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

Dubai opens first solar-powered hydrogen facility in Mena

Dubai-opens-first-solar-powered-GBO

The plant is part of Expo 2020 Dubai’s plans to showcase hydrogen mobility by powering a number of fuel-cell vehicles with the gas generated at the facility

The first solar-driven hydrogen electrolysis facility in the MENA region was inaugurated in Dubai last week.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Council of Energy and chairman of the Expo 2020 Dubai Higher Committee, broke ground on the project, a collaboration between Dubai Electricity and Water Authority (Dewa), Expo 2020 Dubai and Siemens.

It will be built at Dewa’s outdoor testing facilities in the Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, reported state media agency WAM.

Expo 2020 Dubai intends to showcase hydrogen mobility by powering a number of fuel-cell vehicles with hydrogen generated at the facility, and transport Expo 2020 Dubai visitors to the Mohammed bin Rashid Al Maktoum Solar Park. Also, real-time data from the green hydrogen electrolysis production site will be on display at Expo 2020.

The move is the latest involving Siemens in the GCC. Last month The National reported the German industrial company signed a $228mn contract to supply gas and steam turbines for an integrated utilities project in the southern Omani port city of Duqm in one of the largest such transactions for the sultanate.

Also last month, Siemens said it expects growth of around 5% in the oil and gas business in 2019 following momentum seen in the sector due to the pickup in crude prices last year.

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