The blue-chip FTSE 100 and the domestically focussed midcap index both shed 0.5% by 1030 GMT
International News via Reuters:
UK’s blue-chip and midcap stocks fell for a third consecutive session on Thursday, with utilities and technology shares dragging on the indices, as investors assessed chip giant Nvidia’s results.
The blue-chip FTSE 100 and the domestically focussed midcap index both shed 0.5% by 1030 GMT.
Drax Group led declines on the midcap, falling 9.7% after Britain’s financial watchdog investigated the energy company’s biomass sourcing disclosures.
Other utility stocks were also under pressure, with Centrica, SSE and United Utilities down between 1.4% and 1.7%.
Technology index shed 1.5%, tracking global moves, after results of AI bellwether Nvidia fell short of some analysts’ expectations.
Precious metal mining stocks dipped 1.7%, with Hochschild and Endeavour Mining falling 3.2% and 2.3%, respectively.
Among other individual stocks, PPHE Hotel was the top decliner on the FTSE 250, slumping 13.8% after the hospitality group posted a half-yearly earnings decline.
Barclays slipped 1.1% after the British lender agreed to sell its stake in joint venture Entercard Group to partner Swedbank AB for approximately 2.6 billion crowns ($273.2 million).
On the flipside, IT firm Softcat was the top gainer on the midcap index, adding 3.8% after lifting its annual profit growth forecast for the third time in six months.
Meanwhile, the Confederation of British Industry said that services business reported a fall in confidence and activity this month; the leading employers group called on finance minister Rachel Reeves to defer from adding more corporate tax burden.
The UK’s blue-chip index had touched a record high last week when global markets got a lift after U.S. Federal Reserve Chair Jerome Powell signalled a possible interest rate cut at the central bank’s September meeting.
Reporting by Twesha Dikshit; Editing by Sahal Muhammed
Questions over the independence of the Fed have arisen this year as Trump repeatedly criticised its Chair Jerome Powell
International News via Reuters:
U.S. President Donald Trump’s escalating attacks on the Federal Reserve could have substantial and global knock-on effects on the financial markets and the real economy, including higher inflation, ECB policymaker Olli Rehn said on Thursday.
Questions over the independence of the Fed, the world’s most important monetary authority, have arisen this year as Trump repeatedly criticised its Chair Jerome Powell and on Monday announced he was firing one of its governors, Lisa Cook.
“If the central bank’s independence were truly to crumble, and the U.S. Federal Reserve began making decisions on grounds other than sound monetary policy principles — for example, because the president demands lower interest rates — the inevitable consequence would be inflation picking up,” Rehn said in a panel discussion on democracy held in Turku, Finland.
The Bank of Finland governor said Trump had exerted strong pressure on the Fed to cut interest rates for quite some time, despite its independence having been an inviolable principle since the beginning of the 1980s.
“Now, however, this principle is wobbling badly. This could have substantial, global knock-on effects on both the financial markets and the real economy,” Rehn said.
He considered a similar development in Europe unlikely thanks to strong institutions, although he said the pressure could “spill over” across the Atlantic through certain countries and through the financial markets.
Europeans should take action to boost global confidence in the euro as a safe currency in order to avoid a similar deterioration of central bank autonomy in Europe, he said.
“It’s no mere coincidence that euro area inflation is now at the 2% target — it is indeed connected to the central bank’s independent decision-making,” he said.
The dollar’s global hegemony as a reserve currency has proven resilient, and therefore Rehn said he considered its rapid weakening unlikely.
“I say this, however, with one important caveat: if the dollar’s institutional foundations were to crumble — I am referring to the principles of the rule of law and democracy, as well as civil liberties — we could find ourselves in a different situation.”
While the euro zone’s growth has proved more resilient than expected, Rehn said inflation was set to slow below the 2% target in the short term, due to cheaper energy, a stronger euro, and a slowdown in services inflation.
“In the ECB’s Governing Council, we are closely monitoring the economic situation and stand ready to act if needed,” Rehn said.
Reporting by Anne Kauranen in Helsinki, editing by Terje Solsvik, Sharon Singleton and Hugh Lawson
The BoE has increasingly used its short-term repo operations as a way to provide banks with reserves
International News via Reuters:
The Bank of England on Thursday allotted a record 75.652 billion pounds ($102.20 billion) in seven-day funds in its weekly short-term repo operation, higher than a previous record of 74.225 billion pounds set in July.
The BoE has increasingly used its short-term repo operations as a way to provide banks with reserves as it runs down the stockpile of government bonds which it bought under its quantitative easing programme.
($1 = 0.7402 pounds)
Writing by William Schomberg; editing by David Milliken
This, he said, was why the German carmaker decided five years ago to overhaul its portfolio with the new, fully electric ‘Neue Klasse’ series
International News via Reuters:
BMW chief executive Oliver Zipse expects a reordering of the car industry in the coming years, warning in an interview on Thursday that the sector cannot afford mistakes, as the company bets heavily on its revamped electric vehicle offering.
“There will be a selection process in our industry,” Zipse told the Spiegel news magazine.
This, he said, was why the German carmaker decided five years ago to overhaul its portfolio with the new, fully electric ‘Neue Klasse’ series, with which it hopes to catch up with EV pioneer Tesla.
“You can’t afford to make mistakes in this industry,” Zipse told the magazine, speaking ahead of BMW’s unveiling of the first model in the series, the iX3, at the Munich car show next week.
Spiegel quoted an industry specialist on the risk of BMW’s ‘Neue Klasse’ strategy.
For a relatively small producer like BMW, it is “enormously important that such a billion-euro investment doesn’t go down the drain”, said Stefan Bratzel, head of the Centre of Automotive Management.
Reporting by Rachel More, Editing by Miranda Murray
Drax has faced criticism from environmental groups about sourcing wood from Canadian forests
International News via Reuters:
Britain’s financial watchdog is investigating Drax Group’s biomass sourcing disclosures following last year’s investigation by the country’s energy regulator, sending its shares down more than 12% on Thursday.
Drax, which supplies about 5% of Britain’s electricity via biomass-converted coal plants and has received billions of pounds in green energy subsidies from the UK government, was fined 25 million pounds ($33.77 million) by Ofgem for misreporting data on wood sourced from forests in Canada.
Drax has faced criticism from environmental groups about sourcing wood from Canadian forests but has said it only uses wood residuals or byproducts from trees primarily used for lumber and that demand for wood from sustainable managed forests can help to increase forest growth.
The FCA’s investigation includes Drax’s 2021–2023 annual reports and their compliance with financial disclosure rules.
The power producer said it is cooperating with the FCA, but provided no further details.
Ofgem’s investigation found no evidence of a breach of sustainability obligations by Drax or that it had incorrectly issued renewable obligation certificates.
The FCA’s investigation covers statements made between January 2022 and March 2024.
The new probe puts Drax “back in the spotlight”, Jefferies analysts said in a note, and increases political scrutiny of the government’s post-2027 biomass support plan, which will halve subsidies for the company during 2027–2031.
Drax shares fell as much as 12.4% to 617 pence, but pared losses to 9.2% by 0748 GMT.
Environmental groups have questioned the sustainability of biomass power plants, which generate electricity by burning wood pellets.
Drax aims to reach net zero carbon emissions across its entire value chain by the end of 2024.
Britain plans to largely decarbonise its electricity sector by 2030 which will require many new renewable power projects and infrastructure, including pylons to connect them to the grid.
($1 = 0.7402 pounds)
Reporting by Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips and Elaine Hardcastle
SMMT CEO Hawes also called for better execution of government strategies to support growth in the sector
International News via Reuters:
Britain’s car production grew for the second month in a row in July but overall vehicle output fell, hurt by a slump in commercial vehicle manufacturing, data from the Society of Motor Manufacturers and Traders (SMMT) showed on Thursday.
“It remains a turbulent time for automotive manufacturing, with consumer confidence weak, trade flows volatile and massive investment in new technologies underway both here and abroad,” said SMMT CEO Mike Hawes.
Hawes also called for better execution of government strategies to support growth in the sector.
Despite the signing of the U.S.-UK trade deal in June, tariffs continue to disrupt British automakers’ export strategies, even as the United States remains their largest international market.
The UK’s car production rose 5.6% in July to 69,127 units, while total vehicle production was down 10.8% at 72,006 units, the industry body’s data showed.
However, SMMT expects production for light vehicles to return to growth in 2026, with output rising 6.4% to 803,000 units.
The UK’s new 10-year industrial plan, including the 2.5 billion pound ($3.38 billion) DRIVE35 programme, is expected to boost growth across the manufacturing sector by supporting investments, accelerate electric vehicle innovation and create thousands of jobs.
($1 = 0.7402 pounds)
Reporting by DhanushVignesh Babu and Raechel Thankam Job in Bengaluru; Editing by Rashmi Aich
The Premier told us that it’s likely new business will be drawn to the island as a result of his attendance at a Wyoming Conference
More institutional investors are developing a strategy around digital finance – and they’re using Bermuda’s regulatory framework as the blueprint.
This according to Premier David Burt, fresh from a digital finance conference in Wyoming which gathered more than 350 investors, regulators and key figures in the emerging market.
Some 56 licensed digital finance companies are currently on the island, he said.
High level U.S. government officials and representatives of the Bermuda Monetary Authority met with the Premier at the conference.
Cricket and football join forces in BUEI’s Trees4Scores drive
BUEI press release:
This year’s 5th annual Youth Climate Summit (YCS), hosted by the Bermuda Underwater Exploration Institute (BUEI), includes “Trees4Scores”, a ground-breaking environmental service programme focused on restoring and preserving Bermuda’s unique biodiversity whilst promoting climate action and resilience for our precious island home. In partnership with the Bermuda National Trust (BNT), Bermuda Cricket Board (BCB) and Bermuda Football Association (BFA), Trees4Scoreslaunched during this year’s Annual Cup Match Classic and phase one of the programme will continue over the coming months.
Phase one of this transformative programme aims to install 130 ecosystems that are native and endemic to Bermuda – all in one day. Comprising of 390 trees, plants and ground coverings, the calculations to achieve these 130 complete ecosystems are being tallied through local cricket and football matches. Just like native and endemic species thread through the unique environmental landscape of Bermuda, cricket and football are woven into the fibre of our culture. Trees4Scores provides the ultimate framework to bring the two together – sustainable sporting initiatives that produce significant environmental impacts.
Throughout August, BCB has been counting one ecosystem for every fifty runs or ten wickets scored. So far, matches played from Cup Match through all County Games, and regular league games in between, have resulted in more than half of the ecosystems being scored for the first environmental planting project on Saturday 22 November.
BCB will officially pass the ball to the BFA at the Charity Cup, the official start of this year’s football season. The game starts at 8pm this Sunday, 31 August, at the North Village Community Club field at Bernard’s Park. During the months of September and October, BFA Premier and First Division teams will accumulate one ecosystem for every two goals scored. The combined total of ecosystems scored will be planted across three locations for the first part of the programme.
Bermuda Cricket Board Executive Director, Calvin Blankendal, said “The Bermuda Cricket Board is committed to enhancing Bermuda’s ecosystems through the support of our member clubs and external stakeholders. As a collective, our main objective is to ensure that the game of cricket has a positive impact on Bermuda’s environment. Participating in Trees4Scores, through our partnership with BUEI, reinforces this commitment.
The game of cricket, which is based on scoring runs and taking wickets, affords all players the opportunity to join the Trees4scores programme. Collectively, we share our enthusiasm for environmental action whilst raising awareness for climate resilience through a sport we all love.
The two national sports of Bermuda, cricket and football, have partnered and the BCB will hand the new ball over to the Bermuda Football Association, as the domestic cricket season comes to a closure. We are certain they will swing into action and reach their targets to enhance and sustain our luscious and green ecosystems across our island.
We will let the scores tell the story at the end of October as to which national sporting body accumulates the greater number of ecosystems for this inaugural planting event In November. One thing is certain, this is one match, challenge and initiative where there will be no losers, just winners!”
Mark Wade, President of the Bermuda Football Association, added “The BFA gladly takes up the friendly challenge issued by our BCB counterparts as we aim to surpass our goals for phase one of this programme. Like cricket, the local and international football communities are prioritising sustainability and increasing awareness around the vital importance of caring for the environment. The BFA is delighted to be collaborating with BUEI and the partners involved in this initiative that will transform the protected landscapes of today and provide greater long-term benefits for future generations.”
BUEI extends our sincere appreciation and thanks to all Trees4Scores partners, including Roots Imperative, a Loren Hotel non-profit initiative, Conduit Re and Catalina Re. The three locations for planting on Saturday 22nd November are: Spittal Pond in Smith’s; Sherwin Nature Reservice at Warwick Pond; and High Point Nature Reserve in Southampton. Additional sponsors are welcome and volunteers are encouraged to dig in and make a difference.
BCB and BFA will be distributing additional details on the Trees4Scores programme to all clubs who have registered for this current season. Public announcements and updates will continue being provided as the programme evolves. Visit www.ycsbda.com or follow @ycsbda on social media for more information.
Since the last census in 2018, the population has grown 11%, a “surprising and encouraging” result
International News via Reuters:
Mexico’s jaguar population has increased significantly in recent years but the largest feline in the Americas is still in danger of extinction, said a Mexican advocacy group that released a national census of the animals on Wednesday.
The 2024 population stood at 5,326 jaguars, 30% more than in 2010, when Mexico labeled them an endangered species, according to the National Alliance for Jaguar Conservation (ANCJ).
Since the last census in 2018, the population has grown 11%, a “surprising and encouraging” result, the group said in a report.
Humberto Pena, a state strategy coordinator at the ANCJ, said larger protected areas have helped jaguars move around more freely, spurring population growth.
However, jaguar populations will still require 15 to 30 years of steady growth to be out of danger of extinction, he said. The report said it would take more than three decades to bring the population to 8,000.
Habitat destruction, illegal hunting, trafficking and rancher conflicts have contributed to the decline of the species, Panthera onca, which is found from the southern tip of the United States to northern Argentina.
The Mexican census documented the highest number of jaguars – 1,699 – in the Yucatan Peninsula region, followed by the South Pacific with 1,541, Northeast and Central Mexico with 813, North Pacific with 733 and Central Pacific Coast with 540.
The ANCJ surveyed the populations through photos and videos from 920 motion-sensor cameras set up across 15 states for 90 days.
The association urged incentives to conserve more jaguar corridors, and called on the government and social media platforms to crack down on the sales of jaguar parts. Skins, skulls, claws and fangs are being illegally trafficked, it noted.
“We want to make everyone aware that … jaguar protection is a shared responsibility,” Pena said.
Reporting by Alberto Fajardo and Diego Delgado; Writing by Ana Isabel Martinez and Daina Beth Solomon; Editing by Rosalba O’Brien
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