“It beggars belief that after all these months this Conservative Government is still allowing energy firms to rake in extraordinary profits while millions of families struggle.

“It’s time for a general election and a proper windfall tax to fund the support families desperately need.”

The Green Party called for a carbon tax would provide the money to invest in free home insulation, properly-funded public services and a universal basic income.”

The Unite union argued that public ownership is the only way to end the ‘chaos in Britain’s energy sector.

Scope, the disability equality charity, says Britain needs a social energy tariff - a discounted rate - for disabled people to protect them from sky-high energy bills.”

Filters BETA

A quick recap…

Calls for a wider windfall tax on Britain’s energy sector are rising, after two major companies reported bumper profits.

Centrica burst back into the black, with a statutory operating profit of £6.5bn for the first half of this year, up from a loss of £1.1bn a year ago.

Its British Gas arm grew its earnings by almost 10 times, from £98m to a record £969m, at a time when many households have struggled to pay their energy bills.

British Gas benefitted from Ofgem’s controversial decision to allow energy suppliers to claim greater profits from hard-hit customers via the energy price cap.

Energy giant Shell made $5bn, or £3.85bn, in the last quarter. Earnings were hit by the drop in wholesale oil and gas prices this year, with Shell making less than half the $11.47bn of Q2 2022.

Both companies lifted their dividends, and are also passing spare cash to investors through share buyback programmes.

Campaigners have heavily criticised the government for not reining in the sector.

The TUC said ministers were allowing energy companies to “laugh all the way to the bank”.

Greenpeace UK erected a giant spoof advertising billboard outside Shell’s HQ, drawing attention to the oil and gas industry’s responsibility for extreme weather linked to the climate change caused by the burning of fossil fuels.

It shows an image of a Greek firefighter battling to contain a wildfire near Athens last week, is emblazoned with Shell’s logo and features the slogan “Our profit, your loss”.

Opposition politicians also weighed in.

Ed Miliband, Labour’s shadow climate and net zero secretary, said Labour would introduce a “proper windfall tax” on oil companies and promote cheap renewables to bring down bills for households.

Miliband said:

“These figures demonstrate the continuing scandal of the Tory failure to act on the windfalls of war being pocketed by oil and gas companies

The Liberal Democrat leader Sir Ed Davey called for a general election, saying:

“It beggars belief that after all these months this Conservative Government is still allowing energy firms to rake in extraordinary profits while millions of families struggle.

“It’s time for a general election and a proper windfall tax to fund the support families desperately need.”

The Green Party called for a carbon tax would provide the money to invest in free home insulation, properly-funded public services and a universal basic income.”

The Unite union argued that public ownership is the only way to end the ‘chaos in Britain’s energy sector.

Scope, the disability equality charity, says Britain needs a social energy tariff - a discounted rate - for disabled people to protect them from sky-high energy bills.”

Centrica’s shares are continuing to climb after this morning’s jump in profits.

They’re now up over 7% to 132p. their highest level in almost four and a half years.

Investors will be cheered by the 33% increase in Centrica’s dividend, and a £450m extension to its share buyback programme.

AJ Bell investment director Russ Mould says:

“British Gas owner Centrica won’t be winning a popularity contest with the public anytime soon, but shareholders may not be too bothered.

“The massive increase in first-half profit reflects the impact on its retail energy-facing business of a lifting of the price cap but the contribution made by its energy marketing and trading division, helped by the big volatility in commodity prices, should not be ignored.

“The strengths of Centrica’s integrated model have really come to the fore in recent times and after several lean years, the company is able to reward investors handsomely – lifting its dividend substantially and extending a share buyback.

“Centrica needs to tread carefully given many households are struggling to pay the bills. The scandal over forced installation of pre-payment meters means the company is already skating on thin ice.

“Political and regulatory pressure may mount on the business if it continues to show largesse with its shareholder returns while taking a hard line with vulnerable customers. All in all, these stonking numbers could put Centrica in the firing line.”

Ofgem’s controversial decision to allow energy suppliers to claim greater profits from hard-hit customers via the energy price cap has also led to a windfall for EDF Energy and Scottish Power, as well as British Gas, my colleague Jillian Ambrose reports.

French state-owned EDF reported this morning that its UK business made profits of almost €2.3bn (£2bn) for the first half of the year, up from €860m in the same months last year. That included the earnings from EDF’s nuclear power plants in the UK.

It said this increase was driven mainly by the regulated price cap, with EDF telling shareholders:

The rise in EBITDA is essentially explained by a recovery of margins in the supply business, driven mainly by allowances in the UK domestic default tariff cap allowing suppliers to recover costs incurred through the market turbulence of previous years.

Scottish Power, which is owned by Spain’s Iberdrola, reported a profit of £576m for the first half of the year from a loss of £86m last year.

British Gas’s blistering 900% jump in profits so far this year is fuelling calls for discounted energy bills for disabled people, their carers and older people struggling with bills.

Scope, the disability equality charity, has been calling for a social energy tariff, which would benefit those receiving means tested benefits or disability benefits, or receiving Carer’s Allowance.

James Taylor, head of strategy at Scope says today:

“It’s obscene that energy companies continue to make massive profits whilst people can’t afford to charge wheelchairs and stairlifts and still have huge energy debt.

“Energy companies need to start putting disabled customers first.

“We need a social energy tariff - a discounted rate - for disabled people to put an end to sky-high energy bills.”

Centrica chief executive Chris O’Shea has defended the group’s profits, arguing that its solid balance sheet had helped to protect consumers after several energy suppliers collapsed over the past few years.

O’Shea told a briefing:

“To be sustainable and stable you have got to make a profit,” he said during a briefing.

Centrica also points out that it has committed £100m in additional customer support since the start of the energy crisis.

But that figure is dwarfed by British Gas’s adjusted profits of £969m so far this year.

Over half of those earnings relate to changes to the regulator’s price cap which allowed Britsih Gas to recoup losses earlier in the energy crisis.

Ofgem set its price cap at £4,279 for a typical household in January 2023, rather higher than the £2,500 cap under the government’s Energy Price Guarantee to protect households. The difference was covered by the Treasury; with government payments to soften the impact of rocketing energy bills pushing up public borrowing.

Centrica shareholders are to benefit from the surge in profits reported this morning – the company is proposing an interim dividend of 1.33p, up a third from the 1p paid last year.

UK businesses are less anxious about soaring energy bills, according to new data from the Office for National Statistics.

The ONS reports that fewer than 1 in 10 businesses (9%) reported energy prices as their main concern. That is the lowest proportion since the question was first asked in February 2022, the month of Russia’s full-scale invasion of Ukraine.

Firms were more worried about the risk of falling demand for their goods and services, and about the impact of inflation.

The ONS also reports that 1 in 8 businesses were experiencing worker shortages in mid-July 2023, with 38% of those businesses reporting that employees were working increased hours as a consequence.

The near-900% jump in British Gas profits so far this year to almost one billion pounds show there are “still massive profits to be made from letting the climate burn,” says Green Party co-leader Carla Denyer.

The Green Party are calling for a carbon tax, paid by major polluters, which could fund cost of living support.

Denyer said:

“It’s not acceptable that customers struggling through a cost-of-living crisis are facing higher bills because the regulator and British Gas have done a deal allowing it to rake in a 900 per cent increase in profits.

“If nationalisation wasn’t already one of the most popular Green Party policies there is - these profits very much make the case for the public to take control of this business.

“Making so much profit whilst so many people are struggling to pay their bills, shows our cost of living crisis for what it really is - a greed crisis.

“Fossil fuel companies drive the world’s greenhouse gas emissions, but are still allowed to profit from their damaging activities. A carbon tax would target these big polluters and render coal, oil and gas financially unviable as cheaper renewable energies rise up to take their place.

“These green policies work best when everybody benefits. That is why our policy has always been to use the proceeds of a carbon tax as a social dividend. This will help people to get through this cost of living crisis and make the UK a more equal society. Yields from a carbon tax would provide the money to invest in free home insulation, properly-funded public services and a universal basic income.”

Shadow climate secretary Ed Miliband has repeated Labour’s call for a more stringent windfall tax, after Shell reported profits of over $5bn for the last quarter.

Miliband said:

“These figures demonstrate the continuing scandal of the Conservatives’ failure to act on the windfalls of war being pocketed by the oil and gas companies.

“Labour would bring in a proper windfall tax to help tackle the cost-of-living crisis.”

Last November, chancellor Jeremy Hunt increased the current energy profits levy (EPL) from 25% to 35% and extended by two years, until March 2028.

The EPL is levied on North Sea oil and gas operators, but is criticised for not capturing excess cash generated by oil and gas giants’ trading, refining and forecourts divisions.

Although Shell’s shares are down today, -1.7% at £23.57, they’re sharply higher than before Russia’s full-scale invasion of Ukraine.

In mid-February 2022, Shell’s shares traded around £20. During 2022, its shares jumped by around 43%, as did rival BP.

This year, Shell are only up around 1%, as the drop in wholesale oil and gas prices eat into its earnings.

Victoria Scholar, head of investment atinteractive investor, says:

After collapsing in 2020 at the height of the pandemic when the global economy ground to a halt, shares in Shell have been sharply rebounding off the lows, although the pace of gains has tempered with shares up modestly so far in 2023.

Despite this, the analyst community remain bullish towards the stock with no sell recommendations and a majority of buy recommendations. Today Shell is under pressure, dragged down by lower earnings.”

Roberto Rivero, market analyst at Admirals, reckons the drop in Shell’s profits in the last quarter shows the energy sector is moving from boom to bust.

“The nature of the oil and gas industry is one of boom and bust. Prices rise, then they fall. When prices are high, oil and gas companies inevitably make hefty profits. When they fall, these profits begin to normalise.

It has been evident for some time that we are entering the “bust” phase of the oil and gas cycle, as prices ease from the multi-year highs of last year. As prices have trended downwards over the last year, so too have Shell’s earnings, which dropped more than 50% in the second quarter.

Shell could take a further hit in the second half of 2023 as sluggish economic growth in advanced economies and a lacklustre post-Covid Chinese recovery could exert further downward pressure on oil and gas prices.

However, OPEC+, who have been cutting production since November to shore up oil prices, may have something to say about that.”

In the banking sector, Barclays has played down the risks of the UK mortgage crisis for its own customers.

Barclays says more than half are five-year fixed contracts and have been “behaving rationally” by dipping into savings to make larger payments, our banking correspondent Kalyeena Makortoff reports.

The comments came as the London-headquartered bank revealed its own profits had jumped by nearly a third to £1.96bn in the second quarter, despite putting aside £372m to protect against potential defaults by borrowers.

Around £95m of those loan loss provisions were linked to its UK business, but executives assured that Barclays’ mortgage book was sound.

“There are a number of factors that contribute to our comfort in the higher rate environment,” Barclays CFO Anna Cross told journalists, including that the bank applied “strict affordability tests” since 2013.

“Second, looking at the profile for refinancing, the proportion…on five-year and over initial fixed rates [mortgage] has increased materially since 2019, from 33% to 51%. This shift delayed the potential increase in rates for many borrowers, allowing them more time to mitigate the impact.”

Cross added that despite forecasts for more persistent inflation and a higher peak for UK interest rates, she was assured by the fact that customers were “behaving rationally and have started to use surplus deposit balances to manage their finances more accurately.”

She added:

“Over a quarter of our customers with mortgages have been making excess repayments reducing their loans ahead of potential remortgaging.”

Financial data firm Moneyfacts has reported that the average 2-year fixed residential mortgage rate has dropped to today, to 6.83% from 6.86% on Wednesday.

The City view is that Shell’s results are somewhat disappointing, as Jamie Maddock, equity research analyst at Quilter Cheviot, explains:

“In its latest quarterly report, Shell disappointed by missing consensus profit expectations by around 10%, reporting sharply lower year-on-year performance due to weak oil and gas prices plus refined product margins. While the energy crisis resulted in elevated plus volatile prices that had previously boosted Shell’s results across a couple of divisions, this was no longer the case for Q2’23.

However, the hike in dividend payments – and a new $3bn share buyback – should cushion any disappointment.

Maddock says:

“Analysts had previously called for an increase in dividends and Shell has delivered by raising its dividend by 15%, as previously indicated at its capital markets day.

The company remains committed to using its bumper profits over the past 18 months to fund a repurchasing scheme. Its stock buyback programme of at least $5.5bn is better than previously indicated, but only modestly so. The high end of the company’s capital expenditure guidance has also been trimmed.

Public ownership is the only way to end the ‘chaos in Britain’s energy sector, argues Unite general secretary Sharon Graham:

“British Gas’ owner Centrica has just reported its highest ever first half year profits, raking in almost £1 billion.

“We need to stop dancing around our handbags and grasp the nettle. The only way to end the chaos in our energy supply is staring us in the face - public ownership. It is absolutely affordable. It would protect businesses and households. Put simply, it’s a no brainer.

“Both the Government and Labour need to decide whose side are they on.”

Katy Chakrabortty, head of policy and advocacy at Oxfam GB, says we shouldn’t be fooled by the fall in Shell’s profits in the last quarter.

Profits still running into the billions, points out Chakrabortty (to $5bn in Q2, from $11.5bn a year ago.)

These colossal profits are a gross injustice – a symptom of an economy that is putting short-term profits above people and planet. As we are seeing this summer with heatwaves, droughts and floods that are destroying lives on an unprecedented scale, these profits come with a huge climate cost.

“The UK government should be taxing these rich polluters more and helping to incentivise a fair switch to clean, renewable energy. Funds are urgently needed to support people in low-income countries, who have done the least to cause the climate crisis but have been hit the hardest, rebuild their lives. Surely it is a no brainer that the biggest and richest polluters should be the ones who pay.”

Shell’s windfall profits have not translated into higher investment in its renewable operations, says Sophie Flinders, analyst at the Common Wealth thinktank.

Shell’s payouts of $2.6bn in dividends and $3.6in share buybacks exceed even the company’s profits this quarter, with shareholders receiving bigger sums than the oil giant’s own surplus. In 2022, their CEO made £9.7m, up 53% from 2021.

In short, there’s too much money to be made in fossil fuels to place the responsibility of decarbonising energy on oil giants like Shell. These windfall profits have not translated into higher investment in Shell’s renewables. Deadly heat waves in America, wildfires across the Mediterranean and floods in the Philippines and Pakistan show that the crisis is already upon us — and that oil giants need to be consigned to the dustbin of history.

Shareholders are lining their pockets at the cost of a habitable climate. Clear, ambitious political interventions are needed to decarbonise energy and avert the worst of the climate crisis.

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2023-07-27 11:57:27Z
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