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

India to add 10,000 Mw of renewable energy generation capacity by next fiscal

India-to-add-10000-Mw-of-renewable-energy-generation-capacity-next-fiscal

The country is likely to commission renewable energy projects with a capacity of 9,000 MW in the current financial year, and 10,000 MW in the next fiscal ending March 2020

Research and ratings agency ICRA stated today: “The projects awarded by the central nodal agencies and state distribution utilities in Calendar year 2017 and 2018 provide a reasonably healthy visibility for RE capacity addition in FY2019 and FY2020 with expected addition of about 9 GW in FY2019 and about 10 GW in FY2020.”

The capacity addition is expected to increase the share of renewable energy in the country’s overall generation to 10% by 2019-20 and further to 13% by 2021-22 based on the capacity addition forecasts.

The share of renewable in the overall generation mix has risen from 5.6% in 2014-15 to 7.8% last fiscal. This was mainly owed to the large-sized capacity addition in the wind and solar power segments during this period on the back of policy support from the government and the improved tariff competitiveness of wind and solar power against conventional power sources.

The renewable sector is still exposed to short-term challenges that have arisen due to the cost impact of safeguard duty and rising interest rates, couples with transmission network availability, said ICRA. The average bid tariffs discovered in the auctions for wind and solar in 2018 has so far remained stable.

“This uptrend in bid tariffs was partly driven by factors such as cost headwinds arising from rising interest rates, increase in capital costs due to imposition of taxes and duties, rupee depreciation against dollar for imported equipment; and rising equipment costs,” the agency stated.

Amid the imposition of safeguard duty, the recent order issued by the Central Electricity Regulatory Commission (CERC) approving the GST claims raised by solar power developers is a positive development for the sector.

ICRA, on the other hand, stated a time lag in implementation of such pass-through of cost increases cannot be ruled out, given the resistance shown by the end off-takers in such cases in the past.

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