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The US Securities and Exchange Commission (SEC) has criticised two recent European laws on companies' disclosures of their environmental, social and governance impacts. SEC chair Paul Atkins said the laws, including the Corporate Sustainability Due Diligence Directive, which requires larger companies to verify whether their supply chains use forced labour or cause environmental damage, could impose costs on investors. "I have significant concerns with the prescriptive nature of these laws and their burdens on US companies, the costs of which are potentially passed on to American investors and customers," Atkins said, adding that European authorities should focus on promoting free enterprise instead.

 

Reuters

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Octopus Energy has signed a deal with Ming Yang Smart Energy to deploy Chinese wind turbines in the UK, aiming to develop up to 6 gigawatts of wind farms. However, the partnership has raised security concerns, with the Conservatives warning of "unacceptable risk" due to potential Chinese state influence. Nick Timothy, a shadow energy minister, said: "Allowing Ming Yang into our energy infrastructure is reckless." Octopus Energy claims it will implement software for enhanced data protection and cybersecurity to address these fears. The company also plans to establish a blade-manufacturing plant in Scotland.

 

The Times

Poland this week shot down Russian drones that violated its airspace, marking the first time a NATO member has engaged in such action during the ongoing conflict in Ukraine. This incident has raised significant safety concerns for civil aviation in Europe, prompting airlines to reassess their risk management strategies and potentially leading to increased operational costs and detours. Experts warn that if drone incursions become more frequent, they could pose serious implications for both airlines and insurers, with the possibility of heightened scrutiny on flight routes near conflict zones.

 

Reuters

Rachel Higham, the chief digital and technology officer at Marks & Spencer, is leaving the company following a significant cyber attack in April. The attack, which was attributed to the group Scattered Spider, severely disrupted M&S's online operations, costing the retailer hundreds of millions of pounds. An internal memo said that Higham is "stepping back from her role." The company expressed gratitude for her leadership during a challenging period. M&S has indicated it will not seek a replacement for her position.

 

Sky News

The Daily Telegraph

Daily Mail

The Sun

The Times

A cyber attack on the Legal Aid Agency has severely disrupted operations, leaving lawyers unable to bill for four months. The situation has jeopardised support for domestic violence victims and delayed parole hearings. Hackers known as the ShinyHunters accessed sensitive data and demanded £1.5m in bitcoin. Jenny Beck, co-chair of the Legal Aid Practitioners Group, described the situation as "chaos." Lawyers are struggling with payment delays, and many firms may be forced to stop providing legal aid. Legal aid minister Sarah Sackman attributed the breach to years of neglect in the agency's technology.

 

The Times

Jaguar Land Rover (JLR) is facing significant disruption following a cyber attack that halted operations. The Business and Trade Committee has urged Chancellor Rachel Reeves to provide financial support to mitigate long-term damage to JLR and its suppliers. Approximately 6,000 staff from suppliers including Evtec and WHS Plastics have been temporarily laid off. JLR's 34,000 UK workers remain at home, with operations expected to be affected for "most of September."

 

Sky News

Zambia's high court has ruled that Standard Chartered is not required to pay $500,000 in compensation to a former client over a defaulted Chinese property bond, saying that the bank did not violate local laws during the sale. However, the court did order the bank to cover the client's legal costs due to its sales tactics falling short of internal conduct standards. The ruling allows both parties the option to appeal. Standard Chartered has expressed respect for the court's decision.

 

Reuters

The European Court of Justice has ruled that nuclear energy and natural gas can be classified as environmentally sustainable investments. The decision follows Austria's lawsuit against the European Commission, which aimed to annul the inclusion of these energy sources in the EU's sustainability criteria. Austria's former environment minister, Leonore Gewessler, argued that the regulation could “[open] the door to the greenwashing of climate-harming and dangerous technologies.”  However, the court found that the Commission acted within its authority, stating that these sectors can contribute to climate change mitigation under certain conditions.

 

Daily Mail

The Independent

Orsted has received shareholder approval for a $9.4bn emergency rights issue to support its US projects, which face uncertainty due to President Trump's policies. The company, once a leader in offshore wind, is struggling with an 85% drop in share price since 2021. CEO Rasmus Errboe said that costs are rising significantly due to project delays and a stop-work order on the Revolution Wind facility. Ratings agency S&P Global warned that the rights issue may only provide temporary relief, with further downgrades looming. "It's going to be a long, tough journey to reerect Orsted," said chair Lene Skole.

 

Renewable Energy News

OE Digital

The Globe and Mail

BYD plans to produce all of its electric vehicles for the European market locally by 2028, which will help the company avoid EU tariffs imposed on Chinese-made EVs. Executive Vice President Stella Li said: "We are training ourselves to be more European in production." The company is building a factory in Hungary and preparing to start production in Turkey by 2026. In the short term, BYD expects plug-in hybrids to dominate its sales in Europe, with plans to launch its luxury Yangwang brand in the region by 2027.

 

Reuters

Swiss lawmakers are attempting to dilute proposed anti-money laundering regulations, citing the need to maintain competitiveness against rival financial centres including Singapore and the UAE. With forecasts suggesting that Hong Kong may surpass Switzerland as the leading destination for cross-border wealth management, lawmakers argue that stringent regulations could hinder the country's economic standing. Barbara Steinemann, a member of the Swiss People's Party, emphasised that "this is about a war between financial centres and economic interests."

 

Reuters

UK Government ministers are taking action against “shameful” abuse of the UK's immigration system. The number of licences for companies to sponsor foreign workers which have been revoked has more than doubled in the past year: Home Office figures indicate that 1,948 sponsors for skilled and temporary workers had their licences cancelled in the year to June 2025, compared to 937 in the previous 12 month period. Migration minister Mike Tapp said: ”Those who abuse our immigration system must face the strongest possible consequences. We will not hesitate to ban companies from sponsoring workers from overseas where this is being done to undercut British workers and exploit vulnerable staff. My message to unscrupulous employers is clear: these shameful practices will not be tolerated.”

 

AOL

Hundreds of large UK retailers could face closure under government plans to introduce a higher business rates band for properties valued above £500,000, the British Retail Consortium (BRC) has warned. The group said around 400 supermarkets and department stores are at risk, threatening 100,000 jobs and £100m in lost local revenue. The BRC argued these stores already pay a disproportionate share of rates and face mounting cost pressures. Helen Dickinson, chief executive of the BRC, said: "After years of rising costs, far too many stores have disappeared - leaving behind empty shells that once thrived at the heart of our communities. Four hundred more large stores could disappear if the Government forces them into its new higher tax band."

 

The Independent

The Scotsman

The Sun

The Times

The Organisation for Economic Cooperation and Development (OECD) has declared the end of the tax cuts era. Rising debts and increased spending on climate change, ageing populations, and defence have prompted the shift. The OECD's report on tax reforms highlights that jurisdictions across all income levels are now seeking to increase revenues. "High levels of debt, coupled with spending needs . . . has meant that jurisdictions . . . have adopted strategies to mobilise more revenues," the OECD said.

 

The Daily Telegraph

Swiss Marketplace Group (SMG) is poised to be valued at up to $5.6bn in its upcoming initial public offering (IPO) on the Swiss stock exchange, scheduled for around September 19. The company has initiated its bookbuilding process, with shares expected to be priced between 43 and 46 Swiss francs ($53.84-$57.60) each. Major stakeholders including Pictet and BlackRock have committed to purchasing shares at the upper end of this range. SMG, which operates leading online platforms such as Immoscout24 and Autoscout24, is currently under preliminary antitrust scrutiny by the Swiss competition authority, COMCO.

 

Reuters

New research published in Nature links global warming to intensified heatwaves, attributing one-quarter of 213 major heatwaves to human-caused climate change. The study highlights that emissions from over 100 "carbon majors," including ExxonMobil, BP, Saudi Aramco, and Shell, account for 60% of human-caused CO2 emissions since 1850. Heatwaves from 2000 to 2023 were, on average, 1.7°C hotter due to climate change, with half of this increase linked to these companies.

 

Carbon Brief