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Plans to split UK market into energy pricing zones dropped

Plans to split UK market into energy pricing zones dropped

Yahoo2 days ago
The Government will not split the country into different energy pricing zones but instead reform the existing national pricing system.
The Energy Secretary had been considering proposals for zonal pricing that would see different areas of the country pay different rates for their electricity, based on local supply and demand.
But the Government has now decided to retain a single national wholesale price.
Energy Secretary Ed Miliband said: 'Building clean power at pace and scale is the only way to get Britain off the rollercoaster of fossil fuel markets and protect families and businesses for good.
'As we embark on this new era of clean electricity, a reformed system of national pricing is the best way to deliver an electricity system that is fairer, more affordable, and more secure, at less risk to vital investment in clean energy than other alternatives.'
Energy business SSE said the move provided 'much-needed policy clarity' for investors and consumers.
Martin Pibworth, chief executive designate of SSE, said: 'This decision brings welcome clarity and enables us to get on with investing in and delivering critical clean energy infrastructure, in doing so transforming our energy system and supporting the UK Government's bold ambitions for clean power by 2030.
'Zonal pricing would have added risk at a time when the UK needed to accelerate its clean power transition, making energy bills more expensive. This decision reaffirms the UK as a world-leading renewables market, enabling the efficient delivery of the homegrown energy the country needs.'
Gareth Stace, director-general at UK Steel, said the industry was pleased the Government had heeded warnings and ruled out the 'risky' proposal.
'Zonal pricing would have penalised existing industrial sites, driving up electricity prices, further damaging our ability to thrive, foster jobs, and undermining much needed investment in steelmaking.
'Electricity prices for the UK steel sector are among the highest in Europe. UK Steel warned that zonal pricing would have created a 'postcode lottery' for industrial power prices, conflicting with the Government's own ambition to reduce power costs for British industry.
'As the industry transitions fully to electric arc furnace technology, price competitiveness will become even more central to the sector's future.
'While today's decision provides clarity on the direction of electricity market reforms, the Government must ensure that the alternative to zonal pricing, reformed national pricing, supports rather than hinders industrial competitiveness.'
Centrica chief executive Chris O'Shea said it was a 'common sense decision' and that the 'theoretical benefits never stacked up against the real-world risks' in potential zonal pricing.
Ed Miliband's promise to cut bills by £300 was always a fantasy.
This is what happens when you set yourself impossible climate targets and ignore the costs.
In 2030 you'll be paying around £100 in your energy bill to pay wind farms literally to switch off when it's too windy. pic.twitter.com/LvrmNNqgX0
— Claire Coutinho (@ClaireCoutinho) July 10, 2025
Claire Coutinho, shadow secretary of state for energy security and net zero, said: 'Ed Miliband promised to cut energy bills by £300, but instead as I warned, bills are going up and it's increasingly obvious that this promise was a fantasy.
'The truth is that wind developers have Ed over a barrel because he set himself impossible wind targets, that means we'll be paying them billions of pounds extra, roughly £100 on bills by 2030, not to produce energy, but simply to turn off.
'Even Downing Street are waking up to the fact that Ed's net zero zeal is going to impose huge costs on bills and jobs as we lose businesses to more polluting countries with cheaper energy. That's bad for households, our economy and emissions.'
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Diginex Limited Announces 57% Increase in Revenues and Transformed Balance Sheet for Fiscal Year ended March 31, 2025
Diginex Limited Announces 57% Increase in Revenues and Transformed Balance Sheet for Fiscal Year ended March 31, 2025

Associated Press

time33 minutes ago

  • Associated Press

Diginex Limited Announces 57% Increase in Revenues and Transformed Balance Sheet for Fiscal Year ended March 31, 2025

LONDON, July 11, 2025 (GLOBE NEWSWIRE) -- Diginex Limited ('Diginex' or the 'Company') (NASDAQ: DGNX), a leading provider of Sustainability RegTech solutions, today announced its financial results for the fiscal year ended March 31, 2025. Fiscal Year ended March 31, 2025 Full-Year Highlights: Post Year End Strategic Highlights Management Commentary 'The year ended March 31, 2025 was a transformative period for the Company, marked by the successful completion of our IPO in January 2025, a 57% increase in revenues and strategic agreements signed during the fiscal year to boost future revenues and client acquisition with leading professional firms such as Russell Bedford International and Baker Tilly Singapore. During the year, we also enhanced our product offerings with the introduction of AI-powered compliance solutions, delivering features such as multi-variant drafting, automated risk reduction, future-proofing for evolving regulations, and improved scalability for users of our Sustainability SaaS reporting platform, diginexESG,' said Mark Blick, Chief Executive Officer of Diginex Limited. 'We achieved overall revenue growth, driven in part, by a significant licensing agreement and ongoing demand for our core ESG reporting and supply chain risk management products. At the same time, we deliberately shifted resources to accelerate the development of diginexESG and diginexLUMEN, which positions us well for long-term growth and recurring revenues at the expense of revenues from one-off mandates via customization projects.' 'We also maintained a disciplined approach to cost management. While general and administrative expenses increased year on year, this was primarily due to IPO related professional fees and the fair value adjustment related to the issuance of preferred shares under an anti-dilution clause following an $8 million capital raise in May 2024. We did, however, achieve cost reductions in employee benefits, IT development and maintenance costs, while continuing to deliver on our product road map, and other discretionary spending. These actions demonstrate our commitment to building a sustainable business model and cost structure that supports future profitability while continuing to fund strategic priorities.' 'We're also excited to have signed a memorandum of understanding on March 17, 2025, to pursue a dual listing of our ordinary shares on the Abu Dhabi Securities Exchange,' said Mr. Blick. 'This planned listing is intended to increase exposure of Diginex to regional and international investors, strengthen our relationships in the Gulf Cooperation Council ('GCC') region, and support Abu Dhabi's strategic focus on sustainable finance. We believe this step aligns with our long-term commitment to expand our global presence.' The memorandum of understanding also contemplates a planned capital raise of up to USD$250 million focused on large institutional investors based in the GCC and a strategic alliance to support business growth in Abu Dhabi and the surrounding GCC region.' 'Importantly, we are advancing our strategy to strengthen and diversify our technology and data capabilities through targeted acquisitions,' continued Mr. Blick. 'Following the close of the fiscal year ended March 31, 2025, we signed two memoranda of understanding to acquire Resulticks and Matter, subject to definitive agreements. These transactions, if completed, would meaningfully expand our AI-driven data management and sustainability analytics capabilities globally, supporting our vision of delivering integrated, high-value solutions to clients worldwide. While both agreements remain subject to due diligence, negotiation and finalizing definitive terms, they demonstrate our commitment to disciplined, strategic growth through carefully selected acquisitions. We see powerful synergies with Resulticks in targeted sustainability marketing at scale, bringing in Matter's sustainability data for company benchmarking and supply chain due diligence through diginexLUMEN, and the provision of AI enabled sustainability reporting capabilities with diginexESG.' 'Looking ahead, we have reason for optimism as our Company is on the leading edge of fundamental changes in the data industry that will drive future growth. We remain committed to investing across the Diginex platforms, enhancing our global market presence both organically and through acquisitions, and managing our operations with discipline to deliver long-term value to our shareholders,' Mr. Blick stated. Revenues For the fiscal year ended March 31, 2025, total revenue increased by $0.7 million to $2.0 million, compared to $1.3 million in the prior year. The increase was primarily attributable to a $0.9 million license fee from the granting of a non-exclusive right to distribute a white-label version of diginexESG. Excluding this transaction, revenue from software subscriptions and licenses remained stable at $0.4 million for the year. Subscription and license fees are generated from sales of diginexESG and diginexLUMEN. Revenue from advisory fees increased modestly to $0.3 million, reflecting an improvement of $0.1 million compared to the prior year. Advisory services includes projects such as developing ESG strategies, conducting ESG materiality assessments or conducting training sessions on a range of ESG topics. The increase in total revenue was partially offset by a decline in revenue from customization projects, which decreased by $0.3 million to $0.4 million for the fiscal year ended March 31, 2025. This reduction was an expected outcome of the Company's strategic decision to allocate more resources to the development and expansion of diginexESG and diginexLUMEN, leading to a temporary reduction in the acceptance of customization projects. 'We are focused on building long-term, sustainable growth across all of our service lines,' said Mr. Blick. 'This year's results highlight the strength of our core subscription business and our ability to unlock additional revenue opportunities through strategic agreements and licensing agreements.' General and Administrative Expenses For the fiscal year ended March 31, 2025, general and administrative expenses increased by $1.0 million to $10.3 million, compared to $9.3 million in the prior fiscal year. This increase was primarily driven by higher professional fees associated with the Company's IPO and a share-based payment expense related to preferred shares issued under an anti-dilution clause triggered by a capital raise completed in May 2024. These higher costs were partially offset by reductions in employee benefits, IT development and maintenance support, while continuing to deliver on our product roadmap, and audit fees. Employee benefits decreased by $0.2 million which was the result of reduced costs associated with the fair value of employee share options granted to employees of $0.5 million and a partially offsetting increase in salaries of $0.3 million. Headcount at March 31, 2025 was 32 and included 23 employees and 9 contractors compared to a headcount of 29 at March 31, 2024, which included 22 employees and 7 contractors. Balance Sheet Highlights At March 31, 2025, net assets of $4.6 million represented a transformation and significant improvement from net liabilities of $23.0 million at March 31, 2024. The improvement was driven by the capitalization of shareholder loans and advances, convertible loan notes and redeemable preferred shares. The capitalization events were triggered by the IPO. The Company's cash position of $3.1 million at March 31, 2025, is also higher than the $0.1 million of cash reported at March 31, 2024. The balance sheet at March 31, 2025, held no interest-bearing debt instruments. 'The strengthening of our balance sheet following our IPO marks an important milestone for the company,' concluded Mr. Blick. 'This enhanced financial position gives us the flexibility to invest in growth, pursue strategic initiatives, and deliver sustainable value to our shareholders. We remain committed to disciplined capital management as we expand our operations, strengthen key partnerships, and execute on our long-term vision to drive innovation and create a lasting impact in our industry.' About Diginex Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex's products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. The award-winning diginexESG platform supports 19 global frameworks, including GRI (the 'Global Reporting Initiative'), SASB (the 'Sustainability Accounting Standards Board'), and ISSB (IFRS Sustainability Disclosure Standards). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service. For more information, please visit the Company's website: Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as 'approximates,' 'believes,' 'hopes,' 'expects,' 'anticipates,' 'estimates,' 'projects,' 'intends,' 'plans,' 'will,' 'would,' 'should,' 'could,' 'may' or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company's filings with the SEC. Diginex Investor Relations Email: [email protected] IR Contact - Europe Anna Höffken Phone: +49.40.609186.0 Email: [email protected] IR Contact - US Jackson Lin Lambert by LLYC Phone: +1 (646) 717-4593 Email: [email protected] IR Contact - Asia Shelly Cheng Strategic Financial Relations Ltd. Phone: +852 2864 4857 Email: [email protected]

Bradford Council has 'nothing to hide' in grooming enquiry
Bradford Council has 'nothing to hide' in grooming enquiry

Yahoo

timean hour ago

  • Yahoo

Bradford Council has 'nothing to hide' in grooming enquiry

BRADFORD Council has 'nothing to hide' and will fully co-operate with a national review into grooming gangs, councillors have been told. This week, the Council met for the first time since the announcement of a national review into grooming was announced by Government. At the meeting, both the Conservative and Labour groups put forward motions supporting the national review. Before the motions were debated, Bradford Council Leader Susan Hinchcliffe assured councillors that the authority would co-operate fully with the review, and hand over un-redacted documents. In a question and answer session, Liberal Democrat Leader on the Council, Brendan Stubbs highlighted news articles on reports into grooming incidents in Greater Manchester being heavily redacted – and fears that this could hinder the national review. Cllr Stubbs said: 'Can you assure us that Bradford Council will only redact what is totally necessary and not hinder victims from getting the justice they deserve?' Cllr Hinchcliffe said: 'Given our history on this subject we've been very open on it over the years. Anyone coming in can see whatever we've been doing. I sent all reports we've done unredacted to the Home Secretary, so we've got nothing to hide here.' Presenting the Conservative motion, Conservative Leader Rebecca Poulsen said: 'Sadly for decades the abuse and rape of children, many of whom were in the care of the local authority has gone on, with many who should have been protective turning their backs or being unwilling to prevent the abuse to them. 'Social workers, police, children's home staff, many people who should have believed victims let them down. Many children were blamed and called child prostitutes. It is truly appalling. "Some stepped up when they saw what was happening like Ann Cryer, the MP for Keighley and Ilkley, but she was vilified and called a racist by the Labour party for raising this.' She pointed out that current Keighley MP Robbie Moore has called for a national enquiry for years, but that both the Labour leadership in Bradford Council and West Yorkshire Mayor Tracy Brabin had said it was not needed. Referring to the fact that the Council has said it will support the recently announced inquiry, Cllr Poulsen said: 'About time. We welcome your U turn, but you have broken your trust with the victims I have spoken to. I welcome the U turns, but what message does it send to the victims?' Councillor Rebecca Poulsen (Image: T&A) She said it was clear that men of Asian ethnicity were 'overrepresented' in grooming cases, according to the review. Her motion called for Bradford to support the enquiry in any way it could. Council Leader Susan Hinchcliffe said: 'Child sexual exploitation is a terrible crime and has a long lasting impact on its victims. 'Anyone who has spoken to victims know how appalling and brutal the perpetrators are. The victims should have been protected and loved, not tortured in this way.' She said it was clear they had been let down, because this was the finding of numerous reviews on this issue that had been published by the Council. Cllr Hinchcliffe added: 'These reviews made for stomach churning reading.' She told members the way the Council and police dealt with CSE was now vastly different from a few years ago. Cllr Hinchcliffe said the Conservatives like carrying out reviews but 'then don't do anything with their findings.' She was referring to the Jay report into grooming, which cost over £184m over seven years. One of the recommendations of that report were implemented by the previous Government. She said: 'We've apologised for what happened in the past and I have apologised on behalf of people in the chamber now and previously, because it wasn't the people that you see here who were in charge at that time – I think you know full well Cllr Poulsen that we all bear responsibility for the past, and its beholden on all of us to not bring politics into this. 'Never in all the years I have been leader have I been asked by any Councillor to cover up such a crime, all communities condemn this crime.' Deputy leader Councillor Imran Khan said: 'There is a no more abhorrent crime that we will ever talk about in this Council chamber. 'Every community finds this crime abhorrent.' Councillor Ralph Berry (Lab, Wibsey) is one of the longest standing councillors in the chamber. He said he was a probation officer in family courts in the past. He said: 'The terminology people would use in the past would turn your stomach.' He said in the past he had sat in meetings where police spoke about children who are now considered victims 'making choices.' Things were now taken much more seriously by police, he said.

Italy's Dexelance Agrees to Take a Majority Stake in Design Retailer Mohd for 44.3M Euros
Italy's Dexelance Agrees to Take a Majority Stake in Design Retailer Mohd for 44.3M Euros

Yahoo

time2 hours ago

  • Yahoo

Italy's Dexelance Agrees to Take a Majority Stake in Design Retailer Mohd for 44.3M Euros

MILAN — Furnishings, lighting and contract group Dexelance has entered into the world of omnichannel retail and distribution. On Thursday, the company said it agreed to buy 65 percent of Mohd's share capital for 44.3 million euros. Through the transaction, Dexelance, the first design firm to list its shares on the Milan Stock Exchange, has entered into a binding agreement to purchase 54 percent of the shares held by private equity firm the Quadrivio Group and a portion of the shares held by Mohd's founders, the Mollura family. More from WWD The 10 Best Nordstrom Anniversary Home Deals for Summertime Hosting in Style Brunello Cucinelli Expects Modest Profit Growth in 2025, Sees Sales Up 10 Percent in 2026 After Positive H1 Ulta Beauty Acquires Space NK as It Speeds Up International Expansion In its fiscal year 2024, Mohd reported revenue of about 70 million euros, Dexelance said. Mohd currently has about 100 employees, including a team of architects specialized in the design of environments and interiors, residences, offices, hotels and showrooms. The firm was founded in 1930 as a carpentry business and evolved in modern times into a physical and omnichannel hub for design. It sells design pieces from 500 top brands through its six showrooms, online boutique and its dedicated project design service. It also manages residential and contract projects worldwide. In October 2023, Dexelance opened its first U.S. flagship in New York City that hosts dedicated showrooms for Meridiani, Davide Groppi and — from May 2024 — Gervasoni. In the same year, it bought a majority share in Turri, a luxury furniture business founded in 1925 in Carugo near Lake Como, and last year increased its stake to 100 percent in lighting firm Axolight. In a statement, Dexelance chief executive officer Andrea Sasso was enthusiastic about acquiring the commercial operator with a global reach. 'We are acquiring one of the best Italian commercial operators in the design sector…capable of offering a unique and personalized experience to architects and end customers, with the aim to further enhance Mohd and offer a qualitative and personalized service to all types of clients, drawing on the expertise of its architects in order to optimize design and distribution, including through the digital channel,' Sasso said. The Mollura family is expected to remain at the helm of the company. The transaction is expected to be finalized by the end of 2025. Dexelance, which listed its shares on the Milan Bourse in 2023, has been eyeing acquisitions worldwide. Earlier this year, the Milan-based group acquired a majority stake in Roda Group, which owns luxury outdoor furniture-maker Roda. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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