Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

ENERGY TOP STORIES

100 US cities commit to 100% renewable energy

100-US-cities-commit-GBO

Cincinnati, Ohio became the 100th city in the country to commit to this goal when its city council approved a resolution committing to 100% renewable energy by 2035

The city’s community-wide commitment builds upon its Green Cincinnati Plan from May, which commits the city to power its municipal operations with 100% renewable energy and furthers other aggressive climate measures which are aimed at creating an equitable energy system.

 “It has become clear that cities will lead the global effort to fight climate change, and Cincinnati is on the front lines,” stated Mayor John Cranley of Cincinnati, Ohio. “I am encouraged by the changes we are making, but we have a lot of work left to do.”

Recently, the city was also announced as a winner of the Bloomberg American Cities Climate Challenge. Cincinnati is the second city in Ohio to commit to an equitable and fair transition to 100% clean energy, after Cleveland. In addition to the 100 cities, the states of California and Hawaii have adopted goals to be powered entirely by renewable sources of energy, like wind and solar.

About 48.7mn people, or 15.1% of the US population, live in places that are committed to transitioning to 100% renewable energy. These cities, counties, and states will collectively reduce carbon pollution by 120 million metric tons as they move away from fossil fuels and repower themselves entirely with renewable energy — the equivalent of taking 26mn cars off the road or retiring 30 average coal fired power plants.

Mike Brune, Director of the Sierra Club, issued the following statement in response: “Last month’s midterm elections showed that communities across the nation will not wait for Trump or Washington to take action. Now more than ever, it is up to the people to make progress happen on the local level. These first 100 cities committing to provide their residents with 100% clean energy are trailblazers that will lead our country beyond dirty fuels. Combine that with the wave of new governors committed to 100 % clean energy in key states around the country, and a future powered on clean, renewable energy will come even faster — and it is a future we are ready for.”

Jodie Van Horn, Director of the Ready For 100 campaign, also released this statement: “Local communities are leading the transition to 100% clean energy. One hundred cities with this goal marks a major milestone for the Ready for 100 campaign, for the 100% clean energy movement, and for climate and justice advocates across the country. Being powered entirely by renewables will mean cleaner air, healthier communities, affordable electricity bills, and an energy system that works for everyone. The momentum is unstoppable—now, we need to make sure that implementation of these goals is equitable and benefits the communities most impacted by climate change.”

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