GAP stands for Guaranteed Asset Protection. It's designed to cover the difference in price between what you paid for your car and what your car insurance is paying out for a write-off, theft, or other total loss claim.
JP Morgan CEO Jamie Dimon warned Andy Burnham that raising bank taxes could jeopardize the bank's £3bn London headquarters project and deter investment from Britain. Dimon, a long-standing critic of the UK's bank tax surcharge, emphasized the adverse consequences of penalizing companies.
A US federal judge has temporarily blocked the proposed $110bn merger between Paramount Skydance and Warner Bros Discovery for 14 days. This decision follows a lawsuit by 12 US states, citing concerns over stifling competition and raising consumer prices.
Shares in UK defence companies, including Babcock, BAE Systems, and Rolls-Royce, surged after Andy Burnham appointed John Healey as chancellor, sparking investor hopes for increased military spending. An analyst, however, cautioned against immediate windfalls due to competing demands.
British flying taxi startup Vertical Aerospace announced the UK government's interest in a military version of its eVTOL aircraft, following a £10m grant. The company demonstrated its prototype at Farnborough Airshow, showcasing its transition from conventional to vertical flight, as it pursues certification for passenger flights by 2029.
UK job vacancies dropped to 712,000 in June, nearly half of 2022 levels, as employers delay hiring. Unemployment held at 4.9%. Economists warn of a fragile labor market, while the new PM Andy Burnham faces pressure to boost the economy amid rising costs and global conflict.
UK government contractor Mitie has agreed to a £3.1bn cash takeover by private-equity owned rival OCS Group, ending its nearly four decades on the London stock market. The deal, recommended by Mitie's board, offers a 46.8% premium to shareholders.
