The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are BAE Systems; Rank Group and DP World. Read the Thursday 17 August Business Live blog below.

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London set to lead housing market drop as prices in the capital fall 0.6%

House prices in London fell for the first time since before the pandemic – and analysts warn the rest of the country may be ‘doomed to follow’.

The Office for National Statistics (ONS) said a typical home in London cost £528,000 in June, down 0.6 per cent, or just over £3,200, on the same month last year and the first time prices in London have fallen on an annual basis since November 2019.

It was the first decline in any region of England since May 2020 when prices in the North East fell.

Ports giant DP World profits sink

Dubai’s state-owned ports giant DP World saw first-half profits fall nearly 10 per cent from a year earlier, even as revenue climbed nearly 14 per cent, and flagged an uncertain outlook for trade.

Profit attributable to DP World’s owners in the six months to June was down 9.7 per cent at $651million from a year earlier, when the port operator posted record profit of $721million.

‘While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results,’ Chairman and chief executive Sultan Ahmed Bin Sulayem said.

Vietnamese electric car maker VinFast now worth more than Ford

A Vietnamese electric car maker that has never made a profit has been valued at more than Ford and General Motors.

Shares in VinFast – dubbed ‘the Tesla of Asia’ – listed on the New York stock exchange on Tuesday at $22 each before soaring to more than $37.

That gave the company, which has just 350 electric vehicles (EVs) on the road in North America, a value of £67billion, topping the market capitalisation of both GM and Ford at £36billion and £38billion respectively.

BAE Systems to buy Ball Aerospace for $5.6bn

Defence giant BAE Systems has agreed to buy US manufacturer Ball Aerospace from Ball Corp in an all-cash deal worth around $5.55billion (£4.4billion).

Charles Woodburn, chief executive of BAE Systems, said:

‘The proposed acquisition of Ball Aerospace is a unique opportunity to add a high quality, fast growing technology focused business with significant capabilities to our core business that is performing strongly and well positioned for sustained growth.

‘It’s rare that a business of this quality, scale and complementary capabilities, with strong growth prospects and a close fit to our strategy, becomes available.

‘The strategic and financial rationale is compelling, as we continue to focus on areas of high priority defence and Intelligence spending, strengthening our world class multi-domain portfolio and enhancing our value compounding model of top line growth, margin expansion and high cash generation.

‘We couldn’t be more pleased to have reached this agreement and we look forward to welcoming the employees of Ball Aerospace to BAE Systems as we work together to support our customers and create value for shareholders.’

GP practices will be given £240million for new phone systems so patients no longer face engaged tones or lengthy waits during the 8am scramble for appointments.

Receptionists will also receive more training to direct callers to the medic best suited to their needs.

Practices will not be allowed to tell patients to phone back later and must offer an appointment or assessment on the same day or refer them to the likes of a pharmacist or A&E.

It comes after surveys revealed public satisfaction with GPs has hit an all-time low, with patients particularly frustrated by difficulties accessing a doctor and getting through on the phone.

An average-sized practice of 10,000 patients often receives more than 100 calls in the first hour every Monday but many patients could be seen by someone other than a family doctor.

(Stock Photo) GP practices will be given £240million for new phone systems so patients no longer face engaged tones or lengthy waits during the 8am scramble for appointments

(Stock Photo) Receptionists will also receive more training to direct callers to the medic best suited to their needs

The digital phone systems will add callers to a queue, inform them of their position and allow them to request a call back.

Online tools will offer patients an alternative way of finding the right professional for their needs, such as a pharmacist, and allow them to book appointments. The changes will feature in the Government’s GP access recovery plan published tomorrow.

It also expected to create a greater role for pharmacists to help ease the strain on doctors.

Health Secretary Steve Barclay said: ‘We are already making real progress with 10 per cent more GP appointments happening every month compared to before the pandemic. I want to make sure people receive the right support when they contact their general practice and bring an end to the 8am scramble for appointments.

‘To do this we are improving technology and reducing bureaucracy, increasing staffing and changing the way primary care services are provided.’

Health Secretary Steve Barclay said: ‘I want to make sure people receive the right support when they contact their general practice’

The Government will fund 6,500 so-called care navigator training places – one staff member per practice – who will be expected to pass on the training to colleagues.

Professor Kamila Hawthorne, of the Royal College of GPs, welcomed the investment but said more must be done.

‘We await further details of the full access recovery plan, but ultimately the best way to improve access to GP care and address the intense workload and workforce pressures GP teams are working under is to increase numbers of fully trained, full-time equivalent GPs through effective recruitment and retention schemes,’ she added.

Labour health spokesman Wes Streeting said: ‘The reason people can’t get a GP appointment is the Conservatives have cut 2,000 GPs. Better hold music isn’t going to change that.

‘Nothing in this announcement will train more doctors, allow patients to choose a face-to-face appointment, or bring back the family doctor so patients see the same GP each time.’