Bezos-backed firm to build nuclear fusion plant in UK June 17, 2021 A Canadian firm backed by Amazon founder Jeff Bezos will build its first nuclear fusion power plant in the UK, it was announced today. General Fusion will build the prototype facility at Culham in Oxfordshire, the home of the UK Atomic Energy Agency (UKAEA). Construction is anticipated to begin in 2022, with operations beginning approximately [...]
Khan’s ‘Streetspace’ appeal upheld in blow for London’s taxis June 16, 2021 Sadiq Khan has this evening won his battle against London’s cabbies over the controversial “Streetspace” scheme. The Court of Appeal has upheld the Mayor’s appeal against a High Court judgement which deemed that the programme, which is designed to encourage walking and cycling during the pandemic, was introduced unlawfully. In his appeal, Khan argued that [...]
Fed hints that interest rate rises will start in 2023 June 16, 2021 The Federal Reserve this evening indicated that its first post-pandemic interest rate hikes could come in 2023, sending Wall Street’s markets down. Although the US central bank kept its current interest rate at the lowest possible levels, the majority of the Fed’s officials predicted at least two 0.25 per cent rate rises in 2023. That [...]
CMA clears Issa brothers’ Asda takeover after accepting petrol station sale June 16, 2021 The UK’s competition authority has today cleared the way for the Issa brothers’ £6.8bn takeover of supermarket Asda after accepting their offer to sell off 27 petrol stations. The Competition and Markets Authority (CMA) had launched a probe into the deal in April due to fears that acquisition could increase petrol prices for motorists. The [...]
Goldman Sachs pushes back office return plans after government extends lockdown June 16, 2021 Goldman Sachs has pushed back plans to bring its UK staff back to the office after the government decided to extend the current Covid-19 restrictions for another month. The bank was preparing to bring staff back in June, but told workers overnight that it would delay its plans. A note to staff from Goldman Sachs [...]
Ford and Samsung among firms ‘in talks’ over UK battery gigafactories June 16, 2021 Ford and Samsung are considering building battery “gigafactories” in the UK as the government seeks to drive investment in the electric vehicle sector. The FT reported that ministers were in talks with six firms in total, including Nissan and South Korean electronics firm LG, over the locations of the new facilities, which are seen as [...]
Moody’s downgrades TfL’s debt, says pandemic damage ‘unlikely to be reversed’ June 15, 2021 Credit agency Moody’s has this evening downgraded Transport for London’s (TfL) debt, saying that the transport network’s finances have “been durably and materially weakened by the pandemic”. The ratings agency said that the government’s unwillingness to provide “clarity” on the operator’s long-term finances meant that “this erosion in its financial strength is unlikely to be [...]
SPAC boom sees US IPOs hit annual record with half a year to go June 15, 2021 The recent boom in SPAC listings has seen US IPOs already break their annual record, with the year not yet at its half way point. Data from financial services firm Dealogic found that so far this year, stock market floats in the US have raised $171bn, up from the previous record of $168bn, which was [...]
Rail industry puts service and job cuts on the line amid warnings that government support ‘not unlimited’ June 15, 2021 The rail industry is taking steps to trim services and cut jobs in a bid to save £2bn a year as it warned that the government’s current support for the sector was “not unlimited”. Since the beginning of the pandemic in March last year, ministers have spent over £10bn – £800m per month – propping [...]
Construction of North Sea Link cable completed ahead of October power-up June 15, 2021 Construction work on the world’s longest subsea electric cable has now been completed, the National Grid announced today. The final segment of the 450 mile-long North Sea Link (NSL), which connects Blyth in Northumberland to the Norwegian village of Kvilldal, has now been laid. When it begins operating on 1 October, the interconnector will provide enough power [...]
