Scottish Power fined further £18m

Energy firm Scottish Power have been ordered to pay an £18 million fine by regulator Ofgem.

A new computer system implemented several years ago led to 1 million complaints between June 2013 and December 2015. Ofgem said that the firm handled the situation inadequately, treating customers unfairly and poor complaint resolution.

The latest fine will send Scottish Power’s compensation total up to £48 million in total, after several separate fines for the same issue last year. The £18 million will go to vulnerable customers and charity.

Ofgem chief executive Dermot Nolan said “The £18m payment sends a strong message to all energy companies about the importance of treating consumers well at all times, including while new systems are put in place.”

Low oil prices impact BP profits

Rock bottom oil prices have impacted heavily on oil giant BP (LON:BP), who sunk to a $485 million loss for the three months to March.

The loss is compared to a $2.1 billion profit for the same period last year, but an improvement on the $2.2 billion loss for the three months to December.

Low oil prices had an effect, as did the $917 million charge for the 2010 Gulf of Mexico spill.

The results were better than expected however, pushing share prices up 3.83 percent to 374.20 (1019GMT).

FTSE rises on earnings reports

The FTSE opened higher this morning after results from British companies such as Whitbread pushed the market up.

Whitbread, owner of both the Costa Coffee and Premier Inn hotel chains, reported a rise in profits and saw share price rise 3.3 percent.

The FTSE is currently up 0.42 percent at 6287.68 (1025GMT).

26/04/2016