6:53 am, September 10, 2024
Government finalising £500m rescue package for Tata’s Port Talbot plant
The government is working to finalise a rescue deal worth £500m for Tata Steel’s Port Talbot plant this week, following the closure of its blast furnaces, according to reports.
The package of support had been drawn up by the previous Conservative government. It was set to aid Tata with its plans to build an electric arc furnace, replacing the existing coal-powered process, under ambitions to switch to a more environmentally-friendly form of production.
The Indian steelmaking giant said it would invest £750m in building the furnace, alongside funding a support package for the employees expected to be made redundant during the transition. Some 2,800 jobs losses are expected as a result of closing down two blast furnaces at its major plant in South Wales, the first of which was shut in July.
‘Game over’ for TGI Fridays’ UK owner Hostmore as shares plummet 90%
TGI Fridays’ UK owner Hostmore is set to be wound down in a move that could wipe out its shareholders, after revealing it had dropped plans to buy the US restaurant chain for £177m.
Shares in the London-listed company tanked by more than 90% following the announcement on Monday. Hostmore, a hospitality firm which runs 87 restaurants in the UK, is in the process of selling its UK restaurants to new owners, as it looks to become a fully franchise-operated model.
But the company revealed that it was not expecting to ‘recover any meaningful value’ from the sale of stores, which is likely to amount to less than it owes to creditors and banks.
Nissan confirms 429bhp Ariya Nismo for the UK
Nissan’s recently announced Ariya Nismo will go on sale in the UK early next year, the brand has confirmed.
While Nissan had stated that the Nismo name would be returning on the brand’s Ariya electric SUV, it hadn’t confirmed any of the car’s performance details or if UK buyers would be able to purchase one – until now, that is.
The Ariya Nimso uses a tweaked version of the standard car’s e-4orce four-wheel-drive system, with a new 60:40 rear bias. It also gets 429bhp (128bhp more than the standard car), upgraded suspension and regenerative braking, and a host of Nismo badges and styling details. It’ll go on sale in January.
The markets
London’s top stock indexes rallied on Monday as UK multinationals were supported by the weaker pound.
The FTSE 100 finished 89.37 points, or 1.09%, higher to end the day at 8,270.84. The French Cac 40 rising despite Gucci owner Kering dropping to a seven-year low amid fears of weak demand in China; the Cac 40 ended 0.99% higher for the day and the Dax index was up 0.77% at the close.
The pound was down 0.3% at 1.309 US dollars, and was up 0.07% at 1.185 euro.
Around 1,700 prisoners to be freed from jail early amid reoffending warning
Thousands of prisoners are set to be released early on Tuesday after the prisons watchdog warned it is ‘inevitable’ some will reoffend.
Around 1,700 prisoners in England and Wales are expected to be let go on Tuesday before their sentences are served in a bid to cut overcrowding, in addition to the around 1,000 prisoners normally freed each week.
Downing Street said the policy had to be brought in to avoid ‘unchecked criminality’ where the police and courts are unable to lock anyone up because there were no places available. The prisons watchdog said that the government ‘had no choice but to do something’ about overcrowding.
Watchdog calls on Oasis and Ticketmaster to refund fans hit by inflated prices
Consumer group Which? has called on Oasis and Ticketmaster to ‘do the right thing’ and refund fans hit by inflated ticket prices.
Many fans were shocked by the price of standard tickets for the reunion tour more than doubling from £148 to £355 on Ticketmaster amid surging demand, prompting the government and the UK’s competition watchdog to pledge they will look into the use of dynamic pricing.
Following the controversy, Which? asked Oasis fans to send in screenshots of the ticket-buying and checkout process to see if they were warned that ticket prices could surge due to high levels of demand. It said it received dozens of screenshots from fans who had tried to buy tickets – both before and after prices increased – none of which showed a warning message that Ticketmaster would increase prices during the sale.
Monday on Car Dealer
Why used car dealer Cazoo failed – Podcast Live guests have their say on big collapse
At the Car Dealer Podcast Live, Mike Brewer, Estelle Miller, and Sean Kelly discussed the collapse of Cazoo, highlighting its mistakes such as over-investing in its own stock, excessive sponsorship spending, and neglecting customer relationships. Cazoo’s founder, Alex Chesterman, was criticized for his dismissive attitude toward the traditional motor trade and his flawed business approach.
John Clark Motor Group breaks £1bn turnover barrier but pre-tax profit sinks by almost 10%
John Clark Motor Group’s pre-tax profit fell by 9.7% in 2023 despite turnover exceeding £1bn. Revenue rose 13%, driven by increased new and used car sales and aftersales growth. Challenges included adverse market pricing, supply delays, and higher costs, but the company maintained strong financial resources and continued investment in staff.
Zapmap boss defends public charging network but admits improvements are still needed
On this week’s Car Dealer Podcast, Zapmap boss Melanie Shufflebotham acknowledged improvements in the UK’s public EV charging network but highlighted that legacy chargers still cause reliability issues. Although some providers achieve 99% reliability, user concerns persist, and ongoing improvements are needed to enhance the charging experience. Listen to the podcast by clicking the link above.
‘My knight in shining armour’: Used car salesman jumps in to help stranded pensioner
A car salesman was praised as a ‘knight in shining armour’ after helping 73-year-old Margaret Cochrane, whose car ran out of fuel en route to visit her husband in hospital. The salesman drove her to a petrol station in a Jaguar, restoring her faith in people’s kindness.
Calls for ‘battery ecosystem’ to drive consumer confidence in EVs and boost RVs
David Gray of EV Battery Solutions has emphasised the need for a robust EV battery ecosystem to support rising EV numbers, improve consumer confidence, and maintain residual values. Key strategies include battery health monitoring, comprehensive lifecycle management, recycling, and technician training to ensure efficient and sustainable battery use.
Weather
A windy and cool day, reports BBC Weather, and spells of rain for South Wales, southern England and parts of the Midlands. It’ll feel very cold in more exposed parts due to a strong blast of chilly air from the north west. Highs of 18 degrees.
Rain will clear tonight to leave a chilly night for all.
