Morgan Midsummer via PAMorgan Midsummer via PA

News Round-Up

May 17: Ineos founder’s fortune falls; Bank closures to top 6,000; Morgan Midsummer revealed

  • Here are the headlines for Friday, May 17

Time 6:48 am, May 17, 2024

Wealth of Ineos’s Sir Jim Ratcliffe drops to £23.52bn

Ineos founder Sir Jim Ratcliffe is fourth on the latest Sunday Times Rich List with a net worth of £23.52bn.

However, the Brexiteer, who is the founder and chairman of global chemicals company Ineos, which was formed in 1998, was the biggest faller on the list, with his personal fortune dropping by over £6bn and seeing him go from second to fourth position.

Ineos Automotive was formed in 2017 and makes the Grenadier – intended as a ‘spiritual successor’ to the Land Rover Defender – in Hambach, France.

Number of bank branch closures to pass 6,000 – Which?

The number of UK bank branches to shut their doors in the past nine years will pass 6,000 today, according to Which?.

The consumer group said the milestone highlights the impact this ‘avalanche’ of closures has had on high streets and the need to provide replacement services for millions of people who rely on them.

Which? said eight Barclays branches were shutting their doors on Friday, taking the total by the end of today to 6,005.

Badenoch says proposed sale of Royal Mail to foreign owner must protect service

Business secretary Kemi Badenoch has said the Royal Mail’s universal service obligation will need to be protected in any sale of the firm.

Royal Mail’s owner International Distribution Services (IDS) is ‘minded’ to agree a takeover by shareholder Daniel Kretinsky, after the Czech billionaire put forward a bid worth about £3.5bn.

Badenoch met IDS bosses for talks on the proposed sale and underlined the need to protect services for the vulnerable, those in remote areas and small businesses.

Surge in motor premiums fuels spike in uninsured drivers – analysis

The number of young motorists punished for uninsured driving more than doubled in two years amid a spike in premiums, according to new analysis.

Charity IAM RoadSmart, which conducted the research, warned there could be ‘an epidemic of uninsured young motorists’ unless measures are taken.

It obtained statistics suggesting 6,316 British drivers aged 17-20 were convicted of driving without insurance in 2023 – up from 2,902 in 2021 and 5,486 in 2022.

Average private school fees soar to more than £18,000 a year

Private school fees have increased by 8%, with families now paying out more than £6,000 a term on average, figures show.

The number of new pupils joining private schools has dropped by 2.7% since last year, which is the biggest fall since the Independent Schools Council started collecting data in 2011.

The latest annual census from the ISC shows average fees for private day schools rose by 8% for the 2023-24 academic year compared with the year before.

Israel to respond to genocide charges at UN’s top court

Israel will respond to charges of genocide at the United Nations’ top court today after South Africa filed an urgent request with the court to order a ceasefire in Gaza.

It is the third time the International Court of Justice has held hearings on the Israel-Hamas war since South Africa filed proceedings at The Hague court in December.

During hearings earlier this year, Israel strongly denied committing genocide in Gaza, saying it does all it can to spare civilians and is only targeting Hamas militants. Israel says Rafah is the last stronghold of the militant group.

Helen Mirren to host D-Day commemorative event as BBC outlines coverage plan

Dame Helen Mirren will host the D-Day 80 national commemorative event in Portsmouth.

The Ministry of Defence, Royal British Legion, the Commonwealth War Graves Commission and the Normandy Memorial Trust will celebrate the work of UK and other forces at the port city, where the Allies left for the beaches of Normandy in 1944 during the Second World War.

D-Day 80: The Allies Prepare will be broadcast live on BBC One and BBC iPlayer from 10.15am to 1pm on June 5 ahead of D-Day 80: Tribute To The Fallen airing later that evening. D-Day 80: We Will Remember Them airs on June 6.

‘Lone wolf’ charged with shooting Slovak prime minister Robert Fico

Authorities in Slovakia have charged a man with attempting to assassinate prime minister Robert Fico, saying the suspect acted alone in a politically motivated attack.

Fico, 59, was in a serious but stable condition yesterday a day after being shot multiple times in the stomach, a hospital official said. President-elect Peter Pellegrini said he spoke to Fico at the hospital but confirmed his condition ‘remains very serious’.

Slovak police have provided little information on the identity of the suspect. But unconfirmed media reports suggested he was a 71-year-old retiree who was known as an amateur poet and may have previously worked as a security guard at a shopping centre.

Morgan Midsummer interior, via PA

Morgan’s Midsummer is a celebration of coachbuilding made with Pininfarina

Morgan has created a new limited-edition model built in collaboration with legendary Italian coachbuilder Pininfarina.

The Midsummer is underpinned by Morgan’s CX-generation aluminium platform, meaning it’s powered by a six-cylinder turbocharged petrol engine linked to an eight-speed automatic transmission.

Limited to just 50 examples – all of which have already been sold – the Midsummer features a classic styling approach inspired by cars from the 1930s and 1940s. It sits on lightweight forged 19-inch wheels designed specifically for the car, while Michelin Pilot Sport 5 tyres should help it grip through the bends well.

Yesterday’s headlines on Car Dealer you might have missed

Market movements

The FTSE 100 closed 7.15 points down yesterday to end the day on 8,438.65. The Cac 40 was down 51.50 points at 8,188.49, the Dax was down 130.55 points at 18,738.81, and the Dow Jones was down 38.62 points at 39,869.38.

Weather outlook

This morning will see mist and fog clear to leave sunny spells for many areas, according to BBC Weather. A few isolated showers will develop in the afternoon, and it’ll possibly be thundery in Scotland.

Saturday will see cloudy skies and showery rain in southern England, falling heavy at times with a risk of thunder. Mist and fog will clear further north to leave sunny spells and variable cloud.

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

More stories...

Motors Advert
Server 108