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.


Cash-strapped Pakistan urged to pursue clean energy

Cash-strapped- Pakistan-GBO

The country has been encouraged to pursue clean energy instead of relying on coal, nuclear and hydroelectric power, according to a recent report

The report released by The Institute for Energy Economics and Financial Analysis urged the country’s policymakers to rethink plans for building more coal-fired plants. It stated that coal-fired power, which is one of the central pillars of Pakistan’s energy deals with China, is a costlier and dirtier alternative to wind or solar energy, which China is also supplying but to a lesser degree.

Simon Nichols, an energy finance analyst with the institute, told The Associated Press that China is dumping its dirtier coal-fired systems on developing nations while leading the world in renewable resource systems that will find a market in developed countries as they move away from fossil fuels.

“There is no such thing as clean coal,” said Nichols.

China is putting Pakistan deeper in debt with planned coal-fired and liquefied natural gas plants, which are soon set to be outdated. The country is financing major development projects in Pakistan—which at the moment seeks an $8bn bailout package from IMF as it faces dwindling foreign exchange reserves. In mid-October, Pakistan had reserves of about $8.1bn, which barely covered the cost of two months of imports, according to the Institute.

Pakistan says China’s up to $75bn development project in Pakistan known the China-Pakistan Economic Corridor – an effort to reconstruct the historic Silk Road linking China to all corners of Asia – will bring new prosperity to the country, where the average citizen lives on just $125 a month. The sprawling package includes everything from road construction and coal-fired power plants.

“With renewable technology set to get cheaper in the future, a build out of coal-fired power risks locking Pakistan into decades of outdated technology,” the report stated.

Leave a Comment