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The construction sector accounts for about 4.4% of U. S. GDP and is tied to about $2.2 trillion in annualized spending. On Monday (Dec. 2), the Commerce Department reported that construction spending was higher than consensus had estimated, where growth was 0.4%, and economists had expected 0.2% growth . The segment, of course, is capital intensive in the way that few other industries are — PYMNTS has reported that 76% of subcontractors say they are almost always paid by general contractors and property owners with paper checks, which in turn means that slow payments cost these firms $273 billion. We found earlier this year that subcontractors were increasing their use of personal savings for business purposes by 105% over 2023’s levels. The consequences are of such concern that more than 9 in 10 subcontractors say they would offer a discount of up to 5% for speedier payments. Last month, in joint research from PYMNTS Intelligence and Ingo Payments, 23% of construction firms with automated accounts receivable (AR) processes experienced no AR challenges in 2023, while three quarters of executives at mid-sized construction firms said that accounts payable (AP) automation improves cash flow. There’d been a groundswell in investing in technology and improving the back office, as amid the housing slump last year , roughly a third of construction firms invested in cloud-based and digital AP tools. We found, too, that 33% of companies surveyed were planning to adopt integration between AP and AR and 31% plan on adding instant bank verification and virtual cards for making payments to suppliers. Recent announcements surrounding platforms and digital innovations, and PYMNTS Intelligence’s own spotlighting of external financing has underscored the modernizing of this most smokestack of economies. Platforms Get Funding In one recent example, from last week, Constrafor said it had raised $264 million in a Series A round. The funding will be used to expand its technology platform, designed to improve the relationships between subcontractors and general contractors. The platform offers procurement tools, simplified invoicing and payments functionality. Elsewhere, Priority Technology Holdings, in its most recent quarter , noted growth in its B2B-related revenues, which underpinned a 20% surge in consolidated top line, and where construction remains a key segment for innovation. Last year the company had introduced its X Build offering that helps construction companies streamline payment. Over the summer, Adaptive raised $19 million in a Series A funding round to scale its artificial intelligence-powered financial platform for businesses in the construction industry, which manages over $1.4 billion of project volume. The platform manages budgeting, cash flow analytics, expense tracking, accounts payable, accounts receivable, vendor management and electronic payments. In the PYMNTS Intelligence report, “The 2024-2025 Growth Corporates Working Capital Index,” commissioned by Visa, the data shows that 98% of middle market firms (defined as $50 million to as much as $1 billion in top lines) in the construction sector used at least one working capital solution: 44% more companies used those tools strategically to grow their business than had been seen last year. And the report found that 46% of construction firms viewed the use of virtual cards as primarily a payables solution.Back on screen After a string of re-releases showed promise at the box office, a Salman Khan favourite is set to make its way to the big screen again. Rajshri Productions announced that it has re-released the popular romance drama, , starring Khan and Bhagyashree, to mark the film’s 35th anniversary. The movie, which was originally released on December 29, 1989, was the directorial debut of Sooraj Barjatya, and was Khan’s first film as a leading man. It also marked Bhagyashree’s acting debut. Maine Pyar Kiya explored themes of class, friendship, and love, and, to date, enjoys massive fan following owing to its memorable music and dialogues. Matters of the heart may have infrequently spoken about his wife Natasha Dalal, but that has never stopped him from discussing matters relating to the heart. The actor, who featured in the recently released film Baby John, says heartbreak is difficult for men to deal with, because “being a boy, you can’t cry”. Appearing on Shubhankar Mishra’s YouTube channel, Dhawan weighed in on the subject and said, “When a man’s heart breaks, society doesn’t think much about what happens to him. He goes through a very bad time. You can’t even show it to them. You get shattered from within. You can’t show that pain. You have to keep a face and move forward, because people expect you to be strong; you can’t cry, being a boy”. Pointing fingers Director , who is known for films like Kaante, Shootout at Wadala, and Kaabil, has expressed his discontent over how the film industry is now at the mercy of two OTT platforms. “I’ve been in the movie business since I was a teenager. I’ve been a director for 30 years. Never had I imagined that the entire system would collapse the way it has, and be at the mercy of two OTT platforms,” he wrote on social media in a post that invited reactions from his followers. “It’s not OTT. It’s COVID that reshaped many industries, and the cinema industry is one of them. OTT encashed the opportunity that the cinema industry couldn’t provide. It’s a failure of producers and directors who couldn’t bring viewers back to cinemas,” wrote one user. Others also criticised the mediocre quality of films being churned out of late.
BOTHELL, Wash.--(BUSINESS WIRE)--Dec 2, 2024-- Immunome, Inc. (the “Company”) (Nasdaq: IMNM), a biotechnology company focused on developing first-in-class and best-in-class targeted cancer therapies, announced today that on December 2, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) granted inducement awards consisting of non-statutory stock options to purchase 210,500 shares of common stock to 15 new employees under the Company’s 2024 Inducement Plan. The Compensation Committee approved the stock options as an inducement material to such employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option has an exercise price per share equal to $14.08 per share, the Company’s closing sales price on December 2, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with the Company through the applicable vesting dates. The stock options are subject to the terms and conditions of the Company’s 2024 Inducement Plan and the terms and conditions of an applicable stock option agreement covering the grant. About Immunome Immunome is a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. We are advancing an innovative portfolio of therapeutics, drawing on leadership that previously played key roles in the design, development and commercialization of cutting-edge targeted cancer therapies, including antibody-drug conjugates (ADCs). In addition to a portfolio of discovery-stage ADCs, our pipeline includes AL102, a gamma secretase inhibitor currently in a Phase 3 trial for treatment of desmoid tumors, as well as IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted radioligand, both of which are the subject of INDs expected to be submitted by the first quarter of 2025. For more information, visit www.immunome.com . Cautionary Statement Regarding Forward-Looking Statements Statements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include Immunome’s expectations regarding progress of its pipeline and timeline for regulatory filings; and other statements regarding forecasts for the future. These forward-looking statements are based on Immunome’s current expectations and involve assumptions that may never materialize or may prove to be incorrect; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, the risks and uncertainties described in Immunome’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 13, 2024, and in Immunome’s other filings with the SEC. Except as required by law, Immunome assumes no obligation and does not intend to update any forward-looking statements included in this press release. View source version on businesswire.com : https://www.businesswire.com/news/home/20241202157049/en/ CONTACT: Investor Contact Max Rosett Chief Financial Officer investors@immunome.com KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON INDUSTRY KEYWORD: BIOTECHNOLOGY HEALTH PHARMACEUTICAL CLINICAL TRIALS ONCOLOGY SOURCE: Immunome, Inc. Copyright Business Wire 2024. PUB: 12/02/2024 06:26 PM/DISC: 12/02/2024 06:26 PM http://www.businesswire.com/news/home/20241202157049/en
Clemson added a quarterback to its 2025 recruiting class on Tuesday with Chris Denson announcing his decision to flip from Coastal Carolina. The 6-foot-2, 175-pounder from Plant City High School in Florida had been committed to the Chanticleers since April and has yet to visit Clemson's campus. Tigers coach Dabo Swinney has been putting a push on to flip Denson in recent weeks following the decommitment of Blake Hebert last month. "I just feel like my development will be through the roof," Denson told On3.com about his decision to switch. "Playing under one of the best coaches in the country and knowing that I haven't reached my potential yet, I know that they will take me to that level." A three-star recruit, Denson is ranked as the No. 50 quarterback in the nation by the 247 Composite. He is the 14th player to commit to the Tigers, who have also seen six players decommit this cycle, according to The Greenville News. "What makes Clemson special is just the level of ball that they are playing at," Denson said. "And the way they compete. I'm a huge competitor, so that's the type of place and people I want to surround myself around." --Field Level Media
By ALANNA DURKIN RICHER WASHINGTON (AP) — One year after the Jan. 6, 2021 , U.S. Capitol attack, Attorney General Merrick Garland said the Justice Department was committed to holding accountable all perpetrators “at any level” for “the assault on our democracy.” That bold declaration won’t apply to at least one person: Donald Trump. Special counsel Jack Smith’s move on Monday to abandon the federal election interference case against Trump means jurors will likely never decide whether the president-elect is criminally responsible for his attempts to cling to power after losing the 2020 campaign. The decision to walk away from the election charges and the separate classified documents case against Trump marks an abrupt end of the Justice Department’s unprecedented legal effort that once threatened his liberty but appears only to have galvanized his supporters. The abandonment of the cases accusing Trump of endangering American democracy and national security does away with the most serious legal threats he was facing as he returns to the White House. It was the culmination of a monthslong defense effort to delay the proceedings at every step and use the criminal allegations to Trump’s political advantage, putting the final word in the hands of voters instead of jurors. “We always knew that the rich and powerful had an advantage, but I don’t think we would have ever believed that somebody could walk away from everything,” said Stephen Saltzburg, a George Washington University law professor and former Justice Department official. “If there ever was a Teflon defendant, that’s Donald Trump.” While prosecutors left the door open to the possibility that federal charges could be re-filed against Trump after he leaves office, that seems unlikely. Meanwhile, Trump’s presidential victory has thrown into question the future of the two state criminal cases against him in New York and Georgia. Trump was supposed to be sentenced on Tuesday after his conviction on 34 felony counts in his New York hush money case , but it’s possible the sentencing could be delayed until after Trump leaves office, and the defense is pushing to dismiss the case altogether. Smith’s team stressed that their decision to abandon the federal cases was not a reflection of the merit of the charges, but an acknowledgement that they could not move forward under longstanding Justice Department policy that says sitting presidents cannot face criminal prosecution. Trump’s presidential victory set “at odds two fundamental and compelling national interests: On the one hand, the Constitution’s requirement that the President must not be unduly encumbered in fulfilling his weighty responsibilities . . . and on the other hand, the Nation’s commitment to the rule of law,” prosecutors wrote in court papers. The move just weeks after Trump’s victory over Vice President Kamala Harris underscores the immense personal stake Trump had in the campaign in which he turned his legal woes into a political rallying cry. Trump accused prosecutors of bringing the charges in a bid to keep him out of the White House, and he promised revenge on his perceived enemies if he won a second term. “If Donald J. Trump had lost an election, he may very well have spent the rest of his life in prison,” Vice President-elect JD Vance, wrote in a social media post on Monday. “These prosecutions were always political. Now it’s time to ensure what happened to President Trump never happens in this country again.” After the Jan. 6 attack by Trump supporters that left more than 100 police officers injured, Republican leader Mitch McConnell and several other Republicans who voted to acquit Trump during his Senate impeachment trial said it was up to the justice system to hold Trump accountable. The Jan. 6 case brought last year in Washington alleged an increasingly desperate criminal conspiracy to subvert the will of voters after Trump’s 2020 loss, accusing Trump of using the angry mob of supporters that attacked the Capitol as “a tool” in his campaign to pressure then-Vice President Mike Pence and obstruct the certification of Democrat Joe Biden’s victory. Hundreds of Jan. 6 rioters — many of whom have said they felt called to Washington by Trump — have pleaded guilty or been convicted by juries of federal charges at the same courthouse where Trump was supposed to stand trial last year. As the trial date neared, officials at the courthouse that sits within view of the Capitol were busy making plans for the crush of reporters expected to cover the historic case. But Trump’s argument that he enjoyed absolute immunity from prosecution quickly tied up the case in appeals all the way up to the Supreme Court. The high court ruled in July that former presidents have broad immunity from prosecution , and sent the case back to the trial court to decide which allegations could move forward. But the case was dismissed before the trial court could get a chance to do so. Related Articles National Politics | How Trump’s deportations could cost California ‘hundreds of billions of dollars’ National Politics | Auto industry’s shift toward EVs is expected to go on despite Trump threat to kill tax credits National Politics | CDC chief urges focus on health threats as agency confronts political changes National Politics | Trump’s latest tariff plan aims at multiple countries. What does it mean for the US? National Politics | Trump won about 2.5M more votes than in 2020, some in unexpected places The other indictment brought in Florida accused Trump of improperly storing at his Mar-a-Lago estate sensitive documents on nuclear capabilities, enlisting aides and lawyers to help him hide records demanded by investigators and cavalierly showing off a Pentagon “plan of attack” and classified map. But U.S. District Judge Aileen Cannon dismissed the case in July on grounds that Smith was illegally appointed . Smith appealed to the Atlanta-based 11th U.S. Circuit Court of Appeals, but abandoned that appeal on Monday. Smith’s team said it would continue its fight in the appeals court to revive charges against Trump’s two co-defendants because “no principle of temporary immunity applies to them.” In New York, jurors spent weeks last spring hearing evidence in a state case alleging a Trump scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex. New York prosecutors recently expressed openness to delaying sentencing until after Trump’s second term, while Trump’s lawyers are fighting to have the conviction dismissed altogether. In Georgia, a trial while Trump is in office seems unlikely in a state case charging him and more than a dozen others with conspiring to overturn his 2020 election loss in the state. The case has been on hold since an appeals court agreed to review whether to remove Fulton County District Attorney Fani Willis over her romantic relationship with the special prosecutor she had hired to lead the case. Associated Press reporter Lisa Mascaro in Washington contributed.PANDERING to the International Criminal Court risks a rift between Britain and Donald Trump, Sir Keir Starmer was warned yesterday. It came as Downing Street signalled that the PM would comply with an ICC warrant to arrest Benjamin Netanyahu if he travelled to the UK. A No10 spokesman said: “The UK will always comply with its legal obligations as set out by domestic law and indeed international law.” It saw Downing Street insisting that Israel remains an important “ally” - while refusing to rule out putting its PM in handcuffs . Senior Trump allies reacted with fury to the ICC judgment, following President Biden branding it “outrageous”. Republican Senator Lindsey Graham yesterday threatened to introduce a Bill punishing states that follow ICC diktats. Read More on Politics The Senator said: “I will be introducing legislation that puts other countries on notice – If you aid and abet the ICC after their action against the State of Israel, you can expect consequences from the United States. “Any nation that joins with the ICC after this outrage is a partner in a reckless act that tramples the rule of law.” Incoming Senate Republican Leader John Thune pledged to bring a Bill to Capitol Hill sanctioning the ICC. He said: “The ICC’s arrest warrant against Prime Minister Netanyahu and former Defence Minister Gallant is outrageous, unlawful, and dangerous.” Most read in The Sun Sir Keir’s spokesman said work had been done to build bridges with Trump’s team amid fears of a fresh row with the US, which is not an ICC member. Under the ICC Act, if Netanyahu steps foot in Britain, a Cabinet Minister - most likely Foreign Secretary David Lammy - must seek the warrant from a domestic court. On Friday an onslaught of foreign leaders blasted the ruling by the foreign “kangaroo” court. Austrian Prime Minister Alexander Schallenberg said: “The ICC decision is utterly incomprehensible. “This decision is a disservice to the Court‘s credibility.” Hungarian Prime Minister Viktor Orban said: “The ICC arrest warrant against Prime Minister Netanyahu is brazen, cynical and completely unacceptable. “I invited Prime Minister Netanyahu for an official visit to Hungary, where we will guarantee his freedom and safety.” Both the outgoing-Joe Biden and incoming-Donald Trump administrations slammed the ruling, with some Republican senators even vowing repercussions for any state that complies with it. Reform Deputy Leader Richard Tice said: “The ICC has disgraced itself with clear bias and Starmer has shown he is kowtowing to global institutions to the detriment of our key international relationships.” Yesterday, Home Secretary Yvette Cooper refused to say whether she would greenlight Mr Netanyahu being locked up in Britain. She told Sky News: “That’s not a matter for me as Home Secretary. “The International Criminal Court is of course independent and we respect its independence and the role that it has.” Shadow Justice Secretary Robert Jenrick said: “Labour’s position is absurd. “By accepting the decision of this Kangaroo Court, Starmer and Lammy risk weakening our relationship with our most important ally again. READ MORE SUN STORIES “Starmer can’t say whether the leader of an ally of the UK would be arrested on arrival at Heathrow, but he’s happy to shake hands with the tyrannical Xi Jinping. “It’s madness.”
Indian Space Research Organisation (ISRO) will launch two satellites tonight from Sriharikota to demonstrate the docking and undocking of spacecraft in orbit, which will make India the fourth country in the world to achieve the feat. ISRO’s warhorse rocket, Polar Satellite Launch Vehicle (PSLV) will place the two satellites — SDX01 and SDX02 — in a 476-km circular orbit and attempt the Space Docking Experiment (SpaDEx) in the (adsbygoogle = window.adsbygoogle || []).push({}); first week of January. The SpaDEx mission is expected to be a stepping stone for India’s future endeavours in space exploration which include getting rocks and soil from the moon on Earth, the proposed Bharatiya Antariksha Station and landing an astronaut on the lunar surface. Only the US, Russia and China have mastered space docking technologies.Shares of Trump Media and Technology Group slid in midday trading on Friday after US President-elect Donald Trump transferred all his shares into a revocable trust, according to a regulatory filing. Mr Trump transferred all of his nearly 115 million shares — worth around four billion dollars (£3.2 billion) on paper — in the parent company of social networking site Truth Social as a “bona fide gift” to the Donald J Trump Revocable Trust, the Securities and Exchange Commission filing on on Thursday said. Mr Trump’s shares amount to more than half of the company’s stock. It is not clear why Mr Trump transferred the stock. Donald Trump Jr is the sole trustee and has sole voting and investment power over all securities owned by the trust. Trump Media shares were down about 2% at midday, to 34.68 dollars each. At one point on Friday, they were down around 6%. Trump Media shares have been volatile since the company began trading in March. They reached intraday highs close to 80 dollars (£63.70) on the first day of trading, then slumped to all-time lows in September when Mr Trump and other insiders were finally allowed to sell shares after standard lock-up agreements expired. Mr Trump has not sold any shares in the company. The company’s stock price has fluctuated wildly on news — good and bad — related to Mr Trump. They tumbled after Mr Trump’s conviction in a hush money trial in May, then surged after the first assassination attempt on him in July. They surged again after he won re-election in November, even as the company reported a 19.2 million-dollar (£15.29 million) third-quarter loss. Mr Trump created Trump Media after he was banned from Twitter and Facebook following the January 6 2021 Capitol riot.Construction partners SVP Robert Flowers sells $2.53m in stock
NexOptic Technology Corp. ( CVE:NXO – Get Free Report ) shares fell 20% on Friday . The stock traded as low as C$0.02 and last traded at C$0.02. 480,200 shares were traded during trading, an increase of 387% from the average session volume of 98,644 shares. The stock had previously closed at C$0.03. NexOptic Technology Trading Down 20.0 % The stock has a fifty day simple moving average of C$0.03 and a 200 day simple moving average of C$0.02. The company has a debt-to-equity ratio of 56.33, a quick ratio of 0.01 and a current ratio of 0.07. The firm has a market cap of C$3.90 million, a P/E ratio of -1.00 and a beta of 1.14. NexOptic Technology Company Profile ( Get Free Report ) NexOptic Technology Corp., a technology company, develops artificial intelligence and imaging products. It engages in developing All Light Intelligent Imaging Solutions (ALIIS), a suite of intelligent imaging solution that processes raw images and video in real time; and NexCompress technological solutions. Recommended Stories Receive News & Ratings for NexOptic Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NexOptic Technology and related companies with MarketBeat.com's FREE daily email newsletter .South Korean authorities seek warrant to detain impeached president
Kura Sushi: Recent Pullback Doesn't Turn $90 Into A BargainWhere to Watch Eastern Kentucky vs. North Alabama on TV or Streaming Live – Nov. 23
Nagpur: The assembly on Friday unanimously passed the bill to bring in the Maharashtra Prisons and Correctional Services Act (MPCSA)-2024 aimed at transforming the state's prison system. The comprehensive bill introduces reforms such as open prisons for women, segregated facilities for women and transgender individuals, and dedicated spaces for civil prisoners. Tabled by chief minister Devendra Fadnavis, the bill modelled on the Union's Model Prisons and Correctional Services Act, 2023, replaces three outdated laws, including the colonial-era Prisons Act-1894, and brings the prison system in line with modern correctional principles. It includes innovative features like a grievance redressal mechanism and quick response teams for emergencies in jails. Fadnavis highlighted the need to overhaul the prison system, long plagued by overcrowding, outdated infrastructure and inadequate rehabilitation programmes. He emphasised that the existing colonial law remained largely unchanged post-Independence, despite prisons being a state subject. "The reform represents a significant shift from punitive confinement to a focus on rehabilitation and social reintegration , aligning the state's prison system with contemporary correctional philosophies," the CM said. The act introduces several groundbreaking changes that redefine the role of prisons and include measures to improve infrastructure, implement technology, and address the needs of inmates and prison staff. "One of the most significant aspects of the act is the restructuring of prison administration. The post of inspector ceneral (IG), retained since colonial times, will be replaced by a Director General of Prisons and Correctional Rehabilitation, marking a shift in priorities. The prison system will no longer be viewed as part of the police force but as a separate entity focusing on correctional services," he said. Fadnavis announced provisions specifically addressing the needs of marginalised groups. "For the first time, distinct chapters for women inmates and transgender inmates have been added, ensuring better facilities, accommodations, and security measures. New jail classifications, including special jails for high-risk offenders, open jails for prisoners nearing release, and youth rehabilitation centres have been introduced," he said. Programmes like promoting higher education, and initiatives for skill development and employment will be prioritised. Open prisons and colonies, like the Sangli Open Colony, will allow inmates to live semi-independently while contributing to society. "Under-trial Review Committees, chaired by district judges, will periodically assess cases of inmates who have completed one-third of their sentences or are facing undue delays. This will help decongest jails and ensure the rights of undertrial prisoners. To assist indigent prisoners unable to afford bail bonds, district collectors will lead panels to provide financial support, reducing the number of inmates held for minor offences due to financial constraints." Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .
Mara Holdings ( MARA -6.53% ) is going all-in on the world's top cryptocurrency, and many investors aren't happy about it. The company's stock closed Monday almost 7% lower following news that it would aggressively pursue more Bitcoin ( BTC -1.58% ) mining and purchasing, fueled partially by a new round of capital raising. This contrasted notably with the rise of the S&P 500 index, which ended the day more than 0.2% higher. Busy Bitcoin bulls It was a busy news days for Mara with the release of its monthly production update and the announcement of that financing. As for the update, the company mined 907 Bitcoin in November, up a robust 26% over the October tally. Its hash rate -- essentially the speed at which its machines collectively process the calculations required to mine the cryptocurrency -- increased 15% to over 46 exahash (EH) per second. In addition to mining Bitcoin, Mara also actively buys it. In November it loaded up on 6,474 Bitcoin, putting its year-to-date total at 12,965. Neither buying nor mining is a low-cost activity, so the company is going to the well again for more funds. It announced a new issue of senior convertible notes , which are to be sold in a private offering. The aggregate principal amount of the issue is $700 million, and they mature in 2031. They are zero-coupon securities, meaning that they pay no interest if left unconverted. It's expected the initial buyers of the notes will be granted an option to buy an additional $105 million of the securities. This should sound familiar to Mara watchers. The news comes less than a month after the company announced a similar flotation, which was soon upsized to $1 billion. Faded rally All of this would be highly encouraging to the market if Bitcoin were rallying like it has in recent weeks. But it isn't. Recently, it slumped a bit to hover around the $95,000 level, apparently too shy to take the leap to $100,000 and beyond. Mara depends on the performance of Bitcoin, and when that performance is uninspiring, investors tend to shun the stock.
Baseballs and softballs thrown onto I-65 trafficHow Labour's new green drive will cost you £32,000: JEFF PRESTRIDGE's guide to protect YOUR cash from the eco-zealots By JEFF PRESTRIDGE Updated: 22:47, 26 November 2024 e-mail View comments The drive to turn us into a nation of heat-pump owners is back in fifth gear. Led by the fervent Ed Miliband, Secretary of State for Energy Security and Net Zero, homeowners are once again being encouraged to rip out their gas boilers and replace them with expensive heat pumps to help save the planet (believe me, heat pumps will make NO difference to the planet’s survival). Although the Tory government of Boris Johnson was the initial flag-waver when it came to heat pumps, Mr Miliband – a heat pump zealot – has taken the flag-waving to a new level. A sea of green flags is now being waved before our very eyes. Earlier this month, he threw more buckets of money at the so-called Boiler Upgrade Scheme (BUS) to ensure that homeowners who want to make the leap from gas boiler to heat pump will have ready access to grants worth up to £7,500. Without the grants, heat pumps would be out of the financial reach of most households (more on this in a minute). Even with them, they remain an option that only a minority of households can afford. He also announced that planning rules would be relaxed to ensure that nearly everybody who wants a heat pump installed on an exterior wall of their home will soon be able to go ahead – irrespective of the fact that the pump’s noise could well keep the neighbours awake for most of the night. Get pumped: Homeowners are once again being encouraged to rip out their gas boilers and replace them with expensive heat pumps to help save the planet Cities could soon be turned into ‘cacophonous’ heat pump farms, according to one respected commentator. Ear plugs at the ready for the heat pump raves. Mr Miliband wasn’t finished. He also said that the boiler tax will return from next April – a fine paid by boiler manufacturers unable to meet unachievable heat pump sales targets – and passed on to buyers of gas boilers in the form of higher prices. It will be a modest fine to begin with, but is likely to be cranked up every year while green Labour (green in so many other ways) remains in power. Mr Miliband has supporters. The grandiose Energy & Climate Intelligence Unit followed the announcements with a ludicrous press release that played the patriotic card. It said heat pumps would help wean the UK off foreign imported gas – without squaring the circle by admitting that most heat pumps are manufactured in Asia and then imported into the UK. RELATED ARTICLES Previous 1 Next The ultimate five tricks energy experts use to keep heating... How can I make a foolproof insurance claim for flood damage... Share this article Share HOW THIS IS MONEY CAN HELP How to save money on energy: What you need to know and energy-saving tips that work Even manufacturers here assemble heat pumps primarily from components brought into the country on container ships sailing the seven seas. Yet there are more discerning experts who believe that the Government’s belief in a heat pump future – with its target of 600,000 installations a year by 2028 (more than ten times last year’s installation figure) – will end in failure. Yesterday, Gordon Hughes, a former senior adviser on energy and environmental policy at the World Bank, told Money Mail that the 2028 installation target is not credible, even if larger subsidies were handed out to buyers of heat pumps. He also said that even at an installation rate of 600,000 a year, it would take 45 years to convert all houses to heat pumps – way beyond the country’s legally binding commitment under the Climate Change Act 2008 to reach net zero emissions by 2050. Mr Hughes added: ‘Almost everyone with practical knowledge of the energy sector knows that current heat pump targets are both daft and unachievable. ‘But policies are a matter of religious faith, and few are willing to be cast out for saying the emperor has no clothes.’ Money Mail searches for the answers to the key questions facing households thinking about joining Mr Miliband in his heat pump crusade. How much is it going to cost? It depends on the type of heat pump installed – air pump or ground source. The air source pump sits on the outside wall of a home – and looks like the air conditioning units that you see outside many industrial buildings. This pump is painful on the eyes (an eyesore), ears (it’s noisy and gets noisier as it ages) and wallet, costing an average of £13,200 to install. In basic terms, it sucks air from the outside which then interacts with a refrigerant – a chemical substance – to produce heat which can be used to warm radiators and create hot water. Then there is the grander ground source pump which, through the laying of underground pipes (typically in the back garden), draws upon natural-occurring heat stored in the ground to ultimately heat radiators and water in the home. These can cost anything between £15,000 and £30,000, which makes them the Louis Vuitton of heat pumps. But this government – and Mr Miliband in particular – is desperate for households to wean themselves off gas boilers and buy these expensive pumps. So desperate, in fact, that it offers grants of £7,500 to those who get them installed (properly). These are provided through BUS (gov.uk/apply-boiler-upgrade-scheme) and available to households in England and Wales (other energy-efficiency grants are on offer in Scotland and Northern Ireland). So that takes the price of the respective pumps down to a more reasonable £5,700 (air) and £7,500 to £22,500 (ground). To put these sums into perspective, the cost of replacing a gas boiler is around £2,500. So, should you buy a pump? Mike Foster, chief executive of energy trade association the Energy and Utilities Alliance, says that if people want a heat pump and can afford it, ‘they should go out and get one’. Yet a survey by consumer group Which? indicates that cost remains a big issue – 71 pc of respondents who know about heat pumps say they are out of their financial range. Installation costs are also not necessarily the only financial hit. Heat pumps are not effective in homes where windows are single glazed (as opposed to double glazed), or where walls are not insulated. According to the Energy Saving Trust (EST), the cost of fitting A-rated windows (the most energy-efficient double-glazed windows) for a semi-detached house typically cost £15,000, while cavity wall insulation will cost £2,700. Grants: Secretary of State for Energy Security Ed Miliband If you have solid walls and want them insulated, the EST reckons that will set you back £7,500 if fitted internally, or £11,000 externally. In short, fitting a heat pump in a solid-wall, semi-detached house with A-rated windows and external wall insulation will set you back £39,200 – £31,700 net of the £7,500 grant. Running costs will still be more than that of a gas boiler, too. Mr Foster says: ‘You may hear from supporters of heat pump technology that it is three times more efficient than a gas boiler. ‘What they fail to mention is that the average unit price of electricity is four times higher than that for gas. This means a heat pump works out slightly more expensive to run over a full year than a gas boiler.’ For the 50 per cent of homes that use gas for cooking, Mr Foster adds that a conversion to heat pumps will mean the need for electric cooking appliances – yet more cost (typically, £250 for an electric oven, £225 for an electric hob, and £250 for installation) on top of the £39,200. Mr Hughes agrees. He says the differential between gas and electricity prices makes it financially ‘daft’ to replace a gas boiler with a heat pump. He adds: ‘Electricity prices would have to be less than half their current level – with gas prices not changing – to even make a heat pump a consideration.’ Is the boiler tax a game-changer? From April next year, the Government’s Clean Heat Market Mechanism (CHMM) will impose swingeing taxes on boiler manufacturers if heat pumps represent less than 6 per cent of all domestic heating installations. For every heat pump installation short of their target, the manufacturers will be hit with a £500 fine. But Mr Miliband’s zealotry towards heat pumps means the sky is the limit in 12 months’ time. The tax will be passed on by manufacturers to buyers of gas boilers in the form of higher prices. Based on the current demand for gas boilers and heat pumps, Mr Foster estimates that it is likely to add £25 to the average cost of a gas boiler when fines are set at £500. But if Mr Miliband were to impose a more onerous heat pump installation target and bigger fines, the gap between heat pump and gas boiler installation costs would start closing. If the Secretary of State demanded a 24 per cent installation target – similar to the electric vehicle targets imposed on car manufacturers – and a fine of £5,000 per heat pump short of the target, Mr Foster says this would result in a boiler tax for customers of £1,000. Peter Thom, founder of energy efficiency specialist Green Heat, says the financial mathematics for households aren’t changed by CHMM. He says: ‘My advice would still be to replace a failing gas boiler with another gas boiler.’ But he adds: ‘I would ensure that any new installation works effectively at a lower temperature – which may mean putting in higher-output radiators. I’d also make sure that the heating controls are upgraded. ‘This would mean your heating system is heat-pump ready for when the dice is loaded so heavily against gas boilers that heat pumps are the way forward.’ Eyesore: Air source heat pumps sit on the outside wall of a home – and looks like the air conditioning units you see outside many industrial units Could better tech drive down prices? Not according to Mr Foster. He says heat pumps are already sold in their millions worldwide (especially in the Far East) and their basic design has not changed much. Yes, he says, they could become quieter – but that will come at a price. Unless a vicious boiler tax is introduced, a gas boiler will always be cheaper than a heat pump. Is the funding sustainable? No. Mr Thom says the installation target of 600,000 heat pumps per year by 2028 will cost the taxpayer £4.5 billion annually (assuming the BUS grant remains at £7,500). If the annual target of 1.6 million new heat pumps is achieved in 2035, it will cost £12 billion a year. He adds: ‘This is like being at the Mad Hatter’s party on Fantasy Island. ‘I also question the moral compass of a government which is providing grants of £7,500 to help essentially wealthy people install heat pumps while, at the same time, taking away the winter fuel allowance from millions of pensioners – with some four million people now in fuel poverty.’ A damning comment. Are you a heat pump sceptic or a zealot? Email: jeff.prestridge@dailymail.co.uk Can you save money on energy bills? 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