Liz Truss is preparing for an overhaul of the energy market as part of a wider support package with soaring bills. Renewable energy producers have agreed in principle to accept new long-term contracts at prices well below current prices, the BBC reports. The move is seen as a way to limit excess profits for renewable and nuclear power producers without imposing a windfall tax. It will come as part of a wider support package outlined today, including a freeze on energy bills for households and businesses.
5 things to start your day
- iPhone 14 launch: Apple hikes prices by £150 for UK customers The tech giant has increased the launch price of its iPhones in the UK by up to £150.
- TikTok is ‘spying tool and should be banned in the West’ German publisher’s boss claims social media app is controlled by China’s Communist Party
- Heineken buys Led Zeppelin’s son’s craft brewery Logan Plant’s Beavertown joins a long list of UK independents snapped up by the beer giants.
- The housing market can still avoid a crash – here’s how The dire economic situation is affecting the housing market, but there are still supports that can prevent a crash.
- Putin threatens to ‘freeze’ Europe with total energy blackout – Russian leader vows to halt all supplies if Brussels goes ahead with price cap on its natural gas
What happened in the night
Most Asian markets enjoyed a rare uptick in bargain shopping on Thursday. Tokyo led the gains, helped by data that showed the Japanese economy performed better than initially expected in the second quarter, while there were also gains in Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta. Hong Kong bucked the trend.
It’s coming today
Corporate: Genus (full year results), Energean, International Public Partnerships, Melrose Industries, Spire Healthcare, Vistry Group (interim), Safestore Holdings, (transaction statement) Economy: ECB rate decision (EU), jobless claims (US)
