Construction industry output ‘drops like a brick’ to a decade low September 3, 2019 Britain’s construction industry suffered its sharpest decline in new work in more than a decade last month, as economic uncertainty hampered decision making among customers. New orders slumped at their worst rate since March 2009, according to closely-followed industry barometer the IHS Markit Purchasing Managers’ Index (PMI), which read just 40 for the category where [...]
Tesco Bank sells 23,000-customer mortgage arm to Lloyds Banking Group for £3.8bn September 3, 2019 Tesco Bank has sold its mortgage business to Lloyds Banking Group for £3.8bn, in a move which will see its 23,000 customers switched to a new provider. The retail giant ceased all lending on its mortgages in May, as it announced it was trying to hive off its ledger book. Tesco, which said the portfolio [...]
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 [...]
More than 400 jobs on the line as Tata Steel announces Newport factory closure September 2, 2019 Hundreds of jobs are at risk at two UK steel plants after owner Tata Steel said it would shut down part of its operation. Tata said it planned to close its Orb Electrical Steels site in Newport, after looking to try to sell the plant for the last 15 months. The factory produces electrical steel [...]
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 [...]
UK manufacturing activity plunges to seven-year low as economic slowdown bites September 2, 2019 UK manufacturing output crashed to a seven-year low in August as Brexit doubts intensify and a wider economic slowdown hurts firms, according to a closely followed measure of sector activity. Manufacturing output plunged to its worst level since 2012 last month, according to IHS Markit’s Purchasing Managers’ Index (PMI). Read more: Toyota to halt production [...]
Volkswagen retains access to US public sector contracts after dieselgate probe September 2, 2019 Volkswagen will reportedly still be allowed to bid for public sector contracts in the US, after concerns a watchdog probe into its diesel emissions cheating scandal may result in a ban. Instead of being excluded, Volkswagen will be made to install a second US monitor at its Wolfsburg headquarters in Germany, after an investigation by [...]
Asian stocks slip after US-China trade war escalates with fresh $110bn tariffs September 2, 2019 Asian stocks stumbled overnight after the US escalated its trade war with China, with a series of fresh tariff hikes on goods amounting to roughly $110bn (£90.5bn). Tokyo’s Nikkei index fell 0.41 per cent, while Hong Kong also fell 0.76 per cent. Shanghai’s SSE Composite index rose 1.31 per cent, however, while South Korea’s main [...]
Pie in the sky? London urged to plan for flying taxi future September 2, 2019 Airbus will tomorrow urge London authorities to plan for a future in which electric air taxis roam the skies and drones carry cargo a few thousand feet above the city. The aviation juggernaut has already built a prototype air taxi, as have arch rivals Boeing, Uber and several other manufacturers. Airbus will urge city planners [...]
Iran tensions: Britain ‘could send military drones’ to Gulf September 2, 2019 Britain is said to be considering whether to send military drones to the Gulf as tensions with Iran continue to simmer, following its seizure of a British flagged oil tanker in July. The Royal Air Force (RAF) has a number of Reaper drones based in nearby Kuwait and operating in Iraq and Syria, which could [...]
