4 Min Read
HOUSTON (Reuters) - The Texas electricity regulator on Wednesday ordered cuts to emergency fees paid to generators amid a financial crisis in its power market, but adjourned without acting on calls to protect consumers from price spikes.
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A mid-February storm temporarily knocked out up to half the state’s generating plants, triggering outages that killed dozens and pushed power prices to 10 times the normal rate. About $47 billion in one-time costs are threatening companies that sell, transmit or generate electricity in the state. Consumers will see higher prices as the costs are passed along.
In its first meeting since the blackout, Public Utility Commissioners (PUC) agreed to revoke charges for standby power services that were not provided. The size of the charges have not been disclosed.
6 Min Read
LONDON (Reuters) - Finance minister Rishi Sunak delivered what he hopes will be a last big spending splurge to get Britain’s economy through the COVID-19 crisis, and announced a corporate tax hike from 2023 as he began to focus on the huge hit to the public finances.
Britain s Chancellor of the Exchequer Rishi Sunak holds the budget box as he poses with Chief Secretary to the Treasury Steve Barclay, Exchequer Secretary to the Treasury Kemi Badenoch, Financial Secretary to the Treasury Jesse Norman, Economic Secretary to the Treasury John Glen, Minister of State for Efficiency Theodore Agnew, PPS to Treasury Claire Coutinho, PPS to Chancellor James Cartledge, PPS to Chief Secretary Craig Williams and Government Whip and Lord Commissioner of HM Treasury David Rutley at 11 Downing Street, London, Britain, March 3, 2021. REUTERS/Toby Melville/Pool
Wall Street fell on Wednesday as investors sold off technology stocks, while shares from Asia to Europe were flat, while the dollar rose even as U.S. jobs data disappointed investors and virtual curreny bitcoin jumped.
By Reuters Staff
1 Min Read
LONDON, March 3 (Reuters) - Inflation risks in Britain’s economy are sleeping, not dead, and the economy is likely to recover robustly this year, Bank of England chief economist Andy Haldane said in an interview published on Wednesday.
“You can never speak of inflation being dead; it’s only ever sleeping. And therefore to think you’ve somehow tamed the beast forever would be fanciful,” Haldane told London’s Evening Standard newspaper.
Last week Haldane likened inflation - currently 0.7% - to a tiger that had just been roused.
Asked about London’s economy, Haldane said he expected the rebound to be slowed by reduced appetite for people to be in city centres but ultimately to be strong.