BUSINESS LIVE: FTSE 100 on the rise; Melrose warns of GKN job cuts

BUSINESS LIVE: FTSE 100 on the rise; Service sector sees fastest growth for five years; Melrose confirms GKN job cuts

  • Melrose says GKN Aerospace on track for ‘better performance’ in 2021 
  • FTSE 100-listed firm Melrose said it plans to cut a ‘significant’ number of jobs 

After closing at 5940 last night, the FTSE 100 index got off to a positive start this morning, and was up around 0.85 per cent in early trading. 

Melrose Industries has confirmed it plans to make a ‘significant’ number of job cuts at its GKN Aerospace business.

FTSE 100-listed Melrose suffered a £560million loss in the first half of the year, which is considerably more than the £131million loss seen at the same point a year ago.

Melrose said consultations with affected staff and unions were already ‘well underway’, with the board adding that GKN Aerspace looked set to enjoy a ‘better performance’ next year.  

Ofgem has fined SSE over £2million for a 2016 blunder which is likely to have pushed up wholesale electricity costs.

Ofgem said it would send a ‘strong message’ to energy producers that they must share timely information with others on the market.

British travel firm Dart Group has said it will continue to add further capacity for the rest of the summer.

It said it will change its name to Jet2 plc, and named Stephen Heapy as its chief executive officer.