6:50 am, October 8, 2024
Shell’s refining margins tumble amid faltering demand
Shell has revealed a steep fall in quarterly profit margins in its oil refining business amid a slowdown in demand globally.
The energy major said its indicative refining margins fell to $5.50 (£4.19) a barrel in the quarter to September 30, down from $7.70 (£5.87) a barrel in the second quarter.
Oil refining businesses such as Shell’s have suffered a downturn in global demand recently across both consumer and industrial sectors.
Average UK house price ‘just shy of record high’ in September
The average UK house price last month was just over £100 away from a record high, according to an index.
The typical property value in September was £293,399, just £108 below a record high of £293,507 set in June 2022, Halifax said.
House prices increased by 0.3% month-on-month in September, matching a rise seen in August. Year-on-year price growth accelerated to 4.7%, from 4.3% in August.
John Lewis chief executive to step back next year as role to be scrapped
ohn Lewis Partnership boss Nish Kankiwala is to step back from the role of chief executive following the appointment of new chairman Jason Tarry at the helm, the group has announced.
The employee-owned retailer, which runs the department store chain and Waitrose supermarket arm, said Mr Kankiwala will revert to the role of non-executive in March next year and the post will be scrapped.
Mr Tarry – a former Tesco UK boss who took over as chairman of the group from Dame Sharon White on September 16 – will lead both the board and day-to-day running of the group after a handover with Mr Kankiwala.
Plans to invest £500m to build hundreds of electric buses announced by operator
Bus operator Go-Ahead has announced plans to invest half-a-billion pounds to build hundreds of UK-made electric buses to decarbonise its fleet.
The firm’s investment is expected to support 500 manufacturing jobs as well as create a dedicated manufacturing line and partnership with Northern Ireland-based bus maker Wrightbus.
Plans involve funding up to 1,200 new zero-emission buses over the next three years to help accelerate the transition to greener transport in areas such as Plymouth, Gloucestershire, East Yorkshire, London and the Isle of Wight.
McLaren’s W1 supercar arrives with 1,258bhp V8 hybrid powertrain and F1-inspired tech
McLaren has released the successor to its iconic F1 and P1 supercars – the W1.
Built ‘with McLaren’s World Championship mindset’, the hybrid W1 arrives with a number of Formula One-inspired touches and some next-level technology designed to enable it to go as quickly as possible.
Limited to just 399 vehicles, the W1 will cost £2 million in the UK and all models are, according to McLaren, allocated to owners already. The car’s release date – October 6, 2024 – comes on the 50th anniversary of McLaren’s first Formula 1 Drivers and Constructors World Championships with Emerson Fittipaldi behind the wheel.
Monday on Car Dealer
Used Car Awards 2024 Nominations List: Is your business in the running for a top award?
The first cut for the Used Car Awards 2024 is now complete, with the nominations list revealed. This phase involves moving to the mystery shopping stage, where dealerships will be assessed through calls, emails, and in-person visits. Winners will be announced at the awards ceremony on November 25 at The Brewery in London, hosted by Mike Brewer. The event is black-tie, featuring a three-course dinner, and tickets are available now.
Video: I’ve opened a used car dealership – now things have got rather real
The Clever Car Collection has taken a significant step forward by moving into a physical unit. After selling 45 cars from home, founder James and new business partner Joe Wallington have set up in a workshop-style unit at a local business centre. The move has streamlined operations, improving efficiency for prepping, photographing, and storing vehicles. While AI plays a role, James admits it hasn’t provided the time-saving breakthroughs he hoped for yet.
Profits at Cathedral Motor Company fall to £1.3m in 2023 with vehicle sales margins shrinking
Cathedral Motor Company Limited, trading under the Arbury name, posted a £1.3m profit before tax in 2023. While turnover slightly increased from £183.8m to £188.8m, profits declined from £3m to £1.3m, largely due to shrinking gross margins and increased operational costs. The company sold 4,359 new and 4,701 used vehicles, with aftersales profitability increasing by 3.1%, driven by higher service hours and parts sales. Directors cited inflation, interest rates, and supply chain challenges as contributing factors to the financial pressures.
EU countries vote to impose import duties on Chinese EVs if trade stand-off isn’t resolved
The European Union plans to impose import duties on Chinese electric vehicles from October 31, unless a trade resolution is reached. These duties aim to counteract what the EU sees as unfair Chinese subsidies that allow their EVs to undercut European competitors. Germany and Hungary oppose the measures, fearing economic fallout and trade conflicts. The UK is exempt from these tariffs.
Kia’s Pride EV is a one-off ‘restomod’ anniversary celebration
Kia has celebrated its 80th anniversary with a unique battery-powered take on its iconic Pride hatchback.
Called the ‘Pride EV’, the ‘restomod’ vehicle has been converted to run entirely on battery power by EV specialists Electrogenic.
Revealed at the most recent Bicester Heritage Scramble event, the Pride EV gets all of the same plus points as a modern electric vehicle but retains the original car’s boxy dimensions and classic interior.
It’s the Pridev! Full Electrogenic-powered Kia. Power modes inside and a very spangly paint job. Love the green seat piping too pic.twitter.com/yJe9yMO3IZ
— Jack Evans (@jackrober) October 6, 2024
NHS workers in England vote to accept 5.5% pay award
Tens of thousands of NHS workers in England, including ambulance crews, have voted to accept the Government’s 5.5% pay award.
The GMB union said 60% of its members backed the increase in a ballot.
Rachel Harrison, GMB national secretary, said: ‘GMB members working across the NHS and ambulance service in England have welcomed this first step towards restoring their pay to pre-austerity levels.’
The markets
London’s FTSE 100 has moved higher after a mixed day of trading for global markets, while the pound has dropped to a three-week low against the US dollar amid expectations of further interest rate cuts.
Banks and oil giants were helping lift the FTSE 100 on Monday, which moved up 22.99 points, or 0.28%, to close at 8,303.62.
It was a mixed session for other European stock markets, with Germany’s Dax down 0.09%, and France’s Cac 40 closing 0.46% higher.
Weather outlook…
The UK is today expected to experience typical autumn weather with cooler temperatures and frequent rain, particularly in western regions.
England and Wales will see temperatures between 8°C and 15°C, while Scotland and Northern Ireland will experience cooler conditions, with rain showers common.
Occasional sunny spells may break through, especially in the southeast.
