THE DAILY BRIEFING

DEUTSCHE DIP Struggling German lender Deutsche Bank saw profits fall to £632m in the three months to June, 13.5pc down on the second quarter of 2017. Boss Christian Sewing said he is on target to axe 4,500 jobs this year, bringing staff numbers below 93,000. At least 3,000 more will go in 2019.

SWITCHING OFF Energy supplier Scottish Power lost 100,000 customers in the first quarter of the year after a 5.5pc rise in bills. Earnings rose in its home supply business to £165.8m in the six months to the end of June.

SALES RISE Sales at its west Africa operations helped Tullow Oil make half-year profits of £41m, up from a previous loss of £264m. Company chairman Aidan Heavey is stepping down.

DEFENCE DEALS Defence firm Qinetiq says trading has been as expected during the first quarter of the year, with several new contracts from the Ministry of Defence.

JOBS THREAT Low- cost airline Ryanair has warned over job losses for more than 100 pilots and 200 cabin crew as it plans to cut its Dublin-based aircraft fleet from 30 to 24, blaming recent strikes.

CUTS FOCUS Banking giant Santander has reported half-year profits diving 18pc and said it will focus on cutting costs. The Spanishowned group reported UK underlying pre-tax profits of £920m, down from £1.12bn a year earlier.

SELLING WELL Car dealer Vertu Motors says new retail sales are up 2.1pc during the four months to June 30, while sales of used cars are up 6pc.

PROFITS RISE Profits at doorstep lender International Personal

Finance climbed to £56.5m for the first six months of 2018 – up a third on the previous year.

HOMES TALLY Builders put up 38,978 new houses in the second quarter of 2018, 3pc fewer than the same period last year, says the National House Building Council, and follows a slowdown in property price growth.

GOOD MOVE Savings firm Rathbone Brothers has unveiled a halfyear profit of £43.7m, up 64pc on 2017, largely down to moving out of its expensive London HQ. It now looks after £39bn of customers’ money, up 2pc, and hiked its interim dividend by 9.1pc to 24p per share.