UK's Smith+Nephew first-half profit jumps 11.2%, launches $500 million buyback
The London-based company also announced a new $500 million share buyback for the second half of the year.
It posted a trading profit of $523 million for the six months ended June 28, beating analyst estimates of $496 million, according to a company-compiled consensus.
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The Independent
6 minutes ago
- The Independent
Electric car grants and discounts round up – Citroen first to get grants, while Vauxhall and Fiat are the latest with discounts
Citroen is the first car maker to offer discounts on its electric car range as part of the official government Electric Car Grants that were announced three weeks ago, with the eligible Citroen models now showing on the official government website as being available with grant money applied to the list price. Models including the Citroën e-C3, e-C4, e-C4 X and e-Berlingo are getting £1,500 off with immediate effect, with customers automatically benefiting from the discounts without having to do any paperwork. The upcoming e-C3 Aircross and e-C5 Aircross models are also set to get the same £1,500 discounts when they go on sale in the coming months. The first official discounts come three weeks after the government's announcement of the Electric Car Grant, and as news broke of a drop in car sales. Overall car sales were down five per cent in July, while there was a clear slow down in the rate of growth of EV sales. It had been expected that there would be a pause in electric car sales as buyers waited to see which cars would be eligible for discounts and which cars wouldn't. One car company executive, speaking anonymously to The Independent, confirmed that dealers were reporting customers cancelling orders until it was clear which cars were and which cars weren't eligible for grants.. The electric car grant was announced on Monday 14 July and went live on Wednesday 16 July. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon 'science-based targets' around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. As car companies grapple with the process involved in getting approval for the grants, many of them have introduced their own discount schemes to incentivise customers to keep buying their electric cars. The latest discounts come from Vauxhall and Fiat – fellow Stellantis brands to Citroen. Vauxhall is offering £1,500 off its entire range of Corsa, Frontera, Mokka, Grandland, Astra and Astra Sports Tourer, with additional benefits including up to £1,500 deposit contribution on zero per cent finance on some models, or a £2,500 deposit contribution towards finance on the Grandland. Vauxhall's 'Electric All In' offer of £500 towards a home charger or public charging also still stands. Fiat is offering £1,500 off its 500e, Fiat 600e, Abarth 500e and Abarth 600e all-electric models, with zero per cent finance still available on the 500e. Volkswagen Group brands VW, Skoda and Cupra have launched a 'Grant Guarantee' discount scheme while waiting for news from the government. VW is offering £1,500 off selected ID. 3 and ID. 4 all-electric models. 'We welcomed the Government's announcement of its Electric Car Grant and wanted to make sure customers could start benefitting from lower-cost electric motoring as quickly as possible. We have already seen an uplift in enquiries since the Government's grant was announced, which is great news for Volkswagen's electrification plans,' said Rod McLeod, Director of Volkswagen UK. Skoda is offering the same £1,500 discount across its Elroq and Enyaq model range, but not the Enyaq Coupe, while Cupra is offering £1,500 off many of its Cupra Born models. VW, Skoda and Cupra offers apply to cars bought during August and registered for the new 75 registration plate with deliveries starting on September 1. However, VW, Skoda and Cupra have all made it clear that if the government's EV grant comes through, the brands' Grant Guarantee scheme will end – customers won't be able to receive both. Last week, Volvo introduced a discount in lieu of any government grant, with £1,500 off any of the brand's EX30 electric models, even those that cost over the £37,000 limit. Smart also offered its own 'EV grant' with £1,500 off the whole range of Smart #1 and #3, in addition to existing incentives. That means you could save a total of £3,500 off a Smart #1, for example. Hyundai has its own electric grant, with the biggest discount available on Hyundai's smallest model. The Hyundai Inster – recently voted World Electric Car of the Year – gets a £3,750 'grant' bringing the entry-level car's price down to £19,755. There's still an additional £500 off if you go for Hyundai's low-rate PCP finance, too. The rest of the Hyundai electric car range, including models over £37,000, are also getting a £1,500 discount as part of the offer. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said: 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. Relatively unknown Chinese brand Skywell is also throwing its own EV grant of £3,750 on top of a £6,000 dealer deposit contribution if you buy the Skywell BE11 on finance. That brings the potential list price down to just £27,245 for the entry-level car. The BE11 is far from the best EV you can buy, but at that price it represents a lot of car for the money. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation.
The Independent
6 minutes ago
- The Independent
Trump border czar reacts after Indy 500 track boss demands end to ‘Speedway Slammer' moniker for new migrant detention center
Trump border czar Tom Homan appeared to have no idea Wednesday when asked who was behind the name 'Speedway Slammer,' given to a new migrant detention center in Indiana. 'I don't name the facilities,' Homan told reporters. "I don't want the names taken over the great work they're doing,' Homan said of immigration officers. 'This is serious work and it's dangerous work." The Trump administration is working to build out a vast network of migrant detention centers across the country, and recently opened a facility in the Florida Everglades, known as 'Alligator Alcatraz.' It was constructed in weeks, using hundreds of tents, trailers, and other temporary facilities. It's set to hold as many as 3,000 detainees. On Tuesday, Homeland Security Secretary Kristi Noem wrote on X: 'COMING SOON to Indiana: The Speedway Slammer. Today, we're announcing a new partnership with the state of Indiana to expand detention bed space by 1,000 beds. Thanks to @GovBraun for his partnership to help remove the worst of the worst out of our country. If you are in America illegally, you could find yourself in Indiana's Speedway Slammer. Avoid arrest and self deport now using the @CBP Home App.' Then, the official DHS account on X shared an image of what appeared to be an AI-generated Indy car with Immigration and Customs Enforcement branding. The car was branded with the number 5, which has been used by the only Mexican IndyCar driver, Pato O'Ward, since 2020. On Wednesday, Penske Entertainment, the owner of the Indianapolis Motor Speedway, said the company did not want its intellectual property used alongside the detention center. 'We were unaware of plans to incorporate our imagery as part of the announcement,' the company told IndyStar in a statement. 'Consistent with our approach to public policy and political issues, we are communicating our preference that our IP not be utilized moving forward in relation to this matter.' Penske Entertainment hasn't publicly demanded a retraction, and it hasn't issued a cease-and-desist order to stop the use of the imagery and name. The 'Speedway Slammer' will be located at Miami Correctional Facility, a maximum-security prison at the former Grissom Air Force Base, 70 miles north of Indianapolis in Bunker Hill. The 1,000 beds that will be made available represent roughly a third of its total capacity. Immigration advocates have grown frustrated with the sheer amount that's unknown about the 'Speedway Slammer.' Gurinder Kaur, CEO of the Immigrant Welcome Center, told WTHR: "How will this become actualized? We still don't know yet. And what will the cost of this be on our communities? The emotional cost and the economic cost?" On August 1, Indiana Governor Mike Braun confirmed that his state had entered into a partnership with federal immigration authorities in connection with the state's Department of Homeland Security, the Indiana Department of Corrections, the Indiana State Police, and the state's National Guard to aid the federal government 'in deporting individuals who are unlawfully in the U.S.' Braun said the Department of Corrections is working alongside ICE to free up as many as 1,000 beds at the Miami Correctional Facility. "When it comes to our state, we're going to cooperate ... as we're housing detainees that have broken the law after they entered illegally, we're going to cooperate with the federal government," the governor told IndyStar. "When it comes to any of the other issues on due process and so forth, we want to make sure we're doing that the right way as well." Braun's commitment comes as Homan called on states to play a bigger part in federal immigration enforcement. 'States should play a role in this administration's efforts to remove public safety threats from this nation as quickly as possible,' Homan also said Wednesday. 'I've said from day one, we need 100,000 beds.'
The Independent
6 minutes ago
- The Independent
Trump admin is targeting Gen Z for ICE roles now
Donald Trump 's administration is urgently seeking to launch an advertising campaign to recruit over 14,000 immigration officers for rapid removals. Immigration and Customs Enforcement (ICE) plans to target Gen Z, early-career professionals, and individuals from law enforcement, military, and legal backgrounds via social media and streaming platforms. Congress has earmarked significant funding, including $30 billion for the hiring spree and $45 billion for ICE detention centres, contributing to over $170 billion for immigration enforcement over the next decade. Recruitment incentives include signing bonuses of up to $50,000 and student loan forgiveness, with age limits removed to allow applicants from 18 years old and older than 40. Despite a recent decline in daily arrests and reported morale issues, the agency's rapid expansion is projected to result in its highest-ever deportation capacity, making it challenging for future administrations to scale back.
