6:50 am, November 12, 2024
Direct Line to axe 550 jobs under cost-cutting plan
Direct Line Group has revealed plans to axe around 550 jobs as it looks to cut costs amid a turnaround at the insurer.
The group said it is consulting on the cuts as it seeks to save £50m in 2025, although it stressed some of the role reductions will include vacancies no longer being filled.
Direct Line said it comes as its ‘drive to create a leaner and more efficient operating model is advancing’.
Starmer to tell Cop29 that climate transition offers huge investment opportunity
The Prime Minister has arrived in Azerbaijan for the Cop29 climate summit, where he will argue that the transition to green energy is an investment opportunity.
Sir Keir Starmer is expected to tell the nearly 100 other delegations in Baku that Britain is returning to ‘responsible international engagement’.
The Prime Minister will argue that the climate transition presents an almost seven trillion-dollar (£5.43trn) investment opportunity.
Government stake in NatWest falls to 11.4% after bank buys back £1bn of shares
NatWest has edged another step nearer returning to full privatisation after buying back £1bn of its shares from the Government.
The taxpayer-backed lender said it bought 263 million shares from the Government at a price of 380.8p each, reducing the Government’s stake to around 11.4% from 14.81%, as at the end of October.
NatWest has now bought back £2.2bn of state-owned shares so far this year through two rounds of buybacks.
Monday on Car Dealer
Are job losses on the way at Group 1 Automotive? Insider says car dealer is ‘knee deep’ in cuts
Group 1 Automotive is reportedly undergoing significant job cuts, according to an insider source. The dealer group, which operates numerous car dealerships in the UK, is said to be ‘knee-deep’ in reducing its workforce due to challenging market conditions. The scale and specific details of the layoffs are yet to be confirmed.
Buying used cars is not all it’s cracked up to be – AI Car Dealership Project Ep.28
The latest episode of the AI Car Dealership Project discusses the complexities of buying used cars. The team highlights the challenges and misconceptions faced by dealerships when sourcing, pricing, and selling pre-owned vehicles. They delve into the importance of leveraging AI and data analytics to make smarter buying decisions and improve profit margins in a competitive market.
JLR reports profit and revenue slump as bosses blame aluminium shortages
Jaguar Land Rover (JLR) reported a decline in both profit and revenue, attributing the slump to aluminium shortages. The automotive giant faced significant production challenges due to supply chain disruptions, impacting vehicle output and sales. Despite the setbacks, JLR remains optimistic about future recovery plans, emphasizing efforts to stabilize supply and boost production.
Boy, 13, arrested for smashing up vehicles at Scottish car dealership in Bonfire Night disorder
A 13-year-old boy has been arrested for vandalising vehicles at Macklin Motors Hyundai in Edinburgh on Bonfire Night. Around 30 cars were damaged, including smashed windows and bodywork issues, as part of widespread disorder in the city. Police are investigating, with riot units and a helicopter deployed to control the situation. The dealership expects repair costs to reach six figures.
Family-run FG Barnes marks 125th anniversary with ‘Heritage Week’ of celebrations
Family-run car dealer FG Barnes is celebrating its 125th anniversary with a special Heritage Week. The event features classic cars, charity fundraisers, and a showcase of the company’s history since its founding in 1899. The group, which operates across multiple franchises, aims to honor its legacy while looking forward to future growth.
Dieselgate comes back to haunt car companies as new recalls are predicted
The Dieselgate scandal is resurfacing as car manufacturers face potential new recalls. Reports suggest a fresh wave of issues related to emissions compliance, which could affect several brands. The scandal, originally centered around Volkswagen, had far-reaching impacts on the automotive industry. With regulatory scrutiny increasing, companies may need to recall vehicles to address any discrepancies in emissions standards.
Home workers spend more time sleeping and exercising, survey shows
People who work from home spend more time sleeping and exercising than those who travel to work, a survey has found.
Home workers save an average of 56 minutes a day from not commuting, according to the Office for National Statistics (ONS).
This frees time for them to get 24 more minutes of ‘sleep and rest’ and 15 extra minutes of ‘exercise, sports and wellbeing’ on any given day, compared with those who work away from home.
London’s Aquis stock market agrees £194m takeover by Swiss group
London’s challenger stock market Aquis has agreed a takeover by Switzerland-based exchange SIX in a deal worth £194 million.
Aquis Stock Exchange, which is for smaller and fast-growing businesses to access capital markets, said the acquisition will help it to expand in Europe.
Under the offer, SIX Exchange Group will pay 727p per Aquis share, which represents a 120% premium to its share price when markets closed on Friday.
Banks boost FTSE 100 while European stocks rebound
The UK’s FTSE 100 moved higher on Monday amid a boost from banks but was outperformed by European peers.
London’s top index was up 52.8 points, or 0.65%, to close at 8,125.19. Banking groups NatWest, Barclays and Lloyds were among the biggest risers of the day, after NatWest said it had bought back £1bn worth of Government-owned shares.
It was an even stronger day of trading for other top markets in Europe. In Paris, the Cac 40 climbed 1.2%, and in Frankfurt, the Dax closed 1.21% higher.
Weather outlook…
The UK is expected to experience mostly dry and settled weather today, thanks to high pressure dominating the country.
However, there could be patches of early morning fog and mist, especially in northern and western areas, gradually clearing as the day progresses.
Temperatures are likely to remain mild for this time of year, with occasional sunny spells breaking through the clouds.
