EU plans to water down ban on new petrol and diesel cars

The EU has confirmed it wants to water down its 2035 ban on the sale of new petrol or diesel cars, yielding to heavy pressure from the car industry and leaders from several EU member states including Germany and Italy.Wopke Hoekstra, a European climate commissioner, described the proposals as a “win-win” situation for consumers and industry, keeping Europe on the electrification course with a series of carrot and stick measures.Under current legislation, manufacturers were obliged to ensure that 100% of production of cars and vans had zero emissions from 2035.The European Commission has now proposed reducing this to 90%, enabling the continued manufacture of a portion of plug-in hybrid electric cars, or even combustion engines beyond 2035.In a carrot-and-stick approach, the remaining 10% of assembly line output that is not carbon neutral will need to be compensated by other green measures on the factory floor, including the use of green steel made in Europe or use of biofuels in non-electric vehicles

Universal Studios UK theme park given planning permission in Bedfordshire

The UK’s first Universal Studios theme park has been granted planning permission by the government to begin construction.The attraction, which is being part-funded with £500m of public investment in rail and road infrastructure, will be built on the site of a former brickworks near Bedford.Comcast, the parent company of Universal and owner of Sky, sought planning permission through a special development order (SDO), which allows the government to approve the project directly and bypass normal local planning procedures.On Tuesday, the Ministry of Housing, Communities and Local Government (MHCLG) approved the plans. While the SDO comes into force from 12 January, a parliamentary review period must still be completed

Unemployment rises in US and UK, adding to pressure to cut interest rates – as it happened

Time to wrap up…. on a day in which unemployment has risen on both sides of the Atlantic….The US labor market grew by more than expected last month, recovering some of the damage inflicted by the federal government shutdown, according to official data.An estimated 105,000 jobs were lost in October, and 64,000 were added in November, a highly-anticipated report showed on Tuesday.Jobs growth was higher in November than anticipated by many economists, with a consensus forecast of some 40,000 jobs added

US lost 105,000 jobs in October and added 64,000 in November, according to delayed data

The US labor market grew by more than expected last month, recovering some of the damage inflicted by the federal government shutdown, according to official data.An estimated 105,000 jobs were lost in October, and 64,000 were added in November, a highly-anticipated report showed on Tuesday.Jobs growth was higher in November than anticipated by many economists, with a consensus forecast of some 40,000 jobs added.But the headline unemployment rate continued to climb – and hit 4.6%, a four-year high, last month – amid apprehension around the strength of the US economy

Thames Water defers controversial £2.5m in bonuses to bosses

Thames Water has deferred awarding bosses retention payments totalling £2.5m, avoiding a potentially damaging pre-Christmas row as the heavily indebted utility scrambles to agree a multibillion-pound rescue deal.Sources at the UK’s biggest water company confirmed the controversial retention payment package for 21 senior executives, which had been due to go out this month, would remain on hold until the new year.The bonuses were put on pause earlier this year after the Guardian revealed the chair of the company wrongly told parliament that creditors had “insisted” on the payments.Sir Adrian Montague admitted he “may have misspoken” after he incorrectly told the environment, food and rural affairs (Efra) select committee that the lenders had insisted that “very substantial” bonuses of up to 50% of salary should be paid to executives to help retain important staff

Jim Chalmers won’t have good news in Myefo. Instead, he’ll be trying to sell Labor’s good intentions

A penny-pinching Jim Chalmers will reveal a multibillion-dollar improvement in the federal budget that will still see the deficit nearly quadruple to $36.8bn in this financial year.The treasurer is the master of expectations management, and this week’s midyear economic and fiscal outlook (Myefo) will be an exercise in selling the Albanese government’s fiscal rectitude: Chalmers and Katy Gallagher gamely battling the rising tide of spending pressures.“Despite all the pressures we’ve had to accommodate in the budget, the bottom line is better in every year over the forwards thanks to our efforts,” the treasurer said in a statement as he revealed the latest budget figures.The newly estimated deficit is $5