Business live: US-China trade talks in London buoy markets
Mark Read is to step down as chief executive of WPP at the end of the year. In a brief stock exchange statement the advertising giant said that a search for a successor is under way.
'After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company,' Read said.
His departure follows the appointment of Philip Jansen as chairman of WPP at the start of the year.
WPP shares have fallen 32 per cent since the start of the year and are down 56 per cent since Read's appointment in September 2018. The FTSE 100 has risen 18 per cent over the period.
Markets have been buoyed by optimism that the United States and China will ease trade tensions when representatives of both nations meet in London on Monday.
Shares on Asian stock markets bounced, with Tokyo's Nikkei 225 index and Hong Kong's Hang Seng both gaining 1 per cent. Markets in Europe are expected to be more subdued.
Scott Bessent, the US Treasury secretary, and other top Trump aides are expected to meet their Chinese counterparts at an undisclosed venue in London for talks to resolve the trade war between the nations. It comes as data from China showed export growth slowed to a three-month low in May, hit by US tariffs, and amid protests in Los Angeles over President Trump's immigration policies.
• The government will deliver just over half of the 1.5 million new homes it has promised to build by 2029, according to Savills, the property agent, and there are fears the spending review this week could exacerbate the housing crisis.• The pharmaceutical industry has rejected a government offer to cut the cost of a contentious NHS drug pricing scheme as 'falling significantly short'• Nvidia has unveiled a slew of UK partnerships to boost artificial intelligence capabilities as concern increases that Britain is falling behind in the race to develop the technology. The $3.5 trillion multinational chip producer said it would work with the government to help businesses make use of AI.• Economic data released this week is expected to show wage growth moderated and that joblessness rose in the spring while the economy contracted.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
17 minutes ago
- BBC News
Littlehampton Body Shop HQ site plans submitted to council
A proposal for the site of the former Body Shop headquarters in Littlehampton has been submitted for plans involve the site at Watersmead Business Park, off Norway Road, which was also home to two former Amazon would see the three-storey former Body Shop building demolished and warehouses redeveloped into nine separate retail units, according to the Local Democracy Reporting plans are set to be decided by Arun District Council on 28 August. The complete removal of the headquarters will reduce the "apparent bulk" of the site from Norway Lane and the A259, according to the also suggest changes to pedestrian route and road layouts, planting areas including a pond, a bug hotel for increasing biodiversity, more parking spaces including electric vehicle bays and "sustainable" drainage objections have yet been registered by nearby residents or official for the demolition of the HQ were given the greenlight by the council in March this year, with the demolition beginning in Body Shop announced it was moving out of its Littlehampton site in October 2024 to relocate to Brighton, shortly after being pulled out of administration by the Aurea Group earlier that year.
Telegraph
24 minutes ago
- Telegraph
Russian billionaire and Putin critic launches AI data centres in the UK
A Russian billionaire and critic of Vladimir Putin is preparing to invest hundreds of millions of pounds in artificial intelligence (AI) data centres in the UK. Nebius, a technology company headquartered in the Netherlands, will invest £200m to establish an 'AI factory' in Britain, deploying 4,000 graphics-processing chips designed to power the latest generation of machine-learning technology. The $12bn (£9bn) business is assessing potential data centre sites in the South East. Nebius was formed as part of a carve-up of Yandex, a company known as 'Russia's Google'. Arkady Volozh, a Russian entrepreneur worth a reported $2bn, founded Yandex in 1997 as a Russian rival to the US search engine. The business later listed in New York and in 2021 was valued at more than $30bn. However, its shares were suspended in 2022 after Russia's invasion of Ukraine and Mr Volozh was sanctioned by the European Union. Over the years Yandex faced growing pressure from the Kremlin to censor online news and search results, and the company was accused by Brussels of helping to spread Kremlin propaganda. In 2023, Mr Volozh labelled Vladimir Putin's invasion 'barbaric' and said he was 'horrified' by the war. He said: 'I am categorically against it. Although I moved to Israel in 2014, I have to take my share of responsibility for the country's actions. 'There were reasons to stay silent during this long process. While there will anyway be questions about the timing of my statement today, there should be no questions about its essence. I am against the war.' The European Union removed its sanctions of Mr Volozh last year. Nebius was formed as part of a carve-up of Yandex, which spun off its Russian search division in a $5bn deal to Russian investors. Nebius, which is listed in the US, is made up of the remaining European, US and Israeli assets, including several data centres powered by Nvidia microchips and its self-driving car technology. Mr Volozh, Nebius's chief executive, said: 'The UK is where AI is being built, tested, and deployed at scale across industries from fintech to life sciences. Being here puts us closer to the start-ups, researchers, and enterprise leaders shaping what's next.' Nebius's UK investment comes after Sir Keir Starmer, the Prime Minister, announced plans to spend more than £1bn to boost the UK's computing power in a speech at London Tech Week alongside Jensen Huang, the Nvidia chief executive. On Monday, the Government announced a series of AI investments ahead of this week's Treasury spending review. These included £1bn for an AI research resource, made up of powerful AI data centres and supercomputers, as well as £187m to boost the technological skills of the UK workforce. On Tuesday, Peter Kyle, the Technology Secretary, also announced plans for a new Turing AI fellowship in a speech at London Tech Week. Backed by £25m, the programme will seek five AI experts who will be offered a substantial package to relocate to the UK and hire a team to conduct AI research. Mr Kyle said: 'We will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.'
Telegraph
24 minutes ago
- Telegraph
Ed Miliband's nuclear golden era could soon become a new dark age
This Government is fond of making grandiose claims for things that are yet to happen. The latest is Ed Miliband's declaration that we are in 'a golden era of nuclear power.' He has made a series of announcements that may or may not come to fruition over the next two decades, including a new nuclear plant at Sizewell with £14 billion of public money behind it. But Mr Miliband is getting well ahead of himself. History shows that few public policies of modern times have been more mishandled. Britain once led the world in nuclear energy and it was very much a cross-party venture. The post-war Attlee government established the Atomic Energy Research Establishment and the first ever commercial nuclear reactor was built at Calder Hall under the Tories in 1956 just as the Suez crisis increased concerns over the supply of oil. British nuclear expertise was second to none and sought around the world. Under both Conservative and Labour administrations, the UK became a leader in nuclear power development, commencing operations on 26 Magnox reactors between 1956 and 1971. The technology chopped and changed, moving from advanced gas-cooled reactors (AGRs) in the 1970s to pressurised water reactors (PWRs) and even a fast-breeder reactor experiment at Dounreay in Scotland, opened amid great fanfare by Margaret Thatcher but which has now closed. Her government set in train a plan for eight new PWRs, only one of which – Sizewell B – was ever built. What happened? One answer is North Sea oil and gas. Fears about fuel scarcity and sky high prices abated as more came ashore. Cheap gas made the cost of nuclear look prohibitive to politicians fixated only on the short term. Meanwhile, across the Channel, the French, with no oil and depleted coal reserves, invested instead in nuclear power. By 1979 they had installed 56 reactors, satisfying their power needs and even exporting electricity to other European countries, including us. The French are even going to be building Sizewell C. They produce 70 per cent of their electricity by nuclear fission, which does not emit CO2, and are not dependent on energy from volatile regions like the Gulf or despotic regimes like Russia. This serendipity was as much a function of force majeure as foresight. As the French said 'no oil, no gas, no coal, no choice'. As a result they have found themselves in a better position than Britain in the switch to low carbon renewables. Because of the apparent bonanza provided by North Sea oil, we neglected the one source of power that would help create self-sufficiency and meet climate change objectives. Only when it was too late and much of the industry's expertise had been lost did the last Labour government try to reactivate the nuclear programme. Ironically, it was Mr Miliband as Environment Secretary who revived the programme 15 years ago in the teeth of objections from Labour 'greens'. Yet only one new reactor at Hinkley Point – using French technology and, to begin with, Chinese finance – has been given the go ahead. It is way behind schedule by at least six years and massively over budget. For all the trumpet-blowing is the new Sizewell announcement just another milestone along a road paved with good intentions and wretched decision-making? We know it will be hugely expensive and the idea of it coming on stream within 10 years is for the birds. Since it is a copy of Hinkley it should benefit by learning from the mistakes made there. But few can have confidence in the project meeting any of its financial targets or the timetable for construction because nothing in this country ever does. Around the world there is a boom in nuclear power building as countries see it as an essential complement to wind and solar, not least because it provides a baseload and is not dependent on the weather. Sixty reactors are being built globally – 30 of them in China, which has also opened a thorium plant, something we could have done years ago since we have plentiful supplies and the process reduces waste. Is there any area in which the UK can press ahead? Tucked away in his Telegraph article this week, Miliband says the Government is ramping up spending on nuclear fusion research, though this seems more a token mention than an enthusiastic embrace. Yet fusion is one area where the British do have a great deal of expertise, with start-up companies well ahead of any European competitors in raising investment. It is always said that fusion is the future that never arrives because it involves replicating the same processes seen on the Sun. About 35 years ago two chemists shocked the world by claiming they had come up with 'cold fusion' obviating the need to produce the excessive temperatures needed. But the science was flawed, even though some adherents still think cold fusion is possible. Fusion technology is advancing rapidly and is likely to accelerate with the help of AI, high temperature superconducting magnets and supercomputers. But those in the business fear the Government is making the same mistakes as its predecessors in failing to measure the long-term in decades, not parliamentary sessions. China, Japan and America are now in the vanguard of a technology in which the UK once led, as it did with nuclear fission. Arguably, the most important aspect of Miliband's plan is the green light for a fleet of small modular reactors (SMRs), though getting planning agreements past local communities will be hard. Even this has been fraught with bureaucracy and delay. A competition to find a developer for SMRs has taken two years before alighting on Rolls Royce. Why has it taken so long? The potential offered by SMRs was identified years ago; yet once again, government dithering has led to everything being done when it is too late to fill the energy gap that will threaten black-outs in a few years' time. This is because the switch to renewables, the ban on new North Sea extraction licences and the demise of coal will make the decommissioning of existing nuclear power stations even more problematic before new ones come on stream. How long before Mr Miliband's golden era turns into a dark age?
