Number of manufacturing companies going bust at highest level in five years November 18, 2019 The number of manufacturing businesses entering insolvency has reached its highest level in five years in the last 12 months, rising 7 per cent to 1,466 from 1,373 in the previous year. Research from global accountancy firm Moore found that a combination of uncertainty over Brexit and a slowdown across Europe was responsible for the [...]
Daimler to cut thousands of managers to pay for electric cars November 14, 2019 Daimler, the maker of Mercedes-Benz cars, will cut a tenth of all its manager-level workers across the globe, in a bid to slash €1.4bn worth of personnel costs. The German manufacturer said this morning the cuts came as its profit would fall significantly over the next two years because of the shift to electric vehicles. [...]
Qinetiq maintains full year outlook as it increases US presence November 14, 2019 Defence and security company Qinetiq maintained its guidance for the full financial year this morning, as it announced that its US presence would increase to around 25 per cent of group revenue. Read more: Qinetiq on track to make £106m proft target The figures Underlying operating profit rose 16 per cent in Qinetiq’s half year [...]
Meggitt boosts 2019 guidance after strong defence performance but warns 737 Max ban will squeeze margins November 12, 2019 Aerospace engineers Meggitt raised their full year guidance on the back of the company’s third quarter results, which saw overall revenue growth of 11 per cent. The results, which the group described as “stronger than previously expected”, have prompted the Bournemouth-based company to raise guidance to six to seven per cent, up from four to [...]
Aston Martin shares climb as HSBC says investors should buy its stock November 11, 2019 Aston Martin’s share price climbed today after HSBC advised investors to buy the troubled luxury car maker’s stock despite its latest loss. The manufacturers of James Bond’s favourite ride swung to a £13.5m loss in its latest quarter as Brexit fears dampened demand in the UK and EMEA. Read more: Aston Martin is hoping next [...]
Chinese firm Jingye Group ‘in pole position to buy British Steel’ November 6, 2019 The Chinese company which has reemerged as a frontrunner to buy British Steel is thought to have lofty ambitions the country’s second-biggest steelmaker. Jingye Group, which is hoping to strike a deal for the manufacturer by the middle of this month, is chaired by businessman Li Ganpo, one of the richest men in China. Read [...]
Boeing’s chief executive offered to forego his bonuses over the 737 Max crisis November 5, 2019 Boeing chief executive Dennis Muilenburg has offered to forego all bonuses for 2019 as the firm scrambles to deal with the fallout from two deadly crashes of its 737 Max jet. The embattled boss, who has been stripped of his dual role of chief executive and chairman of the aerospace giant in recent weeks, faced [...]
Ferrari’s prancing horse gallops on as luxury car maker raises outlook November 4, 2019 Luxury car maker Ferrari raised its outlook on Monday, after strong sales of its Portofino and 812 Superfast models drove “solid” results for the third quarter. The company nicknamed the Prancing Horse said a new brand strategy would help it navigate to even more growth, as its Milan-listed shares hit an all-time high today of [...]
US may pull automotive tariffs after ‘good conversations’ with manufacturers November 3, 2019 The United States may decide not to slap trade tariffs on car imports later this month, after “good conversations” with manufacturers in the EU, Japan and Korea, US commerce secretary Wilbur Ross said. Officials must decide whether to impose tariffs of as much as 25 per cent on vehicles and parts by 14 November. They [...]
Brexit stockpiling fails to save UK manufacturing from recession November 1, 2019 The UK manufacturing sector looked to be firmly stuck in recession as Brexit stockpiling could not prevent a sixth month of contraction in October, a closely followed survey found today. Jobs, new orders and factory ouput all fell last month, according to IHS Markit’s UK Manufacturing Purchasing Managers’ Index (PMI). Read more: Hong Kong falls [...]