Listen to this article

00:00
00:00

Sign up to receive FirstFT by email here

The UK government has given the go-ahead to Europe’s biggest energy project. The approval of the £18bn Hinkley Point nuclear plant ends months of uncertainty over the plan, which has been widely criticised for guaranteeing French power company EDF a guaranteed price per megawatt that is far higher than market rates.

Prime Minister Theresa May unexpectedly put the project on hold in July because of the cost, as well as concern over unproven technology and the role of Chinese investors. A key revision to the agreement is the addition of safeguards to address concerns that China could gain too much control over UK power supplies.

Union leaders and business groups welcomed the decision, which will create as many as 25,000 new jobs. But environmental campaigners were dismayed. They had been calling for Theresa May’s new government to scrap the plan and put more resources into developing renewable power. (FT, Guardian)

In the news

Lula and wife charged with corruption Brazilian prosecutors have accused former president Luiz Inácio Lula da Silva of being the “commander-in-chief” of the country’s vast corruption scandal at state oil company Petrobras in a move that is set to unleash further political turmoil in the Latin American nation. (FT)

Colin Powell shows scorn for Trump Donald Trump is a “national disgrace and international pariah” and Hillary Clinton is a “70-year person with a long track record, unbridled ambition, greedy, not transformational”. That is according to Colin Powell whose emails have been hacked and leaked. Despite being a republican, the emails make clear that Mr Powell will not vote for Mr Trump. (NYT)

UN election roiled by backroom rivalries The election this year of a new UN secretary-general was supposed to be an unprecedented exercise in transparency. Turns out — not so much. (FT)

White helmet heroes A group of prominent celebrities has launched a petition urging the Nobel Prize committee to award the 2016 peace prize to Syria’s White Helmets, the volunteer rescue workers who have pulled more than 60,000 people from the rubble after regime air strikes. The group is the subject of a documentary to be released by Netflix on September 16. (NYT)

Activists push for shake-up at Wells Fargo The fake accounts scandal has put a spotlight on governance at the bank, while federal prosecutors have launched a probe into its sales tactics. (FT, WSJ)

It’s a big day for

Japan The main opposition Democratic party votes for a new leader, with former swimsuit model and TV newsreader Renho the frontrunner among the three candidates. (FT)

Bank of England The central bank is likely to leave rates at a record low of 0.25 per cent, but the focus will be on its assessment of the economy in the wake of the Brexit vote — new data showed the UK labour market has so far been unruffled by the referendum result. (FT)

Food for thought

Tragedy ignored The death by starvation of Nigerian toddler Aboubacar Aboubacar is one of thousands that have been barely noticed outside of the community in which he lived. It is an indictment of both rebel group Boko Haram and the Nigerian government. (Foreign Policy)

UK debt: Gilt complexities Record-low rates have made government bonds attractive to many investors — but for how long? (FT)

Amplification in the White House Fed up of being talked over by male colleagues — or having men take credit for their ideas — women staffers in Barack Obama’s White House banded together and developed “amplification” strategy. When a woman made a point, other women would repeat it, naming its originator and forcing the men in the room to recognise the contribution. Over time women were called on more often in meetings and the number of female staffers increased. (WaPo)

Control in the social media age Asian governments are struggling to cope with the online social revolution. While regimes can easily connect with their citizens, and hear more about what the governed actually feel, they don’t always like what they find. (NAR)

How to manage disloyal millennials Employers need to be realistic about the world their millennial recruits live in. With no job security and little prospect of being able to buy a home, there is no wonder they keep an eye out for the next, possibly better-paid, position. So what can an employer do? Revel in your reputation and mix up the ages of your employees, advises Michael Skapinker. (FT)

Video of the day

China’s failed experiment with democracy Wukan, the village in southern China that held democratic elections following protests over land sales in 2012, has descended back into violence after the village chief was sentenced to jail. (FT)

Copyright The Financial Times Limited 2017. All rights reserved.
myFT

Follow the topics mentioned in this article

Follow the authors of this article