THE DAILY BRIEFING

INSURANCE STAKE

Tycoon Sir Peter Wood is reportedly exploring selling off his controlling 30.7pc stake in car insurer Esure. The move would likely trigger a bid for the whole business. US rivals are thought to be the most likely buyers.

DIY DISASTER

Analysts at broker Jefferies forecast that pre-tax profits at B&Q owner Kingfisher will tumble 18pc to £351m when the company reports half-year results next week. The DIY firm has been hit by wetter than usual summer weather and a slowing property market.

BEEFING UP

Peperami-maker Jack Links is considering opening a multi-million-pound factory in the Midlands, creating around 200 jobs. The US food firm said the potential new site would produce Jack Link’s Beef Jerky and could also make its famous sausage snack.

STEEL DEAL

German steel conglomerate Thyssenkrupp’s board is set to meet on Friday to discuss plans for a possible merger with Port Talbot steelworks owner Tata Steel. A possible deal has moved forward after Tata restructured its pensions fund. But unions in Germany fear heavy job losses.

CLIMATE CALL

Inga Beale, the boss of Lloyd’s of London, said insurers have a duty to tackle climate change. ‘As an industry on the front line we have a duty to drive action,’ she said. Insurers are expecting losses of more than £52bn from Hurricanes Harvey and Irma in the US.

FUND FAIL

Outspoken hedge fund manager Hugh Hendry, 48, has closed his flagship fund after losing large swathes of investors’ cash. The Glasgow-born City stalwart has seen his main fund, Eclectica, slump 9.4pc so far this year.