British Steel ‘grateful’ for government support as it signals it has funds to keep trading May 16, 2019 British Steel has insisted it has the liquidity to keep trading after days of speculation over whether it would receive a government loan needed to keep it afloat. Read more: Thyssenkrupp swings to second quarter loss On Tuesday, it emerged Britain’s second-largest steel manufacturer was looking to Whitehall for a support package, believed to be [...]
US stocks fall as industrial sector contracts for third time in four months May 15, 2019 US industrial production unexpectedly fell for the third time in four months in news that will displease the Trump administration as it wages a trade war on China. Read more: European markets back in red following weak Chinese data Industrial production fell 0.5 percent in April, meaning output declined at an annual rate of 1.9 per [...]
British Steel seeks further £75m loan from government to avert collapse May 14, 2019 Britain’s second-largest steel manufacturer is looking to Whitehall for a second emergency loan in a matter of weeks. British Steel today said it has asked the government for a support package, believed to be as much as £75m, citing “Brexit-related issues”. Little over a fortnight ago the company was handed £120m to pay an EU [...]
Honda confirms 2021 Swindon factory closure ‘with a heavy heart’, cutting 3,500 jobs May 13, 2019 Japanese car manufacturer Honda has confirmed plans to close its Swindon factory in 2021, meaning 3,500 employees now face redundancy. The company said that after talks with the government and trade unions, it had decided there were “no viable alternatives” to closing the plant, which currently builds the Civic model. Read more: Honda to close [...]
Chinese car sales fall for 10th straight month as US trade war picks up again May 13, 2019 Car sales in China, the biggest automotive market in the world, fell for the 10th consecutive month in April. Sales fell to 1.98m vehicles in April, according to the China Association of Automobile Manufacturers (Caam), marking a 14.6 per cent year on year decline. Read more: Car sales fall as removal of subsidies and Brexit [...]
UK business confidence lowest since 2012 as output drops for first time in 2019, says BDO May 13, 2019 Business optimism in the UK fell to its lowest rate since 2012 in April, according to a report released today, in a sign that the Brexit extension has done little to cheer up the country’s gloomy businesses. Read more: UK economy bounces back, but is growth just a ‘flash in the pan’? UK business output [...]
Ford gears up to announce up to 550 job losses for UK office workers amid turnaround efforts May 13, 2019 Ford is poised to announce as many as 550 job cuts in the coming weeks as part of a major restructuring programme, City A.M. has learnt. Read more: Ford casts further doubt over future of its UK operations post-Brexit The second-biggest car maker in the US is expected to make the reductions among office workers [...]
European car and parts output slumps to six-year low as continent’s woes continue May 8, 2019 The European automobiles and parts sector remained in a strong downturn in April, according to data company IHS Markit. Read more: EU slashes its forecast for German growth as it predicts Eurozone slowdown Output, new orders and employment all fell sharply last month, IHS Markit said, in more bad news for Europe’s struggling manufacturing sector. [...]
‘Fierce’ manufacturing downturn will act as major drag on Eurozone economy May 2, 2019 The Eurozone suffered its third straight month of contraction in its manufacturing sector in April, data revealed today. Germany continued to lead the downturn as the bloc’s manufacturing industry barely recovered from a six-year low in March, according to a closely-followed measure of activity. Read more: Construction industry bounces back in April amid housebuilding rush [...]
US manufacturing sees moderate growth in April as China trade talks continue May 1, 2019 Growth in the US manufacturing sector picked up slightly in April, with output and new orders bouncing back from the lows seen in March, according to a closely-watched industry gauge. Read more: US stocks rise as 'productive' China trade talk round ends Despite companies’ backlogs growing, the rate of job creation was the slowest since [...]