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(Sharecast News) - Carmakers are delaying final decisions to invest in UK factories until electric car sales rules are relaxed, according to the head of the British car industry's lobby group. The chief executive of the Society of Motor Manufacturers and Traders (SMMT), Mike Hawes, said those with existing UK operations were considering building new models, but had held back so far. - Guardian
Worklessness rose across more than half of the UK last year as increasing numbers of households became economically inactive. Figures from the Office for National Statistics (ONS) released on Wednesday revealed that 53pc of areas reported an increase in the proportion of workless households in 2025. Inverclyde in Scotland had the highest proportion of households where no one was working at 28.1pc last year, up from 26.3pc a year earlier. - Telegraph
A Texas oil tycoon is plotting a $5bn (£3.8bn) oil refinery to bypass Iran's blockade of the Strait of Hormuz. Marc Gunderson, the founder of MWG Enterprises, has joined forces with two Middle East investment funds to develop the new terminal, which could reduce Iran's grip on exports from the Persian Gulf. Three potential sites have been chosen in the Gulf of Oman, where tankers using it would not have to pass through the Strait of Hormuz. - Telegraph
Average partner pay at one of London's leading law firms for the ultra-wealthy flatlined at £3.1 million, but still far outstripped salaries at "magic circle" rivals. On Wednesday, Macfarlanes reported a 5 per cent rise in turnover for last year to £389.5 million, generating a 3 per cent increase in profit to £212 million. The results prompted the firm's management committee to hold average equity partner pay at £3.1 million, which means it retains top position in the City league table of practices that report their finances publicly. - The Times
Microsoft beat Wall Street's quarterly sales and profit forecasts, helping to calm fears about the company's big spending on artificial intelligence. The world's largest software company said revenue for the three months to the end of June rose 18 per cent to $90 billion, beating analysts' consensus estimates of $87.6 billion. Profit rose 31 per cent to $35.8 billion, ahead of expectations of $31.5 billion. - The Times
