Sainsbury’s ends talks to sell Argos to China’s JD.com

Sainsbury’s has ended its talks to sell Argos to Chinese e-commerce giant JD.com.

On Sunday the supermarket giant confirmed it had ‘terminated’ discussions over a potential sale.

It said talks had collapsed as JD.com’s terms and commitments are ‘not in the best interests of Sainsbury’s shareholders, colleagues and broader stakeholders’. It comes just 24 hours after announcing it was seeking a deal that could ‘accelerate Argos’ transformation’.

Interest rates could remain at 4% until 2026, economists say

UK interest rates are set to be held at 4% until 2026 as lingering concerns about the economy prompt policymakers to act cautiously, economists have said.

The Bank of England’s Monetary Policy Committee (MPC) will announce its latest decision on Thursday.

The central bank is widely expected to keep rates at 4% after cutting them from 4.25% in August. Economists believe the MPC may avoid cutting rates at meetings in November and December, meaning the figure could be kept on hold until February.

Lotus Elise gives inspiration for new British lightweight performance car

A British firm has reimagined the famous Lotus Elise with a new lightweight model.

Thirty years since the original Lotus Elise was launched, the VHPK has been created by West Sussex outfit Analogue Automotive as ‘an uncompromising limited-edition production driver’s machine inspired by the spirit of the original’.

The firm already creates a Lotus Elise-inspired model – the Supersport – which utilises a reworked chassis and uprated suspension. The VHPK, however, is expected to take the performance of this car one stage further while shedding even more weight. Just 35 examples will be made.

The markets

Blue chips ended the week in subdued fashion, giving up early gains, as tepid UK economic growth data and a drop in US consumer sentiment weighed on the mood.

The FTSE 100 index closed down 14.29 points in Friday, 0.2%, at 9,283.29. It had earlier traded as high as 9,340.7. The FTSE 250 ended 68.35 points lower, 0.3%, at 21,625.40 while the AIM All-Share finished up 1.34 points, 0.2%, at 768.44.

The pound eased to 1.3551 US dollars late on Friday afternoon in London, compared to 1.3578 dollars at the equities close on Thursday.

Starmer faces challenging week amid Mandelson fallout and frustrated MPs

Sir Keir Starmer is facing a challenging week amid the fallout from the sacking of Lord Mandelson and frustrations from MPs while he navigates Donald Trump’s state visit.

The prime minister is still facing questions over when he and No 10 knew the details of emails published last week that showed the Labour grandee sent supportive messages to paedophile financier Jeffrey Epstein even as he faced jail for sex offences. And Angela Rayner’s resignation over her tax affairs still looms large as the race to replace her as deputy Labour Party leader takes off.

It comes as the US President is set to arrive for a state visit that Downing Street said would see the ‘“unbreakable friendship’ between the UK and US ‘reach new heights’.

Food inflation to hit 5.7% as suppliers can ‘no longer absorb’ costs, FDF warns

Food and drink inflation could climb to 5.7% by the end of the year thanks to cost pressures on manufacturers ‘trickling down’ to supermarket shelves, a leading industry body has warned.

The Food and Drink Federation (FDF) said current prices were ‘steeper than anything in recent decades’.

The group – whose members make a quarter of all food and drink sold in the UK – is now projecting inflation to reach 5.7% by December, having previously forecast the rate to be at 4.9% in September and 4.8% in December.

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JLR plants shut down will continue

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Weather

A very windy day across much of the UK south of southern Scotland, with gales on western and southern coasts, reports BBC Weather. Showers and rain affect many areas, heaviest in the north, while the south and east stay drier.

Overnight, strong winds continue with gales; showers mainly in the northwest.

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