Bad day for Musk's Tesla as Trump tariffs bite and fashion chain Boohoo rebrands - Daily Business Briefing

Hello and welcome to the latest business bulletin on Tuesday, March 11.

We start with news the US stock market’s sell-off worsened overnight.

It's down to concern over how much economic pain Donald Trump's America First tariff plans will cause. Elon Musk's Tesla saw one of the market's sharpest losses. Markets across the world now appear to be feeling the effects of America's performance, too.

Elon Musk's Tesla saw one of the market's sharpest losses. | Getty Images

Healthcare firm Alliance Pharma has backed a sweetened £362 million takeover offer by its largest shareholder DBay Advisors.

The deal will see shareholders get 64.75 pence per share, more than the original offer worth 62.5. That makes the deal worth £349.7 million, and investors will vote on it on Thursday.

Building boss steps down

The boss of building supplies firm Travis Perkins has stepped down due to ill health. It comes just six months after he took the top job. Shares in FTSE 250 company fell by 5 per cent after yesterday's announcement.

Boohoo has announced it is rebranding as Debenhams Group. The online fashion firm hailed the turnaround of the department store brand - after buying it out of administration three years ago.

Man Utd stadium project update to help ‘regenerate the North’

And Manchester United are updating us on their stadium project today. Billionaire Sir Jim Ratcliffe has been open about wanting a new, state-of-the-art ground. United have been examining whether to redevelop their existing venue, or build a completely new stadium.