6:50 am, February 11, 2025
BP shares jump after activist investor reportedly buys stake
BP has seen its shares surge higher after an activist investor reportedly built up a stake in the oil giant.
Shares in the FTSE 100 firm jumped more than 8% at one stage in Monday morning trading, hitting their highest level for six months, following weekend reports that US firm Elliott Investment Management had snapped up a stake.
It comes after BP’s shares have languished recently, down almost 10% in the past year.
UK must ‘wait and see’ if Trump provides clarity on tariff threat
The UK will have to ‘wait and see’ if Donald Trump provides more clarity on his threat to impose tariffs on all steel and aluminium imports to the US, a minister has said.
In comments on his way to the Super Bowl late on Sunday, the president said he will impose 25% tariffs on ‘any steel coming into the United States’, adding that aluminium will also be subject to additional duties.
He did not offer any details, but did confirm he plans to announce on Tuesday or Wednesday other ‘reciprocal tariffs’ on countries that have their own duties on US products.
Volvo’s EX30 gets rugged Cross Country version
Volvo has expanded its current EX30 line-up with the introduction of a new Cross Country version.
Following in the footsteps of cars like the V60 and V90 Cross Country, the EX30 Cross Country is a more rugged take on Volvo’s smallest electric SUV.
Like the models before it, the main points of difference between the EX30 Cross Country and the standard car include a boost in ride height to help it navigate larger obstacles, as well as bigger wheels which can be equipped with an all-terrain tyre as an option.
FTSE 100 strikes another record high as BP shares jump
London’s top share index soared to another record high as it was boosted by strong trading from commodity and housing stocks.
The FTSE 100 finished 67.27 points, or 0.77%, higher to end the day at 8,767.80.
Elsewhere, in mainland Europe sentiment was also firmly positive, with the German Dax also around record high levels. The Cac 40 ended 0.42% higher for the day and the Dax index was down 0.67%.
MPs in line for 2.8% pay rise taking salaries to almost £94,000
MPs’ salaries could rise to almost £94,000 per year after the body in charge of their pay recommended a slightly above-inflation increase.
The Independent Parliamentary Standards Authority (Ipsa) announced on Monday that it is proposing to increase MPs’ pay by 2.8% in April, subject to a consultation.
If approved, the increase would take an MP’s annual salary to £93,904, up from £91,346. At the start of the last Parliament, in 2019, MPs were paid £79,468.
Labour backbenchers call for ‘meaningful tweaks’ to farm inheritance tax plan
Chancellor Rachel Reeves has faced calls for ‘meaningful tweaks’ to planned inheritance tax on farmland from Labour MPs.
Sam Rushworth said that farmers who work a £5m state are ‘not millionaires’, while Julia Buckley said sector businesses currently face a choice to ‘go big or go bust’.
Conservative former Scottish secretary David Mundell warned that under plans to impose inheritance tax on agricultural property worth more than £1m, farmers’ children will sell their land to private equity firms to cover the bill, and estates would instead be used for solar panels or industrial tree planting.
Monday on Car Dealer
Suzuki to slash UK dealer network as bosses blame impact of ZEV mandate targets
Suzuki is cutting around 30 UK dealerships, citing the impact of the ZEV mandate. Affected dealers were informed in January, with most offered roles as licensed repair centres. Suzuki assures customers they’ll remain within reasonable travel distance of a dealership.
UK used car market grows in 2024 as electric vehicle demand soars – SMMT
The used car market grew 5.5% in 2024, with 7.64 million transactions. Demand for second-hand EVs surged 57.4%, reaching 188,382 sales. Petrol remained dominant at 57.1%, while diesel dropped to 35%. Industry leaders urge government support for EV affordability.
Britain remains in love with Ford Fiesta as model in named UK’s best-selling used car of 2024
The Ford Fiesta was the UK’s best-selling used car in 2024, with 306,207 transactions, followed by the Vauxhall Corsa (252,761) and Volkswagen Golf (231,440). No EVs made the top 10. The South East led regional sales with 1.1 million transactions.
Higher margins and better vehicles: How Japanese imports could help your car dealership
The latest Car Dealer Podcast explores how UK dealers are boosting profits with Japanese imports. Nichibo’s Chay Anderson reveals how their process minimizes cash flow strain while offering higher margins. Listen now on Spotify or your preferred streaming platform.
New UK boss for Jaecoo and Omoda as Gary Lan is named CEO of Chinese brands
Gary Lan has been appointed CEO of Omoda and Jaecoo UK, leading the brands’ expansion. With experience at Lincoln Motors, Ford, and Mazda, Lan aims to accelerate growth, strengthen operations, and enhance customer experience as Jaecoo 7 deliveries gain momentum.
Jigcar shakes up top team as ex-Cazoo man joins new chairman at software firm
Automotive software firm Jigcar has appointed former Cazoo executive James Griffin as transport director. His expertise will support Jigcar’s AI-driven vehicle transport solutions and the launch of AutoPlan Transport Management System, strengthening the company’s rapid growth in the dealer sector.
Weather outlook…
The UK will see strong winds from Storm Éowyn, with gusts up to 70 mph, especially in coastal and hilly areas.
A Yellow Wind Warning is in place. Expect occasional rain, with temperatures ranging from 3°C to 12°C.
Travel disruptions and power outages are possible — stay prepared and check forecasts for updates.
