Business news live: FTSE 100 latest as Diageo report profits and UK strikes £19m pork deal with Mexico
Elsewhere, mortgage rates are starting to hot up again in anticipation of an interest rate cut from the Bank of England later this week. The likes of Nationwide and Barclays have been reducing two- and five-year deal terms, with hundreds of thousands of homeowners still set to renew their deals this year.
Meanwhile, the UK has agreed its latest trade deal with Mexico - albeit a more limited one surrounding pork products, worth an estimated £19m across five years.
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The Independent
21 minutes ago
- The Independent
Ofwat chief David Black to step down with regulator set to be abolished
The chief executive of Ofwat is to step down as the embattled water regulator prepares to be abolished. David Black will leave the role at the end of August and an interim chief executive is being appointed in due course. The government last month announced the regulator would be abolished in a regulatory shake-up that comes as part of its response to public outrage over rising bills, sewage pollution and large bonusses for bosses. Ofwat may not be formally axed until at least 2027 because the process to overhaul the current system will likely be complex. Mr Black, who took over as Ofwat's boss in 2021, decided the time is right for him to pursue new opportunities, the regulator said. He said: "I have been privileged to be able to lead Ofwat, over the last four years, during which time we have achieved a huge amount together as a team for customers and the environment. "The 2024 price review backed an investment programme of £104bn, along with a further £50 billion investment in major new water resources, which will improve service, environmental outcomes and resilience in the years to come. "I wish the team every success as they continue their important work." Ofwat chair Iain Coucher said: "David has worked, tirelessly, to bring about transformational change in the water sector. "He has sought new regulatory powers and resources to hold companies to account, taken major enforcement action and provided funding and incentive packages that drive continual improvements for customers. "On behalf of the Board and everyone at Ofwat, I would like to thank David for his leadership and his service over the last 13 years and to wish him every success in the future." Ofwat will be abolished as part of an overhaul of the 'broken' regulatory system, environment secretary Steve Reed confirmed in July. He made the announcement in response to an independent review by Sir Jon Cunliffe, which was published last month. The review was commissioned by the government to answer public fury over pollution in rivers, lakes and seas, soaring bills, shareholder payouts and bosses' bonuses. Mr Reed said the move to create a single 'powerful' regulator, taking in the functions of four existing bodies with overlapping functions, would curb pollution and 'prevent the abuses of the past for customers'. The overhaul, he said, would ensure 'British families are never again hit by the shocking bill hikes we saw last year', and committed to cut water companies' sewage pollution in half within five years.
Reuters
22 minutes ago
- Reuters
Online retailer Zalando raises 2025 guidance after About You acquisition
Aug 5 (Reuters) - German online fashion marketplace Zalando ( opens new tab raised its 2025 guidance on Tuesday after adjusting its projections to include newly acquired About You ( opens new tab. The Berlin-based company said it expected gross merchandise volumes to grow by 12-15%, up from a previously expected range of 4-9%. Zalando is investing heavily in its European logistics network, which it has also opened up to partners as it seeks to drive growth amid faltering consumer spending and competition from fast-fashion retailers such as Chinese rival Shein. The About You ( opens new tab acquisition was completed in early July, valuing Zalando's smaller rival at 1.13 billion euros ($1.31 billion). The company also said it achieved second-quarter gross merchandise volumes of 4.06 billion euros, up from 3.86 billion euros a year earlier. ($1 = 0.8634 euros)
The Guardian
22 minutes ago
- The Guardian
The dark side of cryptocurrency
Andrew Bailey is right to distance the British financial system from cryptocurrency, but he is being too polite about it (Editorial, 29 July). Cryptocurrency is evil. Being speculative in nature, it serves no purpose as a useful currency, and being secretive, it facilitates international drug dealing, people trafficking and terrorism. In addition to helping destabilise our precarious world, it has a huge, unnecessary carbon footprint. It's time for our financial authorities to speak truth to MakepeaceNarberth, Pembrokeshire At my primary school in 1948 I was sent almost daily to the headmaster, who would give me two painful whacks on each of my hands – all for talking in class. I now appreciate that I simply suffered, well before my time, from an excess of 'oracy' (Letters, 1 August).Alan WoolleyWeybridge, Surrey With reference to the letter from Mike Lowcock about Prince Charles (31 July), the wearing of a sgian-dubh ('dagger' as you so tweely translated for your English readers) is legal when worn as part of the national dress of WestwoodEdinburgh Are any of the 472 white storks seen over London from 2016 to 2023 (Report, 4 August) evidence of assistance to the beleaguered NHS maternity services?David FellowsStorrington, West Sussex Our local tip here in Grantham (Letters, 30 July) has a picture of Margaret Thatcher hanging in its canteen. It's used as a HoganGrantham, Lincolnshire Have an opinion on anything you've read in the Guardian today? Please email us your letter and it will be considered for publication in our letters section.
