Wednesday newspaper round-up: Heathrow, InstaDeep, LNG

(Sharecast News) - Renewables will grow faster than any major energy source in the next decade, according to the world's energy watchdog, making the transition away from fossil fuels "inevitable", despite a green backlash in the US and parts of Europe. The world is expected to build more renewable energy projects in the next five years than has been rolled out over the last 40, according to the flagship annual report from the International Energy Agency (IEA). - Guardian The music industry contributed a record total of £8bn to the UK economy in 2024, powered in part by Taylor Swift's Eras tour and Take That's stadium run. According to figures in the annual report from UK Music, the umbrella organisation encompassing a range of bodies including the BPI and PRS for Music, the figure is a 5% rise from the £7.6bn contributed to UK GDP in 2023. As well as tours generating revenue through ticket sales, tourism and more, the £8bn figure also factors in revenue from recorded music, whether via sales, streaming, commercial deals and other sources. - Guardian

Heathrow has accused Rachel Reeves of an "own goal" on tax, warning that a planned £500m increase in the airport's business rates bill will undermine pro-growth expansion plans. The airport said proposals for a fivefold rise in its business rates bill from the current £121m would be "unacceptable" to any company. - Telegraph

One of Britain's leading artificial intelligence entrepreneurs has moved his residency to Switzerland, according to new company filings, amid concerns about the departure of high-net worth individuals. Karim Beguir, the co-founder and chief executive of InstaDeep, the London-registered AI company, which was sold to BioNTech for up to £562 million two years ago, changed his residency from the UK at the end of July, the filing at Companies House suggests. - The Times

Lower gas prices are on the horizon after a surge of approvals for new liquefied natural gas projects this year compounded forecasts of a looming global supply glut, according to the International Energy Agency. By 2030 global supplies of LNG are expected to increase by 50 per cent, adding an "unprecedented" 300 billion cubic metres of annual supply capacity, the agency said in its annual World Energy Outlook. - The Times