6:26 am, June 22, 2026
Asda tumbles to near-£1bn loss amid heavy price cutting
Asda has seen losses swell to almost £1bn as it undergoes a major turnaround.
The UK’s third largest supermarket chain is aggressively cutting prices to try to restore its fortunes with shoppers. However, the company came under pressure from a botched IT upgrade last year which hit product availability and dented sales.
Fresh financial accounts showed that the private equity-backed retailer sank to a £98m pre-tax loss for 2025, sliding from a £599m loss a year earlier. The wider loss was linked to a £656m one-off cost related to the group’s IT separation from former parent firm Walmart, which still owns a minority stake.
Santander UK owner reveals plans to cut costs by over £430m under AI strategy
The Spanish owner of Santander UK has revealed aims to cut costs by more than 500 million euros (£433m) by accelerating the use of artificial intelligence (AI) across its global operations.
Banco Santander said it is targeting more than one billion euros (£860bn in extra revenues and cost savings from AI between 2026 and 2028, with over half expected to come through cost cutting.
The savings are set to come from automation, productivity gains and process simplification. It did not disclose how many jobs will be impacted as part of the plan.
BMW’s i3 hits the road priced from £57,905
BMW has officially launched its electric i3 in the UK with a high-specification First Edition model.
Arriving as the brand’s second ‘Neue Klasse’ model after its electric iX3, the new i3 comes equipped with a long range, which allows it to travel up to 563 miles on a single charge.
Priced from £57,905, the i3 is launching in a special First Edition specification which brings more equipment than the standard M Sport model which is set to be introduced shortly. Highlights include BMW’s Iconic Glow light-up grille and a head-up display, while the 50 xDrive powertrain has 469bhp and 800-volt architecture.
The markets
The FTSE 100 ended Friday lower amid domestic political uncertainty and after the postponement of planned US-Iran deal talks in Switzerland.
The FTSE 100 closed down 36.43 points, 0.4%, at 10,363.27. The FTSE 250 ended down 129.99 points, 0.6%, at 23,200.73, while the AIM All-Share fell 4.21 points, 0.5%, to 795.83.
The pound traded at 1.3227 US dollars on Friday afternoon, down from 1.3246 dollars on Thursday. Against the euro, sterling ebbed to 1.1532 euros from 1.1541 euros on Thursday.
Keir Starmer on the brink of resigning as Andy Burnham heads to Westminster
Sir Keir Starmer is believed to be on the brink of resigning as Andy Burnham is due to make his return to Westminster on Monday.
After winning the Makerfield by-election, Burnham is due to be sworn in as the Greater Manchester constituency’s MP and is expected to press Sir Keir to set out plans to stand down.
The prime minister, who has spent the weekend mulling his political future, is reported to have been told by members of his Cabinet, including foreign secretary Yvette Cooper, that he should set out a timetable for his departure.
Record-breaking heatwave forecast to hit UK as health warnings issued
The UK is set to bake in record-breaking temperatures which could soar to more than 38C as extreme heat warnings and health alerts have been issued.
According to the Met Office, the sweltering heat could last until at least Thursday, sparking weather warnings and concerns for vulnerable people.
Forecasters have said there is ‘growing confidence’ this week could break the record for the hottest June temperature of 35.6C, which was set in 1976 in Southampton.
Latest on Car Dealer
Yeomans revenue hits record £609m after Mazda and Omoda & Jaecoo expansion
Dealer group Yeomans saw turnover accelerate past £600m in 2025, driven by new franchises and an increase in fleet income.
Used electric cars sell fastest in June while prices continue to hold firm
Electric vehicles were the fastest selling used cars in June, according to new data released today.
Car dealer Caffyns slumps to significant pre-tax loss amid fall in new vehicle sales
Car dealer group Caffyns has slumped to a pre-tax loss, following a decline in new car sales.
Aion completes first customer handovers in milestone moment for Chinese brand
Chinese brand Aion has completed its first vehicle handovers as it looks to establish its presence in the UK.
Weather
Northern areas will be cooler and cloudier today, with patchy rain at times, while the south enjoys warm sunshine, reports BBC Weather. By late evening, thunderstorms could develop in some areas.
Overnight, the north remains cloudier with isolated rain and a risk of thunderstorms in northern England and Wales, while southern regions stay mostly dry and clear.
