Renault also announced the appointment of Duncan Minto as interim CEO.

Shares of French car maker Renault were plunging by the most since 2020 on Wednesday after it said profits and cash flow will be substantially lower than previously thought. But its automotive peers were relatively unaffected.

The Financial Times covers key stories including Rachel Reeves' pledge to extend UK's economic reform, the Bank of England's payment system overhaul, Duncan Minto's interim role at Renault, Tim Davie's response to BBC scandals,

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Renault named Duncan Minto as interim CEO on Tuesday to lead the French automaker while it searches for a permanent replacement for Luca de Meo, who departs this week. De Meo resigned suddenly last month after five years at the helm of Renault and will join luxury group Kering in September.

Renault Group has appointed Duncan Minto as its interim CEO, following the recent departure of former boss Luca de Meo. Car Dealer reported last month