UK Should Become an Investing Economy, Wilson Says
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UK Prime Minister Keir Starmer declared at a Jaguar Land Rover factory in May that his world-leading trade deal with President Donald Trump included a cut in US tariffs on British steel to zero. More than three months later, steel lobbyist Peter Brennan was still waiting for that relief to become reality.
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Global markets face shaky week ahead as US pressure mounts on Ukraine
By Naomi Rovnick and Dhara Ranasinghe LONDON (Reuters) -Defence stocks and energy markets are likely to be in focus this week, as European leaders rushed to back Ukraine in talks with U.S. President Donald Trump that may pressure Kyiv to accept a peace deal favouring Russia. Investors are watching for signs that the U.S. may move closer to Russia in a bid to exploit vast, untapped Arctic energy resources, in a major geopolitical shift that piles pressure on Europe to rapidly boost defence spending. Trump and Russian President Vladimir Putin ended their weekend summit in Alaska without securing a Ukraine ceasefire agreement, with the U.S. President then saying he now wanted a rapid peace deal that Kyiv should accept. Ukrainian President Volodymyr Zelenskiy is travelling to Washington on Monday for talks that leaders of nations including Germany, the UK and France will now join. "Trump seems inclined to reduce or even end US support for Ukraine. Putin got him interested in business deals," Berenberg Chief Economist Holger Schmieding said in a note to clients. "As a result, the US may lift its sanctions on Russia and invest in Russia instead," he added. "Europe will have to spend a lot more for its own defence." DEFENCE STOCK RALLY Investors have bet on that outcome since February 2022, driving a supercharged rally in European aerospace and defence stocks with gains of over 600% for Leonardo and 1,500% for Germany's Rheinmetall. The euro has rallied 13% against the dollar this year and traded at about $1.17 on Friday. Bank of America strategist Michael Hartnett highlighted the potential for U.S.-Russia Arctic drilling projects to exploit 15% of the world's undiscovered oil and 30% of the world's undiscovered natural gas, resulting in a deep energy bear market. Brent crude, which dropped more than 1% to near $66 a barrel, on Friday, was still priced for a Ukraine peace deal, Hartnett cautioned, while Trump wanted lower energy prices for U.S. consumers. Ukraine's government bonds - key mood indicators - rallied when news of the summit emerged earlier this month but have stalled at a still-distressed 55 cents per dollar. "I would think they will be a bit weaker following the recent strength as the mood seems to favour Russia following Friday's summit," Aegon Asset Management head of emerging market debt Jeff Grills said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Homes on 'noisy road' must be sound proofed before first residents can move in
A DEVELOPER will have to show five new homes to be built beside a 'noisy' road have been sound proofed before anyone can move in. Wayne Gregory has been granted planning permission for the five homes on the site of a derelict former workshop which as well as being on what has been officially designated as a 'noisy road' is next door to a tyre fitters. As a result council planners have made it a condition of the permission that none of the homes can be occupied until post construction noise readings have been submitted to and approved in writing by the council. The readings will have to meet the recommendations of a noise impact report that was submitted as part of the application and demonstrated how 'desirable' noise levels could be achieved including a requirement for the building fabric to be upgraded. The report was required by the council as Snatchwood Road in Abersychan, Pontypool is defined as a 'noisy' road within a Welsh Government Noise Action Plan Priority Area and the former Artisan Precision Engineering site is next door to the Sam's Tyres fitting garage. Planning officer Justin Jones said residential homes shouldn't be approved if they are likely to lead to complaints, such as noise nuisance, that would force an existing commercial use to stop. However the planned homes will be oriented away from the garage. He said the assessment had shown road noise from the properties would be 'high' which has required action to achieve 'acceptable internal noise levels' including a mechanical ventilation system as upper floor windows will have to be shut. Read more: Plea to allow giant shed to be used for holiday lets rejected on appeal New flats development can support town centre, say planners It was also found there wouldn't be an unacceptable level of noise from the tyre fitters impacting the back gardens. There would be two parking spaces, as well as two garages provided for plots one and five, for each home which is below the council's guidelines but Mr Jones said as the site is in a sustainable location close to shops and with bus links the parking is considered acceptable. Other conditions relate to potential land contamination and details related to access and road markings.
