BUSINESS LIVE: Kingfisher poaches British Land CFO; Hikma buys Xellia assets; AstraZeneca gains US approval

(PA) – Swiss banking giant UBS has offered to pay former Credit Suisse customers 90% of the funds they invested with failed specialist finance firm Greensill Capital.

UBS said the offer, which was launched on Monday, will remain open until July 31 and that it would put by $900million (£710million) in the second quarter to cover costs.

It stressed the provision would have no material impact on UBS.

UBS is looking to close the chapter on a damaging saga that was among a number of scandals that led to the collapse of Credit Suisse and a rescue takeover.

The firm bought its stricken rival last year amid worries that severe losses at Credit Suisse would destabilise the global banking system, prompting the involvement of Swiss regulators.

In early 2021, Credit Suisse found itself exposed to the collapse of UK supply chain finance firm Greensill Capital.

One in three used car buyers say they’ve bought a motor that still had personal data belonging to the previous owner stored in it.

The majority of modern models are fitted with infotainment systems that can link to an owner’s smartphone and allows them to input their home address in the sat-nav as well other private details.

Property asking prices fell from their record high this month – but only by £21, according to Rightmove.

It means the average property on the market is now on sale for £375,110, though they typically sell for less with the average property sale price sitting at just under £289,000 according to the latest data from Halifax.

The number of pubs disappearing from communities across England and Wales jumped a third over the first months of 2024 amid pressure on punters’ budgets, according to figures.

Official Government statistics have revealed 239 pubs were demolished or converted for other uses over the three months to March 31.

The founder of aerospace technology group Melrose Industries is set to list a new firm on London’s junior stock market.

Former boss Simon Peckham is leading plans to launch Rosebank Industries on the AIM sub-market for smaller firms. And there are talks to raise more than £40m from institutional investors.

Hopes of a pre-election rate cut are set to be dashed this week as economists warn that lower borrowing costs later this summer are ‘not a done deal’ either.

The Bank of England is expected to keep interest rates at 5.25 per cent when its Monetary Policy Committee meets on 20 June.

British manufacturers’ confidence is at its highest level in a decade as businesses hail ‘concrete signs’ of an economic turnaround.

A closely watched survey of firms has revealed a rebound in companies’ hopes about their growth prospects.