Covering plans UK’s first ‘no-petrol’ station as journey towards clean motoring continues

Royal Dutch Covering is getting ready to open Britain’s first “no-petrol” service station within the capital the coming year included in its drive towards cleaner motoring.

The forecourt is anticipated to provide motorists biofuels, electric vehicle charge points and hydrogen cell refuelling rather of traditional gas and diesel pumps. Meanwhile, the structures result from be operated by ­renewable energy from solar power panels around the forecourt roof.

Sources near to the Anglo-Nederlander oil giant told The Telegraph that the manchester site have been selected, however the project was still being in a very initial phase. A spokesman for Covering declined to comment.

The no-gas project belongs to their tries to develop alternative fuels and overhaul its retail arm. Covering intends to open three hydrogen cell refuelling stations within the United kingdom this season. 

The very first opened up alongside traditional pumps in the nation’s busiest ­refuelling station at Cobham around the M25 in Feb.

Later this season Covering intends to unveil high-speed electric vehicle charge points across an array of its 400 United kingdom service stations, allowing motorists to charge their electric vehicle batteries by as much as 80pc in half an hour. The audience is going to begin an 18-month pilot plan to check exactly what the forecourt for the future might seem like. Service stations will be provided ambitiously as “retail destinations”, supplying top quality food and occasional alongside high-speed Wi-Fi. The trial may also include collection points for shopping online deliveries to enhance convenience. 

For motorists who cannot wait to ­refuel, Covering is trialling application-based fuel delivery. In Rotterdam customers can order fuel, indicating time and ­location from the service. By departing the fuel flap open, motorists don’t even have to be present.

Covering is pressurized to protect against the specter of a faster than expected escape from non-renewable fuels.

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Environmental protection agency chief Pruitt met with lots of corporate executives. He then made decisions within their favor.

his schedule acquired through the Washington Publish.

There have been, in comparison, 3 ecological groups and something public health group around the schedule, which provides coverage for the several weeks of April through early September.

It’s the very first time Pruitt’s schedule has been created public also it contributes to understanding about how exactly he makes decisions.

Around the morning of May 1,  Pruitt met at Environmental protection agency headquarters using the Pebble Limited Partnership, a Canadian firm that were blocked through the agency in 2014 from creating a massive gold, copper and molybdenum mine in Alaska’s Bristol Bay watershed.

That mid-day, he met with Sen. Ak Senate (R-Alaska), who also opposed the Obama administration’s decision to invoke a provision from the Water That Is Clean Act to bar the mine, for the reason that contamination could jeopardize the region’s valuable sockeye salmon run.

Per week . 5 following the conferences, the 2 sides struck a legitimate settlement that removed the way in which for that firm to try to get federal permits for that operation.

Inside a statement at that time, Pruitt stated the agreement “will not guarantee or prejudge a specific outcome, and can provide Pebble a good process for his or her permit application which help steer Environmental protection agency from pricey and time-consuming litigation.”

Per week following the administrator met with Pebble Limited Partnership, he met at Environmental protection agency headquarters with Fitzgerald Truck Sales, the nation’s largest manufacturer of business truck “gliders,” that are truck physiques with no engine or transmission.

On August. 17, a bit more than two several weeks after ending up in Fitzgerald, Pruitt announced he would revisit an October 2016 decision to use green house gas emissions standards for heavy-duty trucks to gliders and trailers,  saying he was making the decision following “the significant issues” elevated by individuals within the  industry.

Pruitt had suggested for March he might relax the fuel-efficiency standards for cars and lightweight trucks that The President had approved. And during this time period, he met with representatives of Vehicle on April 26 the car Alliance, the industry’s lobbying arm, on April 27 and Ford Motor Co. on May 23. The continues to be pressing for any rollback within the efficiency targets. In August, the Environmental protection agency formally reopened the guidelines.

“As Environmental protection agency continues to be the poster-child for regulatory overreach, the company has become ending up in individuals overlooked through the Federal Government,Inches Environmental protection agency spokeswoman Liz Bowman stated within an email Friday. “As we return Environmental protection agency to the core mission, Administrator Pruitt is leading the company through process, the rule of law and cooperative federalism.”

On April 24, Pruitt met using the executive committee from the National Mining Association, and subsequently day with representatives of rural cooperatives, whose rural and suburban customers depend largely on aging coal plants. He met with oil industry companies and associations, including Phillips 66, the American Fuel & Petrochemical Manufacturers board the American Oil Institute company directors and Magellan Midstream Partners, a oil pipeline and storage firm.

Pruitt also met April 6 with FirstEnergy, an Ohio-based utility that’s been searching for financial or regulatory relief to help keep its aging coal plants from being shut lower. The plants happen to be hard-pressed to satisfy mercury limits needed underneath the Climate Act, and also to contend with cheap gas and alternative energy.

Also, he met with numerous agriculture business groups, Boeing, Whirlpool and CIA Director Mike Pompeo.

Throughout the period taught in schedule, from early April to mid-September, Pruitt consulted frequently with condition and federal officials by telephone or personally. From the 19 governors he contacted, basically five were Republican.

One, West Virginia’s Jim Justice would be a Democrat at that time, but subsequently switched parties. Another, Puerto Rico’s Ricardo Rosselló, who heads the island’s New Progressive Party, which espouses statehood, was contacted following the commonwealth have been hit by Hurricane Irma.

As the administrator has devoted a lot of his time for you to ending up in industry representatives, he did talk with three ecological and public-health advocates at the end of May.

On May 24, he saw officials in the American Academy of Pediatrics, which backs stricter air-pollution standards the following day, he met with Trout Limitless.

On May 25, Pruitt met with Bob Perciasepe, who offered as deputy administrator from the Environmental protection agency for four and-a-half years under Obama and today heads the middle for Climate and Solutions.

French oil major Total in talks with Google as energy sector turns to AI

French oil company Total is within talks with tech giants Google and Microsoft to assist develop bespoke artificial intelligence (AI) within the energy sector’s race to tap digital technologies.

Engineers at Total are presently working alongside top software developers to understand more about how complex algorithms could be relevant to its operate in gas and oil.

Frederic Gimenez, the oil major’s chief information officer, stated the “complete shift” from the traditional energy activities to investigating AI and machine learning has meant the organization is dealing with different stakeholders to broaden its scope.

“We possess a strong understanding of exploration and seismic analysis. But they’re those who are the most useful in artificial intelligence. It has obliged our people to utilize different partners and also to merge our understanding to locate a new method to make gas and oil breakthroughs,” he told delegates from the Foot Digital Energy conference.

Credit: Eric Gaillard/Reuters

The supermajor grew to become the second biggest North Ocean operator at once recently having a surprise $7.45bn (£5.79bn) swoop on Danish gas and oil firm Maersk Oil including oil projects that are lucrative even at oil prices of $30 a barrel.

A spokeswoman for the organization stated Total continues to be going through the digital market before getting into any formal partnerships having a Plastic Valley company.

The digital shift is a a part of Total’s drive to adjust to changes in the market. Another is really a modest shift to cleaner powers and efficiency.

Total stated on Tuesday that it’ll get a 23pc curiosity about the renewable energy production company Eren Re by registering to a €238m (£211m) capital increase. Individually, Total announced a smaller sized purchase of GreenFlex, a French company specialising in energy-efficiency.

Mr Gimenez stated the acquisitions are simply one pillar of its strategy, with this particular part still a smaller sized focus within the organization when compared with its move towards digital transformation and its existing activities in gas and oil.

BP invests $10m into private jet charter business Victor

Energy giant BP’s intends to expand beyond its traditional gas and oil interests have experienced it back an internet-based private jet charter business, sinking $10m (£7.4m) into London-based Victor.

BP Ventures, an investment fund arm from the blue-nick company, may be the lead investor inside a $20m fundraiser round by charter business Victor.

Launched six years back, Victor enables customers to go surfing to check on private jet prices and aircraft availability from the number of a large number of business jets worldwide, before booking flights through its system.

The new funding allows Victor to grow into new territories, too take advantage of the b2b market by connecting with suppliers, brokers and flight planners within the general aviation sector, an industry which the organization states may be worth between $12bn and $14bn annually.  

Included in the deal, Victor uses BP aviation fuel where possible

As area of the deal, Victor has signed Air BP because the preferred supplier for fuel for flights booked through its system. 

Previously 11 years BP Ventures has invested $350m in 24 technology companies worldwide, in areas including power, energy storage, carbon management, biofuels and advanced mobility. The fund sees Victor as a means of contributing to its ip because it seeks to locate efficiencies in aviation and transport.

“The digital revolution is altering the face area from the energy industry and BP is in the lead,Inches stated David Gilmour, vice-president of BP technology business development. “We’ve now completed five deals with under annually and Victor aligns with this priorities around digital innovation and occasional carbon.”

Since London-based Victor began, it’s guaranteed $44.5m of investment. This past year it’d revenues of $39m and it is on the right track for $60m this season.

Clive Jackson, founding father of Victor, welcomed BP like a “strategic, cornerstone investor”, adding the fund’s “track-record for identifying forward-thinking innovative companies speaks by itself. Receiving backing from the major, legitimate institutional investor like BP is really a strong endorsement people and our proper vision to reshape the overall aviation market.”

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Scott Master just approved $3 billion deal for any new Foxconn factory in Wisconsin

25 years would pass before taxpayers saw coming back around the investment. It might take more time, the company found, if workers from neighboring Illinois commuted in to the condition to accept Foxconn jobs.

Master first announced the Foxconn cope with President Trump in the White-colored House in This summer. It passed the state’s legislature a week ago, though two Republicans and the majority of the Democrats opposed it, citing the cost to win the ability without any guaranteed benefits, the Milwaukee Journal Sentinel reported.

Democrats slammed Master for approving the deal, asserting he must have rather opened up more funding for education and infrastructure.

“With a financial budget that does not restore educational funding and improve local roads, now’s and not the time for you to give $3 billion in cash payments to some foreign corporation,” Wisconsin Senate Democratic Leader Jennifer Shilling stated inside a statement. “Gov. Master and Legislative Republicans are putting home-grown companies in a competitive disadvantage while committing taxpayers to decades of monetary costs and liabilities.”

The payouts to Foxconn rely on the organization doing it with the guarana plant development and hires, Wisconsin officials stated. The firm could receive as much as $250 million each year in refundable condition tax credits for fifteen years.

If Foxconn winds up qualifying for that full package, the organization would beat the U . s . States record for regulations and tax breaks provided to an overseas company. Royal Nederlander Covering, located in the Netherlands, holds that title — Pennsylvania gave the oil business $1.65 billion in subsidies about 5 years ago, based on PolitiFact.

Foxconn has additionally stated it’ll invest $10 billion in to the plant and contract local workers to construct it.

Walker’s office has asserted the offer would ultimately help the Wisconsin economy.

“This is really a once-in-a-lifetime chance which brings high-tech manufacturing to America, the following in Wisconsin,” Master spokesman Tom Evenson told The Washington Publish within an August email. “The company’s investment is $10 billion, that is $6.70 of non-public investment for each $1 of public funds. This is a great investment for the entire condition.”

Find out more:

The Foxconn deal will not make anything for twenty five years, report states

Trump is celebrating the Foxconn deal. The folks having to pay for this aren’t so sure. 

FTSE 100 snaps losing streak as the pound slips from hike hope highs

  • FTSE 100 rebounds as the pound’s momentum slows on the currency markets
  • BAE Systems jumps 2.9pc on Qatar Typhoon jet order; gold producers Fresnillo and Randgold Resources fall as precious metal prices continue to retreat
  • Pound slips from highs recorded last week after the Bank of England gave its strongest hint yet that interest rates will rise before the end of the year; Mark Carney speech (4pm) could lift sterling if he reaffirms the MPC’s plans for a hike
  • House prices nudged down a further 1.2pc in September, according to Rightmove

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3:44PM

US indices hitting highs pulls up European stocks; pound mixed ahead of Carney speech

Mark Carney could move sterling in his speech at the top of the hour

European stocks have been supported this afternoon by the bright start across the Atlantic, according to Spreadex analyst Connor Campbell.

He said on this afternoon’s action:

“A record-breaking open from the Dow Jones kept the European indices feeling positive this Monday afternoon.

“The Dow only needed to rise 0.3% after the bell to hit a new 22300-plus high; the S&P 500 followed suit, climbing above 2500 for the first time in its history. The recent surge from the US indices has lined up with the dollar’s September decline against the pound, where it has shed nearly 5% in the last 18 days.

“Over in Europe the US open allowed the FTSE to widen its gains once again. The UK index is now up half a percent, putting some distance between it and its sub-7200 low last Friday.” 

Just a reminder that we’ll be bringing you the latest updates from Mark Carney’s IMF speech at 4pm. Ahead of the appearance, the pound is putting in a patchy performance, nudging down against both the dollar and euro but moving higher against the currency markets’ laggard today, the Japanese yen.

3:13PM

Bell Pottinger scandal widens as Rentokil director who introduced the PR firm to the Guptas steps down

Bell Pottinger’s London office

The scandal surrounding public relations firm Bell Pottinger has deepened as the man who introduced the company to the billionaire Gupta family, Chris Geoghegan, has stepped down from his role at Rentokil.

Mr Geoghegan, BAE Systems’ former chief operating officer, reportedly earned a six-figure sum for brokering the controversial deal between Bell Pottinger and the Guptas, which ultimately led to the firm’s administration last week.

Cleaning and hygiene firm Rentokil has announced that Mr Geoghegan will be stepping down with immediate effect.

As a result, he also steps down as chairman of the firm’s remuneration committee and senior independent director. He had been on the board for just over a year, having been joint chief operating officer at BAE Systems from 2002 to 2007.

Read Rhiannon Bury’s full report here

2:48PM

Dow Jones on course for another record close

The Dow Jones is on course for another record close

US stocks have nudged up early on and the Dow Jones is on course for another record close with the Federal Reserve’s latest policy decision now in the sights of investors.

ING’s chief international economist James Knightley believes that that the markets are underestimating the chance of a fasted paced hiking cycle and that Wednesday’s meeting may not be the non-event some believe it will be.

He added that investors should give more credence to the Fed’s forecasts on interest rates:

“With just one hike priced in by the end of 2018, the market’s view on interest rates is still worlds apart from the Fed’s June projections, which pencilled in 100bp of rate hikes over the next 18 months. 

“Some market scepticism is understandable. The Fed has signalled higher interest rates on numerous occasions over the past couple of years, only to then subsequently not follow through with them. But also with several measures of inflation well below 2%, there is a sense that there is little need for tighter policy. 

“This latter point, in particular, may see some officials becoming less aggressive on their expectations for the path of interest rates. As such, we would not be surprised to see the dot diagram move closer to our forecast of three rate hikes rather than the four previously indicated.”

Given the rollercoaster the ECB and Bank of England has given the markets in the last few weeks, it would be naive to rule out any other shocks from the central banking top tier one would think.

2:14PM

Britain braces for higher energy prices this winter  

Winter electricity in the UK market is already 16pc higher than it was at this time last year

Energy bills in the UK could be set to rise this winter after the cost of power jumped well above last year’s prices.

The wholesale cost of winter electricity in the UK market is on average 16pc, or around £7 per megawatt-hour, higher than it was this time last year.

The price rises could spell trouble for British bill payers who faced a flurry of tariff hikes over the spring following last winter’s volatile energy trading.

Last year market prices surged higher due to safety concerns across almost a fifth of EDF’s 58-strong French nuclear reactor fleet.

This year, energy prices are climbing due to ongoing concerns around France’s nuclear plants as well as Germany’s reliance on power from coal, which is trading 50pc higher than last year.

Read Jillian Ambrose’s full report here

1:59PM

Mark Carney speech preview

Former BoE governor Mervyn King said that central bankers can use tricks and bluffs to manipulate markets

Interest rate forecast revisions have been flooding in since the Bank of England surprised the markets last Thursday by taking a hawkish turn but some have raised doubts that the latest rhetoric coming out of the central bank is little more than monetary policy dark arts.

The theory goes that the MPC’s hawkish rhetoric is designed to lift the pound, which will in turn bring down inflation without having to resort to the blunter tools at the central bank’s disposal.

Can Mark Carney reassure any doubters this afternoon in his speech at the IMF?

The markets have been here twice before with Mr Carney and the ‘Maradona theory’, the idea proposed by former governor Mervyn King that the markets can be manipulated by central bankers in the same way that Maradona could beat five defender by walking in a straight line through shoulder shifts and bluffs, could be wearing a little thin if rates aren’t raised before the end of the year.

Investec’s Philip Shaw, who like HSBC this morning and many others, has revised his forecasts since the latest twist believes the BoE is serious this time, however.

He said:

“The MPC’s latest prognosis has not come out of the blue. Indeed its concerns over tight labour markets and the prospects for inflationary pay increases have been evident since the spring. Accordingly unless the UK is hit by a negative demand shock over the next six weeks, we view the prospect of a 25bp increase in the Bank rate to 0.50% in November as our new baseline case. 

1:20PM

Study engineering at university if you want to become a billionaire, report suggests

Jeff Bezos, founder of Amazon and the second richest person in the world, studied engineering at university

Students who study engineering or business at university are more likely than their peers to become billionaires, a new study suggests.

Those who have already entered the job market and are either in a sales career or stock trader role are also among the most likely to become part of the world’s richest people club.

The findings are based on a study by the recruitment agency Aaron Wallis, which looked into the richest 100 people in the world to see if there was any correlation between their first careers and how wealthy they became.

It found that the most common first job among the top billionaires – who started in an organisation that wasn’t their own, as opposed to entrepreneurs who started their own company or those employed in a family business – was that of a salesperson.

Read Sophie Christie’s full report here

12:55PM

Lunchtime update: Pound comes off highs ahead of Carney speech

Bank of England governor Mark Carney is due to speak at the IMF at 4pm later today

The FTSE 100 has snapped its losing streak and rebounded back into positive territory this morning as the pound’s rally on currency markets cools.

Ahead of Bank of England governor Mark Carney’s speech at the IMF this afternoon, sterling has dipped slightly, coming off the highs it hit at the end of last week as hopes of an interest rate hike before the end of the year were reignited by the central bank.

A dearth of economics and corporate news means London is devoid of any big stock movements this morning. 

Engineer GKN has jumped 3.2pc to the top of the FTSE 100 on a bullish broker note while defence specialist BAE Systems securing the sale of 24 Typhoon jets to Qatar has lifted it 2.9pc.

At the other end, tobacco stocks are reacting negatively to the FDA changes to its e-cigarette requirements, which broke as trading was closing in Europe on Friday, while gold producers Fresnillo and Randgold Resources trail the blue-chip index as the precious metal’s price continues to retreat. 

It could be the calm before the storm, however. Attention on the markets is beginning to shift to the US Federal Reserve’s key policy decision on Wednesday with investors itching for clues over the US’s own interest rate hiking plans.

Spreadex analyst Connor Campbell gave this preview of the US session:

“Looking to this afternoon, and while there’s no data on the cards it still could be a memorable US session. Even something as meagre as a 0.2% is enough for the Dow Jones to hit a fresh high, with the index on track to open above 22300 for the first time in its history.

“Given it wasn’t too long ago that it was fretting about North Korea, as well as Donald Trump’s (in)ability to deliver on his tax and infrastructure promises – issues that are still very much on the table – it’s remarkable that the Dow has risen so aggressively in the past week or so.”

12:20PM

Interserve hires finance director days after devastating profit warning

Interserve has recently won a five-year contract to provide spectator seating for the Edinburgh Military Tattoo

Support services group Interserve has appointed a new finance director just days after it issued a crippling profit warning.

Mark Whiteling will join the company at the beginning of next month, having recently held a number of non-executive roles at firms including Hogg Robinson and Connect Group.

Shares in Interserve rallied during Monday morning’s trading on the back of the news, climbing as much as 18.71pc to 96.75p.

Mr Whiteling had previously held senior roles at technology firm Premier Farnell. He was also finance director of marketing business Communisis and group finance director of logistics company Tibbett and Britten.

Read Rhiannon Bury’s full report here

Interserve
12:09PM

Yen falls as Japanese PM considers calling a snap election

Shinzo Abe could call a general election to take advantage of a weaker opposition 

Another little interesting side-note on the forex markets is the Japanese yen, which has plunged into the red against all the leading currencies ahead of the Bank of Japan’s own decision on monetary policy on Thursday.

The currency is under pressure after weekend reports that the country’s prime minister Shinzo Abe is considering to do a “Theresa May” and call a snap election to take advantage of a weakened opposition.

If Mrs May did give the Japanese PM any sage advice on snap elections during her recent state visit, he’s obviously ignored it.

12:00PM

Sterling comes off highs; attention begins to shift towards Fed meeting 

All eyes will be on Fed chair Janet Yellen at her press conference on Wednesday evening

Sterling has slipped slightly on the currency markets this morning as it comes off the highs it hit on Friday following dovish Bank of England policymaker Gertjan Vlieghe’s speech backing the Monetary Policy Committee’s plan to hike interest rates to curb inflation if current economic trends continue.

The pound could be in for another bumpy ride this week against the dollar with Mark Carney due to speak later today and the US Federal Reserve’s meeting on Wednesday to dictate the dollar’s performance on the currency markets later in the week.

The Fed is expected to announce that it will begin to unwind its huge $4.5tn balance sheet but investors will be equally as interested in the central bank’s thoughts on sluggish inflation, which is weighing on the chance of an interest rate hike across the Atlantic before the end of the year.

11:31AM

Petra Diamonds misses targets as Tanzanian worries worsen

Petra recently suspended operations at its mine in Tanzania as the East African country looks to take more control of its mining sector

Shares in Petra Diamonds have slumped 7pc after the FTSE 250 miner reported a disappointing set of results and warned that legal challenges in Tanzania could mean it breaches its debt covenants once again.

The stock slid to 77.50p in early trade after Petra warned that failure to resolve a dispute with the Tanzanian government over diamond exports may result in it breaching two of its covenant measures.

The company said it would “monitor the situation very closely and take decisive action if required”.

Petra had already warned in June that it was in talks with its lenders after suffering a six-month delay at one of its major projects, resulting in it missing production guidance for the year.

Read Jon Yeomans’ full report here

Petra Diamonds
11:23AM

HSBC reverses position on sterling; revises 2017 forecast from $1.20 to $1.35 against the dollar

“We were very wrong.”

That’s how HSBC’s forex team started this morning’s note on sterling to clients, its tail between the legs as the currency smashed the bank’s forecast.

Its strategist David Bloom said that the Bank of England’s “unexpected hunger” to join the ECB and Federal Reserve in beginning to tighten monetary policy had lifted sterling above its estimates, adding that the pound has “happily ignored the political intrigue of Brexit”.

After forecasting the currency to plunge to $1.20 against the dollar by the end of the year, it now believes that it will remain around its current level of $1.35.

The bank does, however, believe that the pound is “likely to weaken in 2018 as the market questions the merit of rate hikes and politics belatedly gets a grip on it”.

10:44AM

Eurozone inflation takes small step in the right direction

Eurozone inflation picked up to 1.5pc in August, Eurostat has confirmed this morning, reversing the downward trend concerning officials at the European Central Bank.

The ECB has been reluctant to signal a shift in monetary policy until inflation starts to rise back towards its 2pc target. After three months of decline or stagnation, the headline figure has finally started to rise again, jumping 0.2 percentage points in the latest estimate. 

Rising prices for transport fuel and accommodation services lifted the headline figure most while Ireland and Greece weighed heaviest on figures in the currency bloc.

The headline rate could begin to fall again in the coming quarters, however, according to Pantheon Macro eurozone economist Claus Vistesen.

He argued: 

“The inflation data in the Eurozone will be driven by two separate stories in the next three-to-six months. The headline likely will fall significantly as base effects push energy inflation lower. The ECB published an estimate earlier today to suggest that headline inflation could fall to 0.9% in the first quarter of 2018. That sounds a little too drastic to us, but we agree with the direction.

“If this forecast is right—and it will be unless oil prices soar—it will create an odd backdrop for the expectations of tighter monetary policy. Core inflation, however, likely will rise slightly providing cover for the ECB to reduce the pace of QE. In particular, we think non-energy goods inflation will increase in Q4 as a lagged response to higher PPI inflation. By contrast, risks are then tilted to the downside in Q1. Services inflation also should edge higher, albeit less so. We look for core inflation in France and Italy to deliver the main upside surprises.” 

10:24AM

Mark Carney speech could help kick-start the pound’s momentum once again

Arch dove Gertjan Vlieghe backing a rise last Friday was seen as an important step towards the Bank of England hiking interest rates

Sterling’s momentum on the forex markets has slowed to a stop this morning but a speech from Bank of England governor Mark Carney this afternoon could kick-start the currency’s recent rally once again.

The pound was lifted to its highest post-EU referendum level against the dollar on Friday after a speech from Gertjan Vlieghe, who is considered the most dovish member of the Bank of England’s Monetary Policy Committee, supported raising interest rates if current economic trends continue.

The Bank of England’s statement on Thursday alongside its decision to hold rates at 0.25pc said that a majority of the central bank’s policymakers backed hiking rates to curb inflation in the coming months and the backing of an arch dove like Mr Vlieghe was seen as an important step towards the MPC voting for a rise.

This morning’s gains on the FTSE 100 could be short-lived if Mark Carney’s speech cements the MPC’s position, according to IG chief market analyst Chris Beauchamp.

He said:

“While sterling’s weakness is giving it some much-needed respite, the gains could well prove fleeting if Mark Carney delivers further remarks this afternoon that follow up on last week’s hawkish turn. 

“Having seen such heavy losses at the end of last week there were bound to be plenty of candidates for dip buying on the index, and with UK stocks still broadly out of favour among institutions this rally could easily have legs,  especially with Q4’s seasonality just weeks away. However, it will all depend on Mark Carney today.”

9:47AM

House prices continue to be dragged down by London 

London continued to drag down the national average

London houses continued to plunge in value in September, dragging down the national average a further 1.2pc in September, fresh data from Rightmove has revealed today.

Only the North East, Yorkshire and the East Midlands saw an increase in prices while London prices fell by 2.9pc compared to the previous month. 

Rightmove said that the number of sales agreed was higher than a year ago, showing that demand remains strong.

House prices reaching their limit after rising for the last six years will be “unavoidable”, said Rightmove director Miles Shipside.

However, he did manage to pick out this silver lining in today’s figures:

“Interest rates cannot realistically drop any further to help buyer affordability, but the potentially good news for buyers’ finances, which have been under attack for years, is that there is some relief from the wage-rise cavalry.

“Average wage rises are now running at nearly double the annual rate of property price rises, and the longer any meaningful differential is maintained then the greater the improvement in buyer affordability.”

9:30AM

Hiscox braces for £110m of Hurricane Harvey claims

Chief executive Bronek Masojada said that the industry can cope with the costs from the two hurricanes

Hiscox said the devastation wreaked by Hurricane Harvey on the United States will cost the insurer $150m (£110m) in claims.

The FTSE 250 firm said the estimate was within the modelled range for a disaster of that scale and was based on an insured market loss of $25bn (£18bn).

It came as the company warned that “natural catastrophes” would run up a big bill for the insurance industry this year, but assured that the sector would be able to cope.

Alongside the aftermath of Hurricane Harvey, America is also grappling with the impact of Hurricane Irma, which made a devastating sweep through the Caribbean before slamming into Florida.

Read the full report here

9:21AM

Ryanair dives after ‘messing up’ pilot holidays

Ryanair has plunged this morning after announcing the cancellations 

The fall-out from Ryanair cancelling 40-50 flights every day for the next six weeks after it bungled its pilots’ holiday schedule has sent its shares diving 3.5pc this morning.

The company’s marketing officer Kenny Jacobs said that the airline had “messed up” their pilots’ holiday schedule but added that less than 2pc of its flights will be cancelled.

Rebecca O’Keeffe, head of investment at Interactive Investor said that the error will be “truly damaging” for the company.

She commented:

“Ryanair is notorious for not caring about what sort of headlines they get, working on the basis that all publicity is good publicity – but not this time. Previously, the carrier was happy to suggest that you get what you pay for and despite negative press lots of flyers embraced the fact that they knew the score and were happy to fly without the frills.

“However, the current situation is truly damaging, with flyers left high and dry with last minute cancellations or apprehensive that they might be affected. Is this a planning issue with Ryanair or is it a shortage of pilots? If the former, then it suggests some truly poor processes. If the latter, then we may see wages rise to fill the gaps. Either way, it’s not good news for Ryanair.”

9:04AM

Global stocks nudge up to fresh all-time high

The rally on European stock markets following a positive session in Asia has lifted the MSCI World Index to a fresh all-time high as investor sentiment continues to normalise and attention shifts to the US Federal Reserve’s latest policy decision on Wednesday.

Let’s take a quick look at the big movers in London this morning.

A quiet morning on the corporate front means engineer GKN and insurer Admiral being lifted by broker notes is enough to take them towards the top of the FTSE 100 leaderboard. BAE Systems’ rise on a Typhoon jet order from Qatar still leads the index early on, however, while HSBC has clawed back some of the ground it lost last week.

Gold’s retreat as risk appetite continues to return to normal has pulled precious metal producers Fresnillo and Randgold Resources to the bottom of the FTSE 100. After jumping to $1,347 per ounce on geopolitical worries two weeks ago the price has retreated back down to $1,315 with the markets giving a muted response to the latest escalation on the Korean Peninsula.

Spreadex analyst Connor Campbell commented on this morning’s rebound:

 “Having been battered in the wake of last week’s sterling super surge, the FTSE is using a quiet Monday morning to claw back some of its losses.   At one point last Friday the UK index hit 7195, its worst price since the end of April. Now it’s trying to push on to 7250, sitting a few points shy of that target after rising around half a percent.

“As for the pound, it has had little reason to really move just yet, instead opening relatively flat against both the dollar and the euro. Not to worry though – that means cable is just below last week’s $1.36-crossing 1 year peak, while against the euro sterling is sitting pretty at a 2 month high.”

8:27AM

Agenda: FTSE 100 rebounds as sterling’s momentum slows

BAE Systems leads the blue-chip index early on

The FTSE 100 has rebounded into positive territory this morning as sterling’s dominance on the currency markets eases, pulling the index off the four-month low it plunged to on Friday as the pound jumped to its highest post-EU referendum level.

BAE Systems is leading the rally early on after Qatar signed a letter of intent to buy 24 Typhoon jets from the defence specialist while engineering firm GKN is following shortly behind after being lifted by a broker note.

Only a handful of stocks have retreated early on with Randgold Resources dropping furthest as gold begins the new week in the red.

There’s little of note on the economics calendar today after last week’s action-packed diary. House prices continued to nudge down, retreating a further 1.2pc in August compared to the previous month, according to Rightmove’s latest data.

This morning, the pound has held onto the strong gains it made at the end of last week after the Bank of England’s MPC gave its strongest hint yet that interest rates will rise this year. Against the dollar, sterling is in flat territory at $1.3575 while against the euro, it has edged up to €1.1374, a two-month high,  ahead of final eurozone CPI figures due at 10am.

Interim results: M. P. Evans Group, Secure Income Reit, Concurrent Technologies, Learning Technologies Group, Ergomed, Medica Group

Full-year results: Bluefield Solar Income Fund, Green Reit, Finsbury Food Group, City of London Investment Group, Petra Diamonds 

Trading statement: Dairy Crest Group

AGM: Ormonde Mining

Economics: Rightmove HPI m/m (UK), NAHB Housing Market Index (US), Final CPI y/y (EU)