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UK ministers today will welcome nearly £ 10 billion in investment pledged by companies like Iberdrola and Prologis as the start of global partnerships to support the “green growth” of the UK economy.
The string of investments in infrastructure, technology and energy is set to coincide with a government-sponsored green summit that will bring together more than 200 financiers and world leaders.
Iberdrola has provided £ 6 billion through its British subsidiary ScottishPower for an offshore wind development off the coast of East Anglia. This investment, which would create 7,000 jobs, is also subject to building permits and a state subsidy agreement.
Separately, the Treasury Department will provide £ 450 million to help homeowners install up to 90,000 electric heat pumps over the next three years as part of the UK’s attempt to meet its net zero target by 2050.
Do you think foreign investment is the most effective way to stimulate economic recovery and develop green technologies? Email me your thoughts at firstname.lastname@example.org. Thank you for reading FirstFT Europe / Africa. Here’s the rest of today’s news – Jennifer
Five more stories on the news
1. Tether’s bitcoin-backed lending collides with the dollar pledge A major customer said the company is lending out new stablecoins in exchange for cryptocurrencies – a claim that further challenges Tether’s founding promise that it will only use real dollars to issue its tokens.
Elsewhere in crypto: France has used digital assets and blockchain technology in a number of bond transactions in one of the most significant attempts at cryptocurrencies to date in a leading established market.
2. Rishi Sunak passes on arguments for stricter spending scrutiny The British Chancellor believes the specter of rising interest rates has reinforced the case for government spending restraint as he has been haggling with Whitehall departments over three-year budgets. Bank of England Governor Andrew Bailey warned on Sunday that rate hikes are imminent.
3. China’s magnesium deficiency threatens the global auto industry The world’s largest automakers could face a potentially crippling aluminum shortage as China’s electricity crisis threatens supplies of a key component for the light metal.
4. US regulator publishes GameStop report Nearly 900,000 individual accounts traded GameStop stock in a single day after a 90-fold increase at the height of the “meme stock” craze, according to a report by the US Securities and Exchange Commission.
5. Former US Secretary of State dies of Covid complications Colin Powell, who served as U.S. Secretary of State and was a senior military leader, has died of Covid-related complications at the age of 84, his family said in a statement yesterday. Powell, who was fully vaccinated, also had multiple myeloma from blood cancer at the time of his death.
Brussels wants to extend the relaxation of the state aid rules beyond the end of the year, said the EU competition boss Margrethe Vestager.
Valnevas According to study results, the Covid-19 vaccine triggers a stronger immune response with far fewer side effects than the Oxford / AstraZeneca vaccination.
the British competition authority has taken legal action against the owner of Teletext Holidays to force the travel company to refund customers whose short breaks were canceled during the pandemic.
Scientists say a descendant of the delta coronavirus is responsible for some of the cases in Great Britain, could be more contagious than the original.
The day ahead
Introduction of Bitcoin ETF The first Bitcoin-Linked Exchange Trade Fund is due to hit the market today on the New York Stock Exchange. The ProShares fund will track the Bitcoin futures market under the ticker BITO. (CNBC)
Russia holds talks on Afghanistan Ahead of Russia’s talks with the Taliban this week, officials from Russia, the United States, China and Pakistan will meet to discuss the situation in Afghanistan. (Reuters)
Polish Prime Minister appears in front of the EU Parliament Mateusz Morawiecki is expected to reaffirm his defense of Poland’s approach to rule of law issues in Strasbourg. Ursula von der Leyen, President of the European Commission, will speak in the same debate.
Joint research conference between Banca d’Italia and BoE Bank of England Governor Andrew Bailey will speak at the event on the macro-financial implications of the net-zero transition.
The FTs Banking revolution Conference starts today and runs until tomorrow. We also have the Africa Summit: register here.
Wm Morrison shareholder vote The shareholders will vote on the takeover offer from Clayton, Dubilier & Rice. The company needs 75 percent assistance to close the CD&R deal.
associate the Asia Insurance Summit on October 28th for resilience and growth strategies from our panel of regulators, business leaders and other leaders from across the industry.
What else we read
João Lourenço promises to end Angola’s economic “storm” The oil-dependent economy, the second largest producer in Africa, has become the epitome of corruption and excess. Your president has initiated reforms and promised to restore social justice. But is Lourenço making progress?
Saudi Arabia is boosting the labor market Growing numbers of women are taking up work in the Conservative Kingdom, a trend that has helped change the face of retail stores and achieve tangible success in Crown Prince Mohammed bin Salman’s ambitious economic reform plan, despite a wider crackdown on dissenting opinions, which are widespread female activists.
Big tech employees help blow the whistle From Watergate’s Deep Throat to Edward Snowden, whistleblowers have almost always been portrayed as principled loners who felt compelled to stand up against the crowd. But a support group of organizations with lawyers, researchers, and publicists has sprung up to help them.
Patriotism is Boris Johnson’s last resort The Prime Minister promised that his government would move Britain “towards high wages, high skills, high productivity and. . . Low tax economy ”. But can he deliver? It is extremely unlikely, writes Martin Wolf. Hopes are now being placed on the “Brexit dividend” to limit the immigration of low-skilled people.
Prime Minister of Bangladesh: We need a global “climate prosperity plan” Only a fraction of global warming is due to Bangladesh’s carbon emissions. Nevertheless, the nation is determined to find a solution, writes Sheikh Hasina. “My country is investing in a carbon-free future, but the world must commit to COP26 to make efforts like ours a success.”
In less than two weeks until the start of COP26, we want to hear from our readers. Do you have a question for our environmental correspondent Leslie Hook? Email your questions email@example.com we will publish Leslie’s responses ahead of the Glasgow Summit.
The fashion on Succession it is worth paying attention to. It quietly mirrors the delicious drama of the Roy family, hinting at who is up and who is down at any given moment.
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