• Sports
    PA Media: Sport

    Using Murrayfield as a hub for multiple sports ‘an excellent idea’

    Scotland's national clinical director believes the Edinburgh ground could allow more fans to attend once crowds are allowed back again.

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  • World
    Variety

    New BBC Boss Tim Davie Has the Business Savvy to Save the Beeb, Say Insiders

    Tim Davie is the right person at the right time to take over as director general of the BBC. That seems to be the U.K. industry's general view on the day that former PepsiCo and Proctor & Gamble marketing executive and long-time BBC staffer Davie won what is considered the most prized job in British […]

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  • Business
    Reuters

    Singapore bank deposits jump as Hong Kong, virus sow uncertainty

    A record flow of money poured into Singapore bank accounts in April as the COVID-19 pandemic rocked world economies, the latest in a stream of foreign cash that the city-state said has included deposits from rival financial centre Hong Kong. Singapore typically attracts capital flows during regional turmoil due to its political stability and AAA credit rating, a status that has been galvanised by political uncertainty and social unrest in Asia's other premier wealth centre, Hong Kong. Deposits from nonresidents into the city-state's banks jumped 44% to a record S$62.14 billion ($44.37 billion) in April from a year earlier, marking the fourth straight monthly rise, central bank data showed.

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  • Business
    Bloomberg

    Germany’s Green Power Finance Is Becoming Unaffordable

    (Bloomberg) -- The German program that’s spurred the nation’s switch to green power is buckling under the weight of surging costs and needs an urgent fix.That’s the assessment of one of the scheme’s chief designers, Hans Josef Fell. Designed in 2000 to enable Germany to meet United Nations pledges on climate change, it has pushed renewable energy to make up over 50% of the nation’s energy capacity. Yet the system’s increasing costs have become glaring in the during the coronavirus pandemic, the veteran Green Party lawmaker said. High and guaranteed payments made to investors in clean power plants are the problem Fell said in an interview.German power consumers have to contribute to help finance the payments through a surcharge in their monthly electricity bills, and a quirk of how they’re calculated threatens to send the program’s costs skyrocketing, he said.Power consumers make up the difference between payments made to investors and the wholesale power price. That causes the green surcharge to rise when wholesale prices fall, and they’ve dropped 20% since January as coronavirus lockdowns hit power demand.“The paradoxical mechanism that’s allowed green power to flourish can also push up surcharges,” said Fell, who now co-heads the Berlin-based Energy Watch Group that calls for a radical overhaul of green finance.The green surcharge will cost consumers about 26.2 billion euros ($29.4 billion) this year. Fell blames a move in 2010 to speed up green investments by bumping up payments for power generation.The threat of rising energy costs to the economy prompted Chancellor Angela Merkel this week to include a remedy in a sweeping $145 billion economic recovery package.At a cost of some 11 billion euros to the budget, the government will cut the green fee by two euro cents for every kilowatt-hour next year.“In other words, power consumers’ burdens will be relieved by taxpayers,” said Fell. “It’s an absurd case of propping up an expensive system instead of reforming it.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Sports
    PA Media: Sport

    Silverstone boss hopes ‘top of the bill’ F1 double-header can attract new fans

    The Northamptonshire circuit will stage races on August 2 and August 9.

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