6:35 am, August 9, 2024
Barclays lifts cap on bonuses for bankers
Barclays has changed its pay policy to allow its top bankers outside of the EU the chance to earn up to 10 times their base salary in bonuses.
The move will include the UK bank, after financial regulators last year decided to remove a cap that limited the amount bankers could take home in annual payments.
The post-Brexit decision meant UK banks no longer had to follow EU rules. Previously, the cap was set at twice the level of fixed pay.
ScotRail and Caledonian Sleeper staff back strike action in pay dispute
ScotRail workers and staff on the Caledonian Sleeper have voted in favour of a walk-out in an ongoing dispute over pay.
RMT union members at the two publicly owned rail operators were separately balloted for strike action following a pay offer that was described by the union as ‘derisory’.
The union said 85% of ballots returned at ScotRail backed strike action, on a 64% turnout. Meanwhile, members at Caledonian Sleeper, which runs overnight services between Scottish cities and London, voted 90% in favour of a walk-out, on a turnout of 66%.
Vauxhall slashes price of Astra by £2,800 with Griffin special edition
Vauxhall has revealed the Astra Griffin – a new special edition that focuses on value for money.
Available in petrol and electric guises, the Griffin undercuts other Astras by as much as £2,800 and becomes the new entry-level model. A Sports Tourer estate version, available exclusively with electric power, is also offered.
Prices for the 1.2-litre petrol hatchback start at £24,795, while an electric version comes in at £34,995 for the hatch, and the Sports Tourer costs £37,195. Full story here
Stock market movements
Stocks in the City were firmly lower early on yesterday after fears grew once again that the US could enter a recession.
However, the markets recovered ground after lower-than-expected jobless claims in the US helped to boost confidence around traders and pushed the main US markets higher.
The FTSE 100 closed 21.91 points down to end the day on 8,144.97. The Cac 40 was down 18.56 points at 7,247.45, the Dax was up 65.25 points at 17,680.40, and the Dow Jones was up 683.04 points at 39,446.49.
Venezuela blocks X access in wake of social media spat with Elon Musk
Venezuelan president Nicolas Maduro has blocked his country’s access to X while accusing CEO Elon Musk of using the platform to promote hatred.
The 10-day ban comes in the wake of the country’s disputed presidential election, held on July 28.
The block follows descriptions by Musk on the social media platform that described the Venezuelan leader as a ‘dictator’ and a ‘clown’. In a speech, Maduro said: ‘Elon Musk is the owner of X and has violated all the rules of the social network itself.’ He added that Musk ‘has incited hatred’ with his comments.
Prime minister tells police to remain on ‘high alert’ over disorder
Sir Keir Starmer said yesterday that swift justice, including sentencing, had been a deterrent to more violent disorder.
The PM was speaking on a day when at least a dozen people were jailed for their part in the riots of the past 10 days, with more expected to be sent to prison today, including some on live television.
He addressed his third emergency Cobra meeting since the first riot in Southport on July 30 and after many planned protests failed to materialise on Wednesday night. Sir Keir told the meeting that police need to remain on ‘high alert’, the PA news agency understands.
Yesterday on Car Dealer
Police recover used car stolen from TV star Mike Brewer’s dealership
Police recovered a VW Golf GTD stolen from Wheeler Dealer star Mike Brewer in a credit card scam. A criminal used a stolen card to pay for the car, which was later sold on Facebook. When the new owner tried to register it, police flagged the vehicle and returned it to Brewer.
Used electric cars helped drive surge in sales of second-hand vehicles in Q2
Used car sales surged by 7.2% in Q2, driven by a 52.6% increase in electric vehicle sales, which reached a record 2.4% market share. Total transactions topped 1.96m, boosting year-to-date figures to 3.93m. The Ford Fiesta was the best-selling used car.
Top automotive industry figures unite to continue unique collaboration
Senior automotive industry leaders have formed the Automotive Leadership Network (ALN) to discuss key industry issues. ALN, a successor to the Automotive Fellowship International, aims to broaden membership diversity and foster future leaders, with discussions governed by the Chatham House Rule.
Snows delivers jobs boost as it opens its first Polestar showroom
Snows Motor Group has opened its first Polestar showroom in Southampton, creating up to 12 jobs. The dealership features a minimalist design and has ‘product specialists’ who don’t work on commission. Customers can test-drive on-site and have cars delivered. The launch precedes new SUV models the Polestar 3 and 4 arriving soon.
Used EVs are now cheaper than second-hand petrol and diesel cars on average
Used electric vehicle (EV) values have dropped below those of internal combustion engine (ICE) cars, says vehicle valuation specialist HPI. Over the past two years, EVs such as the Jaguar I-Pace have seen significant depreciation, making them bargains versus similar ICE models. However, buyers should consider factors such as charger installation costs.
Weather outlook
Today will be breezy with sunny spells and scattered showers in places, mainly in the north and west, says BBC Weather. Showers will be heavy at times across north-western parts of Scotland in the afternoon.
Saturday will start mostly cloudy for England and Wales with light showers, but it’ll turn drier through the afternoon with sunshine developing. Further showers are expected for north-west Scotland.
