Valentino Owner Denies Plan to Sell Italian Fashion Brand
Mayhoola, which owns 70% of Valentino, isn't seeking to sell, a representative for the Qatari fund told Bloomberg News.
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15 minutes ago
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Are we willing to drop cash Isas and take more risks with our money?
Savers are missing out on financial rewards because the benefits of investing in stocks and shares are being drowned out by risk warnings, the chancellor says. This week Rachel Reeves said savers would be sent details of investment opportunities if they have money in low-interest accounts. And she won't completely rule out cutting the annual tax-free allowance of cash Individual Savings Accounts (Isas) to push people into stocks and shares Isas instead. But what are her chances of making the UK a nation of investors, rather than risk-averse savers? Experts say women are investing less than men, and have warned the chancellor that some of her ideas could backfire and put off potential new investors. 'Pink websites won't work' Cash savings accounts are steady and safe. The amount of interest varies between account providers, but it is clear how much the returns will be. They are popular when putting money aside for emergencies, or for holidays, a wedding or a car. By contrast, the value of investments in stocks and shares can go up and down, but with risk can come reward. Long-term investments can be lucrative, not only for individuals, but for the economy as a whole. Laura Suter, director of personal finance at investment platform AJ Bell, says Reeves and the finance sector should start by making investing more attractive to women. Having written reports on the Isa gender gap, she argues that, for too long, advertising about investing has been designed by men. Lisa Caplan, director at investment company Charles Stanley, agrees. "It's not about making your website pink. It's about using less jargon, competitive language, and masculine imagery," she says. "When clients who are women feel seen and understood, they will be more willing to trust their money to an adviser or even an investment platform. I think this is beginning to change." Jema Arnold is an investor, and works for UK shareholders' association ShareSoc. She wants investing to be part of general, honest conversation among friends, not private and hidden. "I go to a book club. I want investing to be like that," she says. She is joined in a London cafe by Laura Colucci, who is in her 40s, and Wendy Lanham, who is 71. All three are divorcees, who were forced to think about their relationships with money when their marriages ended. Mrs Arnold was with an investment banker for 17 years. "In many ways I was a traditional housewife," she says. Her now ex-wife had managed that side of the finances. "I'd switched off that part of my brain when raising a daughter. That was a mistake. I felt foolish. I had to switch it back on again fairly quickly." Mrs Colucci was the same. "There were investments in my name," she says. "It was a huge learning curve in one year, when I had to take control." Mrs Lanham put her money into savings accounts. Only later did she consider moving some into investments. But that was a path that all three initially found difficult to join. "People froze up and looked awkward when I talked about investing," says Mrs Arnold. Male domination Mrs Lanham says she joined a group which met to talk about investing. The membership was entirely male. "I bought myself a book called Investing for Idiots, went to a conference, and treated it like adult education," she says. "I did not know anything, but hung in there, and the organisation changed." Now, the trio are members of SIGnet – a network of investor groups that meet in different parts of the UK, or online. It is not-for-profit and covers different areas of interest. It has lots of female members. But they say the chancellor will have little hope of getting more people to invest without initially improving their understanding, especially if they are trying it for the first time. "There's no point telling people to go and run a marathon when they've never run before," says Mrs Colucci. Reeves told financial services and business bosses in her Mansion House speech this week that the "negative" narrative around savers investing money in stocks and shares needed to change. "For too long, we have presented investment in too negative a light, quick to warn people of the risks without giving proper weight to the benefits," she said. She announced new adverts, reminiscent of the "Tell Sid" campaign of the 1980s, which encouraged people to invest in the newly privatised British Gas. Targeted messages will also be sent by banks to people who have money in low-interest accounts. Mrs Suter, from AJ Bell, says this needs to go beyond a "token effort". "If it can get widespread coverage and enthusiasm, then it could make a difference," she says. Isa debate Carol Knight, chief executive of the Investing and Saving Alliance, says Reeves' ambition will be judged a success if more women, more people from ethnic minorities, and more people outside of London become investors. But Anna Bowes, savings expert at the Private Office, says the chancellor risks her plan backfiring by encouraging people to invest now when markets are jittery due to global uncertainty. That could lead to short-term losses. "This needs to be done very carefully or it could put off a generation of investors." And she stresses that forcing people to consider a stocks and shares Isa by reducing the amount that could be put tax-free into a cash Isa would be a huge mistake. Reeves has stepped back from immediately cutting the tax-free limit on cash Isas, following a backlash from banks and building societies. But she is still keen to shift some of the £300bn in these accounts to being invested in the UK and its companies, despite "differing views on the right approach". Any changes would have an impact on millions of people. Isas are incredibly popular - about 42% of UK adults have at least one. Stocks and shares Isas are less popular but more money is held in them overall - around £431bn, compared to £294bn in cash Isas. People with Isas are more likely to be older, with estimates suggesting about half of pensioners have one. And while more women have Isas overall, more men have the investment option, with women more likely to stick to the safety of cash. Many investment companies that sell stocks and shares Isas back a change, while banks and building societies who dominate the cash Isa market are against it. That debate is likely to pick up again as the chancellor's autumn Budget gets closer. What is an Isa and how might the rules change? Savers to be targeted with offers to invest in shares under new plans One in 10 have no savings, financial regulator says
Yahoo
35 minutes ago
- Yahoo
Britain's gas storage site threatened with closure this winter
Britain's largest gas storage site risks closure by the end of the year unless the Government steps in to provide financial support. Centrica, which owns the Rough storage facility, has warned of the potential shutdown this winter as it battles steep losses at the site. Rough represents half of Britain's gas storage capacity and its closure would be a significant blow to the resilience of the country's energy system. The UK remains reliant on gas to help back up intermittent wind and solar, particularly over winter. Chris O'Shea, the chief executive of Centrica, which owns British Gas, warned the storage site was expected to lose £100m this year and said: 'We can't sustain that.' He told The Telegraph. 'I would be willing to close it. My job is clear. It is to grow the company, grow jobs, grow profits, and I take that seriously. 'We've made money over the past couple of years. But we're now pouring £100m into this asset that we could invest in other things.' Centrica aims to redevelop the 40-year-old site to be able to store hydrogen alongside natural gas. However, Mr O'Shea said: 'The market at the moment is not giving the right signals to invest in storage.' The company has asked ministers for a so-called cap-and-floor mechanism to help fund the £2bn project. While Centrica would provide the investment up front, the mechanism would effectively mean guaranteed funding underwritten by a levy on consumer bills. 'I want a mechanism that encourages investment in Rough,' Mr O'Shea said. 'We have seen it in nuclear, but let's extend that to other assets that are needed to bring energy resilience.' Mr O'Shea said he had been encouraged by recent talks with the Government. He praised Rachel Reeves and Ed Miliband for highlighting the importance of gas storage as part of the Government's industrial strategy. However, the call for state support comes at a delicate time for Labour. Ms Reeves's Budget has been left in tatters by a series of policy about-turns and poor economic data, forcing her to find billions rather than consider further spending. Meanwhile, Mr Miliband is under pressure to demonstrate progress towards meeting his promise of lowering energy bills by £300 this parliament. It suggests the Energy Secretary may be wary of signing off on a measure that add more levies on to bills. Mr O'Shea warned the issue of support for Rough was urgent and could not be put off. He said: 'I think we've got to see something [from the Government] probably this year. If we get towards the end of the year and we've got a situation whereby we've got no prospect of making a profit, then we're just throwing good money after bad. 'It would be like a charitable donation and that's not our business. If we were to do that, then the shareholders would act quite quickly.' 'No one likes a freeloader' Centrica has already stopped filling the facility off the Yorkshire coast amid concerns about the site's financial viability. Mr O'Shea said Government intervention was key to safeguarding Britain's energy security. He said: 'If Rough closes, then the UK has just six days of gas storage available, compared to 100 in France, Netherlands and Germany. 'If we get into a crisis and the UK hasn't invested in gas storage, then I am not sure it will flow from the Continent. 'Politically, if you're the prime minister of France, Germany, and you look at a country that hasn't invested in gas storage, then I am not sure that will work. There is a need for us to recognise the risk that no one likes a freeloader.' The potential closure of Rough risks reviving concerns over Britain's strained energy supplies, particularly as the country moves to a system more reliant on intermittent renewables. Gas power stations remain crucial for backstopping Britain's energy system when wind and solar generation fall short, something that happens during so-called 'dunkelflaute' periods of low wind and limited light that occur over winter. 'We have had pretty warm winters in the past couple of years, and that has helped us,' said Mr O'Shea. 'If we'd had cold winters, then we would have struggled. Would you feel comfortable driving in the red zone in the revs all the time? I don't feel comfortable with an energy system that has such a small margin for error.' The closure of Rough would lead to the potential loss of hundreds of jobs at the site. A Government spokesman said: 'The future of Rough storage is a commercial decision for Centrica, but we remain open to discussing proposals on all gas storage sites, as long as it provides value for money for taxpayers.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
an hour ago
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Natural Gas Dominance Unchallenged in Global Energy Landscape
With much of the world's attention focused on wind turbines, solar panels, and electric vehicles, natural gas has grown in importance as the backbone of modern energy systems. It fuels power plants, heats homes, drives industry, and—through liquefied natural gas (LNG)—connects continents. The newly released 2025 Statistical Review of World Energy highlights just how indispensable natural gas has become, despite mounting pressure to decarbonize. Following the previous article on global oil production and consumption trends, let's dig into the numbers behind the global gas market, with a focus on production, consumption, and the increasingly critical role of LNG exports. U.S. Still Leads the Pack in Production In 2024, global natural gas production reached a record-breaking 398.0 billion cubic feet per day (Bcf/d). The United States alone accounted for 25% of that, producing just under 100 Bcf/d. That marked a slight decline from the record output in 2023, but still more than five times Canada's output, its closest North American peer. Much of this strength comes from the shale gas revolution that began about 20 years ago, turning the U.S. into both the world's largest natural gas producer and ultimately the world's top LNG exporter. Russia, which the U.S. overtook for first place among gas producers in 2011, remains the world's second-largest producer, with 60.8 Bcf/d of output in 2024. But that figure remains below its pre-sanction highs as exports to Europe dried up and pipeline projects faced delays. Moscow has attempted to pivot to Asian markets, but logistical and political hurdles have slowed progress. Other top producers include: Iran and Qatar, which remain vital players in the Middle East, producing around 25 and 17 Bcf/d, respectively. China, whose domestic gas output has doubled over the past decade, now stands at 23 Bcf/d—an impressive feat as the country pushes to displace coal with cleaner-burning alternatives. Australia, at 14 Bcf/d, has carved out a global leadership role in LNG, although future growth may be constrained by aging fields and regulatory pressure. Africa's contributions are modest in comparison. Algeria leads the continent with 9.1 Bcf/d, followed by Egypt and Nigeria. Infrastructure bottlenecks and underinvestment have limited the continent's broader potential. Notably, over the past decade, more than half of global natural gas production growth has come from OECD countries, albeit production in the EU has declined by two-thirds. This underscores that despite a global push toward renewables, countries continue to seek flexible energy supplies that balance affordability with lower carbon intensity. Consumption: Asia Rises, OECD Stabilizes Global consumption of natural gas in 2024 hit an all-time high of 398 Bcf/d, more than double the level seen in 1990. Much of this growth has been driven by non-OECD nations—and especially Asia. The U.S. remains the world's largest consumer at 87 Bcf/d, accounting for about 22% of global demand in 2024. Russia is in second place at 46 Bcf/d, although growth has slowed over the past decade. China is third, with consumption more than doubling over the past 10 years to reach 42 Bcf/d. This reflects both rapid industrialization and government efforts to reduce air pollution by shifting growth away from coal. Other notable consumers include: Iran: 24 Bcf/d, largely for domestic use. Canada and Saudi Arabia: Around 12 Bcf/d each, largely for petrochemicals and power. Japan and Germany: Just under 9 Bcf/d each, with both showing signs of decline as efficiency measures and renewables gain ground. India: 6.8 Bcf/d, growing gradually, especially in fertilizer and power sectors. Regionally, Asia-Pacific has nearly caught North America in total consumption. As of 2024, the region accounts for 23.6% of global demand—led by China, India, and Japan. OECD nations still make up over 43% of the total but there has been essentially no overall growth there since 2018. Even Africa, long a minor player in gas demand, is beginning to scale. Countries like Algeria and Egypt are seeing stronger growth, both due to improved energy access and the local development of gas resources. The data tells a compelling story: over the past decade, 74% of the 70 Bcf/d in global demand growth came from non-OECD nations—a reversal from the early 2000s when the developed world drove expansion. LNG: The Real Game-Changer If there's one segment that has transformed global gas dynamics in the past decade, it's liquefied natural gas. In 2024, global LNG exports hit nearly 546 billion cubic meters—or roughly 53 Bcf/d—tripling since 2010. The United States now leads the world in LNG exports, shipping more than 11 Bcf/d in 2024. Just 15 years ago, the U.S. was building LNG import terminals. Today, it's not only energy self-sufficient, but also helping allies diversify away from Russian supply. Qatar, the long-time global leader, is now second at 10.3 Bcf/d. While its export volumes have plateaued, Qatar is investing heavily in capacity expansion and could reclaim its crown in coming years. Australia is close behind, also at 10.3 Bcf/d, but faces declining output from mature fields. Other notable exporters include: Russia: 4.3 Bcf/d of LNG exports—limited by sanctions and slow infrastructure development. Nigeria and Algeria: The backbone of Africa's with 4.9 Bcf/d of LNG exports between them. Malaysia, Indonesia, and Brunei: Significant Asia-Pacific suppliers, though overshadowed by newcomers. Papua New Guinea: A rising player, with over 1.1 Bcf/d in LNG exports despite only recently entering the market. Trinidad & Tobago: The Caribbean's major LNG supplier, though its output has declined from previous highs. Europe remains mostly a consumer of LNG rather than a supplier. Norway contributes modestly, while the rest of the continent plays a marginal role in exports. Perhaps the most important observation here is how the LNG trade has shifted from a few key producers to a broad mix of suppliers across five continents. That diversification has created a more liquid and flexible gas market. Looking Ahead: Natural Gas in a Decarbonizing World Despite widespread climate commitments, natural gas remains essential to global energy stability. Its role as a bridge fuel—replacing coal while enabling the growth of intermittent renewables—has only grown in recent years. Still, challenges remain. Price volatility, infrastructure constraints, and mounting regulatory pressure—particularly in Europe—are reshaping how gas is produced, moved, and consumed. The regulatory push toward carbon capture, hydrogen blending, and lower methane emissions will continue to evolve the landscape. But if the past decade is any guide, natural gas is far from becoming obsolete. It's global, flexible, and adaptable—and if anything, it has cemented itself as the quiet giant of the energy world. By Robert Rapier More Top Reads From this article on
