Diesel sales choke UK automakers, major retailers pledge to cut plastic, and more trending news

The number of cars made in the UK fell 13% in March. Research by the Society of Motor Manufacturers and Traders (SMMT) showed domestic orders fell 18%, while exports declined 12%. The double-digit decline comes just weeks ahead of job cuts at Land Rover and Nissan. Land Rover is cutting 1,000 jobs in the West Midlands, blaming a fall in demand for diesel vehicles. The SMMT says vehicle manufacturers make up 13% of the UK’s exported goods.

More than 40 companies, including Coca-Cola and Asda, have pledged to cut plastic waste over the next seven years. The firms have signed up to the UK Plastics Pact, agreeing to a number of measures, including redesigning packaging to reduce the prevalence of single-use plastic. The companies, which also include Procter & Gamble and Marks & Spencer, have promised to make sure 100% of their plastic packaging is recyclable or compostable by 2025.

US President Donald Trump will come to the UK for a “working visit” on 13 July, the White House confirmed. It will be his first trip to Britain as president; Prime Minister Theresa May was the first world leader to visit Trump after his inauguration last year. The agenda and other details are set to be released in “due course”, per Downing Street.

Whitbread is set to spin off Costa from its Premier Inn hotel division. The FTSE 100 firm said it will demerge and list the UK’s biggest coffee chain as a separate business by 2020. Whitbread CEO Alison Brittain told BBC Radio 4’s Today program it was important to create an “international growth story for both businesses before they separate”. Premier Inn recently purchased 19 properties in Germany. Meanwhile Costa is aiming to triple its presence in China, where the chain is second only to Starbucks.

Boohoo.com’s revenue has doubled as the company focuses on UK manufacturing. The fast-fashion retailer’s revenue surged 97% to ￡580m in 2018. Boohoo employs a “test and repeat” model – ordering small quantities of a wide array of products and swiftly reordering those that prove popular. The Manchester-based company also manufactures half of its products in the UK for a faster turnaround. Domestic investment is set to grow as recently acquired brand PrettyLittleThings will move into its own warehouse in 2019, creating 1,200 jobs.

Global companies have entered a deal with UK government to invest ￡1bn in UK artificial intelligence. The tie-up between UK government, international private equity groups and tech heavyweights is part of an effort to compete with France and Germany. Japanese company Global Brain is set to open its first European HQ in the UK. The venture capital group will also invest ￡35bn in “deep tech” startups over the next five years. Another industry giant that's involved is Rolls-Royce, which will work with the Alan Turing Institute to research AI for supply chains.

Idea of the Day: “Self-judgment is the number one thing that could get in your way,” according to Dr Marshall Goldsmith and Sally Helgesen. The best thing you can do to keep it at bay? Embrace “oh well”.

“Oh well signals that you’re ready to move on. No wallowing in regret. You just acknowledge that you made a mistake and turn your attention to what you can do next.”

This article has been updated. From earlier: A business group has called on Lloyds to rethink branch closures as profit surges 23%.

What's your take? Join the conversations on today's stories in the comments.

— Natalie MacDonald / Share this using #DailyRundown