ONLY MALAY IS WESSEX…
Malaysian firm commits £4billion to creating new town in Bristol
Scroll down to find out the town's name
THE Chancellor yesterday boasted of “global confidence in our economy” after a Malaysian firm committed £4billion to creating a new town in Bristol.
It comes as a bond market rout and drop in the value of sterling had raised concerns that investors were downbeat about Britain’s prospects.
5
Malay business YTL said its investment will create 30,000 jobs across the UK over the next five years.
Around £2billion will go towards a major redevelopment project creating 6,500 homes, three schools, three hotels and an entertainment arena.
It also has planning permission for a retirement village and new railway station.
YTL is already building homes in the town, which it called Brabazon.
read more on business
That is a nod to the Brabazon plane which was designed in Bristol and paved the way for transatlantic flights after the Second World War.
However the project was cancelled without ever carrying a passenger and was deemed a commercial failure.
Business and Trade Secretary Jonathan Reynolds said: “This investment is incredible news for the UK and will create a generational transformation for North Bristol, delivering infrastructure, new schools and creating thousands of new homes and jobs in the region.”
Sir Keir Starmer met Malaysian PM Dato’ Seri Anwar Ibrahim at No10 yesterday while Chancellor Rachel Reeves said it “builds on the £600million of investment I secured in China last week”.
Most read in Business
But in a blow to Bristol, Dyson confirmed it has axed plans to build a £100million research centre in the city.
Founder Sir James Dyson called last year’s Budget an “egregious act of self-harm”.
REAL POUNDING Rachel Reeves needs to 'get a grip' after 'tone deaf' trip to China as Britain battles market meltdown, Mel Stride warns
The Government also said it had secured a £50million investment for a new factory in Sunderland.
Japanese firm Jatco will make battery powertrains for Nissan cars, creating 183 jobs.
5
GEIGER ROCKETS
US model Emily Ratajkowski is all aglow as she stars in the latest campaign for Kurt Geiger — with the British shoe and bag firm toasting record Christmas sales.
The company’s growth has soared 100 fold in the past seven years to £250million, boosted by its US expansion.
5
The retailer said its sales in the US jumped by 60 per cent between February and September.
It is now set to create five new shops in locations including California, New York and Mexico.
Neil Clifford, the firm’s CEO, said of the mooted plans: “We’re going big in North America.”
VISTRY REVIVAL
HOME builder Vistry dodged another profit downgrade yesterday and promised investors it had overhauled its management and tightened cost controls after accounting blunders last year.
Shares in the construction firm dropped 40 per cent after three profit warnings in the last quarter of 2024.
But they rebounded by eight per cent yesterday as investors were relieved there wasn’t a fourth.
The firm said it expected annual revenues to be £4.4billion, nine per cent higher than the previous year.
HAY ROLES WOE
HAYS became the third big recruitment firm in as many days to warn about a sharp slowdown in the global jobs market yesterday.
It nudged its profit forecasts down to the lower end of previous targets as a result after a sharp 15 per cent fall in fee income.
The warning comes after downbeat updates from Pagegroup as well as Robert Walters this week.
The industry is under pressure from firms putting hiring freezes in place due to soaring costs and uncertainty over the economic outlook.
MURPHY’S 632% RISE BONANZA
SALES of Murphy’s stout are up by more than 600 per cent — after a national shortage of its rival Guinness.
Beer giant Heineken, which owns Murphy’s, yesterday reported that sales had jumped by 632 per cent in December.
5
The Dutch brewer reported “overwhelming demand”.
Guinness owner Diageo rationed supply to pubs in the run-up to Christmas due to exceptional demand.
Murphy’s capitalised with an advert showing it rolling out kegs to pubs with the tag line: “Good things come to those who are waiting.”
It was a deliberately cheeky take on Guinness’s classic “Good things come to those who wait” slogan.
Diageo blamed the shortage on an unprecedented demand for its stout, fuelled by celebrities and younger drinkers.
Last year Guinness had become the best-selling beer in British pubs.
U.S. BLOW FOR ASOS
ONLINE fashion retailer Asos is mothballing its US warehouse in a bid to cut costs in the face of sliding sales.
The company now faces a £190million cost writedown on the closure in Atlanta, Georgia.
Asos is under pressure from rival Shein, which sells cheap fast fashion and has long delivery times from China.
US orders will now be handled from an Asos warehouse in Barnsley as well as a smaller “more flexible” US site.
US private equity firm Fortress has sweetened its bid for the cafe bar chain Lungers. Fortress, which owns Majestic Wines and tried to buy Morrisons, has now made a 325p-per-share offer, valuing the business at £354.4million.
CURRYS TO INDIA
THE boss of electrical retailer Currys warned it will outsource more staff to India and recruit fewer Brit employees after the Budget’s “tax on jobs”.
Alex Baldock warned growth and investment will be stifled as firms would have to cut costs.
5
Currys already has 1,000 employees in India on IT and back office functions.
READ MORE SUN STORIES
Mr Baldock said: “You can expect, as UK people costs inflate, to see more of that.”
It comes as Currys said profits would be almost a third higher than last year as demand for laptops, phones and games consoles drove a five per cent lift in festive sales.