National Grid, the firm in charge of supplying electricity to England and Wales, could face fines of up to $20m (£12m) a year in the event of major power cuts.
Regulator Ofgem announced the penalties as part of an incentive scheme to improve the firm’s record on blackouts.
The move follows Ofgem’s investigation of two large power cuts in the South East and West Midlands in 2003
Judy Boynton, Shell’s former finance director who was criticised over the oil group’s massive reserves scandal, will receive a $1m (£535,000) cash pay-off, plus shares and pension worth a further $2.4m.
Shell said Ms Boynton, who “stepped aside” from her board-level position in April, would get a $1m severance payment in line with the terms of her contract
BT customers will have to pay more for early morning calls from 16 February.
About three million BT customers could see their bills rise as it shifts the start of its more costly daytime call rate from 8am to 6am.
Customers on BT’s Together Option 1 package will see the cost of landline calls made between 6am to 8am rise from 5
Bradford and Bingley was today fined £650,000 (1 million USD) by the finance industry watchdog for mis-selling precipice and with-profit bonds.
Around 6,800 affected customers will now receive compensation totalling £6 million, the Financial Services Authority said.
The FSA issued the fine for the widespread mis-selling of the bonds criticising the firm for not making suitable recommendations to customers, not maintaining adequate records of sales and not having in place adequate systems and controls to prevent and ultimately address these failures
Insurer Axa Sun Life has been fined £500,000 for its misleading TV adverts – the highest such fine ever imposed by the City watchdog.
The Financial Services Authority (FSA) said adverts for Axa Cash Builder Plus and its guaranteed over-50 investment plans did not alert consumers to risk.
The FSA said the “design, content and format” of the adverts focused attention on benefits rather than risk
HSBC is the first big bank to commit to going carbon neutral as it seeks to reduce its environmental impact.
Starting in 2005, it will plant trees, reduce energy use, buy green electricity and trade carbon credits to cut carbon dioxode flows.
HSBC chief executive Stephen Green said: “In 2003, HSBC’s CO2 emissions
Nigeria’s senate is to consider sanctions against a unit of Dutch and UK oil company Shell for failing to pay a $1.5bn (£775m) pollution penalty.
The firm had been told to make the payment by 23 November for alleged environmental damage caused by oil spillage in the Niger Delta region
United Kingdom water group AWG is back into profit but still plans to cut jobs after its plan to increase charges next year was thwarted by industry regulator Ofwat.
Huntingdon, England based AWG posted profits of £33.9m for the six months to 30 September against losses of £46
BMW’s UK chief has launched a scathing attack on the four businessmen who own MG Rover, branding them “the unacceptable face of capitalism”.
Managing director Jim O’Donnell said it was “disgusting” that MG Rover’s owners paid themselves fat salaries while losses continued at the company.
The “Phoenix four” were sold MG Rover by German owners BMW back in May 2000 for just £10 (14 euros)
BAE Systems believes it is not the target of an inquiry by the Serious Fraud Office into false accounting in connection with defence contracts.
In a statement, BAE also said that it may itself have been on the receiving end of illegal activities.
“There is a possibility that BAE Systems may itself have been the victim of a fraud,” the company said