Elon Musk’s Tesla under investigation over ‘rosy’ vehicle distance claims August 31, 2023 Federal prosecutors are looking into Tesla performance claims after suggestions the electric carmaker exaggerated the potential driving distance of its vehicles, the Wall Street Journal reported on Wednesday. Reuters reported in July that Tesla cars often fail to achieve their advertised range estimates and projections reported by the cars’ own equipment, citing experts who tested or studied [...]
‘No room for complacency’ on inflation: Bank of England’s Pill hints at 15th straight interest rate hike August 31, 2023 The Bank of England’s chief economist warned that there was “no real room for complacency” in bringing inflation down back to target, suggesting more rate hikes are in the offing. Speaking at a research conference in South Africa, Huw Pill said “inflation remains too high, well above target, and there is no real room for [...]
Car production surges by a third on EV demand as sixth month of growth signals recovery August 31, 2023 Car production in the UK surged in July, rising by nearly a third to mark its sixth consecutive month of growth and driven by a flood of electric vehicles (EV) entering the market. The latest figures from the Society of Motor Manufacturers and Traders (SMMT) showed 76,451 vehicles rolled off factory lines in the UK, [...]
Mike Ashley’s Frasers carves out 9.1 per cent stake in Boohoo as share price rises August 31, 2023 Mike Ashley’s Frasers Group has raised his stake in fast fashion firm Boohoo from 7.9 per cent to 9.1 per cent. The retail powerhouse, which owns Sports Direct and Frasers, had previously carved out a smaller stake in the company earlier this summer. The company previously said the move with Boohoo could lead to collaborations [...]
Klarna closes losses and touches monthly profit as cost-cutting drive bears fruit August 31, 2023 Buy-now pay-later giant Klarna has slashed its losses and touched profitability for the first time this year after rolling out a hefty cost-cutting programme and driving down the amount of customers defaulting on payments. In its half year report today, Klarna revealed it had closed its losses to SEK 2.115bn (£153m) from SEK 6.37bn last [...]
PensionBee: Fintech ‘well on track’ to hit profit as losses narrow by almost half August 31, 2023 PensionBee’s CEO said the the company was “well on track” to achieving its first profit, as a jump in invested customers helped it narrow losses. The London-listed fintechs’ pre-tax losses shrunk by nearly half in the first six months of the year, from £16.9m in 2022 to £9.2m. Assets under management shot up 38 per [...]
Credit Suisse takeover helps UBS to huge profit of £23bn as integration begins August 31, 2023 UBS reported a pretax profit of £22.8bn ($29.2bn) thanks to its takeover of long time rival Credit Suisse, as it confirmed it will controversially integrate the bank’s domestic lending. UBS’s pretax profit soared to $29.2bn, with the vast majority of this comprising a ‘negative goodwill’ of $28.9bn. ‘ Negative goodwill’ reflects the difference between the [...]
Business leaders call on ministers to cut tax on clean fuels to replace diesel August 31, 2023 Business leaders and environmental campaigners have called on the government to cut duties on clean replacements for diesel. In a letter to transport minister Jesse Norman, a group of more than 30 signatories warned of the “urgent imperative” to reduce harmful pollutants in the atmosphere. Industry leaders argued that the government should support cleaner fuels [...]
Ebike rental firm looks to capitalise on ULEZ with discount deal August 31, 2023 Drivers of polluting cars may have a new, two-wheeled option to get around the new £12.50 ULEZ charge after one of the city’s growing army of rental bike firms began offering a discount rate on its ebikes. Swapfiets – Dutch for swap bikes – has dropped the cost of monthly rental of its high-end ebikes [...]
To win back business, Sunak should tear up his current playbook August 31, 2023 Business and politics, politics and business. Dance partners, perhaps, but all too often to different tunes: whilst the private sector rips off a salsa the public sector can feel a lot more comfortable with a more staid two-step. Right now, however, it’s hard to get the two on the same floor, let alone dancing in [...]
