6:53 am, December 20, 2024
Deal to save Harland and Wolff ‘vote of confidence in UK’ – business secretary
Taxpayers will pay more for Royal Navy support ships under a deal struck to save troubled shipbuilder Harland and Wolff, with Spanish state-owned business Navantia stepping in to buy it.
The Belfast-based company was placed into administration in September for the second time in five years.
The deal with Navantia will secure 1,000 jobs across the UK and protect the future of H&W’s shipyards.
Soho House shares rocket after consortium tables £1.4bn takeover offer
Soho House & Co has revealed it has received a takeover offer from a new consortium.
The members’ club business saw shares rocket by more than 60% in early trading as a result, striking their highest level for over a year.
The company, which is based in London but listed on the New York Stock Exchange, said a ‘new third-party consortium’ has offered to buy it for 9.0 US dollars per share. The move – which will value Soho House at 1.75bn dollars (£1.39bn) – represents an 83% premium against its closing price on Wednesday.
New technology by Genesis will make de-icing frozen windscreens a thing of the past
Genesis is developing new heated windscreen technology to make those cold and early starts a lot easier.
It’s using metal-coated heated glass, which comes with a 48-volt system – a world first. The system uses the car’s 800-volt on-board electrical system, which then passes through the 20-layer thick windscreen, and heats it up in a matter of minutes.
What makes this technology so effective is that metal-coated heated glass consumes 10 per cent less power compared to a traditional air-conditioning unit and helps preserve key components of EVs such as the battery and electric motors.
The markets
London’s top equity markets slid in value in the wake of the latest major central bank interest rate decisions, despite a strong session for water firms. The FTSE 100 finished 93.79 points, or 1.14%, lower to end the day at 8,105.32.
The Cac 40 ended 1.22% lower for the day and the Dax index was down 1.2%. Stateside, US stocks bounced back in attempt to end a 10-day streak of losses for the Dow Jones.
The pound was down 0.34% at 1.252 US dollars but down 0.45% at 1.208 euros.
Residents calls bill rise ‘bonkers’ as thousands wait for water to return
Water has returned for around 38,000 households across Hampshire after thousands went without supplies following a ‘technical issue’, but residents remain frustrated over increased bills.
The disruption comes as households served by Southern Water discovered their bills would see the highest increase in the country.
The firm said it will work through the night to restore water for the remaining households after homes in Southampton, Romsey, Eastleigh, Totton and parts of the New Forest experienced a loss of water or low pressure from Wednesday.
Labour to get Lords boost as new peers set to be announced
A raft of new peers are set to be announced, with numbers expected to be boosted on Labour’s benches in the House of Lords.
Partygate investigator and Sir Keir’s ex-chief of staff Sue Gray is reportedly among the Labour figures set to be elevated to the Lords this week.
The Sun newspaper reported that Ms Gray could be among 30 new Labour peers appointed.
Thursday on Car Dealer
Peter Vardy to sell three dealerships to Parks leaving Porsche Centres as group’s only retail sites
Peter Vardy Group is selling most of its dealerships to Parks Automotive Group, transferring sites in Motherwell, Aberdeen, and Edinburgh. Over 300 employees will join Parks, which will rebrand franchises for Jaguar Land Rover, Mini, BMW, Omoda, and Jaecoo.
Volvo Car UK boss Nicole Melillo Shaw joins the line up at Car Dealer Live 2025
Volvo Car UK MD Nicole Melillo Shaw will headline Car Dealer Live 2025 at the British Motor Museum on March 13. Appointed in 2023, she will discuss Volvo’s growth strategy and industry challenges alongside other headline speakers Dr Andy Palmer and Wetlands boss John O’Hanlon.
Revealed: The used cars that lost the most money in 2024
The Jeep Compass Hybrid topped the list of 2024’s biggest depreciating cars, losing 27.2% of its value (£5,925). The top 10 includes four EVs, three hybrids, and three ICE cars, highlighting varied trends in the used car market
FCA extends motor finance complaints deadline to December 2025
The FCA extended the deadline for motor finance complaint handling to December 4, 2025, following an October court ruling on hidden commission payments. The Supreme Court will review the case, potentially impacting billions in consumer compensation claims.
Staff facing uncertain festive period as Sytner closes 15-year-old Audi dealership
Sytner’s Bradford Audi showroom has permanently closed, leaving staff uncertain just before Christmas. Employees were informed the same day the closure was announced online. JCT600 has offered job opportunities, while a skeleton staff remains to handle ongoing inquiries.
Weather
North-west Scotland and Northern Ireland will see heavy rain this morning, reports BBC Weather. This band of rain will move southwards during the day, leaving bright spells and showers in its wake. Highs of 10 degrees.
It’ll cloud over tonight with rain pushing in from the east and cover most parts.
