6:37 am, November 13, 2024
Post Office to announce ‘transformation plan’ amid reports of job cuts
The Post Office is to set out a ‘transformation plan’ in a bid to fix its finances amid reports that hundreds of branches could close down.
The industry shake-up may result in the closure of 115 loss-making branches wholly owned by the Post Office – putting more than 1,000 jobs at risk, and hundreds more at the business’ headquarters, Sky News reported on Tuesday.
Post Office chairman Nigel Railton is expected to make the announcement at the company’s headquarters in London on Wednesday morning, addressing a speech to postmasters across the country, as well as retail partners and Post Office staff.
Asda’s share of UK grocery market slips while Lidl draws in shoppers
Asda’s share of the UK grocery market has slipped further, while German discounter Lidl continues to draw in shoppers, new data has shown.
The British supermarket saw its share of the market slip to 12.5% over the three months to November 3, down from 13.5% the same period a year ago, according to analysts Kantar. Consumer spending at Asda fell 5.5% year-on-year.
It faces the prospect of being overtaken by German chain Aldi which is the fourth biggest supermarket in terms of grocery market share with a market share of 10.4%. Meanwhile, Lidl has been growing its overall share of the UK market as the low-cost grocer continues to open new stores and tap into demand among shoppers for cheaper deals.
Porsche adds to Taycan line-up with new GTS
Porsche has expanded its electric Taycan range with the addition of a new GTS model.
Priced from £117,500 for the saloon and £118,300 for the Sport Turismo estate, the new GTS aims to slot between the lower-powered 4S and the range-topping Turbo models.
The GTS brings a total output of 690bhp when the car’s Launch Control function is engaged, which means that the Taycan will go from 0-60mph in 3.1 seconds – 0.4 seconds faster than the previous-generation GTS. Despite this, Porsche says that the GTS’ range has improved by over 74 miles to a total of 390 miles between trips to the plug.
The markets
London’s top stock index slid to its lowest closing price for three months on Tuesday amid a global sell-off, while the pound slumped after a drop in wage growth. Vodafone and Shell were also notable drags on the FTSE 100; the index finished 99.42 points, or 1.22%, lower to end the day at 8,025.77.
The Cac 40 ended 2.69% lower for the day and the Dax index was down 2.06%. Stateside, the main Wall Street stock benchmarks opened in the red as their recent rally faded, although tech stocks were broadly positive once again.
The pound was down 1.09% at 1.273 US dollars and down 0.5% at 1.200 euros.
Archbishop of Canterbury Justin Welby resigns over Smyth review
The Archbishop of Canterbury Justin Welby has announced he will resign, following days of pressure after a damning review into the most prolific abuser associated with the Church of England.
The independent Makin Review concluded that barrister John Smyth might have been brought to justice had the archbishop formally alerted authorities in 2013.
The past week had seen a range of people, from the Bishop of Newcastle to abuse victims and members of the General Synod – the Church of England’s parliament – insist that Welby’s position had become ‘untenable’. In a statement on Tuesday, Welby said: ‘Having sought the gracious permission of His Majesty The King, I have decided to resign as Archbishop of Canterbury.’
Southport stabbings suspect due to appear in court
The 18-year-old accused of killing three children in a knife attack at a Taylor Swift-themed dance class is due to appear in court.
Axel Rudakubana, of Banks, Lancashire, is charged with the murders of Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, who died following the stabbings at The Hart Space in Southport, Merseyside, shortly before midday on July 29.
He is due to appear at Liverpool Crown Court for a plea and trial preparation hearing on Wednesday afternoon.
Tuesday on Car Dealer
‘Firebreak’ – Jaguar says pulling new cars from sale was ‘strategic decision’ not a mistake
Jaguar has paused new car sales until 2026 to reset its brand and prepare for an all-EV lineup. This strategic “firebreak” aims to refresh customer expectations and will culminate in a December 2024 relaunch with a new brand identity.
Nissan shares jump to 15-year-high following 2.5% stake from activist investor
Nissan shares surged nearly 13% after hedge fund Effissimo Capital acquired a 2.5% stake, boosting confidence despite Nissan’s struggles. The Singapore-based fund invests in distressed firms, as Nissan faces falling profits, rising competition, and plans cost-cutting measures.
‘Unlawful’ car dealer allowed to remain after council overrules local opposition
Globe Automotive Ltd received retrospective planning permission to continue operating from a former office building in Stourbridge. Initially opened without consent, the dealership met conditions for limited staff and hours. Dudley Council supported the business, citing local economic and social benefits.
Illegal ‘chop shop’ broken up as police arrest man on suspicion of theft and dealing stolen goods
Police uncovered an illegal ‘chop shop’ at Snetterton Business Park in Norfolk, where stolen vehicles were dismantled for parts. A man was arrested on related charges, and authorities spent five days clearing the site to return stolen vehicles.
Volkswagen Group UK appoints Damien O’Sullivan as its new managing director
Damien O’Sullivan will become Volkswagen Group UK’s managing director on December 1, succeeding Alex Smith, who is stepping down after 15 years. O’Sullivan, with extensive experience in Europe and Asia, will guide the group through upcoming industry challenges.
Motorway passes 7,500 dealer partners with two in three retailers now now using platform
Motorway now serves over 7,500 dealers, with two-thirds of UK dealers using its direct-to-seller platform, enabling £7.8bn in transactions since 2017. By bypassing traditional auctions, it streamlines purchasing, with embedded payments and transportation simplifying the process further.
BMW allocates more than £70m to compensating customers affected by motor finance scandal
BMW Financial Services UK has reserved £70.3m to address complaints related to historical motor finance commission practices. This provision, part of a £680m industry-wide allocation, marks BMW as the first carmaker publicly addressing the finance scandal while cooperating with FCA reviews.
How innovative new ‘Utilities MOT’ could save car dealers thousands of pounds on bills
Car dealers may be overspending on utilities, limiting funds for stock. Consultiv Utilities told the Car Dealer Podcast that it offers a free ‘Utilities MOT’ to assess bills, ensuring optimal rates and saving costs. The service has already saved dealerships significantly on gas, electricity, and water expenses.
Weather
A cloudy day for the north of England, Scotland and Northern Ireland with the odd spell of rain. It’ll be drier and brighter elsewhere – temperatures will top 12 degrees.
Cloud will cover the most of the country tonight, although there will be a few clear spells. Patchy rain is possible in cloudy areas.
