Wholesale gas prices in the UK more than doubled yesterday as the ‘Beast from the East’ hit the country. With freezing temperatures across Britain causing a spike in demand and raising fears of a supply shortage, wholesale prices reached their highest level in at least 10 years. Within-day prices rose 108% to 160p per therm, after hitting am earlier peak of 190p per therm. Day ahead prices were up 6p at 95p.
Toys R Us and Maplin have collapsed into administration on the same day. As 5,500 jobs hang in the balance, administrators still hope to sell all or part of the two firms, which have been hit hard by debts and competition from online retailers such as Amazon. In a tough period, the bedmaker Warren Evans has also folded, and retailers including Tesco, Sainsbury’s, Marks & Spencer, and Debenhams have announced significant job cuts.
Spotify has filed paperwork to start trading its shares publicly on the New York Stock Exchange. The company, which provides the world's biggest music streaming service, has valued its business at more than $23bn (£16.7bn). According to the filing, it earned €4bn in revenue last year, rising almost 40% from €2.95bn in 2016.
The boss of Unilever saw his pay package grow by 51% to £10.3m in 2017, notes The Guardian. According to the group’s annual report, Paul Polman’s pay deal included a £1m annual salary, £2m bonus and £6.4m in long-term bonus scheme shares. The firm also revealed that he is in line for a further rise in salary and potential bonuses as part of a wider overhaul of executive pay.
The UK car industry would be "hugely" damaged if Britain crashed out of the EU without a trade deal, according to a report from the Commons business, energy and industrial strategy select committee. Inward investments would be threatened and thousands of jobs put at risk in the scenario. Meanwhile, Toyota has appealed to the government to ensure "frictionless" trade with the EU after Brexit.
"Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way." Bill Gates, the former chief executive of Microsoft, is concerned by the anonymity offered by the cryptocurrency craze.
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