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00:00Good morning and welcome to the latest Business Bulletin on Wednesday the 4th of June.
00:05Rachel Reeves is announcing a £15.6 billion boost for public transport in the North and Midlands.
00:11Metro and tram expansions are planned for Tynumweir, Manchester, the West Midlands and Yorkshire.
00:16The Chancellor says the UK needs a new economic model that invests in every region.
00:20She'll also change funding rules which critics say are biased towards London.
00:24West Midlands Mayor Richard Parker told Insider more about his plans to expand the transport network in his region.
00:30Our plan is an ambition for a new tram network, a new line that will connect Birmingham City Centre through Digbeth,
00:37where Stephen Knight wants to be on film studios, up to the sports quarter and beyond that through East Birmingham and North Solihar to Arden Cross.
00:45It's a bold ambition that supports our ambition for growth and an ambition to attract private sector investment
00:51and develop opportunities for people across the region.
00:55WH Smith says Like for Like travel sales rose 5% in the last quarter, with UK growth helping lift performance.
01:02The retailer remains on track to meet full-year expectations and it's upbeat ahead of the summer.
01:06The sale of its high street arm to Medela Capital is set to complete by the end of June.
01:11B&M says UK sales dipped last year as cautious shoppers and weak wage growth hit spending.
01:17Like for Like revenues fell 3.1%, though new stores helped lift total sales to £4.5 billion.
01:24Pre-tax profits dropped 13% to £431 million over the year.
01:29The UK's oil and gas workforce could be halved in the next few years.
01:34A Robert Gordon University report says 400 jobs could go every fortnight under slower green transition plans.
01:41That's the equivalent of closing the Grangemouth refinery every two weeks.
01:45Jobs could fall from £115,000 to just £57,000 by the early 2030s.
01:52Meanwhile, British steel and aluminium exports to the US will keep a 25% tariff, for now.
01:58Donald Trump has doubled rates for other countries, but the UK secured different treatment in a recent deal.
02:03Industry welcomed the move but warned uncertainty remains with changes possible from July.
02:08The UK government said it was pleased firms won't face higher tariffs at this stage.
02:13And North Face and Cartier are the latest brands hit by cyber attacks with customer data stolen.
02:19Names, emails and account details were accessed, but no financial information was affected.
02:25North Face says a credential stuffing attack let hackers into some customer accounts.
02:29Details such as purchases, addresses and phone numbers may have been exposed.
02:34That's all for today.
02:35Thank you for listening.