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Renewables have overtaken coal as the world’s largest source of power capacity, and the sector is growing far faster than anyone thought, according to the International Energy Agency. Half a million solar panels were installed every day last year and in countries such as China, two wind turbines went up every hour.
The IEA says renewables growth has been powered by dramatic falls in the cost of solar and onshore wind power. But the agency also cautions that further growth still depends heavily on government policies. (FT)
In the news
Wallonia sinks EU-Canada trade deal European trade policy has been thrown into disarray after regional objections inside Belgium to the so-called Ceta pact. The impasse raises questions about the EU’s capacity to reach agreement on anything, including future arrangements with Britain after Brexit. But the EU and Canada are still hoping for a deal. (FT, Reuters)
Italian lender slashes jobs Monte dei Paschi, the troubled Italian lender, has said it will cut 2,500 jobs and shut 500 branches as part of its latest survival plan. The Tuscan bank was the worst failure in Europe’s stress tests in July. (WSJ, FT)
HNA checks into Hilton The Chinese conglomerate has extended its push into the global leisure industry with a deal to snap up a 25 per cent stake in Hilton for $6.5bn — adding to a portfolio of hotel investments as it seeks to tap growing revenues from Chinese tourists. (FT)
Cyrus Mistry replaced as chairman of Tata Group India’s salt-to-steel conglomerate has abruptly ousted its head four years after he took over the job amid tensions over ethics and strategy, sending shockwaves through India’s business circles. (FT)
Renminbi sinks to multiyear low against the dollar Currency markets are in the spotlight as the continued strength of the dollar pushed the offshore renminbi to a multiyear low. The euro was also hovering around its lowest in almost eight months. (FT)
Number of the day
3.5m The number of people living in Wallonia, the French-speaking region of Belgium, whose local parliament has voted against a trade deal with Canada — meaning the agreement between the North American country and a trading bloc representing more than 500m has been put on ice. (FT)
It’s a big day for
Apple The tech group reports earnings. Here’s what to expect. (Quartz)
Heathrow airport The UK government is make its long-delayed decision on how best to expand London’s airport capacity. A third runway at Heathrow was first mooted 13 years ago. (FT)
Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.
Food for thought
Bad hair day Tennis player Svetlana Kuznetsova cut off her own plait with a pair of scissors before saving match point and going on to defeat the defending champion Agnieszka Radwanska at the WTA finals in Singapore. (Telegraph, Guardian)
Grave error A one-ton stone tablet engraved last year with the UK Labour party’s election promises, has landed it with a £20,000 fine because the party did not properly document how much it spent. (FT)
A green future With sanctions lifted, Myanmar could be set to export more jade and rubies to the US, the world’s largest gem market. (NAR)
The third year of a US presidential term is the best time to invest Research shows investors can capture returns of 2.5 per cent per month for seven months, if they can just get their timing right. But the main proponent of the theory now says the US Fed has killed off the cycle.(FT)
Women hit the bottle as much as men Academics have found that women now drink as much alcohol as men, even though women’s bodies are less equipped to deal with it. Researchers looked at the consumption habits of 4m people over a century. (NYT)
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Video of the day
Kozlowski: the CEO who went to jail Andrew Hill, FT management editor, interviews former chief executive of Tyco, Dennis Kozlowski, about coping with the stress of running a large conglomerate, going to jail and returning to life on the outside. (FT)