Market Update
FTSE 100: London’s FTSE 100 finished 0.7% lower at 7,679 yesterday.
European markets: European markets finished broadly lower on Thursday with shares in France leading the region. The CAC 40 is down 1.59% while Germany’s DAX is off 1.33%.
US markets: US stocks dropped on Thursday, with the S&P 500 and Nasdaq both falling to their lowest levels since late-June. The Dow Jones Industrial Average finished down 1.1% at 34,070, the S&P 500 slipped 1.6% to 4,330 while the Nasdaq dropped 1.8% to 13,224.
Asian markets: Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.41% while the Hang Seng is up 1.55%. The Nikkei 225 is not trading.
Emerging markets: Turkey’s central bank hiked its key interest rate to 30% on Thursday, a 500 basis point jump from 25%, as Ankara continues to battle double-digit inflation. The Turkish Lira weakened slightly to 27.06 against the dollar, with the greenback up 0.3% against the local currency.
Climate-change pledges
Despite the UK government’s recent decision to postpone several green initiatives, including delaying the ban on new petrol and diesel cars until 2035 and phasing out gas boilers, Jersey’s government is determined to uphold its stringent climate-change commitments. This includes banning the sale of new petrol and diesel cars and small vans by 2030.
The UK government, on the other hand, maintains its dedication to achieving net-zero carbon emissions by 2050, aligning with the global Paris Agreement.
The Carbon Neutral Roadmap set forth by the government includes a commitment to cease the import and registration of new petrol and diesel cars and small vans starting in 2030, with plans to expand this restriction to additional vehicle categories at later points between 2030 and 2040.
Additionally, the government has unveiled financial incentives, covering 35% of the price of an electric car or van, with a maximum subsidy of £3,500, applicable to vehicles valued at up to £40,000.
Island Padel Club to serve alcohol
Island Padel Club, located in St. Clement, has received approval to serve alcohol within its clubhouse. The licence was granted during a Licensing Assembly hearing held in the Royal Court yesterday.
It was noted in the court that the application had garnered support from the St. Clement parish assembly, with a vote of 38 in favour and 17 against.
The club is permitted to serve wine, beer, or cider for on-site consumption exclusively. The area’s maximum occupancy is restricted to 20 individuals at any given moment, inclusive of five staff members.
The club’s operating hours are limited to weekdays from 3pm to 8pm and weekends/public holidays from midday to 8pm.
Asian hornet threat
To ensure people’s safety, a section of Millennium Town Park has been cordoned off due to the presence of approximately 30 to 40 hornets in a bottlebrush bush.
Alastair Christie, the Asian hornet coordinator, explained that while individual hornets pose no threat when left undisturbed, the decision to enclose the area was taken following reports of Islanders having picnics and children playing ball games nearby.
This incident is not the first of its kind in Jersey’s public parks, as a hornet nest had to be removed from Howard Davis Park in 2020.
Mr. Christie noted that these hornets are likely to remain in the bush for the foreseeable future, and they may be originating from a nest at Grainville, which is expected to be removed soon.
Islanders have also been cautioned to be vigilant about fallen Asian hornet nests that strong winds could dislodge from trees this week. To report an Asian hornet sighting, individuals can email asianhornet@gov.je or call 441633.
Calls for end to vape marketing aimed at young
The children’s commissioner has advocated for a prohibition on vape marketing that is deliberately designed to attract children, expressing concerns that it is fostering a new generation of nicotine-dependent individuals.
Andrea Le Saint also stressed the necessity of strengthening regulations in the Island, following a joint investigation by JEP and Bailiwick Express that exposed the availability of vaping products illegal in the UK due to unaddressed legal gaps, exacerbated by pandemic-related pressures.
The investigation also underscored worries that the vivid colours and fruity flavours of vaping products were more appealing to young individuals than to former smokers, for whom they were initially intended. While cigarette packages are required to display graphic health warnings and remain out of public view in stores, no such restrictions apply to vapes, which the children’s commissioner noted were becoming increasingly popular and perceived as “cool” among young Islanders.
As part of the vaping investigation, an online poll was conducted by JEP and Bailiwick Express, posing the question: “Should the sale and packaging of vapes be subject to the same restrictions as cigarettes?” Out of 672 respondents, 88% answered ‘yes,’ while 12% answered ‘no.’
In Jersey, ministers have recently announced plans to ban disposable vapes for both environmental and health-related reasons, following the lead of other jurisdictions.