Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
A small start-up in New Zealand claims it has created plasma, the first step towards nuclear fusion, in under two years and for less than $10mn after experimenting with an unconventional reactor design.
OpenStar, founded by chief executive Ratu Mataira in 2021 in his Wellington apartment, said on Tuesday that it had created and contained a plasma cloud at around 300,000 degrees Celsius for 20 seconds in its first experimental reactor.
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While much higher plasma temperatures are required to achieve nuclear fusion, OpenStar’s test stands apart for its unconventional reactor design, which the company said could be faster to scale and commercialise.
The promise of fusion — in which hydrogen isotopes collide with each other inside a plasma and fuse, resulting in the release of enormous amounts of energy — has tantalised researchers for decades.
In recent years, significant funding has gone into fusion start-ups, as investors bet that the process could provide cheap, carbon-free energy without long-lived nuclear waste. However, the technology is still being developed and experts say commercialisation is far from being realised.
Several other nuclear fusion projects, including ITER in France, the China Fusion Engineering Test Reactor, and JT-60SA in Japan, use a “tokamak” design pioneered by Soviet scientists in the 1950s. The device consists of plasma contained inside a doughnut-shaped chamber by powerful external magnets.
Mataira said OpenStar’s breakthrough had been to turn the tokamak design “inside out”. Instead of magnets outside the chamber, OpenStar levitates a high-temperature superconducting magnet inside the superheated plasma, which is then kept within the magnet’s north-to-south field lines. This allows the plasma, which is so hot it would destroy any material it touches, to be contained inside a vacuum chamber.
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“The core engineering challenge is how do you make a magnet that’s surrounded by plasma operate for long enough to be useful,” said Mataira, explaining that the levitating magnet runs on battery power, and that the current design can operate for 80 minutes before needing to be recharged.
He said the design, pioneered in a decade-long experiment by scientists at MIT, would ultimately prove faster to scale than tokamak reactors because it is easier to modify.
“Building a tokamak is like building a ship in a bottle,” said Mataira. “Every design decision you make impacts every other system.” He said upgrading the system could involve building a new reactor and several years of work.
Dennis Whyte, professor at MIT and a co-founder of US-based power fusion company Commonwealth Fusion Systems, said he was “thrilled” that OpenStar had built its levitating magnet reactor. “This adds an exciting option to the diverse approaches to fusion,” he said.
New Zealand passed a law in 1987 to become a nuclear-free zone across its territorial sea, land and air space. It has no nuclear power plants.
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But Mataira said OpenStar’s research falls within the country’s radiation safety laws. He predicted that the public would accept the distinction between nuclear fission and fusion, which does not create any radioactive waste.
The start-up has been funded by New Zealand investors to date, but has a goal of raising a series A investment round in the first quarter of 2025. Mataira said the company would ultimately need between $500mn and $1bn to prove out all technical risks.
On its website, OpenStar estimates that nuclear fusion is six years away from being a commercial technology.
“The reason why we are excited by fusion is because we think it can aid the decarbonisation of the energy sector, and for that there is an enormous amount of time pressure,” said Mataira.
NexGen’s operation in Canada’s remote Athabasca Basin
Uranium is making a comeback thanks to a renewed focus on nuclear energy as a climate crisis solution. Canada, rich with high-grade deposits, could become a nuclear “superpower”. But can its potential be realised?
Leigh Curyer had been working in uranium mining for nearly two decades when he noticed a striking shift.
In 2011, the Fukushima nuclear plant disaster in Japan badly damaged the world’s view of nuclear power, and the price for the heavy metal – a critical component for nuclear fuel – cratered.
But the last five years has seen a reversal, with the global price of uranium spiking by more than 200%one of this year’s top-performing commodities.
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Mr Curyer, an Australian-born businessman, credits this to a changing attitude that began soon after Microsoft founder Bill Gates touted nuclear energy as “ideal for dealing with climate change” in 2018.
Shortly after, the European Union voted to declare nuclear energy climate-friendly.
These events were “catalytic” for the uranium industry and a turning point for Mr Curyer’s company NexGen, which is behind the largest in-development uranium mine in Canada.
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His phone began to ring with calls from investors worldwide – something that “had never happened in my previous 17 years in the industry”, he said.
NexGen
Leigh Curyer is the head of NexGen, whose mine is the largest in development in Canada
NexGen, whose project is located in Canada’s remote, uranium-rich Athabasca Basin in northern Saskatchewan, is now worth nearly $4bn (£2.98bn), despite the fact that the mine won’t be commercially operational until at least 2028.
If fully cleared by regulators, NexGen’s project alone could push Canada to become the world’s largest producer of uranium over the coming decade, knocking Kazakhstan out of the number one spot.
Other companies have also rushed to Saskatchewan to capitalise on the boom, starting their own exploration projects in the region, while existing players re-opened dormant mines.
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With its rich resources, Canada’s mining companies see the country playing a major role in the future of nuclear energy, meeting a demand for uranium that is poised to rise after nearly two dozen countries committed in COP28 climate conference to tripling their nuclear energy output by 2050.
Nuclear energy is often hailed for its low carbon emissions compared to other sources like natural gas or coal.
The World Nuclear Association estimates that 10% of power generated worldwide comes from nuclear sources, while more than 50% is still generated by gas or coal.
At this year’s COP29, the focus has been on ramping up funding for nuclear projects in the wake of a recent UN report indicating that current policies and investments fall short of what is needed to slow global temperature rise.
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Canada’s role in supplying the commodity is made more urgent by Russia’s invasion of Ukraine, particularly for the US, which had relied heavily on Russian-supplied enriched uranium to fire up its commercial nuclear reactors.
Mr Curyer believes his mine could prove to be “absolutely critical” to America’s nuclear energy future, as the US is now hunting for alternatives to Russia, including by ramping up exploration on its own soil.
Uranium can be found around the world, though it is heavily present in Canada, Australia and Kazakhstan.
But what makes Canada’s Athabasca Region unique is that its uranium is especially high grade, said Markus Piro, a professor of nuclear engineering at McMaster University.
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Canada has set strict rules for the sale of its uranium to other countries, Prof Piro said, and mandates it only be used for nuclear power generation.
The country is also referred to as a “tier-one nuclear nation”, he said, due to its capability to produce nuclear fuel from the mining to the manufacturing stage.
Once mined, uranium is milled to produce what is called calcined yellowcake, and then enriched, either at facilities in Canada or overseas, to create fuel for nuclear reactors.
“We’ve got a one-stop shop here in Canada, not every nation’s like that,” Prof Piro said.
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Canada is currently the world’s second largest producer of uranium, accounting for roughly 13% of the total global output, according to the Canadian government. NexGen anticipates that once its mine is operational, it will boost that to 25%.
Meanwhile, Cameco, which has been mining uranium in Saskatchewan since 1988 that supplies 30 nuclear reactors around the world, re-opened two of its mines in late 2022 to increase output.
CEO Tim Gitzel told the BBC that he believes “Canada could be a nuclear superpower around the world”.
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But enthusiasm around nuclear energy is not without its critics.
Some environmental groups worry nuclear projects are too costly and come with timelines that do not meet the urgency of the climate crisis.
Data from the UK-based World Nuclear Association shows that 60 nuclear reactors are under construction across 16 countries, most of them in China, and a further 110 are in the planning stages.
Some are expected to come online this year – others won’t be ready until at least the end of the decade.
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Meanwhile, more than 100 nuclear plants have been closed in the last two decades around the world, including New York State’s sole nuclear power plant, which was retired in 2021 due to high operating costs and environmental and safety concerns.
Plants were also shuttered in Massachusetts, Pennsylvania, and Quebec, Canada.
And not all of Canada is on board with the country’s uranium industry.
British Columbia sits on its own supply of uranium but has not allowed any nuclear plants or uranium mines to operate in the province since 1980.
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Critics have also expressed concern about radioactive waste nuclear reactors leave behind for future generations.
Others fear another Fukushima-scale disaster, where a tsunami disabled three reactors, causing the release of highly radioactive materials and forcing mass evacuations.
“The risk is not zero, that is for sure” though t can be reduced, said Prof Piro.
“Even though amongst the general public there are mixed feelings about it, the reality is that it has produced very safe, very reliable and affordable electricity worldwide.”
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The industry maintains the technology is both promising and viable.
Mr Gitzel of Cameco said the industry has learned from past safety errors.
“And the public is buying on,” he said. “I can tell you that we have in Canada great public support for nuclear power.”
A 2023 Ipsos poll indicates that 55% of Canadians support nuclear energy.
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Getty Images
Uranium City, photographed in this 1975 photo, was once home to 2,500 residents
Still, past uranium booms in Canada have turned into dramatic busts.
North of NexGen’s proposed mine stands Uranium City, once home to 2,500 residents in its mid-20th Century heyday. In 1982, a major local mining firm shuttered operations over high costs and a soft market for uranium.
Now, Uranium City’s population is 91 people.
But investors argue that there is a true global burgeoning demand for the commodity that poses a golden opportunity for Canada.
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NexGen anticipates that construction on its mine – which is awaiting clearance from Canada’s federal nuclear regulator – will begin early next year.
Mr Gitzel says around 100 other companies are now actively exploring Saskatchewan for deposits.
As to when it will be on the market remains unclear.
Mr Gitzel cautioned that some companies have started explorations in the past that never reached production stage. The timeline to get mining projects approved in Canada can also be lengthy.
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“Building a mine is going to take five to 10 years, and so far, the only ones in operation are ours, so we will wait and see how it plays out,” he said.
For Mr Curyer, it is crucial that his project and others are realised in the next four years, for both Canada and the world.
“Otherwise, there is going to be a shortage in uranium, and that will subsequently impact power prices,” he said.
A ONE-bedroom flat in a Scottish town is set to go up for auction at a bargain price – but there’s a catch.
The home, located on Lawn Street in Paisley, has been dubbed the cheapest property in Scotland.
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The flat, in Paisley, has been called the cheapest property in ScotlandCredit: Prime Property Auctions
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It has been put up for a guide price of around £5,000Credit: Prime Property Auctions
The flat is being sold by Prime Property Auctions, who have offered a guide price of just £5,000.
The firm explained that it has recently been reduced and is a bargain for anyone looking to snap up a home in the area.
Especially since one-bedroom properties in the surrounding location have recently sold for over £50,000.
But there’s a catch – the home needs a complete renovation.
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The flat needs a revamp as it’s more of a fixer-upper and not in a complete state.
The property currently has no windows and the walls are fully exposed with the brickwork visible.
The ceilings are also caved in, with wires and electrical outlets hanging from the sides.
The door frames have been removed and the flooring has been ripped up, with a huge mess left on the ground.
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There is also no fitted kitchen and no useable bathroom.
However, someone with the ability to fix the problems and do the place up could turn it into a wonderful home.
Irish house on market for just €199K
If they did, then they could make around £550-625 a month in rent for the property, which has been valued at around £50,000 once refurbished.
Experts at Prime Property Auctions have said that the property is also located in a prime spot in the town.
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It sits near a whole host of local amenities including many popular restaurants, bars and supermarkets, with local schools also nearby.
A spokesperson from Prime Property Auctions said: “This property is ready for builder, investor or developer to bring to life and is a potentially high-yielding investment property.
“Sure to appeal to investors looking for an easy lettable flat in a sought-after location with great potential for Capital Growth.
“The local areas have seen some great sales recently showing that there is strong demand.”
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The home needs a complete renovation before it can be lived inCredit: Prime Property Auctions
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The property currently has no windows and the walls are fully exposedCredit: Prime Property Auctions
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The home is located on Lawn StreetCredit: Prime Property Auctions
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In today’s newsletter:
South America’s ‘made in China’ megaport
Trump’s controversial cabinet picks
Xi faces heat over attacks on Chinese workers overseas
Good morning. Our top story comes from Peru, where Xi Jinping will today inaugurate a Chinese-built megaport that is set to transform transpacific trade.
The Port of Chancay will upend maritime trade along the continent’s Pacific coast as it can accommodate larger vessels in its deep waters. It will also significantly reduce the transit time for vessels voyaging to Asia from Peru.
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But it has not been without controversy. Analysts and officials raised concerns that the $3.6bn port in effect represents a ceding of Peruvian sovereignty over the port.
China’s Cosco Shipping, which built the port with a local junior partner, will be the sole operator when it opens after Peru dropped a lawsuit challenging its exclusive status.
Meanwhile the US, which views Beijing’s growing influence in Latin America as a strategic challenge, has warned that the port could be used by Chinese warships. The development may present an area of contention with president-elect Donald Trump as he takes a tougher line against China.
Economic data: Australia publishes labour force data for October.
Sri Lanka parliamentary election: Left-wing President Anura Kumara Dissanayake, elected in September, hopes to consolidate his party’s power in today’s vote to help him implement his campaign promises.
Results: Foxconn and Japan’s three largest banks report their latest results.
Five more top stories
1. Donald Trump has nominated Matt Gaetz, the incendiary Republican congressman from Florida, to be US attorney-general in his second administration. The controversial pick comes as the president-elect vows retaliation for the criminal investigations and indictments launched against him by federal prosecutors in recent years.
More cabinet selections: Trump has chosen Tulsi Gabbard, a former Democratic congresswoman known for her pro-Russian views, to be the director of national intelligence.
Trump’s nominee for defence secretary: Pete Hegseth, a rightwing television personality and US army veteran, is set to be in charge of the world’s largest, most powerful and probably most bureaucratic military.
More US news: South Dakota senator John Thune has been elected the next Republican leader in the Senate during Trump’s second term, in a rebuke to Trump allies who had pushed for another candidate to get the job.
2. Seven & i Holdings has ended months of stonewalling and begun negotiations with Canada’s Alimentation Couche-Tard over a $47bn takeover bid for the 7-Eleven store owner. The long-awaited talks started just as a potential “white knight” bidder emerged, adding to the frenzy around a deal that if successful would transform Japan’s market for corporate mergers and acquisitions.
3. US inflation rose to 2.6 per cent in October, as the Federal Reserve debates whether to cut interest rates at its last meeting before Trump takes office. Sarah House, senior economist at Wells Fargo, said the figures showed that “it’s difficult to wring out this last bit of inflation”.
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4. The detention in Mali of an international mining boss and two colleagues has raised alarm across the industry about growing personal risks for executives in the gold-rich west African nation. The three executives of Resolute Mining, an Australian gold producer, are among seven western mining executives to have been held in the past two months as tensions rise between the industry and the military junta.
5. Elon Musk’s support for Trump is set to boost X’s flagging business, with some marketers poised for a return to the social media platform in order to seek favour with the incoming administration. Media executives told the FT that some brands were preparing to advertise on X once again and would seek to get in the “good graces of Elon”.
News in-depth
Chinese leader Xi Jinping is under pressure to better secure his country’s interests in volatile regions around the world after a bomb attack by Pakistan separatists last month claimed the lives of two Chinese engineers. A spike of violence by the Balochistan Liberation Army poses a risk to the China Pakistan Economic Corridor, the largest cluster of projects under Xi’s Belt and Road Initiative with total Chinese investments estimated at $62bn.
We’re also reading . . .
US-China ties under Trump: The range of possible outcomes for the relationship is wider than ever before, writes Evan Medeiros, a professor at Georgetown University.
Sentient AI: As companies race to build machines that are more like us, Anjana Ahuja asks: should we be fretting over artificial intelligence’s feelings?
‘The planet’s most badass airline’: Lebanon’s Middle East Airlines is the only carrier serving the country in the midst of conflict.
Chart of the day
Investors have poured record sums into exchange traded funds this year, even before a buying spree that was ignited by the election of Trump. As of October 31, global net flows into the ETF industry had hit $1.4tn, according to data from BlackRock.
SPORTS Direct has unveiled its star-studded Christmas advert for 2024 which is set to appeal to football, rugby and wider fitness fans.
The action-packed film features sporting legend Frank Lampard and a plethora of other high-profile sporting legends.
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Frank Lampard features in Sports Direct’s new Christmas ad
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Lucy Bronze is also in the ad
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UNDER EMBARGO TILL 0.01 13/11/24, , Sports Direct Christmas ad 2024 ,
The clip, named “New Traditions Start Here’”, also sees England and Chelsea footballer Lucy Bronze make an appearance, as well as endurance athlete Russ ‘Hardest Geezer’ Cook.
The professionals are shown encouraging the take up of new sporting traditions that can be enjoyed throughout the festive season.
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The film follows a sporty family and begins outside a snowy UK home, where a spirited nan shadowboxes with a snowman in the front garden.
Read more on Sports Direct
With a kick, she sends the snowman’s head flying into the sky.
This is followed by fitness coach Faisal Abdalla enjoying a makeshift HYROX session in the garage alongside the son.
Frank Lampard appears on an opposing football team, while Lucy Bronze steps in to assist the daughter to score a winning goal.
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Irish sprinter athlete Rhasidat Adeleke joins the mum on her run club, before sprinting off.
Boxing industry stars and Everlast ambassadors Eddie Hearn, Conor Benn and Johnny Fisherenjoy a trim in a barber shop and Skye Nicolson also makes an appearance.
Ultra-runner and endurance athlete Russ “Hardest Geezer” Cook appears as a giant while England Rugby star Maro Itoje takes part in some pad work with the nan before being tackled.
Ex-Sports Direct employee reveals high street stores secrets
The ad aims to show that from family runs to football and rugby matches or exercise sessions in the garage, there’s something sporty for all families to embrace over the festive period.
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Almost two thirds of Britons will engage in sporting traditions this year, according to Sports Direct.
One in five will go on a run, while a further one in ten will play football with family and friends.
More than half the nation will engage in a hike or walk and a third will do some form of functional fitness.
The campaign showcases a selection of key Sports Direct products, ideal for those embarking on new sporting traditions. Featured items include the PUMA Deviate Nitro 3, adidas Predator Elite, Under Armour Infinite and Nike Pegasus 41 Gore-Tex trainers.
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David Clark, chief customer officer at Frasers Group, which owns Sports Direct, said:“At Sports Direct, sport is at the centre of everything we do, and we believe in its unique power to inspire.
“This winter season, we’re challenging sports enthusiasts to level up their usual festivities, embrace new traditions, and elevate their holidays with sport – whether it’s a Boxing Day football match or a winter walk.”
Sports Direct Christmas adverts through the years
It’s not the first time Sports Direct’s Christmas ad has featured a cast of stars.
In 2021 Sports Direct splurged £6million on the the most expensive Christmas advert at the time with tennis champ Emma Raducanu and football ace Jack Grealish leading a line-up of 16 sports stars.
Clare Smyrell says it feels “petty” to ban special offers on formula
The high price of baby formula makes parents feel “punished” for not breastfeeding, mums and dads have told the BBC.
The cost of baby milk has surged in recent years, while retailers in the UK are not allowed to advertise or offer discounts on infant formula because it might discourage breastfeeding.
Parenting site Mumsnet says this rule has raised the price of formula rather than breastfeeding rates, while the competition watchdog has recommended the ban on price promotions be overturned.
Clare Smyrell, who was not able to breastfeed due to medical reasons, says she spent £30 a week on milk for her baby and resorted to online marketplaces to try to keep costs down.
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Her son is now eight months old and she is weaning him off formula but Clare says she felt “like a failure” because she couldn’t breastfeed and then had to cope with the additional cost of buying formula.
“You have offers on unhealthy adult food, but you can’t have offers on baby formula which is perfectly healthy. It feels a little bit petty,” says Clare from Wolverhampton.
“It almost feels like those who don’t breastfeed are being punished.”
The Competition and Markets Authority (CMA) found prices for formula in the UK jumped between 18% and 36%, depending on the brand, over the two years between December 2021 and December 2023.
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Just three companies – Danone, which makes Aptamil and Cow & Gate, and Nestle, which makes SMA and Kendamil – control over 90% of the UK market.
‘How much did that just cost me?’
Natash Kurzeja
Natasha Kurzeja says she can’t afford to waste a single drop of formula because it is so expensive
Natasha Kurzeja from London says the cost of formula is “extortionate”.
When Natasha’s 12-week-old son was born, he needed extended stays in hospital, which, she says, made breastfeeding unsustainable.
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“It’s frustrating when you drop some of the formula because you think, ‘gosh, how much did that just cost me?’”
She agrees with Clare about feeling punished for not being able to breastfeed.
“For babies under 12 months you don’t have to pay for prescriptions as medicine is something they need. So if I have to feed my baby formula, why are we having to pay through the nose?
“For some of us formula feeding definitely isn’t a choice, but even if it is, fed is best, and mothers don’t need any more shame heaped upon them.”
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In its interim report into infant formula, the CMA suggested better education about formula so that parents are not swayed by undue loyalty due to advertising by a brand.
It also suggested the government could buy formula from a third party to sell at a lower price under NHS branding.
Getty Images
However, a former director of a baby formula manufacturer, who wished to remain anonymous, told the BBC the introduction of an NHS-branded product would create a “race to the bottom”, with companies lowering the quality of their formula to compete for the cheapest price.
He said with any other product, supermarkets would “play hard ball on margins” with suppliers. But with baby milk, parents had fierce loyalty towards their favoured brand so if a supermarket demanded too low a price, a supplier would just take the product somewhere else, he said.
He also claimed some baby milk products were branded and priced differently despite being made in the same factory with the same ingredients.
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Meanwhile, the boss of parenting site Mumsnet said the government was treating baby milk like tobacco, with the restrictions on advertising.
“The way it’s been regulated, we totally get that it’s an effort to increase breastfeeding rates. But, let’s be frank, that simply hasn’t worked,” said Justine Roberts.
“The UK has some of the lowest breastfeeding rates in the world… and all it’s done is raise the cost of formula for some parents.”
‘Verging on discrimination’
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James Gilmartin from Manchester has nine-month old twins, one of whom was born with fluid on the lung.
“Getting enough breastmilk for her was quite challenging. It had to be enough for her to gain enough weight to get her off the hospital machines, so it was suggested we use formula,” he says.
James Gilmartin
The ban on price promotions is “completely disgusting”, says James Gilmartin
His partner took a hybrid approach using breast milk and formula, and eventually went with just formula.
“As with a lot of newborns they had digestion issues affecting their bowel movements so we were told to go for a better baby formula – Cow & Gate Comfort which is easier to digest.”
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An 800g tub cost £14 and with two kids to feed, James and his partner were going through two and a half tubs a week, spending well over £100 a month.
“I find the ban on price promotions completely disgusting and verging on discrimination,” says James.
Nelson Dean from London was also taken aback by the high cost of formula.
His son was born in September and is fed on a mixture of formula and breast milk.
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Family friends recommended Kendamil, which costs £15 a tin and lasts his son about a week.
If anything, rather than not allowing promotions on formula, Nelson thinks parents should be given help towards the cost.
“With the price of everything else going up, I expected there would be some assistance for essential things like baby milk,” he says.
Additional reporting by Bernadette McCague and Rozina Sini.
The research from last year has been expanded to include UK adults from the age 18+ whereas last year it was based on adults over 50.
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Out of the different age groups, it was the 35-44 and 45-54-year-olds with lowest retirement confidence, 3.7 and 3.8 respectively.
The retirement confidence is split between genders but both have witnessed a drop from last year. Men’s retirement confidence has dropped from 7.2 to 5.1 and women 6.5 to 4.1.
Furthermore, 44% of people do not believe the State Pension will exist in the future. Additionally, 36% of men and 46% of women have no income being contributed to pensions.
The amount of being contributed to defined benefit (DB) pension schemes also declined and was 6.5 down from 7.5 in 2023.
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Last year, the report said that the long tail of DB pensions coming to maturity was creating a false confidence among people in or approaching retirement.
The 2023 report rightly predicted that: “This is clearly not sustainable, and we predict the UK Retirement Confidence Index will fall over the next few years as a consequence.”
As well as confidence dropping, peoples targets also seem to fall short. The majority of respondents believe they will need between £20,000 and £30,000 a year for a comfortable retirement.
The Pensions and Lifetime Savings Association (PLSA), however, have said £43,100 is needed a year for a comfortable retirement.
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Another factor that has weighed on pension confidence was chancellor Rachel Reeves’ first Budget on 30 October.
Only 2% said they were more positive after the budget with 26% said they were either slightly or much less confident about their financial planning retirement prospects.
This figure increased to 36% for those aged 65+.
This drop in confidence coincides with the amount of seeking financial advice being down 2% points from last year.
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The lang cat’s 2024 advice gap research found that only 11% of UK adults have paid for advice.
Tully did call on the Financial Conduct Authority (FCA) to do more to promote advice.
“We need to shout louder about the importance of what advisers and planners do and the value they add.”
Tully did add that another point that came through clearly in the report was the need for financial education.
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“Clearly people do not feel that they know enough.”
He added that Martin Lewis did come up a lot as the best person to get help in finance.
Lewis set up MoneySavingExpert.com, a consumer finance website. He is an English financial journalist and host of the Martin Lewis Money Show. He often stresses the information he provides is not regulated financial advice.
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