BUSINESS LIVE: Retail sales up 1% in August; Volution agrees takeover deal Investec expects higher profits

Just before close, the FTSE 100 was 1.09% down at 8,237.92.

Meanwhile, the FTSE 250 was 1.44% lower at 20,858.83.

Investec forecasts stronger first-half profits despite its UK business experiencing major challenges.

The wealth management company expects to achieve adjusted operating profits of  £520million to £550million for the six months ending September, compared to £487million in the same period last year.

(PA) - Price comparison websites and energy brokers will be regulated in a bid to end their alleged 'license to scam', the energy consumers minister has said.

Miatta Fahnbulleh said a new framework to regulate third-party intermediaries (TPIs) could end hidden fees 'and other unethical tactics'.

Energy watchdog Ofgem published a report earlier this year which found examples of business stakeholders' 'mis-selling concerns', for example, being 'locked into a contract at higher prices than they needed to be for multiple years, which can severely impact business viability'.

The energy consumers minister said: 'Too many families and businesses, already struggling with the effects of the energy crisis, have fallen victim to poor practices by energy intermediaries.

'These unregulated third parties and rogue brokers have had license to scam consumers without oversight or facing consequences.

'We will bring these intermediaries under control and put an end to hidden fees and other unethical tactics.

'A new regulatory framework, coupled with clear rules and standards, will restore trust and protect consumers while helping to build an energy market fit for the future – one where these organisations help people save money through fairer practices and show them the best ways to reduce their carbon footprint.'

Car recalls are ten times more common than they were back in the 1990s, according to new analysis.

And they can happen to any car. The BMW Group's recent recall of 1.5 million vehicles included not just some Mini models but also Rolls-Royce's first EV, Spectre.

Three quarters of pension savers have never heard of 'lifestyling', the derisking strategy that has left many sitting on investment losses at retirement, new research reveals.

In the 10-year run-up to retirement age, people with invested pension funds typically see them shifted out of stock markets and all or part way into bonds, historically regarded as a 'safer' option, and cash.

The UK's debt pile has reached the same size as the entire economy for the first time since 1961, according to official figures.

The ONS measurement of public sector net debt was £2.768trillion at the end of last month, equivalent to 100 per cent of GDP.

Volution Group has agreed to buy the Australian company Fantech in its largest-ever acquisition.

The ventilation products seller has signed a deal worth a potential AUD$280million (£144million) to acquire Melbourne-headquartered Fantech from Elta Group.

Thames Water will ramp up the process of raising more cash from investors over the next few weeks as it continues to attempt a turnaround.

The embattled water giant said that while it had been in talks with potential funders since July, it will launch a formal 'equity solicitation process' in the coming weeks.

Warmer weather and end-of-season discounts helped boost retail sales in August, official figures showed today.

Volumes were up 1 per cent last month, clawing back some of the ground lost since Covid and the cost-of-living crisis.

More than 250,000 children aged 13 to 16 own cryptocurrencies, the city watchdog has warned.

Financial Conduct Authority boss Nikhil Rathi sounded the alarm over increasing financial vulnerability among teenagers, with 8 per cent of 13- to 16-year-olds holding the high-risk asset.

Sainsbury's is experimenting with a programme of 100 in-store refurbishments as part of plans to accelerate market growth and sales.

Market analysts recently visited a Sainsbury's superstore in Cobham three months after the grocery giant completed a renovation of the outlet.

Shares in S4 Capital tumbled as the digital advertising agency warned that lower spending from tech clients would hit revenues.

The stock fell as much as 14 per cent in early trading before ending the day down 5.9 per cent or 2.7p to 42.3p.

Jacqui Baker, head of retail at RSM UK, comments on the latest retail sales figures:

Swifties, festival goers and BBQ enthusiasts boosted retail sales in August as the summer feeling finally kicked in and consumers could get out and about to enjoy some much-needed sunshine.

Bagging the perfect festival outfit or embracing the cowboy boots to get the full Eras tour experience boosted clothing; while summer get togethers and investing in sprucing up outdoor spaces drove food and household sales.

Despite improvements in the housing market, this is yet to filter through to consumers splashing out on big ticket items, but as interest rates track down later this year, we hope to see a revival in household goods as homeowners look to make their mark on their new pads.

Danni Hewson, head of financial analysis at AJ Bell, remarks on the latest UK retail sales figures

It’s no secret that people feel happier when the sun shines and that happiness tends to impact their spending habits.

Warm summer evenings are the perfect backdrop for a BBQ with friends and family, requiring a quick trip to the supermarket to stock up on burgers, buns and beer.

“Food sales provided a substantial boost to retailers in August with fragile consumer confidence enjoying a rate cut hug which offset some of the political messaging that’s since eroded some positivity.

“Ever since lockdowns blighted people’s lives, they have put experiences ahead of stuff and food often plays a vital role in creating those memorable events that will be cherished as nights draw in and summer excesses fade into memory.

Sterling surged to a two-and-a-half year high against the dollar after interest rates were left unchanged in the UK just hours after a jumbo cut in the US.

The Bank of England held its base rate at 5 per cent at noon yesterday as Governor Andrew Bailey insisted it must be ‘careful not to cut too fast or by too much’.

Rolls-Royce shares hit a record high yesterday as pressure mounted on Energy Secretary Ed Miliband to approve UK mini nuclear power stations.

The British engineering giant’s stock rose 5 per cent to 525p – taking gains since Tufan Erginbilgic became chief executive at the start of 2023 to 462 per cent – after it won a landmark contract in t

he Czech Republic.