Ineos launches carmaking ambitions with Grenadier off-roader

Ineos underlined its long-term ambitions to become a fully fledged carmaker with a “family” of vehicles, as the chemicals conglomerate unveiled designs for its first car, a successor to the original Land Rover Defender.

The Grenadier, which will be a “rugged, uncompromised off-roader”, marks the brand’s first foray into the automotive world, an industry with high costs and ferocious competition that is dominated by century-old businesses.

Last year Dyson pulled plans to enter the market with an electric car, but Ineos, backed by billionaire Jim Ratcliffe, believes its first niche vehicle will be able to generate a profit for the company.

The group has received more than 50,000 expressions of interest in the vehicle, before even showing the designs on Wednesday, Mark Tennant, commercial director of Ineos Automotive, told the Financial Times.

Production begins late next year, with a plant in Portugal making body parts and a new factory at

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Coronavirus: US buys up almost entire world supply of COVID-19 drug Remdesivir | World News

The US has bought up almost the entire global supply of one of two drugs proven to treat coronavirus.

Remdesivir, which was developed to treat Ebola, is produced almost exclusively by US pharmaceutical giant Gilead and costs around £430 ($532) for a treatment course of six doses.

According to the United States Department of Health Human Services (HHS), the US has already secured the entire global supply of the drug for July and 90% of stocks available for August and September.

This means Remdesivir will not be available for use on patients in the UK and Europe until October, Dr Andrew Hill, a senior visiting research fellow at Liverpool University told Sky News.

He said: “This deal that’s been struck by America means that people with COVID-19 in the UK can’t get access to these treatments that would get them out of hospital quickly and might improve their chances

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Coronavirus: Upper Crust owner SSP to announce 5,000 UK job cuts | Business News

The grim toll of coronavirus-related job losses will rise again on Wednesday when the company behind the Upper Crust catering brand discloses plans to make more than half of its UK workforce redundant.

Sky News has learnt that SSP Group, which has seen its revenues decimated by the impact of the pandemic on international travel, will unveil plans to axe up to 5,000 jobs in a statement to the London Stock Exchange.

Insiders said the cuts would be spread across SSP’s British operations, and could impact 55% of the 9,000-strong workforce employed by SSP during the peak summer period.

The savage scale of the potential restructuring underlines the fact that travel industry revenues have not yet begun to recover in a meaningful way since the end of the UK-wide lockdown, with major airports barely functioning because of the government’s 14-day quarantine policy.

About 850 of SSP’s sites, which include those

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‘So far, so V’: Bank of England’s Haldane sees sharp bounce-back | Business News

The UK economy is on course for a V-shaped recovery from the coronavirus crisis though the risk of a prolonged period of unemployment remains, according to the Bank of England’s chief economist.

Britain is widely expected to have entered a steep recession as a result of the lockdown – but it appears to be bouncing back more quickly than previously expected, Andy Haldane said in a webinar speech.

He said the economy was benefiting from a rebound in consumer confidence since restrictions began to ease.

UK economy shrinks by 20.4% due to virus

Referring to the question of whether the downturn would be U-shaped – indicating a prolonged downturn – or V-shaped with a sharp bounce-back, Mr Haldane said: “It is early days, but my reading of the evidence is so far, so V.”

The remarks came as official figures showed the economy had performed even worse than initially estimated

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