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

Larger turbines to help drive growth in European wind energy

Industry body WindEurope estimates the wind energy capacity on the continent to grow at an average of 17.4 gigawatts per year up until 2022

The Larger-sized wind turbines are expected to push growth in both the onshore and offshore sectors. The European wind energy sector is set for “solid growth” over the next five years in general, stated WindEurope in its “Wind Energy Outlook in Europe” report.

It also stated that by 2022, Europe could have 258 gigawatts of installed capacity, with a majority of the new installations coming in the onshore sector.

Wind turbines, larger than 4 megawatts in the onshore sector, and 8 megawatts in the offshore sector, will become “the new norm” and help push growth.

Europe is home to some of the world’s most ambitious wind energy projects.

Last week, the Walney Extension Offshore Wind Farm opened in the Irish sea—with a total capacity of 659 megawatts. It is currently the world’s largest operational offshore wind farm and is capable of powering nearly 600,000 homes in the UK, according to Danish energy business Orsted.

Germany, according to the report will remain Europe’s wind energy powerhouse, home to 73 gigawatt of capacity in 2022, although its share of new installations is expected to drop from an average of 40% over the last five years to 24% of total installations during the next five years.

Giles Dickson, WindEurope’s CEO stated: “Wind energy is on track for solid further expansion in Europe over the next five years.”  

“But this growth comes mostly from yesterday’s decisions,” he added. “The outlook for new investment decisions over the next five years is less clear. Most governments still haven’t clarified their plans for new wind farms up to 2030.” He further added.

-GBO Correspondent

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