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.

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Apple is investing in negative emissions

The world’s most valuable company stated that is is investing an undisclosed amount in a Cambodian project

The investment is geared towards restoring mangroves and sequestering as much as 17,000 metric tons of carbon dioxide in two years. This will make it equal to the emissions that the fleet of vehicles updating Apple maps will produce over the coming decade.

Conservation International, an NGO that is leading the mangrove restoration project, stated: “Mangroves live at the edge of the land and sea, providing local communities with coastal protection, habitat for their fisheries, and a wealth of biodiversity.”

 “These and other ocean wetlands store up to 10 times the carbon per unit area as terrestrial forests, making them a vital ally in the fight against climate change.” It stated.

A 2016 study of 3,000 deforested mangrove patches found that most of them were being cut down for the use of growing rice, palm trees, or expanding fisheries.

Beyond cutting the amount of carbon dioxide in the atmosphere, scientists also show that we will also need to pull carbon dioxide from the air to avoid catastrophic climate change. There are six so-called “negative-emissions technologies” that can help us get there.

These are, namely: afforestation and reforestation; enhanced weathering (using minerals that capture carbon dioxide); soil carbon (tweaking the crops and forests we currently grow to absorb more carbon); biochar (using a special kind charcoal as to trap carbon dioxide); BECCS (bioenergy with carbon capture and storage, which requires capturing carbon dioxide produced by burning biomass like wood and then burying it underground); and DAC (direct air capture, which involves the use of machines that are essentially trees on steroids to suck carbon dioxide from the air and bury it underground).

Mangrove restoration would be classified under reforestation.

The Conservation International project would cover an area of 17,000 hectares (42,000 acres) in the Sinu river delta. The NGO will use the money raised for the project to help the 12,000 people in the community who use the mangroves for food, firewood, and livelihoods. Conservation International believes the carbon offsets will provide financial security to the region and develop sustainable ways to support tourism and fisheries.

 This act as the next step in Apple’s continued march towards sustainable practices. Earlier this year, the company has also announced that all of its electricity use in 45 countries is powered by 100% renewable energy.

-GBO Corespondent.

 

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