U.S. eyes refining muscle of Indian billionaire Ambani's Reliance as Rubio visits Jamnagar plant

UK approves Jackdaw gasfield in North Sea

Decision was widely expected after lobbying by Shell but will dismay environmental campaigners The UK government has approved the controversial Jackdaw gasfield in the North Sea, a widely expected move that will nonetheless dismay environmental campaigners and a number of Labour MPs. While Labour’s 2024 election manifesto committed to a ban on new drilling licences in the North Sea, the companies behind Jackdaw and the Rosebank oilfield project, which is being decided on separately, have sought environmental approval for existing licences. Continue reading...

UK inflation jumps to 3.5% — cementing rate hike expectations

UK inflation rises by more than expected to 3.5% as war drives up fuel prices

Increase in annual price growth in September comes amid fears price growth will breach 4% next year UK inflation climbed by more than expected in September to 3.5% after a surge in prices from the conflict in the Middle East that pushed the cost of diesel above £2 a litre. In a blow to John Healey before his first budget as chancellor in a week’s time, the Office for National Statistics said annual inflation rose from 3.1% in August . Economists had forecast an increase in the consumer prices index to 3.4%. Continue reading...

Three ideas for how to deal with Thames Water

The Guardian proposes emergency legislation, public control via the courts or stripping the utility company of its licence Andy Burnham has told officials to rip up their plans for how to fix Thames Water and present him with more radical options for what to do with the stricken company. Here are some ideas the prime minister is being urged to consider. Emergency legislation Continue reading...

Oil prices climb as traders assess Middle East developments

Iran's Revolutionary Guards said Tuesday that naval mines had prevented three tankers attempting to pass through the Strait of Hormuz.

World must cut emissions by 18% in four years ‘to find our way back’, UN says

Action needed to avoid disastrous overshoot of climate targets, according to organisation’s environment body The world needs to cut carbon emissions by nearly a fifth in the next four years, and by close to half within a decade, to avoid overshooting climate targets by a disastrous margin. Although the “window has closed” on holding temperature rises to 1.5C , in line with scientific advice, limiting the “overshoot” of that target is still possible, according to the UN Environment Programme (Unep). Continue reading...