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Ørsted shares at all-time low after Trump halts work on US windfarm

about 11 hours ago
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Shares in Ørsted hit an all-time low on Monday after the Trump administration ordered Europe’s largest wind power company to stop work on a near complete windfarm.Ørsted’s shares plunged 17%, after it was forced to stop construction on its $1.5bn (£741m) Revolution Wind project off the coast of Rhode Island.The order to down tools came despite the fact that the project is 80% complete, with 45 out of 65 wind turbines installed.The US government issued its stop-work order late on Friday, citing a need to “address concerns related to the protection of national security interests”, although it did not provide any further detail.

Ørsted, which is 50.1% owned by the Danish state, has been hit hard by Donald Trump’s hardline stance on offshore wind projects.The company, which is behind some of the world’s biggest offshore windfarms, typically covers its costs by selling a stake in each project once work is under way.However, the president’s cynicism has hurt the values of its US projects.The stop-work order comes at a critical time for the Danish business as it seeks to raise money for its new projects.

Earlier this month, it said it would seek to shore up its finances by selling new shares worth 60bn Danish kroner (£7bn) to existing investors.Prior to the fall on Monday, Ørsted shares had already dropped by more than 30% in the year to date.Pierre-Alexandre Ramondenc, an analyst at the research company AlphaValue, said the US government intervention could jeopardise the success of Ørsted’s fundraising plans.“The news came as a major shock and amounts to nothing less than political hostage-taking by the US administration, given the project’s advanced stage,” he said.Trump has a long-held dislike of offshore windfarms, which dates back at least 14 years to a dispute over North Sea wind turbines that were visible from one of his golf courses in Scotland.

He has claimed that windfarms should not be allowed because they generate “the worst form of energy, the most expensive form of energy” and also “kill the birds”,These claims have been refuted by experts,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionOn his first day in office in January, Trump suspended new offshore wind power leases,He recently called wind and solar power “THE SCAM OF THE CENTURY!” in a social media post and vowed not to approve wind or “farmer destroying Solar” projects,Revolution Wind, which was expected to be fully operational next year, is expected to be capable of powering more than 350,000 homes.

In April, the US government also halted the construction of another wind project led by Norway’s Equinor, although it lifted the stop-work order on the $5bn windfarm the following month.In response to the stop-work order, Ørsted said it was “evaluating all options to resolve the matter expeditiously”, including through potential legal proceedings.
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Is behaviour at work getting worse – or are we just becoming oversensitive snowflakes? | Emma Beddington

I would hate to be in human resources at the moment. Admittedly, as someone with no discernible people skills, I would always hate it, but I’ve been imagining the awkward HR meetings behind the scenes of the recent wave of “what is acceptable workplace behaviour” rulings from UK employment tribunals recently, and … oof!I’m thinking, particularly, of last week’s ruling on whether younger chatty workers disturbing an older colleague constitutes age discrimination (it didn’t), but there are many more. Comparing a colleague to Darth Vader in an online personality test resulted in a £30,000 compensation award. Leaving someone out of the tea round could contribute to unfair constructive dismissal. Sighing at a colleague could be discriminatory

1 day ago
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Exposure to some Pfas could increase risk of multiple miscarriages – study

Exposure to some toxic Pfas “forever chemicals” may increase the risk of having multiple miscarriages, new peer-reviewed research has found.The study, which tracked about 200 women in China, found those who had at least two miscarriages, or unexplained recurrent spontaneous abortions, showed higher levels of several types of Pfas in their blood. The study adds to a long list of reproductive harms associated with Pfas exposure.“Prior studies have identified that Pfas were associated with adverse pregnancy outcomes, but the potential influence of Pfas’s exposure on [recurrent miscarriages] remained uncertain,” the study’s authors, with the Chinese Center for Disease Control and Prevention, wrote. “Our investigation identified significant associations between [some Pfas] and increased risks of unexplained recurrent spontaneous abortions

1 day ago
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Labour to abolish most short prison sentences in England and Wales

Ministers will legislate next month to abolish most short prison sentences, toughen up community punishments and introduce a Texas-inspired system whereby inmates can earn early release as part of an attempt to avert another prison crisis.Government sources said the legislation, which will bring about the biggest shake-up in sentencing laws in England and Wales for three decades, would be introduced once MPs had returned to the Commons in September.They said Shabana Mahmood, the justice secretary, was conscious of the need to implement the changes quickly before prisons had another capacity crunch next summer.Thousands of inmates were released after Labour won power last summer in an emergency measure to deal with overcrowding.The sentencing bill will include measures backed by the government that were recommended by the former Conservative justice secretary David Gauke in a review in the spring

1 day ago
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Maha is backing this ‘natural’ infertility treatment. Is it the right’s path to limiting IVF?

For Erica L and her husband, in-vitro fertilization was the “nuclear option”.After two years of trying to conceive, Erica and her husband had no idea why they could not have a baby. Doctors said only that they had “unexplained infertility”, a non-diagnosis of a diagnosis that is given to an estimated 15% of people trying to conceive. Erica was not ideologically opposed to trying IVF, but felt daunted by the price and unpredictability.Then Erica stumbled across a clinic that specialized in “restorative reproductive medicine”, or RRM

2 days ago
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Nature, respect and work all help to reduce prisoners’ reoffending | Letters

Your article about the prisoner rehabilitation project LandWorks, excellent though it was, arguably placed too much emphasis on nature as the chief factor accounting for the project’s undoubted success (‘A natural antidepressant’: how working with the land is helping ex-prisoners, 16 August).I have been a keen supporter of the project since it was set up 12 years ago. The remarkably low reoffending rate (5%) seems to me to be due largely to participants being treated with respect, together with the wraparound care they receive while working at LandWorks. This ranges, as the article explains, from help with accommodation to finding work.I am sure that, with the same dedication and kindness, a similar project could be set up in the middle of a city, also with remarkably low costs

3 days ago
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Bringing the human touch into our cities | Letters

Carlo Ratti’s welcome call for the humanising of urban public spaces (We used AI to analyse three cities. It’s true: we now walk more quickly and socialise less, 18 August) chimes well with Thomas Heatherwick’s latest series of Building Soul on Radio 4, where his prime concern is to encourage joy in our built environment.May I make the case for a too often overlooked space in the heart of Preston? Winckley Square is composed of largely Georgian townhouses that define an undulating park.In the mid-20th century, a public space was created with paths laid out in “desire lines” across the square. By the 21st century, repeated flooding under an overarching tree canopy made for a distinctively less inviting place

3 days ago
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‘Gutted’: UK users of weight loss jab Mounjaro devastated by planned price hike

about 10 hours ago
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Ørsted shares at all-time low after Trump halts work on US windfarm

about 11 hours ago
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Is the AI bubble about to burst – and send the stock market into freefall? | Phillip Inman

2 days ago
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Expert rejects Met police claim that study backs bias-free live facial recognition use

3 days ago
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Lefties like Shelton and Draper could flip the script at this year’s US Open

about 14 hours ago
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Maya Joint well equipped for her second US Open after meteoric rise over past 12 months | Simon Cambers

about 17 hours ago