6:50 am, September 27, 2024
Amazon’s UK tax bill up on previous year as revenues widen
Amazon has revealed it paid £932 million in direct taxes in the UK last year, some £150 million more than the prior year.
The online marketplace, which is one of the country’s biggest employers, earned about £27 billion in total UK revenues in 2023, up from £23 billion in 2022.
The direct taxes the firm must pay includes corporation tax, business rates, and digital services tax.
Elon Musk ‘not invited’ to International Investment Summit hosted by UK
Elon Musk has not been invited to the International Investment Summit the UK Government is hosting in October because of his social media posts during last month’s riots.
After three children were killed in a stabbing attack in Southport and violence erupted across the UK, X owner Mr Musk posted on his platform promoting false claims, suggesting that a civil war in the UK was ‘inevitable’ and attacking the Prime Minister.
Billionaire Mr Musk has not been invited to the October summit because of his social media posts during the disorder, the BBC has reported.
Octopus says it will invest £2bn in UK clean power projects by 2030
Octopus Energy has said it aims to invest £2bn in UK clean energy projects between now and 2030.
The company said it has just kicked off the investment drive by buying four solar farms which are being built in Bristol, Essex, Yorkshire and Wiltshire this year and next.
When they start producing power, in the next two years, the four farms will produce enough power for about 80,000 homes.
H&M warns over profitability target miss as costs weigh
Fast fashion giant H&M has warned it will not meet its profitability target this year after a weather hit to sales and amid cost pressures.
The group revealed that earnings in its third quarter tumbled by a worse-than-expected 26% to 3.5bn Swedish krona (£258m) as sales fell 3% after a poor start due to cold weather in June.
Sales on a local currency basis were flat in the three months to September 30, despite what H&M described as a ‘challenging start’ to the quarter.
Thursday on Car Dealer
MG named the most unreliable used car brand as top 10 worst manufacturers revealed
MG has been named the most unreliable car manufacturer in the latest What Car? Reliability Survey. The survey, involving nearly 30,000 owners of used cars up to five years old, revealed MG’s overall reliability score was 76.9%. The MG4 also ranked as the least reliable electric vehicle, scoring 63.8%. Owners reported frequent issues, slow repairs, and high costs. Other low-ranked brands included Alfa Romeo (84.1%) and Vauxhall (84.7%). Mini topped the reliability list with a score of 98.3%, followed by Lexus and Suzuki.
Dealerway: Scott Sibley and Steven Douglas launch innovative new stock buying platform
Dealerway, created by motor trade veterans Scott Sibley and Steven Douglas, is a new platform for used car dealers to buy and sell vehicles. Offering over 1,000 cars daily, it provides features like Motorcheck reports, Auto Trader valuations, and affordable pricing options. The app aims to solve stock sourcing issues with a user-friendly, community-focused platform.
Car production decline continues in August as factories wind down for the summer
UK car production fell by 8.4% in August due to summer shutdowns and factory retooling for electric models, according to SMMT. Only 41,271 vehicles were produced, with domestic market output dropping by 19.8%. Exports fell 5.9%, with the EU being the top destination. Despite the decline, SMMT remains optimistic about future growth, citing last year’s investments.
Car dealer Thurlow Nunn adds Hyundai to portfolio as it steps up ambitious growth plans
Thurlow Nunn has expanded its dealership network by acquiring Lings Hyundai in Lowestoft. This move introduces Hyundai as the fourth brand in its portfolio, alongside Vauxhall, Peugeot, and MG. Thurlow Nunn plans to continue its growth by adding more Stellantis sites. Managing Director Will Tew expressed excitement over the deal, aligning with the company’s sustainable growth ambitions and regional partnership development plans.
JLR pledges further £250m to help redevelop Halewood site for EV production
JLR is investing an additional £250m into its Halewood plant in Merseyside to support the production of EVs. This follows an earlier £250m investment aimed at transitioning the facility for EV production. The new funds will enable the parallel production of internal combustion, hybrid, and fully electric vehicles, with plans to manufacture a medium-sized electric SUV.
How independent dealers can secure stock quickly and efficiently with Dealer Auction
Independent car dealers can take advantage of the September plate change to replenish their forecourts with quality trade-ins. Franchised dealers face storage challenges, prompting quick movement of part-exchanges. Platforms like Dealer Auction, offering real-time updates and instant purchasing, allow independents to efficiently source desirable stock, stay competitive, and avoid overpriced or slow-moving vehicles, especially during this high-demand period.
Leapmotor T03 will be one of Britain’s cheapest new electric cars
Stellantis has revealed that its joint venture with electric mobility firm, Leapmotor, will be bringing one of the most affordable EVs to the market with its T03 city car.
Leapmotor is a Chinese startup firm that specialises in producing affordable electric cars for the masses.
Priced at £15,995, the T03 is a compact urban city car that comes with a five-door body style and four seats.
Starmer in push for US investment to ‘turbocharge’ UK economy
Sir Keir Starmer told US business chiefs he wanted to ‘turbocharge’ the economy as he pushed for extra investment.
The Prime Minister hosted a meeting with executives in New York while he was in the US for the United Nations General Assembly.
He told the chief executives that discussions with business chiefs had helped shape the Government’s policies.
The markets
The FTSE 100 closed slightly higher on Thursday following reports that China would soon announce another economic stimulus package after already announcing one earlier this week, pushing up European stocks.
London’s blue-chip index rose 16.21 points, or 0.20%, to end the day at 8284.91, with most of its early gains cancelled out by the close.
At the end of the day in Europe Frankfurt’s Dax index rose 1.59%, while the Cac 40 in Paris had closed up 2.16%.
Weather outlook…
The UK today will experience cooler conditions with scattered showers, particularly in the south, where there’s a risk of thunderstorms in the afternoon.
Northern regions will see clearer skies with sunny spells. Expect breezy conditions and temperatures ranging between 8°C and 12°C.
Rainfall will decrease by the evening, giving way to clearer skies.
