Friday newspaper round-up: Drax, X, Lord Saatchi

The Drax power station was responsible for four times more carbon emissions than the UK’s last remaining coal-fired plant last year, despite taking more than £0.5bn in clean-energy subsidies in 2023, according to a report. The North Yorkshire power plant, which burns wood pellets imported from North America to generate electricity, was revealed as Britain’s single largest carbon emitter in 2023 by a report from the climate thinktank Ember. – Guardian

A global advertiser alliance has discontinued its corporate responsibility program after a lawsuit from Elon Musk’s X accused the group of orchestrating a “massive advertiser boycott”. The World Federation of Advertisers (WFA) told members on Thursday that it would shut down the Global Alliance for Responsible Media (Garm) following legal attacks from X, formerly Twitter, according to Business Insider, which first reported the news. Garm is a not-for-profit initiative within the WFA that helps brands avoid advertising alongside or monetizing harmful content. – Guardian

Advertising tycoon Lord Saatchi’s bid for The Telegraph has been rejected after the Abu Dhabi fund selling the newspaper said it was not a serious offer. Lord Saatchi tabled an indicative £350m bid alongside Lynn Forester de Rothschild, a former director of The Economist Group. However, his approach has not made it through to the second round of an auction, which is being overseen by bankers at Robey Warshaw and Raine Group. – Telegraph

The Universities Superannuation Scheme sold its entire £80 million holding of Israeli bonds between February and July this year. Britain’s biggest private sector pension scheme said the decision to sell all its Israeli government bonds had been taken on financial grounds alone and was not the result of a move to completely divest from the country. – The Times

News Corporation beat Wall Street expectations for fourth-quarter revenue after growth in subscriptions at Dow Jones and a rise in sales generated from digital real estate services. Revenue at the media company, which owns publications including The Times and The Sunday Times, The Wall Street Journal, The Sun and The Australian, increased by 6 per cent to $2.58 billion in the three months to the end of June, ahead of analysts’ estimates. – The Times