World Bank Buffers Up On Batteries in $5bn Power Play

The World Bank has announced at the UN General Assembly that it is creating a $1bn buffer of loan money to dish out for battery financing in the developing world. It is also seeking partners to provide an additional $4bn of financing ($3bn from public and private sector and $1bn from channels such as the Clean Technology Fund - whose biggest donors are the UK, US and Japan).

The KPI is to finance 17.5 GWh of battery storage capacity by 2025. This will be expanding the current capacity in developing countries today of 4.5 GWh.

Jim Yong Kim, president of the World Bank, stated "Batteries are critical to decarbonizing the world's power systems". They allow storage of renewable energy and reduce dependence on power from the grid. Banks of batteries can allow the creation of mini-grids supporting remote communities, something the World Bank is already financing.

The International Finance Corporation, part of the World Bank, predicts 40% growth in energy storage over the next nine or ten years.

UK High Street offers Opportunities for Retail Investment Bankers, Celebrations Pounced on by Card Factory

The Icelandic invasion of the British high street is under threat as investments turn sour for Icelandic giant Baugur, which controls House of Fraser, Hamleys ("the finest toys in the world"), Iceland, Whittard of Chelsea as well as having minority stakes in Debenhams PLC, Woolworths (12.4% stake via Unity Investments), French Connection and an 8.6% interest in Saks. Cheap Icelandic financing enabled Reykjavik-based company Baugur to expand into the UK and US. Woolies shares were suspended last week following talks of a sale. Retail billionaire Sir Philip Green, who bought a £6.7m for a stake in Moss Bros (which owns the Moss and Cecil Gee brands) from Baugur in November, and sold it a few days later for a £1m profit, is reported to be prowling for more assets (and liabilities, potentially taking over £1bn of Baugur's reported debt).

Menswear retailer Moss Bros said it will cut costs in the face of a "challenging" trading environment. Celebrations Group, the card-retailer, went into insolvency in October. Kroll Limited have been appointed as Administrators. Card Factory have bought over 80 stores.

More retail sector news can be found here: http://www.theretailbulletin.com/

Meanwhile, in the banking sector, new CEO of RBS, Stephen Hester, has announced a six month grace period for home loan defaulters. CSFB has also announced it is cutting 650 jobs in the UK, following a $1bn loss in Q3 2008. HSBC, "the world's local bank", said it will cut 500 UK jobs.