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Evening Standard
Melrose to spin off GKN’s automotive arm in break-up of engineering group
Turnaround specialist Melrose Industries has confirmed plans to spin off the GKN automotive business in a move that will see one of Britain’s oldest engineering firms broken up.Melrose, which bought GKN in a controversial £8 billion takeover in 2018, said it will demerge GKN’s automotive and the smaller powder metallurgy divisions from its aerospace arm …
Business
Evening Standard
Primark owner AB Foods set for profit fall next year amid cost-of-living crunch
Primark owner Associated British Foods (AB Foods) has warned that profits are set to fall next year amid soaring costs at the value fashion brand and pressure on customer budgets.The consumer group told investors on Thursday morning that it expects profit margins in the Primark business to decline in the face of “volatile” energy costs …
Business
Sky News
Primark rules out further price increases ahead to protect sales in tough economy
Primark has ruled out further price increases “beyond those already actioned and planned”, in a bid to protect sales in the tough economy.The discount retailer’s parent firm Associated British Foods (ABF) made the announcement as it warned of lower group profits for its next financial year, which begins later this month. The company said that …
Business
Evening Standard
Rail union leader Mick Lynch to appear on BBC’s Have I Got News For You
Rail union leader Mick Lynch is to appear on BBC’s Have I Got News For You, cementing his popularity since he was thrust into the spotlight because of recent strike action.The general secretary of the Rail, Maritime and Transport union will be a panellist on the programme on September 23,Mr Lynch has become a media …
Business
Sky News
Royal Mail workers to stage further two-day strike in pay dispute
Royal Mail workers are to stage a further 48-hour strike starting at the end of this month in a dispute over pay and conditions. The Communication Workers Union (CWU) said on Twitter: “We have today called a further two days (of strike action) on 30 September and 1 October over attacks on terms and conditions.” …
Business
Sky News
Cineworld files for bankruptcy protection in the US
Cineworld Group has filed for bankruptcy protection in the US, as the debt-laden business seeks time to restructure.The British company said it has filed for Chapter 11 – a type of US bankruptcy which means it will be allowed to stay in business while it tries to bounce back from its problems. The world’s second-biggest …
Business
Sky News
Sterling plunges to lowest level against US dollar since 1985
The British pound has hit its lowest level against the US dollar in almost four decades.Just after 2pm on Wednesday, sterling fell to $1.1407, according to Refinitiv data – its lowest point since 1985. The pound has lost more than 15% against the dollar so far this year, hurt by both the dollar’s strength and …
Business
Sky News
Government borrowing: How much is too much? | Ian King
Liz Truss is planning a massive intervention aimed at insulating households and businesses from the impact of surging energy prices.No costings have yet been given – but the implication is that it will involve spending at least £100bn, which, in all probability, would be raised in higher government borrowing given the new prime minister’s aversion …
Business
Sky News
EU plans cap on Russian gas in retaliation for Ukraine war
The European Union appears set for a new showdown with Russia over gas supplies.The bloc has revealed plans for a price cap on Russian gas imports in retaliation for the war in Ukraine and measures to help member states cope with the energy squeeze. European Commission (EC) president Ursula von der Leyen laid out five …
Business
Sky News
EU plans cap on Russian gas in retaliation for Ukraine war
The European Union appears set for a new showdown with Russia over gas supplies.The bloc has revealed plans for a price cap on Russian gas imports in retaliation for the war in Ukraine and measures to help member states cope with the energy squeeze. Ursula von der Leyen, the president of the European Commission, laid …
Business
Business Live
Bruntwood SciTech submits plans to create 1,600 jobs at Alderley Park
Plans have been submitted for a major development at Alderley Park in Cheshire that have space for 1,600 jobs. Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, is behind the proposals to deliver two new buildings for lab and office space, totalling around 200,000 sq ft. Subject to permission being granted, …
Business
Evening Standard
Barratt scores £1 billion profit as house prices set new records
Barratt Developments has reported annual profit of over £1 billion for the first time in results published on the day average house prices reached fresh records in London and the UK.The landmark profits came at a time when the industry is bracing for the impact of sustained increases in interest rates and the higher mortgage …

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