Business News: House prices edge up and Dr Martens eyes revival as UK boosts arms factories

Vodafone and Three have officially merged, forming a new mobile giant called VodafoneThree. The deal completed on May 31, with Vodafone holding a 51 per cent stake. The new firm plans to invest £11 billion over the next decade in cutting-edge 5G. Max Taylor will lead as CEO, promising better service for millions of UK users.

House prices on the rise and Ryanair boss share pay-out: More Business in Brief

• UK house prices rose 3.5 per cent in May, up slightly from 3.4 per cent in April, says Nationwide. Month-on-month, prices climbed 0.5 per cent, taking the average home to £273,427. That follows a small dip in April.

• Ryanair boss Michael O’Leary is set for a share bonus worth over £93 million. He’s qualified for the pay-out after shares hit a long-standing target set back in 2019. The deal gives him 10 million shares - if he stays on until 2028. O’Leary has led the airline since 1994.

• The new boss of Dr Martens is set to unveil his turnaround plan this week. It comes as the bootmaker faces falling sales and profits, with results due Thursday. Shares have plunged over 80 per cent since the firm listed in 2021. Investors are hoping the strategy update will kick-start a revival.

• The UK will build at least six new weapons factories to boost defence readiness. Defence Secretary John Healey says it will help deter threats and support a constant weapons supply. The £1.5 billion plan includes up to 7,000 UK-made long-range missiles. It follows warnings that war needs an industry ready to deliver at speed.

• Last week, the Government sold its final shares in NatWest, ending 16 years of public ownership. It marks a £10.5 billion loss for taxpayers since the 2008 bailout. NatWest, formerly RBS, was rescued with nearly £46 billion of state funding. The bank is now fully back in private hands.