Spain's Enagas swings to first-half net profit
In the same period last year, the company had a loss of 211 million euros, dragged by a capital loss on the sale of an asset in the U.S.
The company said it is on track to achieve its profit target for the year.
($1 = 0.8558 euros)
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The Independent
2 hours ago
- The Independent
Councils set for windfall under new recycling scheme
English councils are poised to receive a substantial £1.1 billion in recycling funding, sourced directly from fees levied on companies for the packaging they produce. This marks a significant shift from the current system, where local authorities have historically shouldered the cost of disposing of items like milk bottles and cereal boxes, funded by taxpayers. The new Extended Producer Responsibility (EPR) scheme, set to come into force this year, will mandate businesses to contribute financially towards the recycling of their packaging. Companies will begin paying these fees from November, with charges varying based on how difficult the material is to recycle. It is anticipated that this initiative will incentivise businesses to reduce their packaging use, transition to more easily recyclable materials, and invest in circular economy innovations. Ultimately, the goal is to significantly cut the volume of waste sent to landfills or incinerators. The Environment Department (Defra) expects to collect £1.4 billion in EPR fees over the coming months, guaranteeing £1.1 billion of this sum for English councils in the 2025/26 financial year, regardless of the final collection total. The further £300,000 is expected go to the UK's devolved authorities to allocate to councils. Councils will be able to choose how to spend the funding, such as offering local residents more streamlined collections, building new infrastructures or upgrading facilities. Environment Secretary Steve Reed said all councils must use the funding to deliver improved packaging waste collection services for their communities. The scheme's administrator PackUK has been given powers to reduce future funding allocations if evidence shows a council has funnelled it towards other purposes. More widely, the Government hopes the scheme will help to unlock regional growth, create new green jobs and boost household recycling rates which have seen little improvement over recent years. It pointed to projects such as waste management firm Veolia's facility in Southwark which handles and processes materials collected from homes and sends them to be turned into new products. Environment minister Mary Creagh said: 'This Government is cleaning up Britain and ending the throwaway society. She added that the money 'will revolutionise how we deal with our waste and ensure more of today's rubbish is recycled into tomorrow's packaging'. Local government minister Jim McMahon said: 'Clean and tidy streets are something everyone wants to see, and these commonsense reforms will help councils achieve that. 'Whether it's channelling more money into recycling or reforming the outdated funding system, we are fixing the foundations of local government so that it can focus on what matters most to people across the country.' Jacob Hayler, executive director of the Environmental Services Association, said: 'Our members stand ready to invest billions, alongside local authority partners, in the next generation of recycling services, infrastructure and jobs, which will provide a rapid boost to England's stalled recycling rates. 'The new producer responsibility regime for packaging, alongside other measures to simplify recycling services, will unlock this investment and support our ambition to achieve a circular economy in the United Kingdom over the next decade.' Jim Bligh, the Food and Drink Federation's director of corporate affairs and packaging, said: 'This announcement is welcome news for both industry and consumers, coming just before producers receive their first invoices for EPR. 'It marks a vital step towards delivering the improvements in the UK's recycling system that we all want and need.' Adam Hug, environment spokesperson for the Local Government Association, said: 'It's positive to see the costs of managing packaging waste shift to the industry creating this waste. 'Councils are proud to run some of the best recycling services in the world, with high levels of public satisfaction despite significant financial pressures. 'This success is built on council's local knowledge and strong links with communities, and we hope the new scheme will support that work and help reduce the amount of packaging ending up in household bins.' The EPR scheme comes as part of wider Government efforts to boost the circular economy, which also include the delayed deposit return scheme that provides a financial incentive to customers to return empty drinks containers to collection points. The Circular Economy Taskforce is also working with sectors to create a series of roadmaps to improve the approach to using materials.
Reuters
3 hours ago
- Reuters
PagerDuty exploring potential sale after receiving buyer interest, sources say
NEW YORK, July 25 (Reuters) - PagerDuty (PD.N), opens new tab is exploring options, including a potential sale of the U.S.-based software maker, after receiving inbound acquisition interest, people familiar with the matter said on Friday. The company is working with Qatalyst Partners on the sale effort, after attracting interest from both financial sponsors and strategic acquirers. The investment bankers are now soliciting possible further buyer interest in PagerDuty, with this process at an early stage, the sources added. Shares in PagerDuty jumped more than 10% on the news, giving the company a market value of around $1.5 billion. The sources cautioned that a sale of the company was not guaranteed and spoke on condition of anonymity to discuss private deliberations. PagerDuty and Qatalyst Partners did not immediately respond to requests for comment. San Francisco, California-based PagerDuty makes software that helps businesses monitor their IT systems and respond to cyber incidents and outages. Some of its customers include Cisco Systems (CSCO.O), opens new tab, Fox Corp (FOXA.O), opens new tab, Shopify ( opens new tab, Zoom (ZM.O), opens new tab, and the New York Stock Exchange, according to the company's website. This is not the first time the company has explored a sale, per the sources, with a similar effort in late 2023 failing to yield an agreeable offer from a buyer.
Times
3 hours ago
- Times
Tom Hayes has industry ban dropped after rate-rigging appeal
Britain's financial regulator has ended its attempt to ban Tom Hayes from working in the financial services industry after the Supreme Court overturned a conviction of the former star trader associated with the Libor rigging scandal. The Financial Conduct Authority said on Friday that it would take no further action against Hayes, 45, the first trader ever jailed for interest rate rigging. The regulator also said that it would end a trading ban it previously imposed on Carlo Palombo, 46, a former Barclays trader who was separately sent to prison in 2019 following a trial for manipulating Euribor, another rate. Both former traders had their convictions overturned this week. • Love, Libor and loss: the Kafkaesque ordeal of Tom Hayes The UK Supreme Court unanimously allowed Hayes's appeal on Wednesday, quashing his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate. Hayes, a former star trader at UBS and Citigroup, became the face of the affair when in 2015 he was sentenced to 14 years, reduced to 11 on appeal, after being convicted of rigging Libor. He spent about five and a half years in prison and had fought over the past decade to clear his name. Palombo was sentenced to four years in 2019 for manipulating Euribor and left prison in 2021. 'I always believed that it would happen,' Hayes said after the Supreme Court overturned his conviction. 'This wasn't a gamble for me.' The court quashed the conviction after deciding that the judge who presided over his trial misdirected the jury about a central element of the case. The judge had incorrectly said the jury was not allowed to consider commercial interests in the submissions, the Supreme Court said, and that 'undermined the fairness of the trial'. The traders argued that they were wrongly prosecuted for what were normal commercial practices in order to appease public anger towards the banking system over the 2008 financial crisis. The FCA had sought to ban Hayes from trading but the ban was postponed after the regulator was ordered by the Upper Tribunal to stay its move. The regulator said it was ending action against Hayes and overturning a ban on Palombo because the overturned convictions formed the basis upon which the regulator took its action.
