How to turn eggs into a traditional British pub snack – recipe
UK Steel warns that Trump tariffs would be ‘devastating blow’
UK steelmakers have warned that the imposition of new US tariffs would be “a devastating blow” to the industry, after Donald Trump said he would announce 25% tariffs on steel and aluminium imports into the US.Gold reached a record high and aluminium prices rose as financial markets were rattled by the US president’s comments, which caused concern in the UK and the EU.Gareth Stace, the director general of the trade body UK Steel, said: “The US is our second-largest export market after the EU. At a time of shrinking demand and high costs, rising protectionism globally, particularly in the US, will stifle our exports and damage over £400m worth of the steel sector’s contribution to the UK’s balance of trade.”Stace said it would be “deeply disappointing” if Trump decided to target UK steel, given its “relatively small production volumes compared to major steel nations”
UK halves subsidies for Drax and says it must use 100% sustainable wood
The UK government has halved subsidies for the Drax power station and ordered it to use 100% sustainable wood after sustained criticism over its business model.The large power plant in North Yorkshire would play a “much more limited role” in future, operating less than half as often as it currently does, the government said.The plant is an important generator of electricity for the UK but has been criticised for burning wood pellets sourced from forests in the US and Canada.The government has agreed a new deal with the power producer that will halve subsidies between 2027 and 2031, saying that Drax will provide power only when it is “really” needed. It estimates that this will save consumers £170m a year
BP shares jump after feared US hedge fund Elliott takes stake
Shares in BP jumped 7% on Monday after it emerged that the activist investor Elliott Investment Management had taken a stake in the UK oil company.The stock rose as investors bet that Elliott, a feared New York hedge fund known for its attempts to shake up listed companies, would push for an overhaul of BP’s strategy, along with a revamp of its board.Elliott’s arrival could lead to the departure of BP’s chair, Helge Lund, and put pressure on its management to shift back more decisively towards fossil fuels, analysts said.Shares in the 120-year-old company rose by more than 8% in early trading on Monday, before closing up about 7% at 465p, the highest since last July and helping the FTSE 100 to hit a new record high.Elliott, led by the billionaire Paul Singer, has amassed a significant holding in the British energy company, Bloomberg reported on Saturday
Fraud trial of Forbes ‘30 Under 30’ honoree set to lift lid on startup culture
Charlie Javice has joined an undesirable club struck by the “Forbes 30 Under 30 curse”, a term for the high-flyers identified by the business title as up-and-comers who ended up in legal trouble. The entrepreneur has joined a list that includes the pharmaceuticals fraudster Martin Shkreli and FTX’s Sam Bankman-Fried and Caroline Ellison.The strength of the Forbes “curse” will be tested this week in New York as Javice, 31, goes on trial on four counts of fraud relating to the $175m (£141m) sale of Frank, a student financial aid application assistance company she founded aged 24, to JP Morgan Chase. The deal quickly soured, and has descended into a legal wrangle that has been compared to the case of Theranos founder Elizabeth Holmes.Frank’s premise was simple – to help steer students through the complexity of applying for student loans
Trump’s latest tariff bid shows the old rules of trade no longer apply. Scraps of paper will not save us | Greg Jericho
News that the US president, Donald Trump, was going to place a 25% tariff on all steel and aluminium imports in to the US came as it generally does with such things – out of the blue, with no reasoning, and little to no understanding of whether Trump even knows what he is doing.Speaking to reporters on Air Force One on the way to the Super Bowl, Trump talked about “reciprocal” tariffs. As an aside he said that “we’ll also be announcing steel tariffs on Monday” and when asked who they would affect he said “everyone”. When further asked about aluminium he replied “aluminium too” (because hey why bother to mention that upfront?).The headlines went crazy and we saw reports here of how $15bn was “wiped from the Australian share market” in the first hour of trading
Tech firms call for zonal electricity pricing in UK to fuel AI datacentres
Tech companies are putting pressure on the UK government to encourage an AI datacentre boom in remote areas of Great Britain by offering some of the cheapest electricity prices in Europe.A report paid for by the tech companies Amazon and OpenAI has called on ministers to overhaul the UK’s electricity market by splitting it into different zones so that prices become more expensive in areas where power is in short supply, and cheaper in those where it is ample.This market arrangement, known as zonal pricing, would make areas such as Scotland a hotspot for AI datacentres – which use vast amounts of electricity – because of an abundance of windfarms and low population density, according to the report by the Social Market Foundation (SMF) thinktank.Keir Starmer said last month that artificial intelligence would be “mainlined into the veins” of the nation after putting in place a sweeping action plan to make the UK a world leader in the technology.However, the plans to host datacentres have attracted some scepticism, in part because the UK has some of the highest industrial electricity prices in the world and is pressing targets to virtually eliminate fossil fuels from the power system by the end of the decade
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