UK ministers will today hail almost £10bn of investment promised by companies such as Iberdrola and Prologis as the start of global partnerships to support “green growth” in the British economy.
The series of investments in infrastructure, technology and energy have been pledged to coincide with a government-sponsored green summit that will bring together more than 200 of the world’s financiers and executives.
Iberdrola has committed £6bn via its UK subsidiary ScottishPower for an offshore wind development off the coast of East Anglia. This investment, which would create 7,000 jobs, is also subject to planning consent and a government subsidy contract.
Separately, the Treasury will provide £450m to encourage the installation of up to 90,000 electric heat pumps by homeowners over the next three years as part of Britain’s attempt to hit its 2050 net zero target.
Do you think overseas investment is the most effective way to fuel the economic recovery and develop green-focused technologies? Email me your thoughts at firstname.lastname@example.org. Thanks for reading FirstFT Europe/Africa. Here is the rest of today’s news — Jennifer
Five more stories in the news
1. Tether’s bitcoin-backed lending clashes with dollar promise A major customer said the company lends out new stablecoins in return for cryptocurrencies — a claim that calls further into question Tether’s founding promise that it uses only real dollars to issue its tokens.
- Elsewhere in crypto: France has used digital assets and blockchain technology in a series of bond transactions, marking one of the most significant trials to date of cryptocurrencies in a leading established market.
2. Rishi Sunak forwards case for tighter spending review The UK chancellor believes the spectre of rising interest rates has reinforced the argument for holding down public spending, as he enters the final haggle over three-year budgets with Whitehall departments. Andrew Bailey, Bank of England governor, on Sunday warned interest rate rises are on the way.
3. China’s magnesium shortage threatens global car industry The world’s largest carmakers could face a potentially crippling shortage of aluminium, as China’s power crisis threatens supplies of a key component used to make the lightweight metal.
4. US regulator releases GameStop report Nearly 900,000 individual accounts traded shares of GameStop in a single day after a 90-fold increase at the height of the “meme stock” craze, according to a report by the US securities regulator.
5. Former US secretary of state dies of Covid complications Colin Powell, who served as US secretary of state and was a high-ranking military leader, has died from Covid-related complications aged 84, his family said in a statement yesterday. Powell, who was fully vaccinated, was also suffering from the blood cancer multiple myeloma at the time of his death.
- Brussels is seeking to extend its relaxation of state aid rules beyond the end of the year, according to the Margrethe Vestager, the EU’s competition chief.
- Valneva’s Covid-19 vaccine elicits a stronger immune response with far fewer side effects than the Oxford/AstraZeneca jab, according to trial results.
- The UK competition regulator has launched legal action against the owner of Teletext Holidays in an attempt to force the travel company to refund customers whose getaways were cancelled during the pandemic.
- Scientists say a descendant of the Delta coronavirus, which is responsible for a proportion of cases in Britain, could be more infectious than the original.
The day ahead
Bitcoin ETF launches The first bitcoin-linked exchange trade fund is set to launch on the New York Stock Exchange today. ProShares fund will track the bitcoin futures market under the ticker BITO. (CNBC)
Russia hosts Afghanistan talks Officials from Russia, the US, China and Pakistan will meet to discuss the situation in Afghanistan, ahead of Russia’s talks with the Taliban this week. (Reuters)
Polish prime minister appears before EU parliament Mateusz Morawiecki is expected to reiterate his defence of Poland’s handling of rule-of-law issues in Strasbourg. Ursula von der Leyen, the European Commission president, is due to speak in the same debate.
Banca d’Italia and BoE joint research conference Bank of England governor Andrew Bailey is due to speak at the event on the macro-financial impacts of the net zero transition.
Wm Morrison shareholder vote Shareholders will vote on the takeover offer by Clayton, Dubilier & Rice. The company needs 75 per cent support for the CD&R deal to go through.
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What else we’re reading
João Lourenço pledges to end Angola’s economic ‘storm’ The oil-dependent economy, the second-largest producer in Africa, has become a byword for corruption and excess. Its president has introduced reforms and promised to restore social justice. But is Lourenço making progress?
Saudi Arabia kick-starts job market A growing number of women are taking up work in the conservative kingdom, a trend that has helped change the face of retail outlets and delivered one tangible success of Crown Prince Mohammed bin Salman’s ambitious economic reform plan, despite a wider crackdown on dissent that has swept up female activists.
Helping Big Tech workers blow the whistle From Watergate’s Deep Throat to Edward Snowden, whistleblowers have almost always been cast as principled loners who felt compelled to stand against the crowd. But a supporting cast of organisations, staffed by lawyers, researchers and publicists, has emerged to help them.
Patriotism is Boris Johnson’s last refuge The prime minister promised that his government would take the UK “towards a high wage, high skill, high productivity and . . . low tax economy”. But can he deliver? It is extremely unlikely, writes Martin Wolf. Hope is now being placed on the “Brexit dividend” of restricting immigration of low-skilled people.
Bangladesh PM: We need a global ‘climate prosperity plan’ Only a fraction of global warming can be attributed to Bangladesh’s carbon emissions. Even so, the nation is committed to finding a solution, writes Sheikh Hasina. “My country is investing for a zero-carbon future, but the world must commit at COP26 to make efforts like ours a success.”
With less than two weeks to go until the start of COP26 we would like to hear from our readers. Do you have a question for our environment correspondent Leslie Hook? Email your questions to email@example.com and we will publish Leslie’s answers in the run-up to the summit in Glasgow.
The fashion on Succession is well worth paying attention to. It quietly mirrors the Roy family’s delicious drama, giving a nod to who’s up and who’s down at any given moment.
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