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Category: 3. Business

  • Solar power surplus in Spain triggers ‘discount season’ for plants

    Solar power surplus in Spain triggers ‘discount season’ for plants

    Spanish solar power is going through a shake out after a plunge in electricity prices left the owners of weak projects in one of Europe’s top renewables markets searching for exits.

    The country has become a solar champion thanks to abundant sunshine and the government’s pro-renewables policies. But a surge in power production has outpaced demand, depressing electricity prices and profits for generators.

    Some power producers are struggling to offload plants whose valuations have plunged as executives talk of solar “saturation”, creating a contrast between Spain and other places — China, India, Gulf states and European neighbours — where solar arrays are being built apace.

    “It’s discount season,” said Carmen Izquierdo, co-founder of nTeaser, a deals marketplace. “Spain remains a dynamic market, but there is greater scrutiny of assets.”

    Other producers are pivoting to installing batteries, which can complement and potentially save unprofitable solar projects.

    Operational solar plants were valued at an average of €916,000 per megawatt in early 2024, but have now dropped to €648,000 per megawatt, according to nTeaser.

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    From 2022-24 there was a vibrant M&A market for Spanish solar portfolios, including those of mixed quality, but sellers are now having to strip out the weakest parks to close deals.

    “They are willing to sacrifice part of the portfolio to move the rest forward,” Izquierdo said.

    While cheap electricity is a boon for users, the gloom is even greater over so-called ready-to-build projects, where land, permits and grid access have all been secured, but construction has not begun.

    A senior executive at an owner of Spanish solar plants said: “The market is flooded with ready-to-build projects that developers want to sell since they’re no longer good enough in the current market.”

    Some projects were up for sale for just €1, the executive said, reflecting developers’ desperation to avoid further spending, and potential government penalties for not executing agreed construction plans.

    The least attractive ready-to-build projects are often far from power grid nodes, requiring investment in expensive power lines.

    As a solar downturn began in the past year, some Spanish companies sold existing plants to foreign investors. Utility group Endesa offloaded 50 per cent stakes in two solar power portfolios for a combined €1bn to Masdar, the United Arab Emirates’ state-owned clean energy company.

    Prime Minister Pedro Sánchez’s Socialist-led government says cheap electricity is a good thing, and is already attracting new industrial investments that will bolster the economy.

    But low prices are painful for producers. When they fall below zero, as they have for more than 500 hours in Spain this year, producers can end up having to choose between paying wholesale customers to take excess power off their hands or switching off.

    Many producers insulate themselves by selling electricity through long-term power purchase agreements (PPAs), which they sign at fixed prices with corporate clients for 10-20 years.

    Last month, Zelestra, an independent power producer, signed two PPAs with Microsoft in the Aragón region where the tech group plans to build data centres.

    But negative prices are even clouding the market for PPAs, pulling down contract prices and prompting buyers to demand clauses that let them benefit from ultra-low rates in the spot market.

    Andrés Acosta, innovation director at LevelTen Energy, a clean energy marketplace, said PPA prices that buyers are willing to pay are generally lower than what developers need — about €30 per megawatt hour — to make projects “bankable”.

    “That has dramatically reduced the number of PPAs signed and means the majority of solar projects are not viable anymore unless they are hybridised with batteries,” Acosta said.

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    Adding battery storage to solar plants helps to limit price plunges by enabling generators to store electricity when prices drop during the day, then sell it in the evening when demand and prices are higher.

    Killian Daly, executive director of Energy Tag, a non-profit group, said: “Storage should be the natural cure for the woes of the PPA market, but it’s not scaling as fast as it should do.”

    The UK, Germany and Italy are far ahead of Spain in terms of existing and planned battery installations, according to data from the European Commission.

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    Following a nationwide blackout in Spain in April, the government took steps in November to remove some regulatory barriers to adding battery storage.

    One key change eliminated a requirement for a new environmental impact assessment when installing batteries within an existing solar plant, said Pablo Martínez, Iberia lead at Modo Energy, a data provider.

    That would reduce the time it takes to complete a battery project from three or four years to less than 18 months, he said.

    Additional reporting by Carmen Muela in Madrid. Data visualisation by Nassos Stylianou

    Climate Capital

    Where climate change meets business, markets and politics. Explore the FT’s coverage here.

    Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here

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  • AI boom adds $500bn to net worth of US tech billionaires in 2025 – Financial Times

    AI boom adds $500bn to net worth of US tech billionaires in 2025 – Financial Times

    1. AI boom adds $500bn to net worth of US tech billionaires in 2025  Financial Times
    2. AI Minted More Than 50 New Billionaires In 2025  Forbes
    3. AI is creating a new billionaire class with a record number of founders under 30  The Times of India
    4. Would You Trust a 22-Year-Old AI Billionaire With the Global Economy?  The Atlantic
    5. There are more self-made billionaires under 30 than ever before—11 of them have made the ultra-wealthy club in the last 3 months thanks to AI  AOL.com

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  • Efficacy and Safety of Bisphosphonates Explored in Complex Regional Pain Syndrome

    Efficacy and Safety of Bisphosphonates Explored in Complex Regional Pain Syndrome

    HealthDay News — Bisphosphonates may reduce complex regional pain syndrome (CRPS) pain intensity in the short term, according to a study published online Dec. 16 in Annals of Internal Medicine.

    Michael C. Ferraro, from the University of New South Wales in Sydney, and colleagues conducted a systemic review and meta-analysis to examine the efficacy and safety of bisphosphonates versus placebo for CRPS. Eleven trials with 754 participants, assessing alendronate, clodronate, neridronate, pamidronate, and zoledronate, were included.

    The researchers found with low certainty that in the immediate term (four weeks or less) bisphosphonates may result in little to no difference in pain intensity (mean difference [MD], −9.1 [95 percent confidence interval, −19.2 to 1.1]), while they may reduce pain intensity in the short term (more than four weeks to three months; MD, −10.0 [−18.9 to −1.1]), and result in little to no difference in pain intensity in the medium term (more than three months to six months; MD, 8.0 [−15.4 to 31.4]). Regarding the effects of bisphosphonates on pain intensity in the long term (more than six months), the evidence was very uncertain (MD, −2.5 [−19.6 to 14.6]). Bisphosphonates probably increase risk for adverse events (risk ratio, 1.1 [1.0 to 1.2]; moderate certainty).

    “While this review represents the best evidence to date on treatment of CRPS, unexplained heterogeneity and limited medium- or long-term data restrict clinical application,” the authors write.

    Several authors disclosed financial ties to the biopharmaceutical industry.

    Abstract/Full Text (subscription or payment may be required)

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  • Diagnosing the innovation atmosphere of industrial parks through urban spatial perception: a multimodal large language model approach

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  • Dr Stanley Lai, SC recognised in Asian Legal Business Asia Top 15 Intellectual Property Lawyers 2025: Allen & Gledhill

    Dr Stanley Lai, SC recognised in Asian Legal Business Asia Top 15 Intellectual Property Lawyers 2025: Allen & Gledhill







    26 December 2025

    We are pleased to announce that our Partner Dr Stanley Lai, SC has been named as one of Asia’s Top 15 Intellectual Property Lawyers in 2025 by Asian Legal Business. 

    This list highlights the achievements of Intellectual Property lawyers across Asia who have consistently delivered high-quality Intellectual Property work and set high standards in the Intellectual Property space, in addition to earning accolades from their colleagues, superiors and clients.

    For more information, please click here.

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  • Equities open strongly, KSE-100 gains nearly 1,200 points – Business Recorder

    1. Equities open strongly, KSE-100 gains nearly 1,200 points  Business Recorder
    2. Stocks hit record closing above 172,000 level  Dawn
    3. Pakistan stocks expected to remain best-performing asset class in 2026: report  Business Recorder
    4. PSX surges past 172k on heavyweight buying  The Express Tribune
    5. PSX closes week at record high as KSE-100 gains over 1,500 points  Profit by Pakistan

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  • Release of Advance GDP Estimates for Fourth Quarter 2025 – Ministry of Trade and Industry

    Release of Advance GDP Estimates for Fourth Quarter 2025 – Ministry of Trade and Industry

    1. Release of Advance GDP Estimates for Fourth Quarter 2025  Ministry of Trade and Industry
    2. Market watchers raise Singapore’s 2025 GDP forecast to 4.1% in December survey  Yahoo Finance Singapore
    3. MAS has breathing room to react to sudden shocks in 2026: economists  The Business Times
    4. Singapore MAS survey shows economists raising 2025 growth forecast By Reuters  Investing.com
    5. Economists raise Singapore growth forecasts for 2025, 2026  Borneo Bulletin

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  • China Signals Goal of Slow Yuan Gain Via Fix Well Below Estimate – Bloomberg.com

    1. China Signals Goal of Slow Yuan Gain Via Fix Well Below Estimate  Bloomberg.com
    2. China’s PBOC signals caution on rapid yuan gain as it nears key 7 mark  Business Recorder
    3. Central Parity of USD/ RMB Gains 49 bps to 7.0523  AASTOCKS.com
    4. The onshore yuan broke through the 7.01 mark against the US dollar, reaching a new high for 2024.  Bitget
    5. Chinese yuan stable with upside bias in 2026: Global institutions  news.cgtn.com

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  • Gold touches record high as rate-cut bets grow; silver hits $75 for first time

    Gold prices surged to a record high in early Asian trading on Friday, buoyed by safe-haven demand and rising expectations of further interest rate cuts by the U.S. Federal Reserve.

    Spot gold rose 0.5% to $4,501.44 per ounce by 0209 GMT, after touching a record peak of $4,530.60 earlier in the session.

    Spot silver climbed to $75 an ounce on Friday, supported by robust industrial and investment demand, tightening inventories, geopolitical tensions and expectations of further U.S. interest rate cuts.

    Silver prices rose 3.5% to $74.46 per ounce by 0229 GMT, after touching an all-time high of $75.14 earlier in the session.

    Platinum jumped to an all-time high on Friday, on track for its biggest annual rise ever, as supply constraints, an unexpected EU policy U-turn on the 2035 combustion-engine ban, and shifting investor flows out of gold fuelled the rally.

    Platinum prices rose 8% to an all-time high at $2,413.62 per ounce by 0304 GMT.


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  • I have no regrets about regifting

    I have no regrets about regifting

    Richard Wilson A smiling woman, wearing earings, a headband and a brown top.Richard Wilson

    Dawn-Maria France is an advocate for regifting and says it’s the perfect way to declutter her home

    Most of us have received at least one Christmas present that missed the mark – a jumper that doesn’t fit, a hideous ornament or a perfume you don’t like.

    Not every present is greeted with delight – so instead of banishing them to the back of a cupboard, how can you get rid of them without causing offence?

    1. Regift

    Getty Images A woman sitting on the floor with a pen in her right hand about to write a card to attach to a christmas present wrapped in green paper with a ribbon tied in a bow. She is surrounded by wooden Christmas decorations.Getty Images

    For Dawn-Maria France from North Yorkshire, the solution to unwanted gifts is simple – pass them on to someone else. She says right after Christmas is the perfect time.

    She never feels any guilt for doing so and believes it is a more sustainable way of celebrating the festive season. “One year I was given some garden seeds that I had no use for,” she says.

    Rather than letting them go to waste, Dawn-Maria re-gifted them to a green-fingered friend. “It’s a budget-friendly way to manage spending, especially during the cost-of-living crisis, and it’s helped me declutter my home,” she adds.

    The habit could also help tackle a much bigger problem. Each year, an estimated £42m worth of unwanted presents are thrown away in the UK, with some ending up in landfill.

    Dawn-Maria re-wrapped her garden seeds adding a personalised note hinting that it was a regift. “I was given this but I knew you’d love it,” she wrote.

    “It promotes sustainability,” she says. “I have no regrets about regifting”.

    2. Hide the evidence

    Antoinette Akanji A lady in a pink blazer standing outside a gate of a building. She is smiling and looks very professionalAntoinette Akanji

    The original gifter mustn’t risk crossing paths with the new recipient of the gift, says etiquette expert Antoinette Akanji’s

    So how do you regift without causing offence?

    “Don’t get caught out,” warns Louise Minchin, who presents the BBC’s Rip Off Britain programme, advising regifters to remove any labels or notes that might be addressed to someone else.

    Before re-wrapping she recommends inspecting the gift carefully to make sure no seals have been broken or show signs of wear.

    If it’s been opened or is part of an incomplete set, it’s a clear giveaway the item isn’t new.

    “I’ve been caught out,” admits BBC Radio 2’s Reverend Kate Bottley who forgot to check there wasn’t a card inside a gift she passed on. “They opened it and I said ‘Oh no, I’m so sorry,’” she recalls.

    It’s enough to make both parties cringe. The BBC’s Morning Live regular Dr Oscar remembers being handed a box of chocolates with the message “Dear Mrs Smith, Thanks for being my teacher this year”. It didn’t stop him regifting though, “I just took the label off for the next one,” he says.

    Etiquette expert Antoinette Akanji’s has another golden rule: regift outside your social circle.

    “If your aunt has given you a jumper that you didn’t like, do not regift this to your cousin,” she says. “She may see your cousin wearing it and this could provoke an awkward conversation.”

    “You need to ensure that the original giver and the new recipient aren’t likely to cross paths.”

    3. Resell

    Kirsty Quinn Kirsty Quinn with shoulder length brown hair holding a parcel either side of her and smiling at the cameraKirsty Quinn

    Kirsty Quinn, 36 from Oxfordshire says she makes about £500 a month reselling items sourced from car boot sales and charity shops on eBay and Vinted.

    “I think if you receive a gift that you’re not going to use or don’t like, and it’s likely to just sit in a drawer or even end up in landfill, then I don’t see the harm in re-gifting…or selling it online,” she says.

    “Selling unwanted gifts can help someone else get something they want at a cheaper price, which feels especially relevant given how tough the economy is at the moment,” she adds.

    “It also means the seller can put that money towards something they actually need, something that improves their life, or something they’ll truly use. To me, that feels more practical and sustainable than letting items go to waste.”

    Vinted says the first Sunday of each year sees a spike in listings of unwanted gifts – averaging three times the normal daily rate

    Last year’s top-listed items women’s toiletries and perfumes, jewellery, nightwear and make-up, according to the platform.

    Fashion dominated the most-bought items after Christmas closely followed by entertainment and electronics, Vinted says.

    Vinted’s tips for reselling presents without offending the person who bought them include using a username that is not easily identifiable and keeping the background of photos neutral.

    “Many members will however choose to regift openly, and will include phrases like ‘unwanted gift’ in their item description,” a Vinted spokesperson says. “This often helps buyers better understand the condition of the item.”

    4. Donate

    Getty Images A purple and pink box filled with children's toys, bears, rabbits, elephants, dinosaurs and cars. Getty Images

    If regifting doesn’t feel right there are plenty of other ways to pass on the joy, says Louise.

    Donating to charity is an obvious option – and one that can make a real difference. Charity shops eagerly await the post-christmas clear-out, when unwanted gifts become someone else’s treasure.

    This is also echoed by Allison Swaine-Hughes, retail director at the British Heart Foundation.

    “If you have decorations that didn’t quite fit your theme, a board game you’ve been gifted twice, or a Christmas jumper that’s no longer your colour, why not let them brighten someone else’s home or wardrobe by donating them to us?”

    And it’s not about just donating – shopping in charity shops over Christmas can make a difference too.

    “Our stores are full of unexpected treasures – quality items just waiting to find loving new homes,” she says.

    If you’re worried a relative might stumble across the item they’d bought you while they bargain hunt you can always donate to a charity shop outside of your local area.

    5. Include a gift receipt

    If you’re the one giving the present, you can make life easier for the recipient if you include a receipt.

    “If you’re giving someone a gift and include a gift receipt, it gives them far more options,” explains Louise, especially when the item is high-value.

    A gift receipt usually allows the recipient to exchange the item in-store or receive a credit note.

    In some cases, a refund may be offered, but that depends on the retailer’s individual policy.

    Without a receipt, things can quickly become uncomfortable, so Louise recommends an honesty first policy: “Don’t be afraid to say, ‘I’m really sorry, but I’d like to exchange this for something else do you have the original receipt?’”

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