Volkswagen ‘stepping up the pace’ of China transformation as profits dip July 27, 2023 Volkswagen saw revenue growth of 18 per cent to €156.3bn (£134.3bn) in its half-year results, as chip shortage supply chain issues eased and the group ramped up its EV production. However, this was not enough to offset a year-on-year dip in operating profits, which came in at €11.3bn (£9.69bn) down from €13.2bn (£11.32bn). The German [...]
Nissan and Renault reach alliance deal as China struggles mount July 26, 2023 Nissan will invest up to $663m (£513m) in Renault’s new electric vehicle unit, the automakers said on Wednesday, as they finalised terms of their restructured partnership after months of negotiation clouded by tension. Sealing the deal is likely to be seen as a positive. Talks between the two had dragged on months longer than expected, due [...]
A chief exec pay boost won’t make up for ministers failing to stick up for scale-up firms July 26, 2023 Adding an extra zero onto chief executives’ salaries won’t restore the London Stock Exchange to its former glory.
FTSE 100 close: Unilever helps London index squeeze out gains as traders eye Fed and ECB July 25, 2023 London’s FTSE 100 has squeezed out gains in a busy day of company announcements ahead of the summer slow down. The capital’s premier index edged 0.17 per cent higher to 7,691.81 points, while the domestically-focused mid-cap FTSE 250 index, which is a better reflection of the health of the UK economy, was broadly flat at [...]
London Metal Exchange names new chief executive for clearing house as court verdict looms July 25, 2023 The London Metal Exchange has made fresh changes to its senior team, announcing a new chief executive for its clearing house.
UK recession risk just got a whole lot lower after inflation undershoot July 25, 2023 From the Bank of England to recession warnings, Jack Barnett gets under the skin of Britain’s economy in his weekly column Bank of England Governor Andrew Bailey would not have been the only person in the City last week breathing a sigh of relief after the better than expected inflation numbers. It was the first [...]
Elon Musk bids adieu to the Twitter bird as social media giant rebrands to ‘X’ July 24, 2023 Twitter owner Elon Musk revealed the social media giant will bid farewell to its famous blue bird, as a new “X” logo was unveiled this week, in a bid to transform it into an “everything app”. The billionaire Tesla boss announced the revamp, tweeting his desire to “bid adieu” to the Twitter brand and, gradually, [...]
Andy Silvester on market optimism, US wages and a real-life summer thriller July 20, 2023 Bulls are not regularly seen on the streets of the Square Mile, especially recently. It has been all too easy on my recent travels to find people casting their eyes downward when asked about the City’s prospects, as if the irritatingly grey July skies are dimming optimism before the summer holidays. What’s interesting is that [...]
Confirmed: Jaguar owner Tata to build £4bn battery factory in the UK July 19, 2023 Jaguar Land Rover’s owner has confirmed it will invest £4 billion to build a gigafactory in the UK, in a major boost for the British automotive sector and following months of speculation. Tata Group – the Indian conglomerate who have owned JLR since 2008 – said that its investment in the new 40GWh battery plant [...]
The West is now awake to the critical minerals race, says Rio Tinto boss July 18, 2023 Governments across the West have woken up to the urgency needed to secure essential metals and minerals, Rio Tinto's chief executive has said.