6:49 am, May 1, 2025
Santander UK profits fall as bank lowers economic growth outlook
Santander has revealed lower profits in the UK as it set aside more cash to cover costs related to cutting its high street branches, and lowered its outlook for economic growth this year.
It reported a pre-tax profit of £358m for the first quarter, between January and March, which was 8% lower than the same period a year ago.
The UK bank said it was making some big changes to how the business is run in order to reduce costs. That includes shutting 95 of its 444 branches across Britain from June, while also cutting hours across 36 sites and switching 18 to be counter-free. Some 750 staff will be placed at risk of redundancy.
Royal Mail owner’s £3.6bn takeover approved by shareholders
Royal Mail’s £3.6bn takeover by Czech billionaire Daniel Kretinsky has been passed by its shareholders, paving the way for the more than 500-year-old company to be taken into foreign ownership for the first time.
International Distribution Services (IDS), Royal Mail’s owner, first agreed to the acquisition in May last year. It was cleared by the UK government in December, but has faced delays as it waited for approval from authorities in Romania amid political upheaval in the country.
Investors holding 80% of the group’s share capital had approved the takeover by Wednesday afternoon, making the offer ‘unconditional’, EP announced. IDS shares are expected to stop trading on the London Stock Exchange by June 2 as the company moves to private ownership.
Aston Martin DBX S brings more power and reduced weight
Aston Martin has revealed a lighter and more powerful version of the DBX SUV with the ‘S’.
The DBX S comes fitted with an upgraded 4.0-litre twin-turbocharged V8 engine that produces 717bhp, which is 20 bhp more than the standard DBX 707 car.
There are several options to make the car lighter than the standard model including a carbon fibre roof, magnesium wheels and the deletion of roof rails.
The markets
The FTSE 100 finished in the green on Wednesday while US markets slumped, following news that the US economy contracted in the first part of this year.
London’s blue-chip index ended the day in the green, rising 31 points to finish the day at 8495, a 0.4% rise. But on Wall Street, the S&P 500 was down 1% as European markets were closing, while the Dow Jones was down 0.74%, both recovering from even steeper falls.
Elsewhere, Germany’s Dax rose 0.1% and France’s Cac 40 increased 0.4%. Sterling was down 0.5% against the dollar at 1.3338, while it was 0.2% down against the euro at 1.1757.
Labour faces first electoral test since taking power as voters head to polls
Voters will go to the polls on Thursday as Labour faces its first electoral test since taking power last year.
Sir Keir Starmer’s party faces a twin challenge of local elections across England and a by-election in Runcorn and Helsby, a seat Labour won convincingly in 2024 but that is expected to go down to the wire in a contest with Reform UK.
In a final message to voters ahead of the polls opening at 7am, Labour chairwoman Ellie Reeves insisted the government’s plan was ‘already starting to deliver’.
May Day talks to take place in bid to resolve Birmingham bin strike
Crucial talks aimed at resolving the long-running Birmingham bin strike are to take place on Thursday morning.
The general secretary of the Unite union, Sharon Graham, will lead the May Day discussions under the auspices of conciliation service Acas.
Last week, Unite said it believed a deal to end the industrial action could be ‘within touching distance’.
Wednesday on Car Dealer
Leaked memo reveals VW Group has pulled plug on agency sales for all brands – including Cupra
Volkswagen Group has paused agency sales across all brands, including Cupra, reverting to wholesale to reduce complexity. Despite mixed industry reactions, VW maintains agency sales as a long-term goal. Other brands like Stellantis, BMW, and JLR have also paused plans.
Family-run used car dealer seeks permission to stay open after ‘devastating’ fire gutted site
Ron Skinner & Sons, a family-run dealership, risks closure after relocating without planning permission following a fire that destroyed its Blaenau Gwent site. A retrospective application has been submitted, with a final council decision expected by May 25.
Less than a month to go before voting in Car Dealer Power 2025 comes to a close
There’s less than a month to go before voting in one of the motor trade’s most prestigious awards comes to a close. Vote now – it only takes a few minutes.
Aston Martin begins ‘limiting US imports’ as Trump tariffs begin to impact sales
Aston Martin is limiting US imports due to Trump’s new 25% tariffs, instead using existing dealer stock. Despite reduced losses and steady financial guidance, revenues fell 13%. The company continues restructuring to improve liquidity and long-term financial stability.
Staff at Vertu Nissan Derby honoured by brand as pair are named Dealer Ambassadors
Nissan has honoured Jenny Parry and Angel Webb of Vertu Nissan Derby as Dealer Ambassadors for outstanding customer service. Their dedication has boosted the dealership’s customer satisfaction scores, earning praise from both Nissan and Vertu CEO Robert Forrester.
Weather
Today, the south will be warm with sunny spells and temperatures could top 30 degrees, making today the hottest day of the year. Occasional thundery showers are likely, however, reports BBC Weather. The north starts cooler and cloudy with showers, turning drier and sunnier later.
Tonight, the north will be mostly clear and cool; the south sees patchy cloud and a few light showers.
