China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

ENERGY TOP STORIES

Coal comeback could further drive UK energy emissions

Extra coal-burning may lead to problems in meeting binding international carbon targets

Britain’s drive to meet its emissions targets is being challenged by a comeback for coal power stations in the country– that threatens to drive up the UK energy sector’s carbon emissions for the first time in six years.

Coal plants have become more economical to run their gas counterparts in the past months because wholesale gas prices have hit 10-year highs. An Imperial College London report state that extra coal-burning had increased emissions by 15% in September, which was equivalent to an extra 1,000 tones of carbon dioxide per hour.

If the trend continues in the coming months, the sector’s emissions would rise by as much as 1.2 mn tones this year, according to researchers at the university.

The energy sector overall is the UK’s second biggest emitter after transport, and it has been the economy’s standout success for cutting emissions in recent years because of the rapid growth in renewable and the phaseout of coal.

Even a reversal of that success, could pose a dilemma for ministers, who have to meet legally-binding carbon targets. The UK’s carbon budget, set by the Committee on Climate Change in order to meet the long-term goal of an 80% cut in emissions by 2050, will dictate how much the country can overall emit over five-year periods.

While the UK is due to easily meet its third carbon budget, which runs from 2018-2021, any prolonged rise in energy emissions would make future budgets harder to hit. Dr Iain Staffell, the author of the Imperial College London report, stated: “If the only thing that has done well starts to backslide, I think that’s going to be a real problem in meeting these [carbon] targets because they’re just ratcheting up and getting more and more difficult.”

Coal-burning is likely to increase this year, and so are gas prices – according to Analysts.

 “I think there’s a pretty good worry that we’re looking at up to six months of coal being the cheapest source,” Staffell stated.

Consumers are unlikely to benefit from coal being cheaper but coal operators would see their profits boosted this year, he further added.

-GBO Correspondent.

Leave a Comment