6:26 am, February 5, 2025
Not realistic or right for UK to distance from China, says CBI boss
It is not realistic or right for UK firms to distance themselves from China amid a need for stronger global trade, according to the head of one of Britain’s most prominent business groups.
Rain Newton-Smith, chief executive of the Confederation of British Industry (CBI), will say in a speech that the UK must not listen to the “siren call of protectionism” in its trade policy.
It comes amid a backdrop of a looming global trade war after US president Donald Trump announced plans to impose new tariffs.
Octopus Energy profits fall amid surge in customers and renewables investment
Octopus Energy has seen a sharp fall in annual profit as it spent money on bringing in millions more customers, nearly doubling its workforce and installing renewable energy sources like solar panels.
Octopus’s customer base grew to 7.3 million across the UK during the year to April 2024, overtaking British Gas as the largest energy supplier in the country. But the fast growth prompted a nearly three-quarters fall in pre-tax profit to £77.6m over the 12-month period, down from £283m the previous year.
It was its second consecutive year of profitability since it was founded a decade ago.
Citroen C3 Aircross goes on sale priced from £20,240
Citroen has revealed prices and specifications for its new C3 Aircross SUV.
Prices start at £20,240 for the entry-level car and rise to £25,740 for the top-of-the-line model.
There are two trim levels to choose from with the entry-level Plus coming with 17-inch alloy wheels, a 10.25-inch touchscreen and a reversing camera. The flagship Max boasts front and rear parking sensors, a heated steering wheel and heated front seats.
The markets
The FTSE 100 fell for the second day in a row on Tuesday, albeit far less sharply than on Monday, after a temporary watering down of US President Donald Trump’s trade tariffs. It dropped 13 points to finish the day at 8,571, or a 0.2% fall.
In Europe, France’s Cac 40 rose 0.7%, and in Frankfurt the Dax was up 0.4%. On Wall Street, the S&P 500 was 0.3% up and the Dow Jones was roughly flat.
The pound had gained against the dollar, up 0.4% to 1.248, after markets closed. It was 0.1% down against the euro at 1.203.
Trump proposes ‘long-term’ US ownership of Gaza
President Donald Trump on Tuesday suggested that displaced Palestinians in Gaza be ‘permanently’ resettled outside the war-torn territory and proposed the US take ‘ownership’ in redeveloping the area.
Trump’s audacious proposal appears certain to roil the next stage of talks meant to extend the tenuous ceasefire between Israel and Hamas and secure the release of the remaining hostages held in Gaza.
Trump wants to push roughly 1.8 million people to leave the land they have called home and claim it for the US, perhaps with American troops.
Starmer praises Denmark for defending Arctic from ‘hostile activity’
Sir Keir Starmer praised the ‘important role’ Denmark plays in defending the security of the Arctic region as he met his Danish counterpart amid a diplomatic row with the US over the sovereignty of Greenland.
The UK prime minister hosted Mette Frederiksen for a working dinner in Downing Street on Tuesday evening as her country faces a dispute with Donald Trump, who has said he wants to acquire the Nordic island.
In a readout of their discussions, Number 10 made no specific mention of Greenland but said the two leaders agreed to ‘step up joint cooperation to address threats’ faced in the High North region.
Tuesday on Car Dealer
Gang members jailed for multi-million-pound money laundering following raid at car dealership
Six gang members were jailed for laundering millions through a Liverpool car dealership, uncovered via Operation Venetic. Key figure Timmy Donovan received 14.5 years. Others received sentences or suspended terms. The CPS vows to recover criminal profits from the defendants.
Arnold Clark employee brutally attacked at work by disgruntled ex girlfriend and her family
Demi Leigh Coyle, 30, assaulted her ex-boyfriend and his colleague at an Arnold Clark dealership, aided by her father and brother. Despite video evidence, she denied wrongdoing. All three were found guilty and will be sentenced on March 12.
FCA ‘unconstructive’ and in ‘denial’ of problems claim MPs in fresh criticism
A cross-party group of MPs have criticised the FCA as ‘defensive and dismissive’ over regulatory failures. Chairman Bob Blackman accused it of denying evidence-based criticism. The FCA denied the claims, maintaining its consumer protection role amid ongoing scrutiny over the motor finance scandal.
IMDA grows top team with two experienced industry leaders joining committee
The Independent Motor Dealers Association (IMDA) has added Allan Thompson and Sandy Burgess to its executive committee. Founder Umesh Samani praised their expertise. Both bring extensive industry experience, aiming to support independent dealers amid industry changes and strengthen IMDA’s influence.
Weather
Northern Ireland and Scotland will see bright spells with isolated showers, while England and Wales remain dry with sunny intervals, reports BBC Weather. Highs of around 10 degrees.
Tonight, skies will be clear, showers easing in Scotland, and some mist and fog forming locally overnight.
