4 d. ago Drax’s shares plunge as City watchdog investigates sourcing of wood pellets

FCA inquiry into biomass power station relates to disclosures and transparency over two-year periodAnalysis: Latest Drax inquiry will raise fresh questions about its billions in subsidiesBusiness live – latest updatesThe power generator Drax has revealed it is under investigation by the City watchdog over “historical statements” made about the sourcing of wood pellets for its biomass power station.The Financial Conduct Authority confirmed the investigation on Thursday, which will cover a period of more than two years between January 2022 to March 2024 and examine whether the company complied with disclosure and transparency rules, including in three annual reports. Continue reading...

Events

4 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago UK power company Drax’s shares plunge amid investigation over source of ‘renewable’ fuel

Investigation by UK watchdog relates to historical statements on wood pellets for power station from January 2022 to March 2024Business live – latest updatesThe power generator Drax has revealed it is under investigation by the City watchdog over “historical statements” made about the sourcing of wood pellets for its biomass power station.The Financial Conduct Authority (FCA) confirmed the investigation on Thursday, which will cover a period of more than two years between January 2022 to March 2024, and examine whether the company complied with disclosure and transparency rules, including in three annual reports. Continue reading...

Events

5 d. ago Drax under investigation by City watchdog over biomass sourcing

The probe comes after claims by Drax’s former head of public affairs that the company had misled over its sourcing of wood for biomass pellets.

Events

5 d. ago Tesla sales fell 40% across Europe in July; Drax shares tumble 10% after FCA launches investigation – business live

Rolling coverage of the latest economic and financial newsShares in power generator Drax have tumbled by 10% after it revealed this morning it is being investigated by the City watchdog.Traders drove Drax’s share price down to 630p in early London trading, down from 703.5p last night, following the news that the FCA is probing whether its recent annual reports comply with UK Listing Rules.Meanwhile, possible electricity rate adjustments and higher rice tariffs could raise inflationary pressures over the policy horizon. The Monetary Board observed that domestic demand has held firm. However, the impact of US policies on global trade and investment continue to weigh on global economic activity. This could temper the outlook for the Philippine economy. Continue reading...

Economics

1 week ago Supermarkets are NOT profiteering and Sir Ed Davey was wrong to 'cajole' watchdog

Shore Capital argues that British supermarkets are not 'supernormal profiteers' and noted that their trading margins were slim.

Economics