Boeing scraps festive bonuses in UK amid ‘challenging time’ for aerospace giant January 5, 2020 Boeing’s UK employees will be glad to have put 2019 behind them, after the aerospace giant reportedly capped off a dismal year by cancelling workers’ festive bonuses. The US aerospace giant has been feeling the pinch in recent months, as it loses billions of dollars over the ongoing grounding of its best-selling 737 Max jet. [...]
British engineering firm Goodwin suffers 17 per cent dive in share price on profit drop December 19, 2019 British engineer Goodwin’s shares shed over 17 per cent this morning after reporting a “deterioration” in profit for the six months to 31 October. Pre-tax profit fell 5.1 per cent from £7.8m to £7.4m and the group expects similar profitability for the next six months. Read more: CBI urges PM to end uncertainty amid gloomy [...]
Software error scuppers space rocket’s search for Earth-like planet December 17, 2019 An IT glitch has scuppered the launch of a space rocket designed to study exoplanets after the craft’s automated take-off sequence was interrupted. The Characterising Exoplanet Satellite (Cheops) is a European Space Agency mission dedicated to studying nearby exoplanets, those outside the solar system, in search of a new Earth. It was the first mission [...]
CBI: UK manufacturers end 2019 under a cloud of worry December 17, 2019 The CBI has warned UK manufacturers are set to end the year on a low note. Manufacturing output volumes in the three months to December fell at the quickest rate since the financial crisis as output expanded in only six of 17 sub-sectors, CBI Industrial Trends data revealed today. The survey of 289 manufacturers showed [...]
Boeing mulls whether to cut 737 Max production as delays drag on December 16, 2019 Boeing is considering whether to cut production of the grounded 737 Max jet, after the US aviation regulator said it would not approve the plane’s return to service before 2020. The company’s board is midway through a two-day meeting in Chicago, and the company could make an announcement on production plans as soon as late [...]
Fiat Chrysler-Peugeot merger: French shareholders look for board control December 15, 2019 French shareholders are looking for confirmation that they will keep a numerical advantage on the combined board of PSA and Fiat Chrysler if CEO Carlos Tavares leaves after the two companies merge. The two firms are putting the finishing touches to a $50bn merger plan announced in October, that would create the fourth largest car [...]
Steel makers face another tough year ahead, says Moody’s December 10, 2019 European steel makers have been dealt a gloomy forecast for next year, as Moody’s ratings agency predicted slowing demand and deteriorating profitability for the industry. Key sectors using European-made steel such as the automotive industry are likely to need less of the material next year amid a wider market slowdown, it said. Read more: New [...]
Car sales fall for 17th straight month in China, as global market suffers December 10, 2019 Chinese car sales fell for a 17th consecutive month in November, as electric and hybrid car demand contracted yet again. Total automotive sales from the world’s biggest market fell 3.6 per cent compared to the same period last year, according to the China Association of Automobile Manufacturers (CAAM). Read more: Car production falls again amid [...]
Jaguar Land Rover sales fall despite hopes for Chinese recovery December 9, 2019 Jaguar Land Rover sales fell last month, despite the car maker seeing “green shoots” of a recovery in the all-important struggling Chinese market. The manufacturer, which is owned by Indian conglomerate Tata, saw retail sales drop 3.4 per cent year-on-year in November. Read more: British car industry troubles run far deeper than Brexit But in [...]
Aerospace engineer Senior mulls selling aerostructures division December 9, 2019 Senior, an engineering supplier to the likes of Boeing and Daimler, has admitted it is thinking about selling off its aerostructures division, in a deal that could be worth up to £450m. Shares in the FTSE 250 company rose 5.5 per cent today after it confirmed reports that emerged over the weekend that a sale [...]