Direct Line

Aviva has reached a preliminary agreement to acquire rival insurer Direct Line for £3.6 billion after its third takeover bid was accepted.

Insurer Direct Line, which is significant employer in Glasgow, has announced plans to cut approximately 550 jobs. The decision comes as the company faces continued challenges, including a further loss of own-brand motor insurance customers.

Marks & Spencer (M&S) is due to drop out of the FTSE 100 index after its value fell below the threshold for inclusion. This is the first time the company will drop out of the index since it was established 35 years ago.