Innogy (DE:IGY), Germany’s largest energy company, said on Friday that lower tariffs had helped it reverse an outflow of customers from British unit Npower, but the UK business slipped to an operating loss.
Innogy, 76.8-percent owned by RWE (DE:RWEG), added about 50,000 customers in Britain in the second quarter, while posting first-half results that were broadly in-line with the average forecasts in a Reuters poll.
“The sword of Damocles still hangs over all of this, in the form of further regulatory intervention by the UK government,” Chief Financial Officer Bernhard Guenther told journalists during a call.
At group level, Innogy posted first-half adjusted earnings before interest and tax (EBIT) of 1.73 billion euros ($2.03 billion), in line with the average forecast in a Reuters poll of banks and brokerages. Its core network unit, where profits were up 19 percent, contributed nearly two thirds.
By Christoph Steitz
A sell-off in heavyweight basic resources stocks prompted a third day of losses for European shares on Friday, putting them on track for their worst week this year.
Volatility jumped and the pan-European STOXX 600 fell 1.2 percent, taking weekly losses to 2.8 percent, its worst since early November 2016.
Euro zone stocks and blue-chips also dropped 0.7 percent, while the miner-heavy FTSEunderperformed and was down 0.8 percent.
The losses have been triggered by rising tensions between the United States and North Korea.
By Helen Reid
Venture capital firm Benchmark Capital is suing former Uber Chief Executive Officer Travis Kalanick to force him off the board of the ride-services company and rescind his ability to fill three board seats, according to the lawsuit.
The lawsuit filed Thursday accuses Kalanick of concealing a range of misdeeds from the board and scheming to retain power at the company even after he was forced to resign as chief executive of Uber Technologies Inc in June following a series of scandals. (Lawsuit: http://tmsnrt.rs/2hPzxYj)
The company is currently seeking a new CEO, a search that has proved difficult.
Benchmark’s lawsuit marks a rare instance of a Silicon Valley investor suing the central figure at one of its own start-ups. The well-regarded venture firm was an early investor in Uber and said in the lawsuit that it owns 13 percent of Uber and controls 20 percent of the voting power.
By Heather Somerville and Melissa Wen
Oil prices fell by one percent on Friday to their lowest in more than a week after the International Energy Agency said market rebalancing was taking time despite strong demand growth because of weak OPEC compliance with output cuts.
Brent crude, (LCOc1) the global benchmark, was at $51.42 a barrel at 0830 GMT, down 48 cents. That was down 0.9 percent from its last close and its lowest since Aug. 1.
U.S. West Texas Intermediate (WTI) crude (CLc1) was down 48 cents, or 1 percent, at $48.11 per barrel, reaching its lowest since July 26.
Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down by around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns.
“There would be more confidence that re-balancing is here to stay if some producers party to the output agreements were not, just as they are gaining the upper hand, showing signs of weakening their resolve,” the IEA said in its monthly report.
By Dmitry Zhdannikov