UK retail growth slowed in September as consumers curbed spending due to rising housing, rent and fuel costs. According to the British Retail Consortium (BRC) and KPMG retail sales report, overall retail sales in the UK rose by just 2.7% in September, in line with the three-month average but well below the 12-month average of 4.2%. . Sales of high value items such as furniture and electrical appliances did not perform well, while sales of autumn clothing, knits and coats were lower than expected due to high temperatures.
£89m funding package to develop next-generation electric vehicles
An investment of £ 89 million has been allocated to finance 20 net zero emissions projects focusing on the development of electric vehicle technology. The funding, provided through the Advanced Propulsion Center UK (APC), comprises £45.2 million from the government and £42.7 million from the car industry. The purpose of this fund is to accelerate the development of zero-emission technology in the UK, create and protect jobs and support investment in the latest research and development. It is estimated that these combined projects will save up to 65 million tons of CO2 emissions over the next decade.
AA reports growth in half-year earnings
The AA, a UK car organisation, has announced its third consecutive year of growth in underlying earnings. Despite tougher trading conditions in the roadside assistance business, the AA reported a two per cent rise in underlying income to £206m in the six months to July 31. Overall, the Group income increased by 10 percent. However, pre-tax profit almost halved to £23m compared to £40m last year.
Prices and updates for the new Jeep Wrangler
Jeep has revealed pricing and specifications for the updated Wrangler model. The updated version of the Wrangler will start at £60,785 in the UK and is scheduled for first deliveries in the first half of 2024. The updated version features a new grille with textured black slots and a “trail- ready” antenna. windshield to avoid being caught by leaves or branches during off-road trips. In the UK, the Wrangler will be available with one engine option, a 2.0-litre turbocharged four-cylinder mated to an eight-speed automatic gearbox.
3D Printed Delivery Van Presented by Helixx
Technology company Helixx has unveiled its first demonstration vehicle, showing the potential of 3D printed electric delivery vans in the future. The commercial delivery van, which will start production in 2024, will be joined by other vehicle models designed for passenger transport fleets. The Helixx car has a body made up of only five components that are easy to assemble.
The FTSE outperformed European markets amid regional instability
The FTSE 100 outperformed other European financial markets on Monday after the weekend attacks in Israel. While European markets were reddened by regional instability, defense companies such as BAE Systems performed well. Higher oil prices also boosted Shell and BP. However, airline and tourism companies had a tougher trading session, causing the index to close slightly lower at 7,492.21.