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UK’s Johnson pitches wind-driven recovery from pandemic By Reuters

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© Reuters. Britain’s PM Boris Johnson visits Octopus Energy, in London

By Andy Bruce

LONDON (Reuters) – Prime Minister Boris Johnson will outline plans on Tuesday for Britain to “build back greener” from the coronavirus pandemic by committing funds to boost Britain’s offshore wind energy capacity.

The 160 million pound ($208 million) investment into ports and factories is part of a drive to quadruple Britain’s offshore wind capacity to 40 gigawatts (GW) by 2030. That is equivalent to around half of Britain’s electricity capacity today from all sources.

Johnson is under pressure over his handling of the coronavirus pandemic: his government’s response has been cast by opponents as slow, poorly organised and confusing. Cases have been rising in recent weeks, forcing the government to impose local lockdown measures across much of the country.

In a speech to the Conservative Party Conference, due at 1030 GMT, Johnson will say Britain must seize upon a “green industrial revolution” that has the potential to create hundreds of thousands of jobs.

“We need to give people the chance to train for the new jobs that are being created every day – in new technologies and new ways of doing things,” Johnson will say.

Economists say unemployment is likely to rise sharply once a programme to subsidise workers furloughed because of the pandemic closes at the end of this month, and the economy looks on course for its biggest annual decline since the 1920s.

Johnson will also announce plans to build floating wind farms that will deliver 1 GW of energy.

“This investment in offshore wind alone will help to create 60,000 jobs in this country – and help us to get to net zero carbon emissions by 2050,” Johnson will say.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Oil Stockpiles Fell by 1 Million Barrels: EIA By Investing.com

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© Reuters.

investing.com — Oil stockpiles declined roughly in line with expectations last week,  according to the Energy Information Administration.

fell 1 million barrels, against expectations for a draw of 1.02 million barrels. That comes a week after crude stocks fell 3.8 million barrels.

Inventory has fallen in all but one of the last six weeks as the economy tries to come back to life after Covid-related shut downs earlier this year. 

, the U.S. benchmark, fell 2% in morning trading ahead of the data release. 

Crude oil stored at , Oklahoma, increased 975,000 barrels compared to an expected build of 1.1 million barrels.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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EU countries back binding green farming schemes By Reuters

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© Reuters. FILE PHOTO: A farmer irrigates his field of potatoes during sunset, in Tilloy-Lez-Cambrai

2/4

By Kate Abnett

BRUSSELS (Reuters) – European Union agriculture ministers agreed on Wednesday to set aside part of the bloc’s massive farming policy budget for programmes that protect the environment.

The EU is nearing the end of a two-year struggle to overhaul its agriculture policy, to attempt to align it with the bloc’s climate change commitments, while supporting farmers’ livelihoods.

The agriculture policy as a whole will suck up roughly a third of the EU’s 1.1 trillion euro ($1.30 trillion) budget for 2021-202, to be split between direct payments to farmers and other support for rural development.

Ministers agreed that 20% of the payments to farmers will be earmarked for green schemes such as organic farming or agroforestry. Farmers will not be able to access the cash for other purposes.

The policy kicks in from 2023 and ministers agreed a two-year pilot phase for the green schemes, meaning they would become binding from 2025. Some countries had raised concerns that tying cash to environmental aims would mean the money was left unspent.

“We can’t simply leave it up to member states to decide whether or not eco-schemes are used and, if so, what money will be made available,” said German agriculture minister Julia Kloeckner, who chaired the meeting.

With agricultural sites comprising 40% of all EU land, farming has a large influence over the health of Europe’s natural habitats.

Agriculture is the most frequently reported threat to nature in Europe, amid intensive farming techniques including pesticides and irrigation, the EU environment agency said on Monday.

Campaigners said the 20% share for green schemes was too low.

“Agriculture ministers are largely perpetuating a farm policy which will throw taxpayers’ money at polluting, industrialised agriculture until at least 2027,” said WWF senior policy officer Jabier Ruiz.

The farming policy negotiations do not end with Wednesday’s deal. EU countries must now strike an agreement with the European Parliament and the European Commission on the rules. Parliament is voting on the policy throughout this week.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Gold Up Over Soft Dollar and Rising Stimulus Hopes By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, boosted by a weak dollar and the prospect of the U.S. Congress passing the latest stimulus measures ahead of the Nov. 3 presidential election.

were up 0.38% at $1922.75 by 12:26 PM ET (4:26 AM GMT). The was down on Wednesday morning.

The gap between the Republicans and Democrats seemed to decrease after President Donald Trump indicated on Tuesday that he was willing to accept a stimulus package with a larger price tag, saying, “I want to do it even bigger than the Democrats.”

House of Representatives Speaker Nancy Pelosi added to hopes that the stimulus measures would be passed by Congress, saying, “I hope so. That’s the plan,” for an agreement to be reached the following week. Pelosi will continue talks with Treasury Secretary Steven Mnuchin later in the day.

However, with Republicans still opposed to the measures’ price tag, it remains to be seen whether both parties will reach a consensus.

The Federal Reserve struck a positive note, with Chicago Federal Reserve Bank President Charles Evans saying that the current rise in U.S. COVID-19 cases may not dent the recovery too much, remaining “reasonably optimistic” that unemployment will fall to 5.5% by the end of 2021. Evans’ colleagues at the Fed called for more fiscal support to complement unprecedented monetary aid, and the central bank is due to release its ‘Beige Book’ economic survey later in the day.

Across the Atlantic, investors continue to monitor the progress of Brexit talks between the U.K. and the European Union (EU). Both sides called for the other to compromise to save the fast-deteriorating talks.

Swiss gold exports to China and India decreased in September, importing record volumes of bullion from Hong Kong instead and exporting the yellow metal to the U.K., according to customs data. Other data showed that holdings in SPDR Gold Trust (P:) fell 0.23% to 1,269.93 tons on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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