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Tuesday newspaper round-up: Amazon, Nvidia, Harland & Wolff
(Sharecast News) - The UK has given more than £12.5bn from energy bills to fossil fuel power plants in the past decade through a government scheme to keep the lights on during winter, according to new analysis. The research found that, since 2015, the government has offered contracts worth £20bn through a "capacity market" to create a backup reserve of generators on standby, of which about 60% were fossil fuel power plants and a quarter were energy storage and power cable projects. - Guardian Amazon is seeking permission to launch drones from its warehouse in Darlington, County Durham, in the latest step towards using the devices to deliver packages to homes. The technology company is to hold a public meeting with local people next week as it seeks permission from the Civil Aviation Authority (CAA) to use the airspace around its warehouse on the edge of the town, in the north-east of England. - Guardian
US chipmaker Nvidia has suffered the largest stock market slump in history after the emergence of an advanced Chinese artificial intelligence (AI) model raised doubts about its technology. Nvidia, the world's most valuable company, plunged as much as 18pc during trading on Wall Street on Monday, wiping more than $600bn (£480bn) off its valuation. - Telegraph
The takeover of Harland & Wolff by the Spanish state-owned shipbuilder Navantia has been completed in a deal expected to secure more than 1,000 British jobs. Navantia said the sale of Harland & Wolff will allow the company's four shipyards to support "both a highly skilled workforce and robust supply chain". - The Times
Stock picker Terry Smith's £2 billion vehicle, Smithson Investment Trust, has been targeted by Saba Capital, the activist New York hedge fund making waves with its siege of seven UK investment trusts. Filings by Saba-managed Saba Capital Income and Opportunities Fund II reveal it had bought total return swaps giving it an economic interest of £7.4 million in Smithson as at October 31 and disclosed on January 6. - The Times
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