6:45 am, March 9, 2023
‘Urgent changes’ needed to achieve decarbonised power system, report says
A decarbonised power system is in sight but the government has yet to provide a coherent strategy to achieve it, the Climate Change Committee (CCC) has said in a new report.
In its report out today, the CCC described a decarbonised power system as ‘the central requirement for achieving net zero’, as it will then produce the renewable electricity needed to supply other sectors such as transport, industry and heat.
The authors said this can be reached by 2035 but only if the government delivers a series of ‘urgent changes’ such as removing barriers from the regulatory, planning and consenting regimes for developing new infrastructure and offers new incentives plus business models to generate £300bn-£430bn of investment.
UK braces for strong winds bringing blizzard conditions and travel disruption
The UK is set to experience severe snowstorms and travel disruption today, forecasters have warned.
The Met Office has issued an amber warning for ‘strong winds bringing blizzard conditions’ and up to 40cm of snow to the area stretching from Stoke-on-Trent to Durham.
There’ll be occasional rain across southern England, turning to snow as it spreads north to central parts of the UK.
City watchdog has intervened against 32 lenders over treatment of customers
The boss of the financial regulator said it has intervened against 32 institutions over their treatment of borrowers affected by the cost-of-living crisis.
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said the reputations of banks ‘are at stake’ if they don’t deal properly with issues related to financial distress in the coming months.
It came during a session that also saw the regulator, which oversees the conduct of around 50,000 financial services firms, face questions over how it looks after its own workforce. The FCA has been in dispute with staff over pay and conditions and has come under fire from unions.
Boohoo shareholders narrowly approve plan that could hand boss £50m bonus
Shareholders at online retailer Boohoo have narrowly approved a bumper incentive deal that could hand a £50m bonus to the company’s boss in the next five years.
The new plan will make it easier for chief executive John Lyttle and his top lieutenants to get their bumper payouts.
It had been hailed as a ‘growth plan’ by bosses when they unveiled the idea in January. The hope was that the target-driven incentives could help turn around the ailing retailer. More than 37 per cent of votes were cast against the scheme.
Boris Johnson ‘privately warned’ Dominic Raab about his conduct when PM – report
Former prime minister Boris Johnson reportedly privately warned Dominic Raab about his conduct when the latter held several cabinet positions under Johnson’s leadership.
The ex-Conservative leader is understood to have provided evidence to Adam Tolley KC, the independent lawyer who is looking into a number of formal complaints made by senior civil servants against Raab.
According to The Daily Telegraph, which first revealed Johnson had become involved in the bullying investigation into his former cabinet colleague, it is ‘highly unusual’ for an-ex PM to be involved in an investigation launched by Downing Street.
Iceland boss says fruit and veg shortage will end soon
The boss of supermarket chain Iceland has said shortages of fresh fruit and vegetables will end within a fortnight as he received an OBE at Windsor Castle from the Princess Royal.
Executive chairman Richard Walker told the PA news agency yesterday that the company’s efforts to get supplies back on track were going to plan.
‘Fresh salads are starting to come back on shelves and we are pretty confident that in the next week or two fresh veg will be back to typical availability as well — or you can buy frozen,’ he said as he received his award for services to business and the environment.
Chinese firm awarded contract after attempting to hack NHS data, minister claims
A Chinese biotech company awarded a government Covid contract was responsible for ‘several hack attacks’ on the NHS genetic datacentre, a minister has said.
Science minister George Freeman revealed that Genomics England was ‘suffering’ multiple hack attempts from BGI Group each week during 2014.
BGI Genomics, a subsidiary of the group and China’s leading genomics research company, won an £11m Covid testing contract in 2021.
Fiddler On The Roof star Chaim Topol dies at 87
Chaim Topol has died at the age of 87, Israel’s president has said.
The Oscar-nominated Israeli actor, who was reportedly diagnosed with dementia last year, was best known for his portrayal of Tevye in 1971 musical Fiddler On The Roof.
Topol’s death was confirmed in a statement shared on Twitter by President Isaac Herzog yesterday, in which he paid tribute to Topol as ‘one of the giants of Israeli culture’.
Ford Puma ST now available with automatic gearbox option
Ford is introducing an automatic gearbox option to its sporty Puma ST crossover for the first time.
The ST version of Ford’s best-selling car in the UK arrived in 2020 with a fun 197bhp 1.5-litre turbocharged petrol engine, but exclusively with a six-speed manual gearbox.
Now customers will be able to get Ford’s dual-clutch seven-speed Powershift automatic gearbox in the mild-hybrid Puma ST, although it’ll use a turbocharged 1.0-litre EcoBoost petrol engine, producing 168bhp. Pricing is yet to be announced.
Yesterday’s headlines on Car Dealer you might have missed
- Used car marketplace records small drop in prices as stock levels tumble
- BMW now says Mini Electric WILL be built in the UK after all – report
- Nissan Leaf knocks Land Rover Discovery Sport off best profit margins top spot
- Tesla takes the axe to prices of new cars AGAIN
- Back of the net! Snows Toyota Plymouth thrills young football fan Daniel with day as club mascot
- Hyundai gives new Kona Electric updated 304-mile range
Market movements
The FTSE 100 closed up 10.44 points yesterday to end on 7,929.92. The Cac 40 was down 14.51 points at 7,324.76, the Dax was up 72.34 points at 15,631.87 and the Dow Jones was down 58.06 points at 32,798.40.
Weather outlook
Today will see precipitation gradually move in from the south-west, says BBC Weather, raining in the south but snowing in central and northern areas. Northern Scotland, however, will stay mostly bright and dry.
Tonight will see persistent snow in southern Scotland, with blizzard conditions for northern England. It’ll be cloudy and wet across southern England and Wales, turning to sleet and snow in areas.
Friday morning will see rain, sleet and snow gradually clearing to the east, leaving brighter skies. However, the occasional snow shower will linger in areas. There’ll be frequent showers in northern Scotland later.
