Oct 24: Boeing’s £4.6bn loss; UK growth downgraded; Mini reveals petrol JCWs

Boeing reports GBP4.6bn quarterly loss ahead of vote by union members

Boeing has reported a massive loss of more than six billion dollars (GBP4.6bn) in the third quarter, dragged down by a work stoppage and charges tied to its commercial aircraft and defence programmes. Wednesday is shaping up as one of the most significant days in a volatile year for Boeing, which will also introduce its new chief executive on his first earnings call, and learn if machinists will end a strike that has crippled the company’s aircraft production for more than a month. The strike is an early test for Kelly Ortberg, a Boeing outsider who became chief executive in August.

UK economic growth forecasts downgraded for next two years – economists

The UK economy is set to grow slower than previously expected over the next two years amid cautious consumer spending, according to new forecasts by economists.

EY Item Club’s latest quarterly economic forecast also suggested that caution by Bank of England rate-setters not to cut interest rates too quickly will contribute to ‘steady rather than rapid’ growth. The organisation’s autumn forecast predicts that UK gross domestic product will increase by 0.9% in 2024. It had previously predicted in July that the UK would record 1.1% growth for the year.

Mini reveals petrol versions of its Cooper and Convertible JCW models

Mini has completed its John Cooper Works line-up by revealing petrol-powered versions of the Cooper hatchback and Convertible.

Both cars will come fitted with a 2.0-litre four-cylinder turbocharged engine (231bhp for the Cooper and 228bhp for the Convertible), and a dual-clutch automatic gearbox as standard. JCW design cues includes a centrally mounted exhaust, a rear diffuser, red brake callipers and a large rear spoiler for the hatch. Prices start at GBP31,200 for the Cooper and GBP35,200 for the Convertible.

The FTSE 100 slipped lower for the fourth consecutive day as the pound struck a two-month low against the dollar. London’s top index finished 47.90 points, or 0.58%, lower to end the day at 8,258.64. Across the Channel, the Cac 40 ended 0.5% lower for the day and the Dax index was down 0.23%.

In the US, the main markets opened in negative territory amid notable slumps for Boeing and McDonald’s. The pound was down 0.36% at 1.293 US dollars and down 0.16% at 1.200 euros.

Woman arrested on suspicion of manslaughter after Swanage care home deaths

A 60-year-old woman has been arrested on suspicion of manslaughter after three people died at a care home in Swanage. Dorset Police said they received a report at 7.16am on Wednesday regarding three residents who were found dead at the Gainsborough Care Home in Ulwell Road.

Seven people were taken to hospital as a precaution and other residents of the address were evacuated to a location where they can receive appropriate care. Dorset Police said a 60-year-old local woman was arrested on suspicion of manslaughter on Wednesday evening and remains in police custody. Police said the deaths are ‘currently being treated as unexplained’, adding that detectives have confirmed ‘possible carbon monoxide poisoning is the primary line of inquiry’.

Workers to be given twice as long to strike under government proposals

Workers would be given twice as long to strike under proposals being considered by the government.

Unions could be able to stage walkouts for up to a year after balloting members, according to a consultation document produced by the Department for Business and Trade. Under existing legislation, if workers vote to strike, the mandate expires after six months and another poll must be carried out for any following action to be valid. The government said doubling this time period would ‘strike the correct balance’ between ensuring action is based on a recent vote and reducing the need for ‘costly and time-consuming’ re-ballots.

A car salesman, Ceri Lewis, stole GBP32,798.79 from his employer, Penybanc Car Sales, over three years to fund a lavish lifestyle. Jailed for 20 months, he was ordered to repay just GBP1 due to having no assets. The House of Lords has debated the ZEV mandate, criticising it as ‘political suicide’ for risking UK manufacturing plants.

Concerns include EV costs, unsustainable penalties, and pressure on manufacturers. Calls were made for VAT equalisation, EV incentives, and adjusting the mandate’s targets. Motorpoint has acquired a former CarStore site in Norwich, set to open in December as its 21st location.

The store will offer over 220 used cars, creating 25 jobs. This expansion strengthens Motorpoint’s presence in East Anglia, following strong sales growth. Authorities are cracking down on dangerous counterfeit vehicle parts, as an IPO study reveals 1 in 6 motorists purchased fakes in the past year.

Common counterfeits include tyres, airbags, and brakes, often made from inferior materials, posing serious safety risks. Motorway has launched ‘Motorway Protect’, an insurance product for car dealers, offering protection against unexpected mechanical and electrical issues after purchasing vehicles. Powered by Opteven, the policy costs GBP29.99, covers vehicles up to 10 years old, and offers claims up to GBP5,000.

A bright and breezy day for central and eastern areas, reports BBC Weather. Western parts will see the odd shower – these will turn more persistent later. Highs of around 17 degrees.

Tonight, cloud will build into the wast while the west and north will have spells of rain.