Nissan crisis: Chief resigns after year of scandal and financial turmoil September 9, 2019 The crisis at Japanese automotive giant Nissan deepened today, after chief executive Hiroto Saikawa was asked to quit by the company’s board. In a sometimes heated late night press conference in Japan, board members confirmed that Saikawa, who had already expressed a desire to leave the top job, would step down. Read more: Nissan chief [...]
Pendragon called on restructuring firms to mitigate effects of industry car crash September 8, 2019 As the car industry continues to splutter, one of Britain’s biggest dealers has turned to restructuring experts to try to halt its downward spiral of profits. Pendragon, which owns the ubiquitous Evans Halshaw car dealership brand, spoke to several firms about helping shake up its spending earlier this year, but the process was cut short [...]
Sir Richard Branson’s Virgin Galactic faces first investor vote of confidence on stock market listing September 8, 2019 Sir Richard Branson’s space tourism venture Virgin Galactic faces its first test of investor confidence in a proposed stock market float tomorrow. Would-be shareholders will vote on whether to back the entry via investment vehicle Social Capital Hedosophia (SCH), or whether to withdraw their cash entirely. Read more: Richard Branson’s Virgin Galactic plots public listing [...]
Car makers: We would rather another Brexit delay than no-deal September 6, 2019 Britain’s automotive industry trade body chief has indicated that car makers would rather suffer yet another period of Brexit uncertainty than crash out of the European Union without a deal – a scenario that would be damaging to UK business, but particularly harmful to car makers. Mike Hawes, chief executive of the Society of Motor [...]
Boeing 737 Max: Europe ‘will not accept’ FAA’s safety decision on grounded jet September 5, 2019 Europe’s aviation safety regulator will insist on running its own tests on Boeing’s troubled 737 Max before allowing it to fly again, rather than accepting the verdict of its US counterpart. Read more: Boeing admits sensor malfunctioned on both fatal 737 Max crashes Such a decision from the European Aviation Safety Agency’s (Easa) could dash [...]
Electric car sales charge ahead with record monthly demand September 5, 2019 More electric cars were sold in Britain last month than ever before, as zero-emission car sales rose fivefold amid an otherwise subdued automotive market. Zero emission car sales came to 3,147 vehicles in August compared to just 659 this time last year, as the release of several new models over the summer boosted demand, including [...]
German steel giant Thyssenkrupp looking to sell elevator division September 4, 2019 Thyssenkrupp has launched a formal process to sell its elevator business rather than planning an initial public offering (IPO), as pressure builds on the German industrial giant’s chief executive to turn around its fortunes. The 218-year-old conglomerate has been weighing up what to do with the division for months, all-the-while issuing repeated profit warnings to [...]
Norwegian Air no longer expects to fly Boeing 737 Max this year September 2, 2019 The interim boss of Norwegian Air, one of the major carriers of the grounded Boeing 737 Max jet operating out in the UK, has said the airline is unlikely to fly the aircraft this year. Read more: Norwegian Air boss tweets about ‘good meetings’ with Boeing after 737 Max ban Geir Karlsen, who is acting [...]
Sterling sinks after ‘simply shocking’ UK manufacturing data September 2, 2019 Sterling plummeted against the euro and the dollar in response to weak UK manufacturing data as economists warned “there is no clarity whatsoever” surround Brexit. Markets panicked as figures showed output from the UK manufacturing sector sank to a seven-year low in August, sending the pound down against major currencies. Read more: UK manufacturing output [...]
European factory ‘summer slump’ continues through August September 2, 2019 European factory activity stagnated further in August, as a gloomy spell for companies was extended by a continued fall in demand. Manufacturing output fell for the seventh month in a row, according to IHS Markit’s Purchasing Managers’ Index (PMI), a closely-followed measure of sector activity. Economists recorded a PMI score of 47, where anything below [...]