6:41 am, May 11, 2023
Money transfer scams top £485m
About two-fifths of total scam losses where people were tricked into transferring money to a fraudster last year weren’t reimbursed, according to figures from trade association UK Finance.
The body said £285.6m was returned to victims, representing about three-fifths (59 per cent) of the £485.2m lost to authorised push payment (APP) fraud in 2022.
More than half (57 per cent) of reported cases related to purchase fraud, with other scams including impersonation scams and people paying up-front fees for goods or services that never materialised. Fake used car dealers we’ve uncovered and how to spot them
Adam Price quits as Plaid Cymru leader after report into ‘toxic’ culture
Adam Price has told Plaid Cymru members he is quitting as leader days after a review found a culture of harassment, bullying and misogyny in the party.
The report, published on May 3, found Plaid had ‘failed to implement a zero-tolerance approach to sexual harassment’ and that women had been ‘especially’ let down.
Price, who has led the party since 2018, apologised and said all of its 82 recommendations to ‘detoxify’ the party would be taken on board.
Interest rates expected to rise to highest level since 2008
Britain’s interest rates are expected to rise today to their highest level since 2008.
According to economists and the financial markets, the base rate will rise for the 12th consecutive time as inflation continues to soar.
Policymakers at the Bank of England are expected to raise the rate from 4.25 per cent to 4.5 per cent, making it even more expensive to borrow and pushing banks to lift savings rates.
Average price paid for motor insurance jumps by 16%
The average price paid for motor insurance jumped by 16 per cent annually in the first quarter of this year, as rising costs have become increasingly challenging for insurers to absorb, according to the Association of British Insurers (ABI).
Motorists typically paid £478 for private comprehensive cover in the first three months of 2023 – a two per cent increase versus the previous quarter and the highest figure recorded since premiums cost £483 on average in the final quarter of 2019.
Energy charges, paint prices and courtesy car costs are among the outgoings pushing up the cost of repairs, while the price of second-hand cars has also jumped, the ABI said.
‘John Lewis will always be employee-owned’ boss pledges as staff give backing
John Lewis Partnership chairwoman Dame Sharon White has pledged that the historic retailer will always be employee-owned as she won support from staff at a confidence vote over her leadership.
It came after criticism following reports the group, which runs the department store chain and its supermarket arm Waitrose, could bring in outside investment, impacting on its employee-owned structure.
The group also slumped to a £234m pre-tax loss for the year to January 28 from a £181m profit the previous year, meaning staff missed out on an annual bonus for only the second time in 70 years, and warned of potential job cuts.
Citizens Advice reports ‘bleakest-ever’ start to year as cases soar
Citizens Advice has helped a record 9,600 people a day on average between January and April as the cost-of-living crisis led to its ‘bleakest-ever’ start to a year.
The charity said it helped 94,000 people with food bank referrals and access to emergency charitable grants – a 178 per cent increase on the same period in 2020.
Among them were more people who are homeless (14,300) than at any other time on record.
National Express coach group to change name to Mobico
National Express is changing its corporate name to Mobico Group from early next month.
The long-distance coach service said the name change ‘reflects the group’s international nature and its diverse range of mobility services’.
It stressed that the move won’t affect its coach service or customer-facing brands, which will continue as National Express.
Hyundai’s i20 gets bold redesign and extra equipment
Hyundai has unveiled a redesigned version of its supermini.
Changes include a revised bumper and new tail-light design, while fresh 16- and 17-inch wheels have been added too. The i20 will be offered in eight colour choices as well.
At the back are Z-shaped LED lights, and an optional black two-tone roof is also available. Inside, changes include a new 4.2-inch LCD driver display plus an expanded range of safety-assistance systems.
Yesterday’s headlines on Car Dealer you might have missed
- Jaguar dealership cull begins as Vertu books £1.5m charge for loss of five sites
- Vertu Motors tops £4bn revenue but profits halved in full-year results for 2023
- Fake online car auction Elvaron Ltd scams customers with stolen Cazoo content
- Used car market grows once again after three consecutive quarters of decline
- Experts warn UK has ‘missed the boat’ on car battery technology as industry looks set to migrate to Europe
- Three-seater Alpine A290 EV hot hatch concept showcases brand’s future
- Motorway launches industry-first payments service to cut dealer hassles when buying privately
- Automotive distribution expert Saxon ‘paw-tners’ with Battersea Dogs & Cats Home
- ‘Volatile’ used car market means vehicle sourcing firms need to be more adaptable to dealers’ needs – expert
Market movements
The FTSE 100 closed 22.76 points down yesterday to end on 7,741.33. The Cac 40 was down 35.97 points at 7,361.20, the Dax was down 59.25 points at 15,896.23 and the Dow Jones was down 30.48 points at 33,531.33.
Weather outlook
Today will see sunny spells and slow-moving showers, developing quite widely and mostly in the afternoon with a risk of thunder as well, says BBC Weather. The far north of Scotland will have fewer showers but it’ll be cloudy.
Friday will start cloudy for much of the UK, although the far north and west will have some sunny spells. It’ll stay mostly dry but the south-east of England will experience rainy spells moving in from the east.
