BMW commits to Mexico plant as Fiat Chrysler says it’s ready to take the lead from President-elect Donald Trump’s new rules January 9, 2017 BMW has committed to plans to build a new $1bn (£814m) plant in Mexico, despite recent comments from President-elect Donald Trump that have spooked other car firms. The German car giant's sales and marketing director, Ian Robertson, said the firm was "absolutely" committed to its plant in San Luis Potosi, where it will make its [...]
Tesco to shed 1,000 members of staff from distribution business in streamlining move January 9, 2017 Tesco is set to lay off 1,000 members of staff from its distribution network as part of a wider streamlining programme. The proposed changes will reduce the number of its distribution centres in the UK from 25 to 23 and will result in 1,000 redundancies. However, the move will also create 500 new jobs, leaving a net [...]
Ferrexpo’s share price pops on record iron ore pellet sales and cash turnaround update January 9, 2017 Shares in FTSE 250-listed miner Ferrexpo lifted more than four per cent in afternoon trading after the Ukraine-based group reported record sales and a bolstered balance sheet. Last year, Ferrexpo sold 11.7m tonnes (mt) of iron ore pellets, which are used in steelmaking, up from 11.3mt in 2015, the group said in a trading update today. [...]
Oil falls two per cent as concerns rise that increase in US production will undercut Opec deal January 9, 2017 Oil prices fell more than two per cent today after figures indicated US production is growing and could undercut global deals to cut supplies and boost the global market. Data released by US oilfield services provider Baker Hughes today showed US energy companies added oil rigs for a 10th week in a row to 529, extending a [...]
Construction firms hit brick wall as depreciation in sterling pushes up costs of building materials January 9, 2017 Building projects could be about to shoot up in price, as figures out today show more than seven in 10 UK builders have seen an increase in the cost of materials. Thousands of smaller building firms are now grappling with rising material prices caused by the depreciation of the pound since the EU referendum in [...]
New year, new IPO: Canadian firm Eco (Atlantic) Oil and Gas looks to pump up London’s junior market with January listing January 9, 2017 Canadian oil group Eco (Atlantic) Oil and Gas will be one of the first firms to pump up the London Stock Exchange’s junior market in 2017 when it floats later this month. The Toronto Stock Exchange-listed firm, which holds Atlantic licences offshore Guyana and Namibia, will early this week announce its intention to float on the Alternative [...]
Music to the industry’s ears as indie acts get £250,000 government funding boost to go global January 9, 2017 Some of the UK’s most succesful independent music acts have been given a £250,000 government funding boost to help grow their profiles overseas. MOBO-winning jazz saxophonist YolanDa Brown and Welsh singer-songwriter Cate Le Bon are among the 21 British acts to benefit from the eighth funding round of the Music Exports Growth Scheme (Megs). Funds [...]
Prime Minister Theresa May pledges to transform support for mental health in the workplace with extensive new review January 9, 2017 Prime Minister Theresa May will today unveil a new partnership to improve mental health support in the workplace in a raft of plans to "transform" assistance across society. Long-time campaigner Lord Dennis Stevenson and Paul Farmer, chief executive of Mind and chair of the NHS Mental Health Taskforce, will lead a review with business and the public [...]
Back to the black? Embattled Premier Oil gears up for debt refinancing and production update on Thursday January 8, 2017 UK-based Premier Oil is set to reveal a boost to its oil flows and expected to announce progress on its long-awaited financial restructuring in an update this Thursday. The embattled oil firm will provide further details about a bailout it has been working to agree with lenders for almost a year. In a trading update [...]
New boss of Trident programme, the Submarine Delivery Body, to bag £500,000 pay package January 8, 2017 The next boss of the Trident nuclear programme, the Submarine Delivery Body, will become one of the UK's top-paid civil servants with a pay packet totalling around £500,000. Prime Minister Theresa May, by comparison, earns almost £150,000. The chief executive of the submarine body, whose package includes bonus and salary, will manage the £41bn construction [...]
