Hinkley Point C and HS2 contractor Laing O’Rourke today announced fresh delays in filing its accounts. In December, the firm – which employs 15,000 people – said it would breach Companies House deadlines but pledged to have financial statements lodged by the end of January. But today a spokesperson for Britain’s biggest privately-owned contractor said: “Our anticipated filing of the accounts this week has not been achievable.” Former business secretary Vince Cable, who earlier this month said Laing O’Rourke’s accounting delays were “greatly concerning”, today urged auditors PwC to go through the contractor’s finances “with a fine tooth comb”, adding: No auditor wants to have failed to spot the next accounting problem in the construction industry. Again, though, this highlights the financial pressures on a low margin sector.
City AM 30th Jan 2018 read more »
China General Nuclear Power Corporation (CGN), a major Chinese nuclear power operator, said Wednesday that nuclear projects in Britain were proceeding well. He Yu, chairman of the board of CGN, said since the deals were inked in 2016 with French energy company EDF and the British government, CGN has invested 1.7 billion British pounds in order to advance the projects. CGN signed agreements in 2016 for Hinkley Point C (HPC), a nuclear project in Somerset, and a suite of agreements relating to the Sizewell C (SZC) in eastern England and Bradwell B projects (BRB) in Essex. “A total of 15 Chinese suppliers and contractors have passed a preliminary qualification assessment for the HPC project,” He said. “HPC, which is Britain’s first new nuclear power station in a generation, is the largest construction in Europe.”
Xinhuanet 1st Feb 2018 read more »
Notable Chinese investments in Britain include the Hinkley C nuclear power station which is being built by China General Nuclear Power Corp and the British arm of France’s EDF (EDF.PA), while British firms, such as Rolls Royce (RR.L), have won large deals from Chinese firms to supply items like plane engines. Both May and senior Chinese officials have restated their commitment to the “golden era” in ties but a row over May’s decision to delay approval for the Chinese-funded Hinkley nuclear plant in late 2016 chilled relations. However, Britain was the first Western country to sign up to the China-backed Asian Infrastructure Investment Bank and it sent Finance Minister Philip Hammond to a Beijing summit last year about President Xi Jinping’s flagship ‘Belt and Road Initiative’ – a trillion-dollar infrastructure-led push to build a modern Silk Road.
Reuters 31st Jan 2018 read more »
China and Britain should enhance connection of development strategies and deepen co-operation in areas such as finance, nuclear power, and investment, Xi Jinping told Theresa May.
China Daily 2nd Feb 2018 read more »