6:42 am, April 20, 2023
More interest rates hikes on cards, say experts
Interest rates may have to rise by more than previously feared, experts warned yesterday after inflation proved more stubborn than had been expected.
Economists said the base rate, which is set by the Bank of England and currently sits at 4.25 per cent, might end up as high as five per cent as decision-makers try to keep a lid on runaway price hikes.
It came after the Consumer Prices Index inflation level hit 10.1 per cent in March – a fall from 10.4 per cent in February, but still much higher than the 9.8 per cent that experts had predicted.
Price cuts cause Tesla first-quarter income and profit margins to fall
Price reductions across the model line-up cut into Tesla’s first-quarter net income, causing it to fall by 24 per cent from a year ago.
The electric car and solar panel company said yesterday that it made $2.51bn (£2.01bn) from January through to March – down from $3.32bn (£2.67bn) a year ago.
Revenue rose by 24 per cent to $23.33bn (£18.75bn), but the company’s operating profit margin fell from 19.2 per cent in the first quarter of last year to 11.4 per cent this quarter. Read the full story here.
Tesco plans appeal after Lidl scores victory in logo fight
Tesco has said it intends to appeal after Lidl scored a victory in a High Court fight over the use of a yellow circle logo.
Mrs Justice Joanna Smith said yesterday that following a hearing earlier this year, she had found for the German discount supermarket on claims of trademark infringement, passing off and copyright infringement.
Lidl uses a yellow circle in its main logo while Tesco uses a yellow circle logo to promote its Clubcard scheme.
KitKat maker Nestle urged by investors to set healthier food targets
KitKat and Shreddies maker Nestle is facing calls from a global coalition of investors to set targets to make its food healthier.
The group of 26 investors, which is responsible for more than $3trn (£2.64trn) of assets, is urging the food giant to ramp up its health performance and play its part in helping make the global population healthier.
Ahead of Nestle’s annual general shareholder meeting in Lausanne today, the investors, co-ordinated by activist shareholder group ShareAction, have asked the firm to go further on its inroads into nutrition reporting by setting goals to cut its proportion of unhealthy sales.
We must work with farmers and others to help cut emissions – NatWest boss
The boss of NatWest has said that nearly a quarter of the carbon emissions that its borrowers emit come from farms, despite only a fraction of its loans going to the agriculture sector, as she stressed the importance of working with companies to help them cut their environmental impact.
Speaking in a short film made on behalf of charities WWF, RSPB and the National Trust, Alison Rose said her company supports 40,000 farmers across the country.
But despite only two per cent of NatWest’s loans going to these farmers, they account for close to 19 per cent of the carbon emissions on the bank’s balance sheet, she said.
Medical cannabis is ‘industry of the future’ that will create jobs, says MP
Medical cannabis is an ‘industry of the future’ with the potential to create thousands of jobs in rural areas if properly supported by the government, a Tory former cabinet minister has said.
David Mundell urged ministers to have a ‘much more co-ordinated and focused approach’ when it comes to supporting the medical cannabis sector, which he described as ‘huge’ and ‘growing’.
In an interview with the PA news agency, the former Scotland secretary said he wasn’t ‘advocating for legalisation of recreational use’, but simply wanted to highlight ‘the opportunities that flow from the growing and manufacturing of medical cannabis-related products’.
Humza Yousaf overseeing SNP finances as treasurer steps down after arrest
Scotland’s First Minister Humza Yousaf has been thrust into the role of overseeing the SNP’s finances after Colin Beattie resigned as treasurer following his arrest.
Beattie was arrested on Tuesday in connection with a police investigation into the party’s finances and later released without charge ‘pending further investigation’. He said yesterday he would step back from the role, and give up his position on Holyrood’s public audit committee.
Yousaf is now required to take on the role – but told the BBC he hoped someone would be appointed to the job in the coming days.
Volkswagen adds new entry-level variant to T-Cross range
Volkswagen has strengthened the appeal of its T-Cross compact SUV with a new value-orientated trim level.
Replacing the existing SE spec, Move cars get £650 of additional features at just a £250 premium over the version they replace, with prices starting from £23,470.
All models get 16-inch alloy wheels as standard, for example, as well as chrome-trimmed bumpers plus parking sensors.
Yesterday’s headlines on Car Dealer you might have missed
- Jaguar Land Rover to pump £15bn into electric future as it unveils wide-ranging five-year plan
- Pendragon enjoys better-than-expected start to the year as underlying pre-tax profit soars to £23m
- Lookers mindful of cost-of-living crisis on car buyers as inflation falls in March
- Auto Shanghai 2023: Here are the big motor show reveals and announcements from the brands
- Survey highlights huge mountain facing EV upstarts as buyers admit they’ve never heard of new brands
- Research finds next to no change in price of most popular used cars so far this year
- Hendy extends long-standing partnership with Hampshire County Cricket Club and Southern Vipers
- Why offering ‘flexible’ motor finance is crucial for dealers
Market movements
The FTSE 100 closed 10.67 points down yesterday to end on 7,898.77. The Cac 40 was up 15.81 points at 7,549.44, the Dax was up 12.53 points at 15,895.20 and the Dow Jones was down 79.62 points at 33,897.01.
Weather outlook
This morning will be dry and sunny, says BBC Weather, with similar conditions for most in the afternoon. However, the south-east will see cloud and some spells of rain push in from the east, and it’ll be breezy in the south-east.
Friday will see rain and showers, heavy at times, in much of England and Wales, but Northern Ireland and the far north of England will be mostly dry with sunny spells, and it’ll be sunny in Scotland.
