6:53 am, September 5, 2024
Damning end to Grenfell inquiry
Deputy prime minister Angela Rayner is expected to face questions from broadcasters this morning about the next steps ministers will take following the damning conclusion of the seven-year probe into the Grenfell Tower block fire.
The deaths of all 72 people in the 2017 blaze in west London were avoidable and had been preceded by ‘decades of failure’ by governments, other authorities and the building industry, inquiry chairman Sir Martin Moore-Bick’s report concluded yesterday.
The tower block was covered in combustible products because of the ‘systematic dishonesty’ of firms that made and sold the cladding and insulation, he added, with cladding company Arconic and insulation firms Kingspan and Celotex coming in for particularly heavy criticism.
Burberry booted off FTSE 100 after 15 years as share price slumps
Burberry has been kicked off the FTSE 100 after 15 years on the UK’s top stock market index, after a bruising year for its share price amid a luxury retail slump.
The price of its shares has fallen by about 50% over the past six months, reaching lows not seen since 2010. It was down 4.53% at 623.2p yesterday.
The historic British brand – known for its check print and trench coats – will drop to the FTSE 250 index on September 23 as a result of the latest reshuffle on the London Stock Exchange, which has also seen insurer Hiscox promoted to the top index.
M&S targets further growth amid strong momentum in clothing and home
Marks & Spencer has said it can increase its fashion and homeware business further on the back of strong online momentum, as bosses hailed ‘the beginnings of a new M&S’.
The high street stalwart has seen sales bounce higher over the past year amid the continued revival of its clothing arm.
Launching its latest autumn/winter collection, M&S clothing and home managing director Richard Price said the perception of its style and quality had improved among shoppers in recent years but he believed there was still potential for further growth.
Dynamic pricing to be examined by EC amid Oasis ticket furore
Surge pricing based on demand is set to be examined by the European Commission amid a backlash to Oasis concert prices soaring because of the practice.
Some fans of the rock band were shocked by standard tickets for their reunion tour more than doubling from £148 to £355 on Ticketmaster last weekend, prompting the government and the UK’s competition watchdog to pledge they will look into the use of dynamic pricing.
An acting spokesman for the European Commission said it was working on a ‘fitness check’ of EU consumer law on digital fairness, which it plans to adopt this autumn. The use of dynamic pricing will be part of this review, the PA news agency understands.
Boy to appear in court charged with murder of 80-year-old in park
A 14-year-old boy is due to appear at Leicester Youth Court later today after being charged with the murder of an 80-year-old grandfather who was killed in a park assault.
A murder investigation was launched after Bhim Kohli died on Sunday evening after being seriously injured near the entrance of Franklin Park in Braunstone Town, Leicestershire, just seconds away from his home.
Five children – a boy and a girl aged 14 and one boy and two girls aged 12 – were arrested on suspicion of murder but four were released without further action.
UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC
Britain’s economy is set to grow faster than expected this year – but is not ‘heading into the fast lane’ yet as uncertainties continue to weigh, according to a report.
The British Chambers of Commerce (BCC) has upgraded its UK growth forecast to 1.1% in 2024, up from the 0.8% previous projection.
It kept its forecast unchanged for 2025 at 1% but upgraded the prediction for 2026 to 1.1% from 1% previously.
UK parents ‘too embarrassed’ to give friends a lift because of messy car – survey
Close to half of UK motorists with children have admitted to feeling too embarrassed to offer their friends a lift because of the kid-made mess in their cars, a new survey has suggested.
The study of 2,000 drivers, conducted by Skoda, also found that 29% of them wouldn’t want a relative to get in the back of their car, while close to one in 10 wouldn’t want to park at work for fear of colleagues seeing inside it.
One of the biggest mess-making culprits was crisps, according to the study, followed by drinks and biscuits. Toy slime was also named within the top 10 of mess-making products.
Rembrandt painting found in attic sells for more than a million dollars
A Rembrandt discovered in an attic has been sold to a European collector for $1.4m (circa £1.06m) at an auction in Maine.
The 17th-century painting, Portrait Of A Girl, by the Dutch master was discovered by art appraiser and auctioneer Kaja Veilleux in an attic in an estate in Camden, Maine.
The painting had been in private family ownership since the 1920s and stayed with the family after being displayed in Philadelphia, the auctioneers said. The owner wasn’t identified and it’s a mystery as to how it ended up in the attic.
Yesterday on Car Dealer
Cazoo, Chinese EVs and ZEV mandate among topics up for debate at Car Dealer Podcast Live
The ZEV mandate, collapse of Cazoo and recent influx of new EV brands were just some of the topics up for debate at yesterday’s inaugural Car Dealer Podcast Live. The special event, sponsored by Motorway, saw the Car Dealer team each pick what they considered to be biggest story of 2024. They were joined on the podcast by EV Experts’ Estelle Miller, Vines BMW MD Sean Kelly and Wheeler Dealer Mike Brewer.
Boost for used car dealers as Carwow launches Auto Express marketplace
Carwow and Auto Express have partnered to provide used car dealers with more stock by integrating Carwow’s Sell My Car service into Auto Express. This allows cars listed by private sellers on Auto Express to be auctioned on Carwow’s platform, giving dealers increased access to a larger volume of fresh used stock.
Pinewood buys more than £3m of shares in automotive AI company Seez
Pinewood Technologies Group has invested $4.2m in Dubai-based AI company Seez, acquiring a minority stake. The deal includes a strategic partnership, giving Pinewood exclusive US distribution rights for Seez products, as Pinewood expands into the US market alongside Lithia Motors. Seez offers AI-driven e-commerce and omnichannel products in 16 markets.
Volvo ditches target of only selling purely electric cars by 2030
Volvo has revised its 2030 goal of selling only electric cars by then, and is now aiming for 90-100% of global sales to be either electric or plug-in hybrids, allowing some mild-hybrid models if necessary. The policy change has been blamed on slower charging infrastructure rollout, reduced government incentives and new EV tariffs.
Former Volkswagen boss faces up to 10 years in jail as trial over emissions rigging starts
Ex-Volkswagen CEO Martin Winterkorn faced court over charges of fraud and market manipulation linked to the dieselgate scandal, where VW used software to cheat emissions tests. Prosecutors allege Winterkorn knew about the software since 2014, but he denies it. If convicted, he could face up to 10 years in prison. The case continues.
Snows launches prize draw worth £17,500 to help car dealers woo customers
Snows is aiming to give car dealers a boost with a £17,500 prize draw for customers. The Car Dealer Top 100 firm is running a New Car Privilege Event that aims to increase sales to tie in with the new number plate. A range of exclusive deals and discounts will be available as well as the draw.
Dacia opens order books for new Duster SUV – and now it has a fully hybrid powertrain
The third-generation Dacia Duster is now available priced from under £19,000, making it one of the cheapest SUVs on the market. It offers various engines, including a new full hybrid. The updated design is more refined and it comes in four trims, with the entry model priced at £18,745.
Opinion: What can car dealers learn from the day that the Earth stood still?
Sponsored: The global IT failure on July 19 caused widespread disruption, highlighting our heavy reliance on technology. The issue, triggered by a software update from CrowdStrike, underscored the risks of cloud dependency. First Response Finance digital marketer Richard Pygott has some recommendations for car dealers in the wake of it.
Stocks and currency movements
London’s top index slid to its lowest level for three weeks yesterday as housebuilder and energy stocks were among the fallers.
The FTSE 100 finished 28.86 points down to end the day at 8,269.60. The Cac 40 closed 74.13 points down at 7,500.97, the Dax was down 155.26 points at 18,591.85, but the Dow Jones was up 38.04 points at 40,974.97.
Meanwhile, the pound was up 0.2% at $1.313 but was down 0.09% at €1.185.
Weather outlook
Today will see showery rain for some in southern England, heavy at times and moving into south Wales later, says BBC Weather. It’ll be cloudy and mostly dry in eastern Scotland and north-east England, while elsewhere will be dry with sunny spells.
On Friday, much of the UK will be dry with periods of sunshine. Spells of rain, heavy and thundery in the south-west, will move slowly north into southern Wales and parts of central England.
