Ericsson to make further reductions in China after Q3 results October 20, 2021 The Swedish telecommunications company plans to reduce its operations in China after suffering a fall in sales post Huawei ban, as well as ongoing supply chain disruptions.
UK trade bodies rebel against ‘cartel-like’ shipping costs October 19, 2021 Make UK, the trade body representing UK manufacturers, has called on the Competition and Markets Authority (CMA) to open an investigation into the shipping sector’s “cartel-like practices” when it comes to the increase in prices. Writing a letter to the CMA alongside the British Chamber of Commerce (BCC), Make UK has said that the “increase [...]
Weakening Chinese economy weighs on London markets October 18, 2021 A weakening Chinese economy weighed on London markets this morning as investor sentiment soured on concerns the global supply chain crisis will last longer than expected. The capital’s premier FTSE 100 edged down 0.12 per cent to 7,226.20 points during the opening session. China’s economy was dragged down by energy shortages, soaring commodity prices and [...]
DOT takes lead as Bitcoin recovers, but retail market still yet to join party October 14, 2021 A swift recovery for Bitcoin has seen the price of the largest cryptocurrency climb back to more than $57k, having briefly dropped below the $55k mark yesterday.
Long read: Untangling the shipping crisis will take more than a favourable wind October 14, 2021 IT IS EASY to forget how lucky we are in the UK. A rapid vaccine rollout has almost entirely banished the spectre of Covid-19 from the country’s economy. But, there are signs the pandemic is still stopping the world from getting back to normal – none more so than in the global shipping industry.Covid-19 continues [...]
Global concrete industry pushes for 25 per cent cut in CO2 emissions by 2030 October 13, 2021 Forty global cement and concrete manufacturers have pledged a new 25 per cent reduction in CO2 emissions by 2030. The Global Cement and Concrete Association (GCCA) is aiming to accelerate the long-term shift to greener concrete, as part of the industry’s wider plans to achieve net zero in concrete manufacturing by 2050 Concrete is the [...]
Stablecoin Tether pressured to reveal the location of its reserve funds October 8, 2021 Tether, a stablecoin pegged to the price of the US dollar, is facing scrutiny once again over the location of its reserve funds. Tether Holdings Inc issues one token for each dollar it receives. This means that trades made using USDT are supposedly backed by the companies’ dollar reserves – a quality which has made [...]
Is bling out? What Chinese “common prosperity” means for luxury goods October 8, 2021 Evergrande Group will not have helped to calm the nerves of investors in European luxury goods companies. They’ve viewed recent developments in China with some trepidation. The difficulties facing the country’s second largest property developer (by sales) add to a checklist of concerns. These concerns include a slowdown in economic activity (for background, see: China: what [...]
Elektron fired up over orders October 6, 2021 Components manufacturer Elektron said yesterday that its order books going into the second half were 5 per cent ahead of last year. The firm, which makes switches and indicator lights for household appliances such as coffee machines and laser printers, reported an operating profit of £1.02m in the six months to 31 July up 5 [...]
Canary Wharf skyscraper faces uncertain future as China cracks down on builders October 6, 2021 Many development projects in London are in limbo as Beijing is cracking down on overleveraged firms and casting a pall of uncertainty on their ability to bankroll their ventures. Greenland, a major Chinese real estate developer which rushed to London in post-recession boom along with many others, is reportedly struggling to finish ‘Spire’, which when [...]