Business
Thousands object to Tesla bid to supply energy to UK homes
More than 8,000 people have asked Ofgem to block Tesla from supplying British households with electricity over owner Elon Musk’s “clear political agenda”.
The company applied for a licence from the energy regulator last month, aiming to start supplying power to homes and businesses in England, Scotland and Wales as soon as next year.
But its billionaire owner’s political activity, including his support for Donald Trump and far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, has drawn objections to the application from the public.
Campaign group Best for Britain has urged the public to write to Ofgem, arguing Mr Musk is not a “fit and proper” person to have “a foothold in our essential services”.
Some 8,462 people have used the group’s online tool to lodge objections with Ofgem so far.
Best for Britain’s chief executive Naomi Smith said: “We’ve all had a front row seat to Musk’s malign influence, turning Twitter into an incubator for right-wing hate, promoting baseless conspiracy theories and helping Trump secure a second term as US president – something that continues to change our world in profoundly dangerous ways.
“British people are rightly against Musk being anywhere near our electricity supply and that’s why we are encouraging more people to make their views known before Friday by using our online tool to write to Ofgem and say they oppose this power grab – it only takes two minutes.”
Members of the public have until Friday to comment on the application, after which Ofgem will decide whether to grant Tesla a licence to supply electricity.
The electric car manufacturer, run by the world’s richest man, also has a solar energy and battery storage business.
Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator.
In the US, the group has been an electricity supplier in Texas for the past three years.
The application comes amid a backdrop of waning demand for Tesla’s electric vehicles across Europe in recent months.
Industry figures showed an almost 60% plunge in the number of new Tesla registrations in the UK in July, compared with a year earlier.
Data showed that 987 new vehicles were registered in the UK in July compared with 2,462 in the same month a year earlier.
Tesla was approached for comment for this story.
KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.
The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.
Market Recovery
Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.
Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.
He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.
Alternative Oil Route
Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.
Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.
Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.
Global Oil Market Impact
Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.
Brent crude: up 3.26% to $83.99 per barrel
West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel
Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.
Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.
Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
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