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 [...]
UK manufacturing growth slows as Brexit extension reduces stockpiling May 1, 2019 Growth in the UK manufacturing sector slowed in April, according to closely-watched data released today, following a faster-than-expected expansion in March due to Brexit stockpiling. Read more: UK manufacturing hits 13-month high as Brexit stockpiling peaks The headline purchasing managers’ index (PMI) fell to 53.1 in April, down from March's 13-month high of 55.1, according [...]
Economic confidence falls in Eurozone and EU as slowdown drags on April 29, 2019 Confidence in the Eurozone economy fell for the 10th consecutive month in April as managers became markedly more pessimistic about industry as the continent’s slowdown continues. April’s economic sentiment indicator, released by the European Commission, decreased by 1.6 points for the Euro area and 1.5 points in the European Union in April, compared to falls [...]
Trade tariffs and waning demand slam the brakes on Volvo quarterly profit April 25, 2019 Volvo parent company Geely’s shares fell today after the Swedish car maker announced profit fell nearly a fifth in the first three months of the year. Read more: Volvo recalls over 200,000 cars worldwide over leaky fuel pipes The manufacturer said pricing pressure and higher tariffs stemming from the trade war between the US and [...]
Life after Ghosn: Nissan slashes profit forecast in the wake of former chairman’s rearrest April 24, 2019 Nissan continued adjusting to business without ousted chairman Carlos Ghosn with a profit warning early this morning, as the car maker’s shares fell four per cent overnight on the Tokyo stock exchange. Read more: Nissan and Mitsubishi executives step down in wake of Ghosn scandal The Japanese manufacturer said it expected net profit for the year [...]
‘Wake-up call’: Germany downgrades 2019 economic growth forecast to just 0.5 per cent April 17, 2019 The German government today once again slashed growth predictions for its economy, saying it now foresees a GDP increase of just 0.5 per cent in 2019, compared to the 2.1 per cent it predicted a year ago. Read more: Eurozone manufacturing sector contracts with Germany shrinking fastest Economy minister Peter Altmaier said new car emissions [...]
Electronics manufacturer Discoverie looks to break into US market with acquisition April 16, 2019 London listed electronics manufacturer Discoverie has made its first move into the United States with the £14.8m buyout of US parts maker Hobart. Read more: Manufacturing trade bodies warn EU leaders against no-deal Brexit The parts supplier for electronic devices announced the acquisition alongside the buy of another firm in the UK, as well as [...]