Recaro Automotive, a renowned brand in the automotive industry, has officially declared bankruptcy, leaving 200 employees without jobs.

After a prolonged struggle to stay afloat, the German company has been forced to shut down following its insolvency filing.

Production at the Kirchheim/Teck factory has already come to a standstill, with no investors showing interest in rescuing the business.

The production of cabins has already stopped, confirmed a spokesperson for the insolvency administrator, according to Boosted.

Sadly, all remaining operations are set to cease completely by the end of the year.

As the conflict in the Middle East expands to include Lebanon and Iran, markets are responding with surprising nonchalance. Why? And will that last? Today on the show, Katie Martin and capital markets correspondent Nick Megaw try to understand why so much can go wrong in one part of the world, without roiling markets in the rest of the world. Also, we go long the Vix, and short e-cycles.

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You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com.

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THE Bank of England could be “more aggressive” in cutting interest rates, Governor Andrew Bailey has said.

He claimed that if inflation continues to be held in check then the Bank could “be more activist” in lowering rates.

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The news will be a boost to borrowers and particularly the 1.6million homeowners who need to remortgage later this year.

Last month Mr Bailey had suggested the opposite when saying that interest rates would fall “gradually”.

Money markets now have a near 100 per cent bet that the Bank will cut rates from the current five per cent to 4.75 per cent at its meeting next month.

However, the Pound fell sharply yesterday — with its biggest one-day slump in 18 months — following Mr Bailey’s comments to The Guardian.

It slipped 1.08 per cent against the dollar to $1.31, while dropping by 0.96 per cent against the euro to €1.19.

Valentin Marinov, head of Group-of-10 FX strategy at Credit Agricole, said: “The best days of the pound rally may be behind us.”

(credit: Six Senses RiverStone Estate)

Six Senses RiverStone Estate marks the latest milestone in the brand’s thoughtful entry into the Americas market with a growing list of U.S. properties announced for locations including Telluride, South Carolina and Napa Valley. Situated on a sprawling wooded ridge, outside the quaint Western Pennsylvania town of Foxburg, just 90 minutes north of Pittsburgh, the resort will showcase Six Senses’ special brand of sustainable, wellness hospitality. At the confluence of the Allegheny and Clarion rivers, the 1,200 acre estate boasts a history dating back to the early 1800’s.

Scheduled to open in 2028, the wellness-focused resort and branded residences feature 77 guest rooms and 40 residences and is anchored by a majestic three-story stone mansion. Carefully restored by the estate’s former owner, the late Dr. Art Steffee, the 13,000 sq. ft. stone mansion was first constructed in the 1820’s and is set alongside a Victorian carriage house designed by renowned Philadelphia architect Frank Furness. Blending an off-grid vibe with all the luxurious amenities, the comforts are modern and the property will feature a dynamic art program across multiple art disciplines.  

(credit: Six Senses RiverStone Estate)

Guests and owners will experience the Six Senses ethos of wellness and sustainability through their offerings and will be welcomed into a community for connection and reflection. “Six Senses RiverStone Estate will provide an enchanting canvas for new layers of wellness programming, creative cuisine, meaningful connections, and leaps of faith into new discoveries,” said Neil Jacobs, CEO, of Six Senses, which is part of IHG Hotels & Resorts’ Luxury & Lifestyle portfolio.

From the over 50 miles of trails and seven miles of riverfront to the 16,000 sq. ft. Six Senses Spa, the country estate will promote wellness through all of its offerings. Guests can partake in leisurely hiking, biking and foraging or book a high-tech wellness experience or signature treatment at the Spa with scenic views. The property will also boast a 4,500 sq. ft. fitness center that will tackle everything from preparation to recovery for new and seasoned athletes. Outside the center, a 25-meter pool welcomes swimmers of all ages with a range of leisure programming and relaxed energy. On property is also an equestrian center which is home to a 22,000 sq. ft. indoor riding arena, 36 stalls with heated floors and quiet corners for an equine therapy program.

(credit: Six Senses RiverStone Estate)

Wellness is extended as well to its food and beverage program as the cuisine will emphasize local and organic produce and game. Guests can indulge in house-made ice cream or dig into a jar of maple syrup produced onsite from the property’s 5,000+ maple trees. Along with its specialty restaurant, a central courtyard with smaller tasting bars and an Orchard Alley pop-up experience will provide additional dining options.

“Six Senses RiverStone Estate will be a peaceful refuge for guests to experience mental, physical and spiritual connection. We are stewards of the property for generations to come and share in the Six Senses ethos of sustainability, nurturing and conserving land, and revitalizing the Foxburg community. After spending time on this magical property, we knew we needed to share it with the world,” concluded Six Senses Riverstone Estate Ownership Partner, Saji Daniel.

Chelsea 4-2 Gent (Veiga 12′, Neto 46′, Nkunku 63′, Dewsbury-Hall 70’| Watanabe 50′, Gandelman 90′)

STAMFORD BRIDGE — As Christopher Nkunku launched Chelsea’s third goal through a Renaissance fresco of flailing bodies, Stamford Bridge morphed into a Coldplay concert.

30,000 fans in blue held their phones torches to the sky, united by an oddly beautiful idea, and took a deep breath.

“Who are ya, who are ya!”

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The dancing horde of Gent fans, who began singing 30 minutes before kick-off and didn’t stop, had had the temerity to celebrate their sole goal with a light show of their own. For all the gags about Chelsea’s slide into Europe’s third tier, you couldn’t say the home fans weren’t buying into the spirit of the Conference League.

The two-time Champions League winners are having fun again, with five consecutive wins cause for genuine optimism.

And given the last two years have been quite so draining and alienating and agonising, every night like this is a personal session of footballing therapy, a reminder this is supposed to be enjoyable. It may not have been hugely memorable, but it wasn’t complicated. That’ll do.

Enzo Maresca will undoubtedly find plenty to criticise in the performance, often sloppy and lackadaisical, but equally functional and without great trepidation. The first 30 minutes had the air of an exhibition game, with Chelsea afforded a degree of respect their name commands but their players largely didn’t.

Fading after a positive start, Mykhailo Mudryk took an occasional break from standing on the touchline like a poorly-disguised Hollywood henchman to produce a slick first-time cross from the right wing for Renato Veiga’s first Chelsea goal.

Pedro Neto jolted about like an electric shock, a nuisance capped off by scoring a sweet half-volley just 39 seconds after half-time.

Nkunku was largely absent bar his goal, while this was Kiernan Dewsbury-Hall’s best performance since his move, capped off by scoring a sharp fourth. Conceding twice for the second consecutive game was an aide-memoire there’s still a lot of defensive work to do.

But overall, this was a sign that Europe’s third tier will provide opportunity for both fans and players to enjoy themselves, an odyssey from Astana to Armenia for the proliferation and preservation of vibes. If Uefa’s seeding holds any weight, this could well be Chelsea’s most difficult game of the entire competition.

Fans are right to believe anything but a perfect run to the trophy is failure given Chelsea spent more this summer than every other Conference League club combined, but that’s missing a key point – sometimes this is allowed to be fun. The destination is a long way away. Just enjoy the journey for now.

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For roughly a decade and a half, Aubrey Plaza has been one of the best things about American film and TV; she’s currently the main redeeming feature of Francis Ford Coppola’s preposterous Megalopolis. For years, she was a brilliant young supporting asset, the embodiment of cool disdain, with eyes that appeared to roll ironically even when they didn’t. Now she is eminent enough to be the star guest in someone else’s story: in My Old Ass, she drops by now and then as, essentially, the fairy godmother to her character’s younger self.

In Megan Park’s spiky but tender-hearted comedy, 18-year-old Elliott (Maisy Stella) is celebrating her last summer at home in rural Ontario before leaving for the city and the dazzling adventures that await. At first, her summer is defined by intense romance with another young woman, but then — one night guzzling mushroom tea — she meets her future 39-year-old self.

This is a wiser, world-weary Elliott — and a softer than usual Plaza, whose nevertheless caustic aura leavens the script as she delivers such cosy wisdoms as, “The only thing you can’t get back is time.” Plaza carries it off gamely but with a characteristic air of disbelief. In a smart reversal, it’s left to Stella to make the wiseacre retorts.

Older Elliott also has some urgent advice to impart from two decades hence: steer clear of someone called Chad. At which point, a rangy stranger by that name (Percy Hynes White) steps into view.

Set against a shimmering backdrop of water and woods, this turns out to be a sweetly philosophical coming-of-age story in which it’s the older self who comes of age, reconciling with her past and young Elliott’s future. It takes all of Plaza’s weird chanting inflections and Stella’s exuberantly twitchy enthusiasm to make it pay off — but it does, with sly charm.

★★★★☆

In cinemas from October 4