Here's a roundup of the latest business news, from electric vehicle sales to executive compensation and surprising property deals. Stay informed about the trends shaping the market.
Tesla's UK Sales Surge Amidst Global Scrutiny
Despite a global backlash against CEO Elon Musk, Tesla's sales in the UK are on the rise. The Society of Motor Manufacturers and Traders (SMMT) reports that nearly 4,000 Teslas were sold in the UK in February, marking a 20.7% increase year-on-year. This boost has propelled Tesla's market share from 3.75% in February 2024 to 4.6% last month. It seems that even controversy can't stop the demand for electric vehicles in the UK.
BP CEO's Pay Cut After Profit Miss
In other news, BP has reduced the pay of its chief executive, Murray Auchincloss, by 30% for 2024, bringing his compensation to £5.4 million. This decision follows a year in which the British oil company missed its profit targets and abandoned its green investment strategy amidst pressure from a US-based activist investor. The company's annual report, published on Thursday, detailed the pay cut.
“This was a difficult year for BP, with significant challenges in meeting financial goals,” a company spokesperson stated. “The board felt it was necessary to adjust compensation accordingly.”
Bargain Stately Home? There's a Catch
Dreaming of owning a stately home? A historic grade II listed property with 25 bedrooms and 16 acres of land has hit the market for just £220,000. However, prospective buyers should be aware that the "cut-throat price" reflects the property's current condition. Be prepared for some serious renovation work!
Gender Inequality Persists in Top Jobs
A recent poll highlights the ongoing challenges women face in the workplace. Over a third of women believe that gender continues to be a barrier to obtaining top positions. This suggests that despite progress in addressing gender equality, significant challenges remain for women in securing leadership roles and receiving equal pay. Further reforms and proactive measures by organizations are needed to promote equality at the highest levels.
And finally, in the world of fashion and beauty, Louis Vuitton is launching a new makeup line aimed at attracting a younger audience. The collection includes 55 lipsticks, 10 lip protectors, and 8 eyeshadows designed by British beauty stylist Pat McGrath. Keep an eye out for this new collection hitting stores soon.
Barclays is also in the news, as the high street bank expects to pay between £5 million and £7.5 million to customers affected by a three-day app outage. The bank detailed this compensation plan in a letter to the Treasury select committee.