Britain’s electricity generators will face pressure from ministers to invest their “extraordinary profits” in new green energy projects, rather than paying out the windfall to shareholders. Chancellor Nadhim Zahawi will today keep alive the prospect of hitting generators with a windfall tax if they do not invest their profits in renewable energy schemes. Zahawi and business secretary Kwasi Kwarteng will meet generators including Centrica and RWE to discuss the energy crisis, including the jump in household bills, with average annual gas and electricity bills forecast to hit £4,420 by spring — more than three times the level at the start of 2022.
SoftBank Group Corp is set to post a gain of $34.1 billion by reducing its stake in Alibaba Group Holding from 23.7% to 14.6%. But the Japanese conglomerate will not sell its shares directly in the market. It is using a complex security called "prepaid forward contracts," which is a derivative largely used by investors.
Once an investment darling, Alibaba (NYSE: BABA) has fallen from grace. The continued crackdown on tech companies in China, the threat of delisting, and the worsening geopolitical relationship between the U.S. and the Chinese government make the stock seem almost uninvestable. Alibaba has been a symbol of excellence and quality.