Direct Line issues profit warning as inflation drives up cost of claims Insurer’s shares fall as higher used car prices, costlier parts and longer repair times weigh on business Direct Line shares were the biggest faller on the FTSE 250 on Monday. Photograph: M4OS Photos/Alamy Direct Line shares were the biggest faller on the FTSE… Continue reading Direct Line issues profit warning as inflation drives up cost of claims
Author: The Guardian Online News
Aston Martin raises £650m as Saudi Arabia takes a stake
Aston Martin raises £650m as Saudi Arabia takes a stake British manufacturer has been unable to generate cash to invest in new models and electric technology Aston Martin has struggled with delays to its Valkyrie hypercar. Photograph: Pierre Albouy/Reuters Aston Martin has struggled with delays to its Valkyrie hypercar. Photograph: Pierre Albouy/Reuters Aston Martin Lagonda… Continue reading Aston Martin raises £650m as Saudi Arabia takes a stake
Decision on sale of UK’s biggest chip maker to Chinese-owned firm delayed
Decision on sale of UK’s biggest chip maker to Chinese-owned firm delayed New national security legislation used to allow more time to scrutinise £63m deal for Newport Wafer Fab The business secretary, Kwasi Kwarteng, launched an inquiry into the takeover by Nexperia, a Dutch firm wholly owned by China’s Wingtech. Photograph: Vlad Deep/Alamy The business… Continue reading Decision on sale of UK’s biggest chip maker to Chinese-owned firm delayed
UK economic outlook ‘very uncertain’, warns Bank of England, as recession fears hit markets –as it happened
20h ago11.01 Closing summary Time for a quick recap. The economic outlook has “deteriorated materially”, the Bank of England has warned, as pressures including the Russian invasion of Ukraine hit households and families. In its latest Financial Stability Report, the BoE said: The Russian invasion of Ukraine could cause more disruption to global energy and… Continue reading UK economic outlook ‘very uncertain’, warns Bank of England, as recession fears hit markets –as it happened
UK new car sales fall to lowest level in June since 1996 amid chip shortages
UK new car sales fall to lowest level in June since 1996 amid chip shortages Rising costs push up prices and drivers wait more than 12 months to take delivery of some models People viewing cars on the forecourt at a car showroom. Photograph: Jacob King/PA People viewing cars on the forecourt at a car… Continue reading UK new car sales fall to lowest level in June since 1996 amid chip shortages
Electric cars sold in UK passes half a million despite supply chain issues
Electric cars sold in UK passes half a million despite supply chain issues A fifth of the electric cars on British roads were made by Tesla, the US electric car pioneer Carmakers have started to produce electric cars in large volumes to meet tightening regulations on carbon dioxide emissions. Photograph: Murdo MacLeod/The Guardian Carmakers have… Continue reading Electric cars sold in UK passes half a million despite supply chain issues
Labour pledges to create 30,000 jobs at electric car battery gigafactories
Labour pledges to create 30,000 jobs at electric car battery gigafactories Party makes promise amid reports UK is falling behind European rivals in production capacity for EVs Workers at the Envision cell manufacturing area for electric batteries produced for the Nissan Leaf car in Sunderland. Photograph: Richard Saker/The Observer Workers at the Envision cell manufacturing… Continue reading Labour pledges to create 30,000 jobs at electric car battery gigafactories
EU’s electric vehicle drive leaves supercars at the back of the grid
EU’s electric vehicle drive leaves supercars at the back of the grid None of the 22,000 luxury fast cars sold in 2021 were fully electric but with the 2035 fuel ban sports carmakers must change, fast A Lamborghini Sian, a hybrid electric supercar. Photograph: Top Gear/BBC Studios/PA A Lamborghini Sian, a hybrid electric supercar. Photograph:… Continue reading EU’s electric vehicle drive leaves supercars at the back of the grid
Tesla hit by new lawsuit alleging racial abuse
Tesla hit by new lawsuit alleging racial abuse Fifteen black former or current employees allege they faced racial abuse and harassment at carmaker’s factories The body of a Tesla Model S is transported by an automated crane at the carmaker’s factory in Fremont, California. Photograph: Stephen Lam/Reuters The body of a Tesla Model S is… Continue reading Tesla hit by new lawsuit alleging racial abuse
Sunak to consider fuel duty cut amid claims petrol prices are ‘pump fiction’
Sunak to consider fuel duty cut amid claims petrol prices are ‘pump fiction’ Chancellor to examine further reduction as AA claims pump prices do not reflect lower wholesale costs Rishi Sunak cut fuel duty by 5p a litre in March, but petrol prices have not fallen accordingly. Photograph: Finnbarr Webster/Getty Images Rishi Sunak cut fuel… Continue reading Sunak to consider fuel duty cut amid claims petrol prices are ‘pump fiction’