UK money manager Jupiter's Chair David Cruickshank to retire
May 1 (Reuters) - Jupiter Fund Management's (JUP.L), opens new tab Chair David Cruickshank will retire later this year, the British money manager said on Thursday, adding that a search for his successor will begin soon.
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Reuters
an hour ago
- Reuters
Rising Asia temperatures bode well for US LNG export prospects
LITTLETON, Colorado, June 11 (Reuters) - U.S. exports of LNG are already at record highs so far in 2025, but forecasts for above-average temperatures across key Asian import markets could lift them even higher this summer. Average temperatures for Japan, South Korea and China are all forecast to hold above normal through the end of August, likely boosting use of power-hungry air conditioners. That higher demand load will in turn spur utilities to lift generation from all available sources, including from natural gas plants fed mainly by imported liquefied natural gas (LNG). That upbeat demand outlook is good news for U.S. LNG exporters, who are riding a wave of strong demand from Europe but face a potential slowdown in European buying this summer. Temperatures across East Asia are already hovering above long-term averages, and are expected to continue trending higher over the next two months. Average temperatures in Japan - the second largest LNG importer after China in 2024 - are expected to register around 6% above the long-term average from now through the end of August, data from LSEG shows. South Korea, Taiwan, Hong Kong and several cities in China are forecast to register similar readings. As the northern hemisphere summer coincides with the rainy season across much of Asia, the forecasted hot temperatures are likely to be mixed with high humidity levels. That in turn will likely spur heavy use of air conditioning systems, which can push power demand levels sharply higher during heatwaves and strain regional power grids. Asia's electricity producers are used to the summer climb in electricity demand and adjust output levels accordingly. In 2024, average electricity demand during June, July and August - the hottest months of the year - was around 9% above the monthly average for the year as a whole. To accommodate that higher load, utilities lifted output from all power sources, but especially from fossil fuel plants which supply power that can be dispatched on command when output from renewable sources drops off. Both gas-fired and coal-fired generation across Asia during June, July and August last year averaged around 5% more than the 2024 monthly average, Ember data shows. To feed the higher demand for power anticipated during June, July and August, Asian LNG importers tend to book higher LNG volumes during May, June and July than during other months. Between 2021 and 2024, U.S. LNG exports to Asia during May, June and July averaged around 7.8 million metric tons a month, according to data from commodity intelligence firm Kpler. That compares to an average of 2.23 million tons a month to Asia overall for the 2021 to 2024 period, and underscores how important LNG is as a power fuel during the Asian summer. A key driver of potential Asian purchases will be the price of LNG, which needs to compete with coal in power generation and has recently proved too dear for many Asian consumers. U.S. LNG export prices have averaged around $8.54 per thousand cubic feet so far in 2025, up 35% from the 2024 average, according to data from LSEG. That said, any rise in Asian LNG purchases would likely come just as LNG orders by Europe tend to retreat to their annual lows, which could apply downward pressure to prices. Over the first half of 2025, European markets accounted for 70% of all U.S. LNG exports, Kpler data shows, while Asian markets accounted for just under 20%. Average monthly volumes of U.S. LNG dispatched to Europe during January to June were around 6 million tons, compared to around 1.6 million tons a month to Asia. A key caveat that will govern Europe's LNG appetite going forward is how quickly gas storage operators there want to replenish inventories, which were depleted over the past winter and must be restocked ahead of next winter. Currently, Europe's gas stockpiles are around half full, which compares to around 70% full at this time of year in 2023 and 2024, according to LSEG. If gas storage operators opt to restock as quickly as possible, then Europe's imports of LNG could remain quite strong over the coming months. But if Europe's storage firms opt instead to wait until the autumn to replenish stocks, or refill tanks from pipelined supplies, then Europe's LNG purchase volumes could drop sharply. Such a sudden wilt in European orders would likely trigger an aggressive markdown in prices, however, and in turn lure fresh buying interest in Asia where power firms are already primed to boost output. That suggests that overall U.S. LNG export volumes should remain fairly robust for the near term at least, regardless of where the buyers reside. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
Scottish Sun
2 hours ago
- Scottish Sun
Cadbury's is selling a mammoth XL chocolate bar that makes a great Father's Day gift – and it's the cheapest around
All recommendations within this article are informed by expert editorial opinion. If you click on a link in this story we may earn affiliate revenue. The Dairy Milk slab is one of Cadbury's multiple Father's Day specials SWEET TREAT Cadbury's is selling a mammoth XL chocolate bar that makes a great Father's Day gift – and it's the cheapest around Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SHOPPERS are racing to snap up a huge Cadbury's chocolate gift ahead of Father's Day this weekend. The beloved British chocolatier is selling a 'Cadbury Happy Father's Day Chocolate Gift Bar' - priced at just £13. Sign up for Scottish Sun newsletter Sign up 3 Cadbury's is selling a mammoth XL chocolate bar for Father's Day Credit: Cadbury 3 The huge bar is 42mm x 167mm x 15mm Credit: Cadbury It should come as no surprise that the 850g XL slab is Cadbury's classic Dairy Milk chocolate. The bar is wrapped in a cardboard sleeve reading 'Happy Father's Day'. The product's description reads: "Giant Cadbury Dairy Milk in a special 'Happy Father's Day' gift sleeve for the perfect gift for Dad! "Send a chocolate gift for Father's Day you know he will love - there's a glass and half in everyone!" Shoppers are also given the option to add a personal message at checkout. But this is just one of a number of products that Cadbury's is advertising as perfect Father's Day gifts. People can also gift their father figures with the £12 'Cadbury Dad My Hero Chocolate Gift Box'. The box features a Dairy Milk 110g bar wrapped in a 'Dad My Hero' sleeve, a carton of classic Cadbury Eclairs and a selection of classic Cadbury bars. Shoppers can claim a freebie through a bonus offer available for new members that sign up for the cashback website Quidco, as reported by The Sun. Founded by John Cadbury in Birmingham in 1824, Cadbury is one of the best-known British brands and the second-largest confectionery brand in the world, after Mars. The company has been owned by Mondelez International since 2010. We've outdone ourselves with this one' say Cadbury Ireland as they reveal new limited edition bar 'coming soon It comes as Cadbury recently confirmed it has discontinued a popular chocolate bar just two years after its launch. Fry's Coffee Cream bars, coming in a multi-pack and combining dark chocolate with a fondant centre, have been axed. A spokesperson said: "We continuously adapt our product range to ensure it meets changing tastes whilst supporting growth for our customers and our business. 'Our Fry's Coffee Cream multi-packs were introduced as a limited-edition product in summer 2023 for fans to enjoy while stocks lasted. "They have since been discontinued but we still have plenty of other delicious Fry's products for consumers to choose from, including Fry's Chocolate Cream and Fry's Peppermint Cream Multipacks." Cadbury did not reveal when the bars were axed. The company has discontinued a number of products over the years, including the popular Dairy Milk Winter Orange Crisp. At the end of 2023, chocolate fans discovered that Dairy Milk 30% less sugar, which first hit shelves in 2019, had been discontinued. A spokesperson at the time said that demand for the lower calorie option had dropped.
Scotsman
2 hours ago
- Scotsman
Can you afford not to have a cyber insurance policy?
Scott McLuskey helps clients find the cyber insurance policy that's right for them Cyber attacks cost Scottish businesses £386m annually – but most firms still aren't insured, warns Scott McLuskey Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Recent high-profile cyber incidents involving major UK institutions including Marks & Spencer, Harrods, and the Co-op are a stark reminder: no business is immune to attack. I first spoke about the importance of cyber insurance at the inaugural Cyber Scotland Week six years ago, an initiative supported by the Government to promote cyber resilience. Since then, the threat has only accelerated – today, a cyber-attack occurs every 44 seconds in the UK. Advertisement Hide Ad Advertisement Hide Ad Yet despite the scale of risk, many business leaders remain confident that their organisations are protected. Antivirus software, cloud backups, an in-house or outsourced IT Manager and a general belief that they're 'covered' often mask the reality: these measures alone are not enough. It wasn't just a cyber attack, it was an M&S cyber attack that cost millions (Picture: Adobe) Reports surrounding the recent attack on British retail heavyweight M&S suggest that the attack will cost an estimated £300 million and was not the result of poor systems, but of human error – a tale as old as time and the weakest link in any cyber defence strategy. Smaller businesses are also firmly in the firing line. Vodafone estimates Scottish SMEs are losing a combined £386m a year to Cyber Attacks, with 40% of SMEs falling victim last year alone. Costs following an attack can be significant: from forensic investigations, legal advice, regulatory notifications, and PR management, to lost revenue, extortion demands, credit monitoring, and potential lawsuits. The good news is that a cyber insurance policy offers a risk transfer solution to address these costs and assist recovery. Today's leading cyber policies also go beyond simple risk transfer – they include value-added services like vulnerability scans, penetration testing, and employee training. While not a substitute for a dedicated cybersecurity provider, these tools provide vital early protection and peace of mind. Advertisement Hide Ad Advertisement Hide Ad However, buying cyber insurance isn't always straightforward. With over 30 readily available cyber insurers – plus Lloyd's of London – and each provider offering a different proposition with their own minimum cyber security based acceptance criteria, the market can feel impenetrable. Unlike traditional insurance policies, cyber cover is still relatively new, with the first policy written in the late 1990s - the market and crucially insurer's loss data is continually developing. Compare that with buildings insurance, first developed in the wake of the Great Fire of London in the 17th century. As a result, there's wide variation in policy coverage, pricing, and – most importantly – what policyholders need to do to ensure claims are valid. Too often, businesses only realise this after a breach, when it's too late. There are promising signs. Leading providers like CFC Underwriting report a claims payout rate of over 99% and industry-wide improvements are being made in clarity, claims handling, and support services. But challenges remain – particularly for small and medium-sized businesses. Advertisement Hide Ad Advertisement Hide Ad A UK Government report found that 50% of businesses suffered some form of breach in the past year, rising to 70% among medium-sized firms. Yet just over half of all companies have cyber cover. Scotland's economy, built on a vibrant mix of SMEs, family-run firms, and fast-growing tech businesses, is particularly exposed. As the majority of organisations have digitised operations, even modest breaches can have a disproportionate impact – not only on individual companies, but on supply chains, customer trust, and investor confidence across the sector. Cyber resilience is no longer just a technical issue; it's an economic imperative. The Association of British Insurers has also identified a communication gap: cyber insurance is too often presented as a standalone 'product,' when in reality it's an ongoing service that begins before a breach and supports the business throughout. At Monteith, we're working to bridge this gap. We help clients understand their cyber exposure, decode policy language, and choose the right level of cover. Most importantly, we walk our clients through the fine print – ensuring they know exactly what's required to stay compliant, so their insurance delivers when it matters most. Advertisement Hide Ad Advertisement Hide Ad The threat isn't going away. Business leaders must go beyond firewalls and backups. They need to take proactive steps – including securing expert cyber insurance advice – to protect against what is now one of the most persistent and costly risks in modern business.
