1 Ministers faced fresh calls to intervene on energy prices after British Gas increased bills for three million households by up to £76 a year. Action to tackle prices appeared to be stalled amid an impasse between the government and Ofgem over who should implement a price cap on standard tariffs promised by Theresa May.
2 Bob MacKenzie, executive chairman of the AA, has been sacked with immediate effect for allegedly lashing out at a colleague.
3 The launch of Apple’s tenth anniversary iPhone appears to have done little to soften demand for older handsets, with the technology giant edging ahead of quarterly sales projections and beating profit forecasts.
4 Taylor Wimpey, one of Britain’s biggest housebuilders, has recorded a 24 per cent fall in profits after setting aside £130 million to address issues around a leasehold scandal.
5 Activity in the manufacturing sector bounced back from a slowdown in June after businesses reported a sterling- inspired surge in exports. The purchasing managers’ index for manufacturing rose to 55.1 in July, up from a three-month low of 54.2 in June. Any figure above 50 indicates expansion.
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6 Watering down London’s stock market rules to accommodate companies such as Saudi Aramco, which are controlled by sovereign states, risks undermining minority shareholders’ rights, the Institute of Directors has warned.
7 BP is on track to be able to make money even with oil prices below $40, its chief executive said as the oil company swung back into the black with a $553 million profit reported for the second quarter.
8 New rules designed to cut the amount that BT charges rivals to gain access to its network of tunnels and telegraph poles have been proposed by Ofcom, the industry regulator.
9 A return to profit will not be the cue for Rolls-Royce to restore a meaningful dividend. Warren East, Rolls’ chief executive, said that a “competitive” dividend would be reinstated only once the company had shored up its balance sheet.
10 Direct Line’s profits rose by 14 per cent in the first six months of the year to £341 million as the insurance group benefited from lower weather-related claims and a release of nearly £50 million in funds previously set aside after a change in the industry discount rate for injury claims.