Inflation in the retail sector remained steady in June despite concerns over potential price increases linked to the ongoing Middle East conflict. Shop price inflation held at 1.2 percent compared with the same period last year, slightly above the three-month average of 1.1 percent, according to the British Retail Consortium and NIQ. Food inflation eased to 2.4 percent from 2.7 percent.

Meanwhile, the housing market showed signs of strain as mortgage approvals fell to a two-and-a-half-year low in May. Only 56,200 mortgage approvals for home purchases were recorded, down from 66,000 in April. Analysts attributed the decline in borrower demand partly to rising borrowing costs exacerbated by geopolitical tensions in the Middle East.

In Coventry, plans for a large-scale advanced manufacturing plant at Coventry Airport may face reductions. The originally proposed £2.5 billion redevelopment aimed to establish seven manufacturing facilities dedicated to battery technology, advanced manufacturing, and clean energy. However, adjustments to the scale of the project are now being considered.

On the corporate front, Comcast announced a major restructuring plan involving a split into two separate companies. One entity will focus exclusively on telecommunications operations under the Comcast name, while the other will encompass NBCUniversal’s media holdings, including its European subsidiary, Sky. The U.S.-based conglomerate intends for the move to create more focused businesses in both technology and media sectors.

Opposition has also mounted against a proposed data centre and battery storage development in rural North Devon. The project, proposed near Great Torrington by Xlinks, has raised local concerns about water resource management, energy consumption, and environmental impact on the countryside.

In regulatory news, energy services firm Petrofac has settled a penalty of £569,000 with HM Revenue & Customs for breaching sanctions related to Russia. The breaches, which occurred during 2022 and 2023 as Petrofac was winding down its Russian operations, were self-reported and subsequently investigated by HMRC.

Automotive sales data revealed that Toyota Motor Corporation experienced its fourth consecutive month of year-on-year declines in May. Global deliveries reached 834,279 units, marking a 7.2 percent drop from the previous year amid weakening demand in China and the Middle East.

In the building materials sector, Breedon reportedly approached Marshalls with a proposal to merge earlier in the year. However, Marshalls declined the overture, according to sources familiar with the discussions.