Business
Chinese firm to build UK’s largest wind turbine facility
Chinese company Ming Yang has announced plans to build the UK’s largest wind turbine manufacturing facility in Scotland.
The firm projects an investment of up to £1.5 billion, creating 1,500 jobs.
Several Scottish sites are shortlisted, with Ardersier in the Highlands the preferred option.
The first of three phases involves a £750 million investment in an advanced facility, with production by late 2028. Later phases will expand the facility, creating an “offshore wind industry ecosystem”.
This follows two years of discussions with Scottish and UK governments. Ardersier is a “green freeport”, offering tax and customs incentives for investment.
Last month Ming Yang and Octopus Energy announced they would be in partnership to develop new wind projects.
Zhang Chuanwei, founder and chairman of the Ming Yang group, said: “As a global leader in wind technology, Ming Yang is committed to accelerating the global energy transition through innovation and community-focused comprehensive energy solutions.”We are excited by the prospect of investing in the UK and look forward to finalising our investment decision.”
UK chief executive Aman Wang said: “We firmly believe that by moving forward with our plans to create jobs, skills and a supply chain in the UK, we can make this country the global hub for offshore wind technology.
“We fully support the Government’s mission to become a clean energy superpower, and I’m confident that once the plans are approved we can make a valued contribution to this goal.”
In November last year, Conservative MP Nick Timothy asked energy minister Michael Shanks about Ming Yang’s plans to invest in Scotland, saying the Government should rule out investment from “hostile states”.
He said Ming Yang “benefits from huge subsidies in China but there are serious questions about energy security and national security”.
Mr Shanks replied: “We are encouraging investment in the UK to build the infrastructure that we need in the future.”
The UK and Scottish governments have been approached for comment.
Natalie ShermanBusiness reporter
Getty ImagesPresident Donald Trump has threatened to pull out of an expected meeting with his Chinese counterpart Xi Jinping, signalling a flare-up in trade tensions between the two economic giants that sent shares in the US tumbling.
In a post on social media, Trump hit back at Beijing’s move earlier this week to tighten its rules for exports of rare earths, accusing China of “becoming very hostile” and trying to hold the world “captive”.
He said he saw “no reason” to meet with President Xi later this month, and later on Friday threatened an additional 100% tariff on Chinese goods as well as export controls on “critical software”.
The new measures against China will take effect on 1 November, Trump said.
Financial markets dropped in the wake of Trump’s remarks, with the S&P 500 closing down 2.7%, its steepest fall since April.
China dominates production of rare earths and certain other key materials, which are key components in cars, smartphones and many other items.
The last time Beijing tightened export controls – after Trump raised tariffs on Chinese goods early this year – there was an outcry from many US firms reliant on the materials. Carmaker Ford even had to temporarily pause production.
In addition to tightening rules for rare earth exports, China has opened a monopoly investigation into the US tech firm Qualcomm that could stall its acquisition of another chipmaker.
Although Qualcomm is based in the US, a significant portion of its business is concentrated in China.
Beijing has also said it will charge new port fees to ships with ties to the US, including those owned or operated by US firms.
“Some very strange things are happening in China!” Trump wrote in a post on social media on Friday. “They are becoming very hostile.”
The US and China have been in a fragile trade détente since May, when the two sides agreed to drop triple-digit tariffs on each others’ goods that had nearly stopped trade between the two countries.
The move left US tariffs on Chinese goods facing an added 30% levy compared with the start of the year, while US goods entering China face a new 10% tariff.
Officials have held a series of talks since then on matters including TikTok, agricultural purchases, and the trade of rare earths and advanced technology like semiconductors.
The two sides were expected to meet again this month at a summit in South Korea.
China expert Jonathan Czin, a fellow at the Brookings Institution, said Xi’s recent actions were a bid to shape the upcoming talks, noting that the recent rare earths directive does not go into effect immediately.
“He’s looking for ways to seize the initiative,” he said. “The Trump administration is having to play a game of whack-a-mole and deal with these issues as they come up.”
He added that he did not think China was worried about US retaliation in response.
“What China took away from the Liberation Day tariffs and the cycle of escalation followed by de-escalation is that the Chinese side had a higher pain threshold,” he said. “From their perspective, the Trump administration blinked.”
In prior rounds of trade talks, China has pushed for looser US restrictions on semiconductors. It is also interested in securing more stable tariff policies that would make it easier for its businesses to sell into the US.
Xi had previously used as leverage his country’s dominance of rare earths production.
But the export rules unveiled this week target overseas defence manufacturers, making them particularly serious, said Gracelin Baskaran, director of the critical minerals security program at Washington-based Center for Strategic and International Studies.
“Nothing makes America move like targeting our defence industry,” she said. “The US is going to have to negotiate because we have limited options, and in an era of rising geopolitical tension and potential conflict, we need to build our industrial defence base.”
While a Trump-Xi meeting now looks unlikely, she said it was not necessarily completely off the table. Ms Baskaran said there’s still time and room for talks. China’s new rules don’t take effect until December.
“Negotiations are likely imminent,” she said. “Who does them and where they happen will be determined with time.”
Business
Currency watch: Rupee rises 7 paise to 88.72 against dollar; domestic markets and crude oil support gains – The Times of India
The rupee strengthened by 7 paise to close at 88.72 against the US dollar on Friday, buoyed by positive domestic market trends and a broad decline in crude oil prices, PTI reported. Forex traders said the central bank’s intervention also provided support, although a firm US dollar capped sharper gains.The rupee opened at 88.80 and traded in a range of 88.50-88.80 before settling at 88.72, compared with Thursday’s close of 88.79. “We expect the rupee to trade with a positive bias on strength in the domestic markets and broad weakness in crude oil prices. The US government shutdown and rising chances of a Federal Reserve rate cut may further bolster the rupee,” said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan. He added that importer demand and a strong US dollar could limit upside, with the USD-INR expected to trade between 88.40 and 88.85.Brent crude was trading lower by 0.61 per cent at $64.85 per barrel in futures trading, while the dollar index fell 0.21 per cent to 99.32. Dilip Parmar, Research Analyst at HDFC Securities, said the rupee gained due to foreign inflows into domestic equities and retreat in crude oil prices, noting technical support at 88.50 and resistance at 88.85 for the USD-INR spot pair.Domestic equities mirrored the positive sentiment, with the Sensex rising 328.72 points, or 0.40 per cent, to 82,500.82, and the Nifty climbing 103.55 points, or 0.41 per cent, to 25,285.35. Foreign Institutional Investors were net buyers, acquiring equities worth Rs 459.20 crore on Friday.According to RBI data, India’s forex reserves fell by $276 million to $699.96 billion for the week ended October 3, following a drop of $2.334 billion in the previous week.
The FTSE 100 fell sharply into the close on Friday as US President Donald Trump threatened China with a massive increase in tariffs amid a critical minerals dispute.
The FTSE 100 index closed down 81.93 points, 0.9%, at 9,427.47. It had earlier traded as high as 9,519.96.
The FTSE 250 ended 250.99 points lower, 1.1%, at 21,801.84, and the AIM All-Share fell 7.37 points, 0.9%, to 786.33.
For the week, the FTSE 100 was down 0.7%, the FTSE 250 fell 1.8% and the AIM All-Share was down 1.3%.
In European equities on Friday, the CAC 40 in Paris closed down 1.5%, as did the DAX 40 in Frankfurt.
Stocks in New York were down sharply at the time of the London close. The Dow Jones Industrial Average was down 1.2%, the S&P 500 was 1.6% lower while the Nasdaq Composite declined 2.2%.
Stocks in London had struggled for impetus on Friday before Mr Trump’s latest missive.
Writing on Truth Social, the US president said China is becoming “very hostile” and wants to impose export controls relating to “each and every” element of production relating to rare earths.
Mr Trump called the move “surprising” and said there is “no way” that China should be allowed to hold the world “captive”.
The president said, depending on China’s response, he will be forced to “financially counter the move”.
“One of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products” coming into the US, he said.
“There are many other countermeasures that are, likewise, under serious consideration,” he added.
Mr Trump said he saw “no reason” to meet Chinese President Xi Jinping.
The comments sparked further falls in the oil price, and bonds, and put pressure on the dollar.
The pound was quoted higher at 1.3338 US dollars at the time of the London equity market close on Friday, compared to 1.3305 dollars on Thursday.
The euro stood at 1.1616 dollars compared to 1.1563 dollars. Against the yen, the dollar was trading at 151.87 yen, lower compared to 153.11 yen.
The yield on the US 10-year Treasury was quoted at 4.07%, narrowed from 4.15% on Thursday. The yield on the US 30-year Treasury stood at 4.66%, down from 4.73%.
Brent oil traded at 63.19 US dollars a barrel on Friday, down sharply from 65.95 dollars late on Thursday.
Shell fell 2.9% while BP shed 2.8%.
But gold, which had been trading back below 4,000 dollars perked up, trading at 4,014.76 dollars an ounce on Friday, still down against 4,020.10 dollars on Thursday.
Mr Trump’s comments added to the uncertainty caused by the ongoing federal government shutdown in the US.
Henry Allen, at Deustche Bank, said the fear is that the longer it lasts, the worse the economic impact will be, noting the Polymarket odds of the shutdown ending before October 15 are down to just 8%.
The shutdown is likely to see a delay to US inflation, retail sales and industrial production figures next week.
On Friday, figures showed showed US consumer confidence was largely unmoved in October, according to preliminary data from the University of Michigan, showing little initial impact from the federal government shutdown.
The index of consumer sentiment ebbed fractionally to 55 points in October, from 55.1 in September. On-year, it tumbled from 70.5.
“Overall, consumers perceive very few changes in the outlook for the economy from last month,” the university said.
“Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds. At this time, consumers do not expect meaningful improvement in these factors.
“Meanwhile, interviews reveal little evidence that the ongoing federal government shutdown has moved consumers’ views of the economy thus far.”
Oliver Allen, senior US economist at Pantheon Macroeconomics, said the lack of a “meaningful” fall in the survey’s headline index in October is “encouraging”, given that about half of the report’s responses will have been taken since the government shutdown began.
On London’s FTSE 100, Compass Group rose 0.9% as Bank of America resumed coverage with a “buy” rating.
The broker expects the contract foodservice company to benefit from industry growth tailwinds, and outsized market share gains from first-time outsourcing and competition.
The Bank of America pointed out Compass is gaining market share, not just from self-operated and regional players, but likely also from larger peers.
Sage Group firmed 1.4% as Citi opened a “positive catalyst watch” and reiterated a “buy” rating ahead of full-year results in November.
The broker noted the accountancy software provider’s share price has been knocked by concerns of AI disruption.
But Citi is confident that Sage has the “right levers” to sustain the growth, and potential to accelerate in a better macro set-up.
“AI would remain (a) key topic of debate, at the same time Sage efforts on bringing and commercialising AI use cases should be more visible in 2026,” Citi said.
On the FTSE 250, building materials outfit Ibstock fell 4.0% as it reported “weaker than expected demand” in the UK in recent months.
Ibstock says a more uncertain near-term backdrop for its core construction markets has caused demand to be weaker than expected, hurting Clay and Concrete revenue during the third quarter.
Both sales volumes and adjusted earnings before interest, tax, depreciation and amortisation are expected to be flat in the second half of 2025, showing no improvement from the first half.
The biggest risers on the FTSE 100 were: Admiral, up 58p at 3,388p; Imperial Brands, up 49p at 3,143p; Unilever, up 64p at 4,485p; Sage Group, up 15.5 pence at 1,127.5p; and St James’s Place, up 13.5p at 1,325p.
The biggest fallers on the FTSE 100 were: Entain, down 33.2p at 805p; Mondi, down 30.2p at 824.1p; Glencore, down 11.3p at 345.85p; Rightmove, down 21.8p at 675.8p; and Shell, down 80.5p at 2,696p.
No major events are scheduled for Monday’s global economic diary with financial markets closed in Canada and bond markets shut in the US. Later in the week, GDP and jobs market figures will be released in the UK and inflation data in China.
Next week’s UK corporate calendar has full-year results from housebuilder Bellway, and half-year results from premier Inn owner Whitbread.
Contributed by Alliance News
Sources: Big Ten closes in on $2 billion capital deal
Markets reel as Trump threatens to pull out of planned Xi meeting
Browns name Shedeur Sanders as backup quarterback following Joe Flacco trade to Bengals
-
Fashion1 week agoUS govt shuts down as Democrats block Republican stopgap funding bill
-
Fashion1 week agoPaul Smith and Barbour launch town-meets-country collab
-
Sports1 week agoColts’ Howard abruptly retires, says ‘family first’
-
Sports1 week agoPadres’ Mason Miller makes MLB Postseason history in stellar Game 2 outing vs Cubs
-
Business1 week agoFunding shortage forces Didcot food bank to make changes
-
Sports1 week agoPSG shows DNA in ‘spectacle’ win over Barcelona
-
Business1 week agoFestive Booster: Centre Releases Tax Devolution Of Rs 1,01,603 Cr To State Govts
-
Tech1 week agoAI could make it easier to create bioweapons that bypass current security protocols