Author: Arabian Media staff

Stay informed with free updatesSimply sign up to the Mining myFT Digest — delivered directly to your inbox.Chinese mining acquisitions overseas have hit their highest level in more than a decade as companies race to secure the raw materials that underpin the global economy in the face of mounting geopolitical tension.There were 10 deals worth more than $100mn last year, the highest since 2013 according to an analysis of S&P and Mergermarket data. Separate research by the Griffith Asia Institute found that last year was the most active for Chinese overseas mining investment and construction since at least 2013.The country’s…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Sixteen years after Britain’s first high-speed rail service was launched, an official government review into the economic impact of HS1 on the south-east has concluded the £7.3bn scheme provided “poor value for money”.The report, which was sat on by ministers for two years, comes at an awkward time for the government as it struggles to prevent further cost overruns and delays on the much larger HS2 scheme from London to Birmingham. HS1, which links London St Pancras International station with the Channel Tunnel…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldElon Musk, the billionaire investor who has clashed with Donald Trump after being one of the president’s closest allies in US business, said he had formed a new political party to fight the “one-party system” afflicting America. Musk made the announcement on X, his social media platform, on Saturday, following the enactment on July 4 of Trump’s landmark domestic policy bill, which the head of Tesla and SpaceX has blasted for adding to America’s debt. “When it comes to bankrupting…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Zoom calls. Peloton bikes. To the list of pandemic-era businesses that have struggled to keep the good times going, add this: the humble caravan — or as it’s known in the US, the recreational vehicle.Following a pandemic surge when it seemed like everyone — freshly untethered from their desk jobs — was embarking on adventures out on the open road, Americans are taking a break from what social media users call #VanLife.Shipments of RVs from manufacturers to retailers totalled just 333,733 last…

As a former manager of Guns N’ Roses and Morrissey, Merck Mercuriadis knows a few things about making a comeback. Now, the veteran music executive is attempting to stage his own after a rollercoaster ride on the public markets left him out of a job and on the sidelines of an industry he helped transform.Hipgnosis, which Mercuriadis launched in 2018 to buy song rights and was sold last year, is back with bigger ambitions. Mercuriadis plans a new investment group under the same name, bringing together artists and their managers as co-owners in a partnership structure to make music and…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.PwC’s new UK boss has lined up managing partner Laura Hinton as the frontrunner to replace the head of its crucial Middle East business next year, as the Big Four firm seeks to move on from a clash with a major Saudi client.Marco Amitrano, PwC’s UK senior partner, is considering Hinton — one of his former rivals for the top job — as the lead candidate to succeed Hani Ashkar, according to people familiar with the matter. Ashkar informed colleagues in May…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Red flags were raised over Wood Group’s financial statements as far back as 2017, according to corporate and regulatory records that indicate persistent questions over its accounting practices.The London-listed company — which the UK’s financial markets regulator is now investigating as £242mn takeover talks languish — had to restate an income statement after being questioned over its 2022 annual report by the country’s accounting watchdog. It was the second time the Financial Reporting Council had found problems with Wood’s accounts.The energy engineering…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.The writer is David S Lobel professor in business and sustainability and professor of political economy at Stanford UniversityI recently served as an expert witness in court. A question put to me was: how will increased production of natural gas contribute to climate change? This question is relevant for European policymakers as well. The demand for natural gas is expected to explode over the next few decades. The UK plans to increase its import of gas and, while the EU…

Stay informed with free updatesSimply sign up to the Utilities myFT Digest — delivered directly to your inbox.One of Britain’s largest trade unions says electricity networks are failing to invest enough in maintenance, raising further doubts over the sector’s resilience following a damning report into a substation fire that led to the closure of Heathrow airport. Sue Ferns, senior deputy director-general of Prospect, said it had “repeatedly” raised questions with Ofgem, Britain’s energy regulator, over the resilience of the network and argued that the way the sector is regulated disincentivises prompt maintenance. The union has thousands of members who work in…

Stay informed with free updatesSimply sign up to the German economy myFT Digest — delivered directly to your inbox.Germany is exploring ways to fund multibillion-euro subsidies for energy-intensive companies as part of Chancellor Friedrich Merz’s pledge to boost the competitiveness of the country’s heavy industries.The measure is part of efforts to reduce electricity costs for industrial groups to revitalise the Eurozone’s largest economy after its longest postwar period of stagnation. But the plan is at risk after promised electricity tax cuts for households were shelved because of budget constraints.The financial concerns have created the first significant tensions within the ruling…