News in brief: E.ON ups gas and electricity bills, Babcock takes Randall on board, Lloyds cuts losses on Irish mortgages
Energy giant E.ON today hit customers with an average £48 price increase on annual gas and electricity bills for more than 4 million households.
The German-owned utility is the last of the Big Six suppliers to push through a winter rise and said it was “working hard to limit the impact on its customers” by announcing a lower average rise – at 3.7% — than any other major supplier. The changes come into force on January 18.
Babcock takes Randall on board
Jeff Randall, the Sky business news presenter, is to join the board of FTSE 100 defence and engineering form Babcock International.
Randall will become a non-executive director from next April after leaving Sky in March and will also sit on Babcock’s remuneration, nomination and audit and risk committees. Chairman Mike Turner said he would bring a “fresh and distinctive perspective to our proceedings.”
Lloyds cuts losses on Irish mortgages
Lloyds Banking Group has sold a loss-making portfolio of Irish mortgages as part of the continuing shrinking of its balance sheet.
The residential mortgages have a gross value of £610 million and produced losses of £33 million last year. It portfolio is being bought by private equity firm Apollo Global Management for £257 million cash. Lloyds said the deal would not have a material effect on its balance sheet.
