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Jul 13, 2012

Sterling stays buoyant vs euro after Italy downgrade

LONDON, July 13 (Reuters) – Sterling held near a 3-1/2 year
high against a weaker euro on Friday after Moody’s cut Italy’s
credit rating, sending the country’s borrowing costs higher and
putting further pressure on its struggling economy.

The euro edged down 0.1 percent against the
pound to 79.02 pence, in sight of a 78.71 pence trough hit on
Wednesday, its weakest since late 2008.

Jul 12, 2012

Sterling hits 5-week low vs dollar after U.S. jobs claims

LONDON, July 12 (Reuters) – Sterling slipped to a five-week
low against a broadly stronger dollar on Thursday after U.S.
jobless claims fell to their lowest in four years and Federal
Reserve minutes dampened expectations of further monetary easing
in the near future.

The pound dropped 0.6 percent to as low as $1.5393
- a level not seen since June 6 – after the U.S. jobs data
showed initial claims for state unemployment benefits fell more
than economists had expected.

Jul 12, 2012

Sterling falls versus dollar, near 3.5 year peak versus euro

LONDON (Reuters) – Sterling hit a five-week low against the dollar on Thursday after Federal Reserve minutes dampened expectations of further U.S. monetary easing in the near term, boosting broad demand for the greenback.

The pound also retreated slightly against the euro but held within sight of a 3-1/2 year high hit on Wednesday as concerns that policymakers were struggling to make progress in tackling the euro zone debt crisis weighed on the single currency.

Jul 11, 2012

Sterling at fresh 3.5 year high versus sinking euro

LONDON (Reuters) – Sterling hit a new 3-1/2 year high against the euro on Wednesday, bolstered by doubts about the currency bloc’s ability to activate bailout funds to protect its troubled debtor states.

The euro fell to 78.87 pence in early trade, the lowest level since November 2008, and is likely to stay under pressure with the bond yields of vulnerable economies such as Spain and Italy still at elevated levels.

Jul 10, 2012

Sterling hits fresh 3-1/2 yr high against weak euro

LONDON, July 10 (Reuters) – Sterling hit a fresh 3-1/2 year
high against the euro on Tuesday as market focus switched back
to the euro zone debt crisis, spurring the pound to recover from
an early dip caused by comments from the Bank of England

The euro dropped 0.4 percent to 79.005 pence,
hit by comments from Italy’s prime minister and ahead of a
German constitutional court ruling that could thwart the
deployment of the euro zone’s rescue fund.

Jul 10, 2012

Sterling gains vs dollar on UK data, seen short-lived

LONDON, July 10 (Reuters) – Sterling rose to a session high
against the dollar on Tuesday after better-than-expected UK
production figures offset downbeat retail sales and housing
data, although analysts predicted the pound’s gains would be

British manufacturing output rose 1.2 percent month-on-month
in May and industrial production increased by 1 percent from
April, well above analyst estimates.

Jul 10, 2012

Sterling steady near 3.5 year high versus euro

LONDON (Reuters) – Sterling hovered near a 3-1/2 year high against a softer euro on Tuesday, shrugging off expectations of more weak UK data after a meeting of euro zone finance ministers failed to inject confidence into the market.

Sentiment towards perceived riskier currencies was muted after European ministers made little progress overnight towards using the bloc’s rescue funds to combat soaring Spanish and Italian borrowing costs.

Jun 20, 2012

UK to force listed companies to report emissions

By Michael Szabo

LONDON, June 20 (Reuters Point Carbon) – Companies listed on the London Stock Exchange will be forced to publish their greenhouse gases from next year, Deputy Prime Minister Nick Clegg wrote late on Tuesday in the Guardian newspaper, a move that will link share prices with the cost of emitting CO2.

The plans, expected to be formally announced by Clegg at the opening of the Rio+20 sustainability conference in Brazil on Wednesday, will force around 1,800 firms listed on Britain’s main stock market to report their emissions in corporate earnings reports starting next April.

Jun 19, 2012

UK CO2 fraudsters trade Rolls Royces for jail time

(Updates with firearms details)

By Michael Szabo

LONDON, June 19 (Reuters Point Carbon) – Three British men
have been jailed for a combined 35 years after being found
guilty of a 38-million pound ($59.5 million) tax fraud relating
to the EU carbon market, the UK’s revenue and customs agency
said on Tuesday.

Sandeep Singh Dosanjh, director of London-based KO Brokers
Ltd, was jailed for 15 years, Navdeep Singh Gill, director of
Infiniti UK Ltd, was jailed for 11 years and Ranjot Singh
Chahal, director of Wembley-based Allianz Group Ltd, received a
nine-year sentence, the UK tax authority said in a release.

Sep 30, 2011

India, 25 others oppose EU airline carbon charge plan

NEW DELHI/LONDON (Reuters) – European Union plans to charge airlines for carbon emissions are “discriminatory” and violate global laws, a group of 26 countries including the United States and China said in a joint declaration released by the Indian government on Friday.

India, which hosted a two-day meeting in New Delhi this week, said delegates from the non-EU countries, which are also members of the U.N.’s International Civil Aviation Organization (ICAO) executive council, agreed to lodge a formal protest against the EU’s new rules at the council’s next meeting.

    • About Michael

      "Michael Szabo is an environmental markets correspondent based in London, UK. His focus is on carbon emissions trading, but also looks at renewable energy and climate change policy and science. He also manages the Global Carbon Forum."
      Joined Reuters:
      June 2005
      English, French
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