Wednesday newspaper round-up: Ryan Salame, Ocado, Shell

29th May 2024 07:17

(Sharecast News) - The next government should force all tradespeople who install home heat pumps, solar panels and insulation to sign up to a mandatory accreditation scheme to counter mistrust in the industry, a leading consumer group is demanding. A report from Which? found that households face "significant anxiety" in choosing tradespeople to fit low-carbon heating systems, such as heat pumps, and insulation after "press stories about poor work and rogue traders". - Guardian

A federal judge on Tuesday sentenced former FTX executive Ryan Salame to more than seven years in prison, the first of the lieutenants of failed cryptocurrency mogul Sam Bankman-Fried to receive jail time for their roles in the 2022 collapse of the cryptocurrency exchange. Salame, 30, was a high-ranking executive at FTX for most of the exchange's existence and, up until its collapse, was the co-CEO of FTX Digital Markets. He pleaded guilty last year to illegally making unlawful US campaign contributions and to operating an unlicensed money-transmitting business. - Guardian

Ocado is facing relegation from the FTSE 100 following a collapse in its share price, fuelling pressure on the company to consider abandoning London for New York. The London Stock Exchange said the technology company was likely to be kicked out of the blue-chip index in a quarterly reshuffle, after its valuation plunged from a peak of £22bn during the pandemic to just £3.6bn as of Tuesday. - Telegraph

Shell is preparing to axe staff in its offshore wind business, as chief executive Wael Sawan pursues a move away from renewables. The FTSE 100 oil giant is reportedly plotting the cuts after being hit by cost increases which have affected the entire offshore wind industry. They are expected to begin "within months" and will affect staff in Europe, according to Bloomberg. - Telegraph

A wind farm backed by SSE, the London-listed energy group, has been hit with the largest penalty to be issued by the energy regulator for overcharging bill payers to reduce its power generation. Beatrice Offshore Windfarm Limited (Bowl) has agreed to pay £33.1 million in redress after Ofgem found that it had charged "excessive prices" to lower its output. - The Times