Watch: National business news headlines - June 10 - video Dailymotion

Watch Watch: National business news headlines - June 10 - Insider Media on Dailymotion

Transcript

00:00Good morning and welcome to the latest Business Bulletin on Tuesday the 10th of June.

00:04Britain's jobless rate has hit its highest level in nearly four years, now at 4.6%.

00:10New figures show wage growth has also slowed more than expected, dropping to 5.2%.

00:15That's still ahead of inflation, but below expert predictions.

00:19The rise in unemployment reflects rising costs and business pressures across the UK.

00:24Meanwhile, Chancellor Rachel Reeves has signed off £14.2 billion to fund the new Sizewell Sea nuclear plant.

00:31The project, announced at the GMB Congress, is expected to create 10,000 jobs and boost clean energy,

00:37but critics warn the final cost is still unclear and the project faces delays.

00:42Some results now, and Avanti West Coast owner First Group has posted better-than-expected results with revenue up 7% to £1.37 billion.

00:51Profits rose 18%, driven by strong performance in its bus division and open access services.

00:57Passenger numbers also rose 2% year-on-year across its services, including Avanti West Coast.

01:04Housebuilder Bellway says trading has been robust this spring, with profits set to rise.

01:09Customer demand and affordability have improved as interest rates edge lower.

01:13Private reservations and future orders are both up.

01:16CEO Jason Honeyman says the firm is on track for strong growth this year and next.

01:22M&A news now, and IonQ is buying Oxford Ionics in a $1 billion deal to accelerate breakthroughs in quantum computing.

01:30The merger combines cutting-edge chip tech with IonQ's quantum systems.

01:34Oxford will remain a key hub, with its founders staying on and staff numbers set to grow.

01:39The deal supports UK-US cooperation and next-gen tech, and is expected to close later this year.

01:46In a not-too-dissimilar story, Oxford Instruments is selling its quantum business, Nanoscience, to US firm Quantum Design for £60 million.

01:54The deal includes up to £3 million in future earnings, and helps Oxford focus on higher margin areas.

02:00The sale is set to complete later this financial year, pending regulatory approval.

02:04And finally, Fraser's group has confirmed it's taking part in the sale process for Revolution Beauty.

02:11Any potential offer is expected to be all cash, though nothing is guaranteed yet.

02:15The group was responding to Revolution's update from yesterday.

02:18More details will be announced when the time is right.

02:21That's all for today. More tomorrow.