6:46 am, July 29, 2022
One in 12 businesses default on Covid loans, figures show
Around one in 12 businesses have defaulted on the government-backed loans they took during the pandemic.
The Department for Business, Energy and Industrial Strategy revealed that £414m has so far been paid out to cover loans that have gone bad.
The data is still provisional, and by some estimates the government might have to pay out to cover nearly 40 per cent of the £77.1bn that was lent during the pandemic.
Warning for Euro 2022 fans over unofficial resale tickets
People paying for unofficial resale tickets to watch the Women’s Euro 2022 final between England and Germany on Sunday risk being turned away at the turnstiles, a money expert is warning.
Adam French, personal finance editor at The Money Edit website, said: ‘Tickets for Sunday’s final at Wembley are in hot demand.
‘But the risk is clear: you could pay hundreds of pounds for unofficial resale tickets and not get in.’
Johnson and Tory rivals face call to cut bills as energy firms’ profits soar
Boris Johnson and the rivals to replace him have been urged to offer emergency help to households facing soaring bills as oil and gas giants posted bumper profits.
Consumer champion Martin Lewis said the PM’s ‘zombie government’ is failing to address the crisis caused by rising energy bills and warned decisions on support cannot be delayed until Johnson’s successor is in office.
Shell’s adjusted earnings hit £9.5bn for the second quarter of the year versus the £9bn forecast by analysts, while Centrica, which owns British Gas, saw its half-year profits increase fivefold to £1.3bn.
KitKat maker Nestle latest food firm to push prices higher for shoppers
The company behind KitKats and Nespresso has pushed its prices 6.5 per cent higher over the past six months, blaming ‘unprecedented cost inflation’.
Analysts said sales at the company, which also makes Shreddies cereal and Haagen-Dazs ice cream, beat targets after the price hikes helped sales jump 9.2 per cent to 45.6bn Swiss francs (£39.1bn) over the six months to June.
It comes after Unilever, Reckitt and McDonald’s all confirmed major price increases for customers this week, as household budgets come under increasing pressure.
Amazon records second quarter loss but revenue tops estimates
Amazon reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher.
The Seattle-based e-commerce giant lost $2.03bn (£1.6bn), or 20 cents (16p) per share, in the three-month period ended June 30, driven by a $3.9bn (£3.2bn) dollar write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.
That compared to a profit of $7.78bn (£6.4bn) a year ago. It posted a loss of $3.84bn (£3.15bn) in this year’s first quarter – its first quarterly loss since 2015, which was also marked by a large Rivian write-down.
Ex-British ambassador to US Sir Christopher Meyer dies
Former British ambassador to the United States Sir Christopher Meyer has died aged 78.
Sir Christopher’s death was confirmed by current ambassador Karen Pierce on Twitter following a report in the Daily Mail that said he suffered a stroke while on holiday with his wife Catherine in the French Alps.
He served in the post for six years from 1997, and had previously been press secretary to Conservative prime minister John Major between 1994 and 1996.
Instagram pauses new features rollout after online backlash
Instagram says it is pausing its rollout of new features on its app following an online backlash from users and celebrities including Kim Kardashian, Kylie Jenner and Chrissy Teigen.
Among the new features was an increase in video content being displayed to users and ‘recommendations’ that were criticised for blocking posts from friends.
New Ford Mustang set to make debut on September 14
Ford is expected to unveil the latest incarnation of its famous Mustang muscle car on September 14.
The launch date – which was revealed via Ford’s social media accounts – is due to coincide with the Detroit Auto Show in America.
Few details are known, but Ford has used the tagline ‘save the manuals’, which likely means the seventh-gen Mustang will retain its six-speed manual gearbox.
Thursday Car Dealer headlines you might have missed
- Group 1 Automotive announces record Q2 profits as UK operations make more than £75m
- Jaguar Land Rover posts £524m loss for first quarter
- Sytner owners report record-breaking £411m Q2 profit
- Manheim reinstates Thursday physical auctions at its Manchester site
- Improved margins help Inchcape towards 52 per cent pre-tax profit rise to £184m over first half of 2022
- New car production grows for second month in a row in sign that supply chain issues could be easing
- Dundee named as preferred site for battery production megafactory
Jaden Smith says Formula E will one day be more popular than Formula One
Jaden Smith says he believes Formula E racing will one day be more popular than Formula One, but that people will continue to drive petrol-based cars ‘for fun’.
The US rapper and influencer is a firm advocate for sustainability, and said gaining support from high-profile members of the racing industry such as Lewis Hamilton would be ‘awesome’.
Smith, 24, recently visited the New York City E-Prix and took the all-electric single-seater race car for a test drive.
Market movements
The FTSE closed 2.98 points down yesterday, ending on 7,345.25. Meanwhile, the Cac 40 rose by 81.27 points to 6,339.21, the Dax went up 115.73 points, finishing on 13,282.11, and the Dow Jones gained 332.04 points to close on 32,529.63.
Weather outlook
Today will begin bright for most, although some areas in northern England and southern Scotland will have lingering rain, says BBC Weather. The afternoon will bring plenty of warm sunshine plus some showers in places.
Saturday will probably start off soggy for much of Northern Ireland and Scotland, although skies will brighten later. Wales and western England will see blustery showers but it’ll be largely dry and bright further east.
