Shell denies reports of potential move to take over BP

Reports that Shell is in talks with its rival BP over a possible takeover is just ‘market speculation’, the oil and gas giant has said.

The Wall Street Journal reported that discussions between the two UK-based energy firms were under way.

But on Wednesday, Shell denied talks are taking place with a view to taking over BP. The latter declined to comment.

Government to support banks and large firms in setting out their climate plans

Energy secretary Ed Miliband has announced the government will support banks and large companies in developing their climate transition plans.

Speaking at the Climate and Innovation Forum during London Climate Action Week on Wednesday, Miliband said the government is ‘determined to make the UK the sustainable finance capital of the world’.

Transition planning means businesses develop a road map that outlines how they intend to adapt and transform their operations, strategies and business models to align with their climate goals.

The XC60 becomes the best-selling Volvo of all time

The XC60 has been crowned the best-selling Volvo of all time.

Since the car’s original launch in 2008, more than 2.7 million XC60s have been sold worldwide, surpassing Volvo’s previous best-selling model, the 240, which sold 2.68 million units from 1974 to 1993.

Susanne Hagglund, head of global offer at Volvo Cars, said: ‘Growing up in Sweden in the 1980s, the Volvo 240 was the iconic family car – you could spot one in almost every driveway. Today the XC60 has taken over that position in two ways. Not only as the family favourite, but also becoming our all-time top-seller, which in itself is the ultimate proof point of a successful car. And now, with the latest updates, it gets even better.’

The markets

The FTSE 100 closed lower on Wednesday, well below early highs, despite a stellar showing from Babcock International after well-received results.

The FTSE 100 index closed down 40.24 points, 0.5%, at 8,718.75; It had earlier traded as high as 8,792.43. The FTSE 250 ended 28.16 points lower, 0.1%, at 21,298.04, and the AIM All-Share fell 2.09 points, 0.3%, at 760.45.

The pound was little changed at 1.3622 dollars at the time of the London equities close on Wednesday, compared to 1.3621 dollars on Tuesday.

Ministers in talks over welfare concessions as Labour rebellion grows

Ministers are discussing the prospect of further concessions to win over a growing list of Labour MPs poised to rebel against planned welfare reforms ahead of a crunch vote next week.

Deputy prime minister Angela Rayner said talks between backbenchers and government were ‘ongoing’ on Wednesday night as Downing Street seeks to head off what would be Sir Keir Starmer’s first Commons defeat.

It came as six more Labour MPs added their names to an amendment that would halt the legislation in its tracks, arguing disabled people have not been properly consulted and further scrutiny of the changes is needed.

PM ‘confident’ on assisted dying law despite Streeting’s ‘no budget’ warning

Sir Keir Starmer is confident an assisted dying law can work, despite health secretary Wes Streeting saying there is no budget for it.

The prime minister insisted the correct preparation has been done to ensure the Bill is ‘workable in all its aspects’.

Sir Keir supported the Terminally Ill Adults (End of Life) Bill in a historic vote on Friday which saw the proposed legislation clear the Commons. Streeting was one of the most senior government ministers to vote against the Bill, alongside justice secretary Shabana Mahmood and Angela Rayner.

Wednesday on Car Dealer

Car Dealer Power 2025: Where did your car manufacturer rank this year?

BMW has climbed the rankings and been named as Manufacturer of the Year at the Car Dealer Power Awards 2025.

‘Subdued consumer demand’ sees used car sales fall at Vertu – but new car sales bounce

Vertu’s used car and Motability sales declined in early 2025 due to tight supply and weak demand. However, new car sales, aftersales, and fleet sales rose, driving profit growth. The group remains cautious amid consumer pressures and EV mandates.

Cox Automotive reveals used car forecasts as experts praise sector’s ‘stabilising force’

Cox Automotive predicts 7.64m used car sales in 2025, matching 2024 levels and exceeding the long-term average. Despite supply challenges, the market shows resilience, stable trade values, and growing demand for electric vans, though infrastructure and cost concerns persist.

Chinese car brand offers customers a free bungee jump at pop-up London showroom

Leapmotor, backed by Stellantis, launched a London pop-up showroom offering free bungee jumps to the first 100 visitors to promote its electric vehicles. The brand aims to make EVs accessible and encourages buyers to “leap” into electric driving.

Weather

BBC Weather reports that much of the UK will begin today cloudy with showers, but conditions will improve with drier weather and sunny spells developing, though showers may persist in the northwest.

Tonight will start mostly dry, with rain moving into Northern Ireland and Scotland, while the south remains dry.

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