Companies

GKN

Turnaround specialist Melrose has reported a half year loss after buying one of the UK's biggest engineering firms, GKN.

It made a statutory loss before tax of £303m in the six months to 30 June, "due to booking significant acquisition related charges but only including 73 days of trading from GKN" it said.

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Gaucho is to be sold to lenders Investec and SC Lowy subject to a rescue deal being agreed with landlords and other creditors.

The meeting where creditors vote on the deal is on 19 September.

Creditors will then have 28 days to challenge the deal, taking us up to mid-October.

After those 28 days, the sale will complete, if it is not challenged.

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Toyota plans to recall around one million vehicles, including its hybrid Prius model, due to a fire risk.

Following a domestic recall announcement by Japan's transport ministry, Toyota said there is a short circuit risk in affected vehicles.

The insulation on the wires on the hybrid power control unit can wear down over time due to dust and vehicle vibrations, causing a short circuit.

The issue affects vehicles produced in Japan between June 2015 and May 2018, and includes the plug-in version of the Prius and the C-HR compact crossover SUV sold in North America Japan, Europe, Australia and other countries.

Roughly half of the recalls will take place in Japan, Toyota spokesman said.

Only the Prius model would be recalled in the US, where around 192,000 vehicles were affected. he said.

He added that the issue had led to one incident of a short circuiting in Japan which produced smoke from the vehicle.

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There may be some fireworks in the US later on when the leaders of some of the world's biggest technology firms - including Twitter's chief executive Jack Dorsey (pictured) - appear before the US Senate.

Dipyan Ghosh, a former privacy policy expert at Facebook and tech adviser to the White House, says that tech giants are caught between two fires.

"We've seen a tremendous amount of consternation in the US Senate over the practices of internet companies.

"Conservatives are very concerned that the internet platforms are suppressing conservative media. Democrats are, on the other hand, very concerned that the internet platforms are just not doing enough in regard to disinformation and hate speech, and I think that we're going to see a lot of questioning as to what is going on on these platforms."