Watch: National business news headlines - May 15 - video Dailymotion

Watch Watch: National business news headlines - May 15 - Insider Media on Dailymotion

Transcript

00:00Hello and welcome to the latest Business Brief on Thursday the 15th of May.

00:05The UK economy grew 0.7% in the first three months of the year,

00:08faster than the US and major European nations.

00:11The boost came before new tax rises and US tariffs took effect in April.

00:15Chancellor Rachel Reeve says the figures show the UK is making the right choices.

00:20Foreign investment in the UK, however, fell 13% last year,

00:24with fewer projects backed by US firms.

00:26Britain trailed France for the fifth year running in securing overseas funding.

00:30EY says low growth and global competition were putting off investors.

00:35National Grid has posted a strong year with profits up and record investment in UK energy infrastructure.

00:41It invested nearly £10 billion, 20% more than last year.

00:44Earnings per share rose 8% and the company reaffirmed its £60 billion five-year investment plan.

00:51John Pettigrew will step down as CEO in November to be replaced by Zoe Univich.

00:55Aviva also says it's had a strong start to 2025 with growth across insurance, retirement and health.

01:02General insurance premiums rose 9% to £2.9 billion, while protection sales jumped 19%.

01:08The insurer remains confident in hitting its long-term targets and says its balance sheet is solid.

01:14Premier Foods has posted strong preliminary results too, with profits, sales and dividends all up.

01:20Branded revenue rose over 5%, with Mr Kipling, Ambrosia and Nissin Noodles driving the growth.

01:27ITV says its first quarter results were in line with expectations as digital growth continued.

01:32Streaming service ITVX saw digital ad revenue jump 15%, with total streaming hours up 12%.

01:39Studios revenue rose 1%, helped by strong global demand, despite fewer returning shows.

01:45In M&A news, two of the UK's biggest convenience food makers are set to merge in a £1.2 billion deal.

01:52Greencore has agreed to buy Bakavor, valuing its shares at 200 pence each, in cash and stock.

01:57The combined group will have around £4 billion in revenue.

02:01And the business secretary has pledged urgent action to protect the UK's bioethanol industry.

02:06It follows fears that a new UK-US trade deal could put hundreds of jobs at risk.

02:11The deal cuts tariffs on US ethanol from 19% to zero, raising concerns for UK producers.

02:17Firms ABF Sugar and Ensys says Britain's two biggest plants could face closure.

02:22That's all for today. Thank you for listening.