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Former Mercedes-AMG CEO to head Aston Martin

ASTON MARTIN confirmed on Tuesday (26) that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer who stepped down on Monday (25).

The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move.


"The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's Executive Chairman said.

The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler.

Germany's Daimler AG owns a five per cent stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines.

Aston Martin shares soared on Tuesday after naming the new chief executive officer.

The luxury carmaker surged 24.8 per cent in London stock exchange and was on course for its best day in nearly two months.

Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018.

The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the COVID-19 outbreak.

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India cuts bourbon whisky tariffs after US pressure

FILE PHOTO: Jim Beam bourbon is shown in Chicago, Illinois. (Photo Illustration by Scott Olson/Getty Images)

India cuts bourbon whisky tariffs after US pressure

INDIA has slashed tariffs on bourbon whisky to 100 per cent from 150 per cent, a move that will benefit imports of brands like Suntory's Jim Beam, after US president Donald Trump's criticised "unfair" levies in the South Asian market.

Trump, who met Indian prime minister Narendra Modi at the White House this week, has railed against the climate for American businesses in India and unveiled a roadmap for reciprocal tariffs on countries that put duties on US imports.

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Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

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NatWest-Reuters

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What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

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Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

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Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

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