6:32 am, August 20, 2024
Search for missing tech magnate resuming after superyacht sinks near Sicily
The search for British technology tycoon Mike Lynch and his daughter will resume today after a luxury yacht sank in a tornado off the coast of Sicily.
Lynch and his daughter Hannah are among six tourists missing after the yacht Bayesian was battered during intense storms off the coast of Palermo early yesterday. A body, believed to be that of the vessel’s cook, has been discovered.
Lynch founded software giant Autonomy in 1996 and was awarded an OBE for services to enterprise in 2006. In June, he was cleared of conducting a massive fraud relating to an $11bn (£8.64bn) sale to US company Hewlett Packard.
Tile firm CTD shuts 56 stores and axes jobs despite Topps rescue deal
Tile supplier CTD Tiles has struck a rescue deal with Topps Tiles after falling into administration but has shut 56 stores and cut 268 jobs.
The company, which ran 86 stores across the UK and employed 425 staff, fell into insolvency yesterday after coming under pressure from a downturn in the home improvement sector.
Administrators from Interpath Advisory said competitor Topps had struck a deal to buy CTD’s brands, intellectual property, stock, 30 stores and operation of distribution sites in Leeds and Kings Norton for around £9m. It is understood that 92 workers will transfer to Topps Tiles.
Lamborghini Temerario ‘will set new benchmark in segment’, says boss
The new Lamborghini Temerario will ‘set a new benchmark in the segment’, one of its bosses has stated.
Federico Foschini, chief marketing and sales officer, told the PA news agency that the Italian firm’s new hybrid supercar, which has just been revealed in Monterey and is set to cost more than €300,000 (circa £255,900), is ‘something that will really redefine the segment’.
It’ll arrive as a replacement for the Huracan. At its heart sits a twin-turbocharged V8 linked to three electric motors, producing 907bhp and 730Nm of torque, enabling a 0-60mph time of just 2.5 seconds and a top speed of over 210mph.
Co-op spearheading scheme investing in 600 apprenticeships in early years sector
The Co-op is spearheading an initiative to invest in more than 600 apprenticeships in the early years sector.
The retail giant, along with other members of The Royal Foundation’s Business Taskforce for Early Childhood, is targeting employers across the private, public, voluntary and community sectors.
The aim is to help deliver the workforce required to staff the creation of 3,000 nurseries across England.
Key role for Wales in making Britain an energy superpower – Starmer
Sir Keir Starmer said his hopes of making Britain an ‘energy superpower’ will include a key role for Wales, ahead of a wind farm visit with the new First Minister.
The PM and Eluned Morgan will travel to a site in west Wales today as part of their first official visit together.
The pair, who held talks yesterday in Cardiff, are expected to pledge to work closely on realising the benefits of a publicly owned energy company.
Yesterday on Car Dealer
Probe launched after massive blaze rips through Ron Skinner & Sons used car supermarket
A fire severely damaged the Ron Skinner & Sons car showroom in Tredegar, prompting an investigation. Around 100 firefighters tackled the blaze, with no injuries reported. The showroom remains closed, but the business’s other locations are continuing to trade.
Used car dealer fined for selling ‘potentially catastrophic’ Toyota Aygo to unsuspecting customer
Used car dealer Junaid Ahmed Majeed must pay more than £3,000 for selling an unsafe Toyota Aygo with hidden structural defects. Majeed, of Heckmondwike, and his company, Dealonwheelz, of Leeds, admitted multiple offences at York Magistrates’ Court, including misleading customers.
Heavy discounting of electric models likely as manufacturers grapple with ZEV mandate
The final months of 2024 will see discounted electric vehicles because of over-supply, while petrol car availability shrinks as manufacturers struggle to meet ZEV targets. This dynamic could lead to significant market disruptions, with potential oversupply issues persisting into 2025.
Ex-Lookers chief operating officer Duncan McPhee joining Hendy Group in same role
Duncan McPhee, the former chief operating officer at Lookers, is joining Hendy Group in October in the same role. McPhee, who left Lookers unexpectedly after 16 years, will oversee day-to-day operations as Hendy Group prepares for future growth.
Used car sales will be strong for rest of 2024 despite dwindling supply and ‘volatile’ EV prices
Cox Automotive has upgraded its 2024 used car market forecast, projecting 7,434,709 transactions for the year – a 1.2% increase from earlier predictions. The total is 2.7% above 2023 and slightly higher than the long-term average.
GardX Group completes latest acquisition and launches new AI video automation platform
Sponsored: GardX Group has acquired B2See Video Solution, renaming it XccelerAite. This strategic move enhances GardX’s global reach, offering AI-powered video solutions for automotive retailers and OEMs. CEO Billy Coutin views the acquisition as crucial for future growth.
Stock market movements
London’s top stock index rose to its highest level this month yesterday, rebounding from a dip in Friday’s trading session.
The FTSE 100 finished 45.53 points higher to end the day at 8,356.94.
Meanwhile, the Cac 40 closed 52.31 points up at 7,502.01, the Dax was up 99.29 points at 18,421.69, and the Dow Jones was up 236.77 points at 40,896.53.
Weather outlook
Most of the UK will see sunny spells and patchy cloud today but a few showers as well, these most frequent and locally heavy in the north, with a risk of thunder, says BBC Weather. It’ll be breezy, and windy in the north-west.
Wednesday will see cloud and rain spread east into Northern Ireland, Scotland and later, parts of northern England. Elsewhere, it’ll be largely dry, with sunshine giving way to increasing amounts of cloud.
