6:50 am, November 29, 2024
Louise Haigh resigns as Transport Secretary
Louise Haigh has resigned as Transport Secretary after it emerged she pleaded guilty to a criminal offence related to incorrectly telling police that a work mobile phone was stolen in 2013.
It is understood the incident was disclosed to Sir Keir Starmer when she joined the shadow cabinet.
In a letter to the Prime Minister, she said she is ‘totally committed to our political project’ but believes ‘it will be best served by my supporting you from outside Government’.
Direct Line shares surge after insurer rejects £3.3bn Aviva takeover tilt
Insurer Direct Line has seen shares soar after being thrust into the takeover spotlight once again following a £3.3bn approach from rival Aviva.
The firm saw its stock surge more than 39% in morning trading on Thursday following Aviva’s announcement after the market closed on Wednesday that it had put forward a possible cash-and-shares bid – worth 250p a share – to buy Direct Line last week.
Direct Line swiftly responded to say it had rebuffed the potential takeover offer, which it said ‘substantially undervalued’ the company.
Consumer confidence ‘weak’ as Christmas approaches
Consumer confidence remains ‘weak’ as Christmas approaches in a blow to retailers amid declining expectations for the wider economy, a survey suggests.
Consumer expectations for their personal finances over the next three months improved slightly to minus three in November, up from minus four last month, according to the British Retail Consortium (BRC)-Opinium Consumer Sentiment Monitor.
Expectations of personal retail spending remained positive, edging up a point to positive three, although this was ‘to be expected’ as consumers prepared for the festive season, the BRC said.
Royal Mail closes in on takeover deal after ‘concessions agreed’ – reports
The sale of Royal Mail to a Czech billionaire is close to being finalised, after extra concessions were agreed, according to reports.
Daniel Kretinsky’s EP Group agreed to buy Royal Mail parent company International Distribution Services (IDS) earlier this year.
The company struck the controversial deal in May but the move is now being reviewed by the Government under the National Security and Investment Act.
Drivers still paying too much for fuel, says competition watchdog
Drivers are still paying more for fuel than they should due to ‘stubbornly high’ margins, the competition watchdog said.
The Competition and Markets Authority (CMA) said fuel margins remained higher than historic levels, and it remained concerned about weakened competition in the sector.
Supermarket fuel margins increased from 7% in April to 8.1% in August, while non-supermarket fuel margins rose from 7.8% in April to 10.2% in August, the watchdog said.
Our latest #RoadFuel interim monitoring report highlights concerns about weakened competition affecting fuel prices.
The government has committed to our recommendations for a fuel monitoring function & fuel finder scheme to help tackle these concerns: https://t.co/MyeKOJ6uvp pic.twitter.com/pu2HRLqoFS
— Competition & Markets Authority (@CMAgovUK) November 28, 2024
Monday on Car Dealer
Arnold Clark leads Car Dealer Top 100 as most profitable car dealer group in the UK
Arnold Clark has been named the UK’s most profitable car dealer group in 2023, leading the Car Dealer Top 100 with £366.1m in earnings, despite challenges like a cyberattack. The list ranks dealers based on EBITDA, offering a fair profitability comparison. Revenues for top groups rose significantly, with Arnold Clark reaching £4.96bn.
Car Dealer Top 100: The expert’s view on this year’s most profitable car dealers
Experts reviewing the Car Dealer Top 100 highlighted the adaptability of top-performing dealerships despite market challenges. They praised innovative strategies, robust aftersales performance, and rapid adjustments to fluctuating conditions as critical factors driving profitability. Financial stability, data-driven decisions, and customer-centric approaches were also credited for maintaining strong results.
Volkswagen dealers told car maker is backing away from fixed-price ‘agency sales’
Volkswagen has reportedly informed its dealers that it is stepping back from plans to adopt a fixed-price agency sales model across its network. This shift marks a significant change in strategy, as VW had previously promoted agency sales to standardise pricing and enhance customer experience. The move reflects challenges and dealer pushback, with further clarity expected as the manufacturer refines its approach to balancing traditional dealership roles and evolving sales models.
New Auto Express Find a Car service increases reach for Carwow retailers
Auto Express has introduced a new ‘Find a Car’ feature that expands visibility for Carwow-affiliated retailers. The service integrates Carwow’s retailer network into the Auto Express website, enhancing consumer access to a wide range of new and used vehicles. The collaboration aims to boost lead generation and streamline the car-buying process, benefiting both consumers and participating dealerships.
New car production falls for eighth consecutive month in ‘worrying’ SMMT figures
UK car production has declined for the eighth straight month, according to SMMT data. October output fell by 2.1% year-on-year, driven by reduced domestic demand, although exports showed a modest rise. Challenges include supply chain disruptions and economic uncertainty. The industry emphasizes the need for government support to stabilize production and ensure competitiveness.
Range Rover Electric caught testing in Dubai
Land Rover has unveiled a series of images of its upcoming electric Range Rover being tested in Dubai.
The car itself looks almost identical to the combustion-powered car with a few subtle changes. In typical EV fashion, the front radiator grille has gone and in its place is a smoothed-off front end, while the charging flap is electrically operated and slides left to right to reveal a CCS charging port.
On the face of it, the Range Rover Electric looks almost identical to the petrol, diesel and plug-in hybrid models, bringing it closer into line styling-wise as the more ‘traditional’ versions.
The A90 Final Edition is the Toyota GR Supra’s last hurrah
Toyota Gazoo Racing has revealed the last chapter in the GR Supra’s story with the A90 Final Edition.
The car will have a limited production run of just 300 units worldwide and features a host of extras compared to the standard car.
Under the bonnet, the car will utilise a 3.0-litre straight-six engine but it has been tweaked to make 429bhp, compared to 381bhp on the normal model.
New Cupra Terramar goes on sale with mild and plug-in hybrid powertrains
Cupra has revealed that its latest SUV – the Terramar – has gone on sale with prices starting from £37,605.
The Terramar will rival cars such as the Skoda Kodiaq and Volkswagen Tiguan, and is set to give a little bit more of a sporty driving experience and well as keeping up with Cupra’s performance-focused image.
Under the bonnet, there is a choice of six different engines ranging from a 1.5-litre mild-hybrid petrol up to a 261bhp four-wheel-drive 2.0-litre turbocharged petrol. There will also be the option of two different plug-in hybrid variants that utilise the same 1.5-litre turbocharged petrol unit with a choice of either 201bhp or 268bhp.
Open For Order! 🤩
The CUPRA Terramar is now open for order.
Keep a close eye on our channels to see when we get our first demonstrator and check out the Terramar on our website. https://t.co/gXKTGaS84Y#CUPRATerramar #CUPRA #newcar #CUPRASunderland pic.twitter.com/QEnUC3Hbcg
— Pulman Group (@PulmanGroup) November 28, 2024
Ex-British Army soldier Daniel Khalife found guilty of spying for Iran
A former soldier who escaped from prison and went on the run for three days has been found guilty of spying for Iran.
Daniel Khalife, 23, was serving in the British Army when he ‘exposed military personnel to serious harm’ by collecting sensitive information and passing it to agents of the Middle Eastern country.
He was paid in cash for the secret information gathered and told handlers he would stay in the military for 25-plus years for them.
London stocks close in green as takeover flurry drives FTSE higher
The FTSE 100 inched higher as a raft of London stocks were buoyed by takeover deals and speculation.
The City’s multinationals also benefited from a weaker session for the pound with London’s top index finishing 6.47 points, or 0.08%, higher to end the day at 8,281.22.
n Europe, the other main indexes rebounded despite concerns over volatility in the French economy. Activity also benefited from the closure of the US markets for Thanksgiving. The Cac 40 ended 0.51% higher for the day and the Dax index was up 0.84%.
Weather outlook…
Today will have a cold, frosty start with icy patches in many areas.
Wintry showers and snow are likely in northern and coastal regions, with clearer, calmer weather by afternoon.
Temperatures will range between 1°C and 6°C, with subzero lows overnight. Winds will gradually ease throughout the day.
