Drax assessing coal plant options after legal challenge February 3, 2020 Drax will not bid for capacity market contracts for its proposed new gas power plant in North Yorkshire until the outcome of a legal challenge against the project is known. The National Grid uses capacity market contracts to ensure there will be sufficient energy on the grid to offset periods of stress caused by the [...]
Pound sinks as Boris Johnson warns of hard Brexit February 3, 2020 The pound has sunk in early trading today ahead of a Boris Johnson speech in which the Prime Minister is expected to demand a looser trade deal with the EU that could spell a hard Brexit. Sterling fell over one per cent against the dollar to $1.3069 ahead of the Prime Minister’s speech. Johnson is [...]
Oil prices waver as Opec mulls further production cuts to offset coronavirus impact February 3, 2020 Oil prices were largely steady today despite growing economic disruption from the coronavirus outbreak amid rumours that producer cartel Opec is considering even deeper cuts to oil output. Brent crude fell 0.2 per cent to $56.49, whilst West Texas Intermediate showed a small gain of 0.4 per cent to reach $51.74. Last week prices fell [...]
FTSE 100 opens higher despite market chaos in China February 3, 2020 The FTSE 100 and other European stock markets have opened slightly higher, despite China’s Shanghai index plunging almost eight per cent over the coronavirus outbreak. The UK’s blue-chip index had climbed 0.3 per cent by 8.30am, Germany’s Dax was also 0.3 per cent higher, while France’s CAC 40 had risen 0.2 per cent. Europe’s gains [...]
Chinese stocks plunge as coronavirus fears rattle markets February 3, 2020 Chinese stocks have plunged in the first day’s trading since the Lunar New Year holiday, suffering their worst opening since the financial crisis in 2007 amid growing fears about the effects of coronavirus on the economy. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks had fallen 7.9 per cent by 7.15am UK time, having [...]
Markets must wake up to the risks of the coronavirus February 3, 2020 It is still too early to be certain on the relative infectiousness or mortality rate of the new coronavirus. Nevertheless, there have been close to 10,000 confirmed cases, and 40m people in China are currently facing travel restrictions. The virus has now spread to 23 territories, including the UK, where two cases were confirmed last [...]
Ofgem publishes new plan for net zero Britain February 3, 2020 Ofgem has today published a new plan to decarbonise the UK’s energy system in order to meet emissions targets by 2050. The “Decarbonisation Action Plan” sets out nine actions that the energy industry must put into practice in order to ensure that the UK’s energy networks can deliver net zero. Central to the plan is [...]
London retains crown as top renminbi hub as trading hits record levels February 3, 2020 London has retained its position as the leading hub for trading the renminbi outside of greater China, with cross-border trading of the Chinese currency hitting record levels. Nearly 3 trillion yuan (£328bn) was cleared by the UK’s designated renminbi clearing bank between September and November last year. This represents a year-on-year increase of almost 23 [...]
BP faces calls to link bonuses to climate change action February 2, 2020 Investors are calling on oil giant BP to make performance on tackling climate change a key element in its bonus structure amid increasing concerns about companies’ response to the climate crisis. The bonuses of around 36,000 staff are already linked to plans for reducing emissions, but investors are now calling for more rigorous targets, potentially [...]
Global markets hit by coronavirus fears as investors look to haven assets February 1, 2020 Global equity markets suffered their biggest weekly and monthly losses since August on Friday. Investors have turned to safe-haven assets such as the Japanese yen, Swiss franc and gold, as the coronavirus continues to spread. The virus, which originated in China, continues to reach new countries, including the UK. More than 250 people have died [...]