BP to sell North Sea business; AI companies lead record surge on Korea’s stock market – business live
Summary
Melrose Industries paused its £175 million share buyback after a chemical leak incident at its aerospace plant in California caused production loss and legal concerns. The company expects more costs related to the incident and is working with authorities to resume full production. Meanwhile, UK house price growth slowed in July due to economic uncertainty and geopolitical tensions, and British Airways’ owner reported a sharp profit drop due to rising fuel costs linked to the Iran conflict.Key Facts
- Melrose Industries stopped its share buyback program after a chemical tank leaked methyl methacrylate at its Garden Grove facility.
- The leak caused evacuation but no explosion; partial production resumed by late May.
- The incident cost Melrose £16 million in lost revenues and £13 million in special costs so far, with £25-30 million more expected in the second half of the year.
- UK house prices rose only 0.1% in July, with annual growth slowing to 1.8%, influenced by cautious buyers and higher interest rates amid US-Iran tensions.
- The average UK home price was £277,542 in July, slightly up from June but lower than in May.
- British Airways’ parent company, International Airlines Group (IAG), saw a 21% fall in profit after tax to €1 billion in the first half of 2026.
- IAG cited significant fuel price increases caused by conflict in Iran and closure of the Strait of Hormuz as major factors for profit decline.
- Despite challenges, IAG’s revenue rose 1% to €16 billion and demand is expected to stay strong, though passenger capacity will not grow this year.
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