Water companies benefits £410m from tax - NAO

The National Audit Office (NAO) said water companies in England and Wales had benefited from tax cuts and cheaper finance costs over the past five years.

However, customers' bills had not fallen because Ofwat had not properly "balanced the risks" between water companies and consumers, the NAO said.

water company

Ofwat rejected criticism of its price control regime.

The NAO estimated that between 2010 and 2015, water companies gained £410m from lower corporation tax rates and a further £840m from lower than expected interest payments.

Over the same period the companies absorbed costs and provided water bill discounts worth up to £435m, leaving them with a net gain of £800m.

'Certainty'

Do You Want The Job -- Or Just The Paycheck?

Our local bookstore needs summer help. I know that because a sign in the front window encourages teens to apply for the opportunity to be "junior booksellers." 

 

Ellen Kullman, the chair and CEO of DuPont, periodically needs new people to serve on the board of her $35 billion company. I know that because she gave a speech yesterday at Stanford, talking about how to size up potential directors. In case anyone is curious, DuPont discloses in its proxy that it pays its directors $230,000 a year.

Nigeria’s OTC Market to make Foray into Interest Rate Derivatives

Within the next five years, dealers in Nigeria’s Over-The-Counter (OTC) fixed income market will make their first inroads into interest rate derivatives deals, BusinessDay can disclose.

This finding follows recent moves by Nigeria’s OTC securities exchange (FMDQ) to commence on its platform, the trading on interest rate derivatives. The Self Regulatory Organisation (SRO) had already commissioned a feasibility study towards the introduction of interest rates and currencies derivatives products within the five-year period (2015-2019).

FirstBank’s N410bn earnings leads as Tier 1 banks results tumble in

Among Tier-1 Nigerian banks, First Bank of Nigeria Limited led others with N410.6 billion recorded in full year 2014 gross earnings, up by 21% year-on-year (y-o-y) against the 2013 level of N339.3 billion.

Recall that of  the bank’s rivals, GT Bank plc reported N278.520bn full year 2014 gross earnings; Zenith Bank plc reported N403.3bn gross earnings in same period; Access Bank plc recorded gross earnings of N245.1bn; United Bank for Africa plc reported N290.02bn gross earnings in full year 2014; while Stanbic IBTC Holdings plc recorded N130.6bn as 2014 gross earnings.