UK's Serica Energy trims 2025 production outlook amid Triton issues
April 1 (Reuters) - British oil and gas group Serica Energy (SQZ.L), opens new tab lowered its outlook for 2025 total production on Tuesday, pressured by production delays at its Triton floating production storage and offloading unit in the North Sea.
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Daily Record
21 minutes ago
- Daily Record
New call for full State Pension for half a million older people after Winter Fuel Payment U-turn
Around 453,000 pensioners are living in a country which does not have a reciprocal agreement with the UK Government. Pension Credit – Could you or someone you know be eligible? Earlier this week the UK Government announced Winter Fuel Payments will be reinstated for over 9 million pensioners later this year. The U-turn and Chancellor Rachel Reeves Spending Review on Wednesday have prompted calls from the 'End Frozen Pensions Campaign' for the annual State Pension uprating to be reinstated for around 453,000 retirees living in countries which do not have a reciprocal agreement with the UK Government. The campaign said it would cost the UK Government just under £60 million per year to end this 'historic wrong'. The policy, which prevents State Pensions from being increased annually - to counteract the impact of inflation for UK pensioners living in certain countries - means some are receiving as little as £60 per week, far below the current £176.45 rate for the Basic State Pension for those living in Scotland, England, Wales and Northern Ireland. John Duguid, Chair of the End Frozen Pensions Campaign, said: "The Government's U-turn on Winter Fuel Payments shows there is a common consensus that the most vulnerable in our society rely on such payments as essential lifelines during times of need. 'Victims of the Frozen Pensions scandal, who receive only a fraction of their full UK State Pension because they live in some countries overseas, should not be excluded from this rationale. Yet the Government's continued refusal to address this longstanding discrimination means they continue to suffer from often negligible levels of state support. 'These British pensioners, many of whom spent their working lives in the UK, receive on average just £60 per week compared to the more than £170 per week they would be entitled to in the UK, or a non-frozen country.' He added: 'Ending this historic wrong would cost just under £60 million per year. This would barely register in the overall State Pension budget. But this isn't only about cost, it is about the principle of treating British state pensioners fairly and equally. 'Similar to the Government's decision to reinstate Winter Fuel Payments, ending this scandal is the correct and morally just action to take. The Government should do right by those who paid fairly into the system, and ensure they have dignity in their retirement.' Last month, cross-party MPs united to intensify pressure on the UK Government over its refusal to reform the so-called 'frozen pensions' policy. Only British overseas pensioners living in specific countries - mostly within the Commonwealth - are impacted, in what Rebecca Smith MP described as "the ultimate postcode lottery'. Those in the USA see the same annual increase as British pensioners living in the UK or France, while those in Australia or Canada, see their State Pension remain 'frozen' and effectively fall in value. For example, 100-year-old Second World War veteran Anne Puckridge, who lived and worked in the UK until the age of 76 and served in all three of the RAF, Navy and the Army, has received just £72.50 per week since 2001, the year she moved to Canada to be nearer her daughter. Jim Shannon MP similarly questioned the logic of the policy applying in only some countries and not others, arguing 'the arbitrary distinction between countries with and without an operating agreement lacks logic and smacks of red tape and bureaucracy gone mad." The Minister for Pensions, Torsten Bell MP, was mostly notably challenged on the estimated cost of ending the policy, which is estimated at £60m per year - 0.04 per cent of the annual State Pension budget - rather than the £950m per year quoted by the Department for Work and Pensions (DWP). The difference explained by the fact the DWP are quoting for uprating and backdating payments to account for the years affected pensioners have been frozen. However, campaigners are instead asking to receive the annual increase from this point onwards. Douglas McAllister MP stressed that campaigners and supportive MPs are 'not seeking a full backdating, but for the Government to introduce some form of yearly indexing to answer that injustice'. Longterm critic of the policy Sir Roger Gale MP argued the policy is 'not a matter of cost. It is a matter of moral responsibility and duty.' The Minister was also reminded by a number of MPs that 'the vast majority of impacted pensioners still report having no knowledge of the policy's existence prior to moving overseas'. State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Fortnightly payment: £460.50 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Fortnightly payment: £352.90 Four-weekly payment: £705.80 Annual amount: £9,175 Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1% (the forecast was 4%) 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% Article continues below Recent analysis released by Royal London revealed only around half of people receiving the New State Pension last year were getting the full weekly amount - and around 150,000 were on less than £100 per week.
Reuters
an hour ago
- Reuters
Kenyan shilling slightly firmer in slow trade
NAIROBI, June 12 (Reuters) - Kenya's shilling was slightly stronger on Thursday in slow trade, traders said. At 0703 GMT commercial banks quoted the shilling at 128.90/129.40 per dollar, compared with Wednesday's close of 129.00/129.50.
Reuters
an hour ago
- Reuters
South African rand edges higher before mining data
JOHANNESBURG, June 12 (Reuters) - The South African rand edged higher in early trade on Thursday, ahead of the release of local mining output figures. At 0645 GMT the rand traded at 17.7150 against the dollar , up 0.2% on Wednesday's close. Statistics South Africa will publish April mining production numbers (ZAMNG=ECI), opens new tab, (ZAGLD=ECI), opens new tab at 0930 GMT. Production fell 2.8% year-on-year in March, and economists forecast a larger decline this time. Analysts polled by Reuters expect a 4.3% decline. South Africa's benchmark 2035 government bond was slightly weaker in early deals, as the yield rose 1 basis point to 10.11%.
