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The pound has recovered some of its recent losses, with analysts attributing the gains to the promise of a Commons debate on the Brexit process. The pound closed 0.6% higher on Wednesday at $1.22 against the dollar and it rose nearly 1% besides the Euro to close at €1.11.
But the gains could prove short-lived. In Thursday’s early Asian trade, it fell to $1.21 again. Sterling’s current slide began when Prime Minister Theresa May named a date for the start of the Brexit process. On 2 October, she said the UK would trigger Article 50 of the Lisbon Treaty by the end of March 2017. Traders have been selling the pound, fearing the impact of leaving the single market.
The number of underage car drivers involved in crashes on Britain’s roads has reached the highest level in four years, according to latest figures. Ninety-one boys and girls under 17 years old were behind the wheel during accidents last year, according to the Press Association from analysis of Department for Transport data. It represents a 30% hike compared with the previous year, and is the highest since 103 were recorded in 2011. Separate analysis by motoring research charity the RAC Foundation found that over half (49) of the underage drivers involved in crashes last year were injured, including one who was killed and 11 seriously hurt.
Source: Sky News
The Mayor of London, Sadiq Khan, today laid out bold detailed proposals for delivering the Central London Ultra-Low Emission Zone (ULEZ) in 2019, a year ahead of schedule. The proposals extend the ULEZ to the North and South Circular in 2019, and start the formal consultation necessary to introduce the ‘T charge’ for older polluting vehicles in October 2017.
The proposals are part of the Mayor’s second air quality consultation led by Transport for London (TfL), which follows on from the initial round of consultation last summer, which attracted a record 15,000 responses.
Sadiq Khan said: “Toxic air in London is a health emergency that requires bold action, including introducing charges for older polluting vehicles and expanding the ULEZ. I am determined to help every Londoner breathe cleaner air. After the massive response to my first consultation I now need the public to let me know their views on my detailed proposals to help clean-up our filthy air.”
The consultation gives Londoners’ the opportunity to have their say on the preferred date for the start of an expanded Ultra Low Emission Zone, options include introduction early (between 2019 to 2021) or later. Depending on feedback the Mayor will ask TfL to develop these potential options into detailed statutory proposals for consultation next year.
Source: Transport for London
UK retail sales returned to growth in September due to higher spending on food, more purchases of big-ticket items and a back-to-school rush. According to the British Retail Consortium/KPMG, sales rose by 1.3 per cent compared with a year ago.
The September increase followed a dip in August when sunny weather encouraged consumers to take a break from the shops. The BRC said retail spending had been boosted by a recovery in consumer confidence to pre-EU referendum levels. But it warned of longer-term economic problems as the fall in the pound fed into higher import costs.
When calculated on a three-month basis, total retail sales rose 1.0 per cent. That was marginally ahead of the 12-month average of 0.9 per cent, which was the slowest 12-month average on record since the launch of the retail sales monitor in 1995.
Source: Financial Times
As the press formed a scrum around the new Discovery on Jaguar Land Rover’s stand at the Paris motor show last week, another car, mounted vertically on its display stand and turning slowly, was virtually ignored. Which is weird, because it was a far more significant model, for many reasons: the Jaguar I-type. Yes, this is Jaguar’s first foray into serious motorsport since its Formula One attempt ended in 2004. The I-type will compete in the new season of Formula E, which started on October 9 in Hong Kong. At the wheel are Adam Carroll and Mitch Evans, who will line up against the likes of Nick Heidfeld, Lucas di Grassi, Sebastien Buemi and Nelson Piquet jnr
Source: The Daily Telegraph
The number of plug-in electric cars on the world’s roads is set to pass the landmark of 2m vehicles by the end of 2016, with industry observers saying the electric car revolution is finally underway.
A surging market in China is leading the way and Chinese-made models have pushed into the top five best-selling models. Barack Obama predicted a million in the US alone by 2015 – the reality was a quarter of that, with people put off by short driving ranges and high prices. However, electric vehicle (EV) sales have now passed 1% of the whole auto market in Europe and China, and experts believe a turning point has been passed.
EVs dominated the flagship Paris motor show earlier this month; VW pledged in June to deliver 30 all-electric models by 2025; and battery ranges are going up with prices coming down. The traditional automakers have been more circumspect in forecasts for the electric car market. Erik Jonnaert, secretary general of the European Automobile Manufacturers’ Association (ACEA) said last month: “For the time being, ACEA forecasts a rather marginal market share for all EVs of up to 8% by 2025”.
Source: The Guardian
The first driverless cars have hit Britain’s roads, mixing with the pedestrians as they begin initial trials to gauge public reactions to the computer-driven vehicles. Electrically-powered two-seater “pods” similar to Smart cars carried passengers on a three-quarter-mile loop along a pedestrianised street in Milton Keynes on Tuesday – the first time in the UK the vehicles haven been used outside tightly controlled test zones. Although they have steering wheels so a human can take over control, the pods were driven entirely by computers at speeds of up to 15mph as they used cameras and laser radar to sense their surroundings.
Source: The Daily Telegraph
Toyota is recalling 340,000 of its Prius hybrid cars worldwide over faulty brakes. The Japanese firm admitted receiving reports of crashes, injuries and deaths, but would not give details. It said it was still looking into the reports. Toyota Motor Corp said that the parking brake cable on the cars can disengage unexpectedly, causing the brakes to stop working properly.
This means that if the car – a petrol-electric hybrid – is left in a gear other than park, it could roll away. The recall includes 212,000 cars in Japan, 94,000 in North America and 17,000 recalls in Europe. The problem is with cars that were manufactured between August last year and this month.
Source: The Daily Mail