Closing post
Time to wrap up….
Sales of new Tesla cars slumped by 59% year-on-year in the UK last month, but Chinese carmakers led by BYD reported big jumps in UK sales.
BYD sales quadrupled year on year to reach 3,200 in July, even as overall sales of all types of car declined by 5% to 140,000, according to data published on Tuesday by the Society of Motor Manufacturers and Traders (SMMT), a lobby group.
Former star stock picker Neil Woodford and his investment management company have been fined almost £46m by the UK’s financial regulator over the collapse of his popular equity fund.
The Financial Conduct Authority (FCA) has given Woodford a penalty of £5.89m and banned him from holding senior manager roles and managing funds for retail investors and fined Woodford Investment Management (WIM) £40m.
Donald Trump has attacked Jaguar Land Rover’s divisive rebranding strategy, hours after Britain’s largest carmaker announced its new boss.
Trump posted on his Truth Social platform that the auto company, owned by India’s Tata Motors, was “in absolute turmoil” and claimed that the “CEO resigned in disgrace”.
The UK’s dominant service sector has reported its biggest drop in new orders in almost three years in July, adding to pressure on the Bank of England to cut interest rates on Thursday.
The oil and gas group BP is launching a fresh cost-cutting scheme, despite reporting better-than-expected profits, as it tries to do more for its shareholders to fend off pressure from activist investors.
The fossil fuel company said it would begin a fresh review of its business when its new chair, Albert Manifold, joins the board in September.
Awkwardly, a rival survey of America’s services sector paints a darker picture.
According to the Institute of Supply Management, US service sector firms barely grew in July as Donald Trump’s trade wars pushed up costs, and led to job losses.
The ISM’s service sector PMI has dropped to 50.1% last month from 50.8% in June, a level that shows growth almost petered out.
One company, in the Agriculture, Forestry, Fishing & Hunting sector, told ISM:
“Higher tariffs are increasing the cost of imported feed ingredients and trace minerals for livestock and poultry feeds. Business and customer concerns over additional cost risk due to additional tariffs.”
