Latest News And Breaking Headlines

FirstFT: UK energy groups feel the heat

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa or America edition to get it straight to your inbox every weekday morning

Good morning. Britain’s electricity producers will come under pressure from ministers to invest their “extraordinary profits” in new green energy projects, rather than pay out the windfall to shareholders.

Some have made huge profits from rising electricity prices that have risen in line with the rising cost of gas, even if the power they produce comes from renewables or nuclear power.

Chancellor Nadhim Zahawi today will keep alive the prospect of hitting generators with a windfall if they don’t invest their profits in renewable energy schemes. He has instructed officials to draw up a list of policy alternatives for who will become UK Prime Minister on September 5.

Zahawi and business secretary Kwasi Kwarteng will meet with generators including Centrica and RWE to discuss the energy crisis, including the rise in household bills, with the average annual gas and electricity bill expected to reach £4,420 in the spring – more than three times that. the level at the beginning of 2022.

Kwarteng has had officials work on a range of “reasonable worst-case scenarios,” including a potential shortfall in electricity supply to one-sixth of peak demand this winter, in case Russia cuts off gas to Europe.

Liz Truss, a forerunner to the Tory leadership, pledged yesterday to do everything she could to help households struggling with the cost of living, in what her rival Rishi Sunak described as a “big turnaround” from a major policy problem.

Thanks to the readers who filled out our poll yesterday. Seventy-two percent of respondents said outgoing Prime Minister Boris Johnson, Truss and Sunak should meet to agree on an emergency budget to deal with skyrocketing household bills. Here’s the rest of today’s news. — Jennifer

1. Credit Suisse Raises $400 Million SoftBank Dispute The Swiss lender has his legal battle intensified against the Japanese tech investor, because on behalf of its wealthiest clients, it wants to recover hundreds of millions of dollars that it had lent through the defunct Greensill Capital.

2. Disney adds 14.4 million streaming subscribers Walt Disney defied concerns about an industry slowdown by add subscribers to the Disney Plus service in the last quarter, bringing the total number of paying customers to 221 million. But the media group cut its long-term guidance over the loss of rights to stream Indian Premier League cricket matches.

3. Elon Musk sells nearly $7 billion in Tesla stock ahead of lawsuit with Twitter The Tesla CEO has taken advantage of a recent rebound in the electric car maker’s share price to sell $6.9 billion worth of shares since late last week, according to regulatory filings.

4. UK offers ‘urgent’ polio vaccine booster to London children aged 1-9 The Health Security Agency said the move would help bolster protections against polio-related paralysis and interrupt the transmission of the virus that sewage surveillance says is prevalent in parts of the capital.

5. Donald Trump Calls for the Fifth Inquiry in New York State The former US president declined to answer questions yesterday during a statement in a New York state investigation into his companies, invoking his constitutional right against self-incrimination amid mounting legal difficulties.

the next day

Russian Crude Oil Restored to Southern Druzhba Pipeline Hungarian energy company MOL has paid oil transit fees to Ukraine on behalf of a Kremlin-controlled company to restart oil flows. The Energy Information Administration and OPEC also publish their monthly oil market reports.

Timothy Schools Conviction A former lawyer who funneled nearly £20 million out of a “no win, no fee” litigation funding fund into his own pocket will be sentenced. He was found guilty of all five charges against him at Southwark Crown Court on Tuesday following an investigation by Britain’s Serious Fraud Office.

Corporate Profits Companies that will report quarterly results include Aegon, Deutsche Telekom and Siemens. The results for the first half of the year are also known for Salzgitter and Zurich Insurance.

PGA Tour Playoffs Begin A U.S. judge has rejected a request from three professional golfers to play in the first event of the playoffs in Memphis, Tennessee, after they defected this summer to the LIV Golf circuit, a start-up league supported by the state wealth fund of Saudi Arabia.

US economic data Producer price indices are expected to have risen more slowly in July than in June, but were still at a high level. Unemployment insurance applications are also expected to have: increased during the week ending August 6 (FT, WSJ)

Come to the FTWeekend Festival in person or online on Saturday 3 September and enjoy a day of debates, tastings, performances and more. Hear from speakers such as Great British Bake Off winner Nadiya Hussain, Member of Parliament and former health secretary Jeremy Hunt, Ukrainian chef Olia Hercules and psychotherapist Esther Perel. Claim £20 off your festival pass by using the promo code FTWFxNewsletters.

What else do we read

The shopping revolution will be streamed live Internet platforms such as TikTok, YouTube and Amazon are proclaiming live e-commerce the future of retail. But early experiments in the UK and US suggest there is still a long way to go to overcome low ratings, poor sales, awkward technical and logistical challenges.

Bar chart of the most popular destinations for US consumers watching live streaming shopping.  showing: Logged in, ready to buy

In honor of boredom The last time Jemima Kelly was really bored was a year ago, during a seemingly endless church service in France. But when the ordeal was over, she found that her feelings of pleasure had intensified. Boredom, it turns out, can help our ultra-connected lives.

German economy falters According to the finance minister, the country’s prospects have become ‘fragile’, growth forecasts have been revised downwards and life has become ‘much more expensive for many people’. Thus, the eurozone powerhouse became a weak link.

Tory terror incites war with the state After his resignation last year, Boris Johnson’s Brexit negotiator David Frost published an essay – the latest salvo in the ever-shortening cycle of rejection that characterizes conservative politics. In his essay, Frost captures the terror of a party that fears it has lost the creed of true Toryism, writes Robert Shrimsley.

What’s next for Brittney Griner – and for women’s sports? Griner is currently the most famous basketball player in the world, not because of her two Olympic gold medals or her five professional championships in the EuroLeague and the WNBA, but because she has become a political pawn.

Premium Property

A $1 dream plan is fueling a wider trend in house buying in Sicily, with abandoned homes attracting buyers from northern Italy and abroad.

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa or America edition to get it straight to your inbox every weekday morning

Thanks for reading and remember you can add FirstFT to myFT. You can also choose to receive a FirstFT push notification in the app every morning. Send your recommendations and feedback to firstft@ft.com. Sign Up here.

Disturbed times — Documenting the changes in business and the economy between Covid and conflict. Sign Up here

The work — Discover the big ideas shaping today’s workplaces with a weekly newsletter from work and career editor Isabel Berwick. Sign Up here

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More