6:29 am, October 18, 2024
‘Landmark’ for UK lithium production as demo plant opens in Cornwall
A demonstration facility for producing lithium is opening in Cornwall in what backers say is a milestone in helping the UK’s transition to clean power.
Cornish Lithium’s demonstration plant near St Austell is set to start producing lithium hydroxide, key for making batteries for electric vehicles and other technology, from granite extracted from an old China clay pit.
It is part of Cornish Lithium’s Trelavour Hard Rock project which aims to produce 10,000 tonnes of sustainable domestic lithium a year by 2027, to reduce reliance on importing carbon-intensive materials from places such as China.
Limiting bonuses for bankers was ‘damaging’ to UK growth, Bank deputy says
Bank of England deputy governor Sam Woods has said the bankers’ bonus cap was ‘damaging’ for the UK and the move to scrap it has been recognised by major international banks.
Woods also said it would be ‘straightforwardly wrong’ to argue that the Bank’s regulatory arm is not doing much to boost the country’s growth and competitiveness.
Speaking at an annual City event at London’s Mansion House, he was keen to stress that the PRA is playing its role in making the UK’s financial sector more competitive and less bureaucratic, days after the prime minister pledged to slash red tape to encourage more investment into the country. This included last year’s decision to axe the cap on bonus payouts for top City bankers, which was previously limited to twice the level of fixed pay.
Ferrari’s new F80 hypercar arrives with V6 hybrid power
Ferrari has revealed its LaFerrari successor – the F80.
It’s powered by a 3.0-litre V6 engine that produces 888bhp on its own, which is supplemented by three further electric motors – two on the front axle producing 140bhp each, and one at the rear, taking the total power figure to 1,183bhp. The third motor helps recover lost energy and uses it to boost performance. The F80 can do 0-60mph in just 1.9 seconds and has a limited top speed of 217mph.
All 799 examples have been sold, with the lucky customers having to fork out £3.1m for the keys. Deliveries commence in the fourth quarter of 2025.
The markets
London’s FTSE 100 hit a five-month high on Thursday after a second day of gains, as eurozone interest rates were cut for the second time in a row.
The index rose 56.06 points, or 0.67%, to close at 8,385.13, marking the highest closing level since May 21. Stocks were given a boost over in Paris, where the Cac 40 climbed 1.22%. In Frankfurt, the Dax rose 0.77% at close.
In New York, the S&P 500 and Dow Jones were both up about 0.3% by the time European markets closed.
Rachel Reeves planning £3bn welfare cuts in Budget
Rachel Reeves will seek to make around £3bn of cuts to welfare over the next four years by restricting access to sickness benefits, it is understood.
The chancellor is expected to commit to the previous Tory government’s plans to save the sum by reforming work capability rules, as first reported by The Telegraph.
Under Conservative proposals, welfare eligibility would have been tightened so that around 400,000 more people who are signed off long-term would be assessed as needing to prepare for employment by 2028/29, reducing the benefits bill by an estimated £3bn.
HS2 northern leg revival not on the cards, No 10 suggests
Downing Street has dampened down suggestions the northern leg of the HS2 rail project could be revived.
Reports that the rail line could once again run beyond its current planned stretch from Old Oak Common on the outskirts of London to Birmingham were first made by LBC radio.
Phase 2a of the project, between London Euston and Crewe is also set to be built, according to the broadcaster. But the Prime Minister’s official spokesman denied the reports were true, saying the government did not intend to reverse the decision to cancel phase two of HS2.
Thursday on Car Dealer
Profits fall at William Morgan Group as BMW specialist sells fewer cars in ‘robust’ year
William Morgan Group’s profits dropped by 51.2% in 2023, with a pre-tax profit of £2.71m, amid an 8.3% turnover decline due to reduced vehicle sales. Despite selling 17.6% fewer cars, their gross profit margin improved, and they maintained financial stability.
Vauxhall ‘super confident’ of hitting ZEV targets this year, says managing director
Vauxhall is on track to meet 2023 ZEV mandate targets, achieving nearly 20% zero-emission vehicle (ZEV) sales, driven by its electric range. Managing director James Taylor is confident about reaching next year’s 28% target with expanded electric offerings, including the new Grandland SUV.
Stellantis reiterates threat to sell underperforming brands but struggling outfits are safe for now
Stellantis plans to review the performance of its 14 car brands by 2026, but no sales are expected until then. CEO Carlos Tavares, set to retire around that time, mentioned the review could lead to brand sales or closures, focusing on profitability.
JLR announces shake-up of senior leadership team as three new faces join carmaker
JLR has made three senior leadership appointments to support its transformation efforts. Steve Marsh becomes executive director of vehicle programmes, Swarna Ramanathan is appointed chief strategy officer, and John Beswick becomes chief transformation and performance officer. These roles aim to drive JLR’s future growth and innovation.
Car dealer Snows Motor Group showcases first Cupra Tavascan in UK
Snows Motor Group became the UK’s first dealer to showcase the new all-electric Cupra Tavascan at a three-day event in Southampton. The dealership also introduced Imali Chislett as its new Motability ambassador. The event attracted many customers, raising awareness of Cupra’s models.
Weather
Fog will be slow to clear, particularly in the south-east, reports BBC Weather. There will be heavy rain showers for the north-west, spreading into Wales and western England. Dry and sunny elsewhere; temperatures will be 17 degrees in the sunshine.
The heavy rain will move westwards across the whole country tonight, and into tomorrow morning. It’ll take its time to push through.
