News Round-Up

Oct 25: Recession warning; Bankers bonuses; JLR opens EV testing centre; Lando’s Jolly sale

  • Here are the headlines on Wednesday, October 25

Time 6:50 am, October 25, 2023

Israel rejects calls for ceasefire at major UN meeting and vows to destroy Hamas

Israel has vowed again to destroy Hamas, rejecting calls from the United Nations chief, the Palestinians and many countries at a high-level UN meeting for a ceasefire, and declaring that the war in Gaza is not only its war but ‘the war of the free world’.

Foreign minister Eli Cohen also dismissed calls for ‘proportionality’ in the country’s response to Hamas’s surprise attacks on Israel on October 7 which killed 1,400 people and has since led to more than 5,700 Palestinian deaths in the Gaza Strip, according to its Health Ministry.

‘Tell me, what is a proportionate response for killing of babies, for rape (of) women and burn them, for beheading a child’ he asked. ‘How can you agree to a ceasefire with someone who swore to kill and destroy your own existence?’

Recession ‘cannot be ruled out’ as business activity falls again

Activity in the UK’s private sector has fallen for the third consecutive month, leading economists to warn that a recession ‘cannot be ruled out’.

Influential new economic data shows that firms broadly saw a decline in output this month, with falls for both the services and manufacturing industries.

The closely-followed S&P Global/CIPS flash UK purchasing managers’ index (PMI) reported a reading of 48.6 for October, edging slightly higher than the 48.5 figure seen in September.

Bankers bonus cap scrapped in post-Brexit shake-up

A cap on bonuses for bankers is set to be scrapped in a bid to make the UK a more attractive financial hub post-Brexit, financial regulators have ruled.

It prompted critics including the Labour Party to attack the ‘out of touch’ move as households grapple with higher bills and living costs.

The decision will remove the limit on bankers’ annual payouts from the end of October, the Financial Conduct Authority (FCA) and Bank of England’s Prudential Regulation Authority (PRA) said.

JLR creates new £250m EV testing site in Coventry

JLR has unveiled a new £250m testing facility in Coventry that will help the carmaker launch a series of new electric vehicles.

The ‘Future Energy Lab’ is a facility located at JLR’s Whitley Engineering Centre and it’s where the firm will develop its next generation of electric motors.

It even includes ‘extreme-weather climate chambers’ which can replicate harsh conditions and plunge components into temperatures ranging from -40 to up to 55 degrees Celsius.

Find out more here.

Sunak makes it to one year as PM, but any celebrations in No 10 will be muted

A year has come to be a long and treacherous road in politics, as witnessed by the turbulence of late. But Rishi Sunak has survived his first as Prime Minister.

Mr Sunak will have lasted more than seven times as long as Liz Truss’s fleeting tenure when he marks his first anniversary in No 10 today.

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But No 10 is eager to dispel suggestions that there will be celebrations of any kind as he faces entrenched unease among Tories, a stuttering economy and crises abroad.

Tuesday’s Car Dealer headlines you might have missed

Banks drag on FTSE 100 after Barclays share slump

The FTSE 100 finished higher on Tuesday, but underperformed compared to the rest of Europe’s top financial indexes as a weak showing by Barclays weighed on banking stocks.

London’s top flight moved 0.2 per cent, or 14.87 points, higher to finish at 7,389.7.

Across the Channel, the Dax index was 0.54 per cent higher for the day and the Cac 40 closed up 0.63 per cent.

Fiat 500 ‘Jolly’ owned by Lando Norris heads to auction

A 1972 Fiat 500 Jolly currently owned by McLaren F1 racing driver Lando Norris is heading to auction this month.

Norris has been seen regularly driving the Jolly around the streets of Monaco and now the convertible classic is heading under the hammer with an estimate of between £28,000 and £33,000.

Believed to the first car that Norris bought with his own money, the Jolly is estimated to be one of just 650 original examples ever made with its rarity causing many owners of ‘standard’ Fiat 500s to convert them into the same open-air setup as a result.

Sir Ian McKellen leads tributes to theatre and film producer Bill Kenwright

Sir Ian McKellen has led the tributes to theatre and film producer Bill Kenwright, saying that showbusiness ‘will be dimmer now he has gone’.

The Everton FC chairman died at the age of 78 “surrounded by his family and loved ones”, according to an official statement posted on the club’s website.

Theatre and film production company Bill Kenwright Limited said in a statement published on Tuesday that he had died following a ‘long battle with illness’ and ‘passed away peacefully last night’.

Heavy rain could cause travel delays, Met Office warns

Heavy overnight rain could bring disruption to transport across the south of England and Wales, forecasters have warned.

The Met Office issued a yellow weather warning for rain from 6pm on Tuesday until 10am on Wednesday.

Met Office forecaster Craig Snell said the wet weather meant there was ‘potential for travel delays and poor driving conditions’ throughout this morning.

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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