SSI to close Redcar steel plant with loss of 1,700 jobs on Teeside as global steel and iron prices plummet September 28, 2015 SSI has confirmed its steel and iron production plant in Redcar will close with the loss of nearly 2,000 jobs. The Thai steel company suspended production last week due to rising costs and a slump in demand, leaving the future of the plant and many local jobs unclear. However, but today it confirmed the plant [...]
Quintain takeover to go ahead after Lone Star ups stake in Wembley Park developer September 28, 2015 Lone Star's takeover of Quintain will go ahead, after the firm upped its stake in the Wembley Park developer to reach the 75 per cent approval required. Elliot Advisors had made a last-minute attempt to get a better offer from Lone Star, which is bidding for Quintain through investment vehicle Bailey Acquisitions, buying a 12.9 [...]
Volkswagen emissions scandal: 2.1 million Audis fitted with VW emission cheat software September 28, 2015 Audi share price has dropped 2.5 per cent after the Volkswagen-owned car manufacturer confirmed 2.1 million of its cars were fitted with the same emissions cheating software as VW models. The company is also said to have suspended the research and development heads of three divisions – VW core, Audi and Porsche- Reuters reports, although [...]
ECB confirms it has halted buying Volkswagen bonds as fallout from emissions scandal spreads September 28, 2015 Shares in beleaguered car-manufacturer Volkswagen fell 6.3 per cent this morning after the ECB confirmed it has excluded VW-backed assets from its bond-buying programme, pending a review. Central Bank sources told Morning Wire: “In line with best practices for asset-backed securities investors, a decision was made to assess the repercussions of the recent developments affecting [...]
Glencore earnings beat estimates as it shoulders commodities rout September 28, 2015 The figures Switzerland-based Glencore said attributable net income fell seven per cent to $4.3bn (£2.7bn), down from $4.6bn a year earlier. This beat expectations as analysts had forecast $4.1bn. Meanwhile, net debt rose to $30.5bn. It set aside $1.1 billion of impairment charges for crumbling commodity prices. The company has also recommended a final cash [...]
SSI to close Redcar steel plant, affecting 1700 jobs, amid the collapse of global steel prices September 28, 2015 SSI is closing its Redcar steel plant, with the loss of up to 1,700 jobs, it was announced this morning. Production had been suspended last week as the firm attempted to ride out the collapse of global steel prices. Workers staged a rally over the weekend as they attempted to keep their jobs, saying it [...]
Aldi is launching online shopping in 2016, taking on Tesco, Sainsbury’s, Asda and Morrisons in e-commerce, as discount supermarket reports record UK sales September 28, 2015 Aldi will venture into online shopping for the first time with plans to sell wine online from early 2016, taking on rivals Tesco, Sainsbury's, Asda and Morrisons on new territory. Further non-food "special buys" will follow, and customers will have the choice of having items delivered to their homes or picking them up from third-party [...]
It’s not good to talk: Vodafone’s share price falls as talks with Liberty Global talks terminated September 28, 2015 Telecoms giant Vodafone and US cable provider Liberty Global have terminated talks over a much-anticipated deal. Vodafone's share price has suffered a result of the news, down four per cent in early trading. The two firms have been in discussions for months, but Vodafone has always insisted the pair were simply considering “a [...]
Volkswagen emissions scandal: Standard & Poor’s and Moody’s warn on VW credit rating over car pollution catastrophe September 28, 2015 Credit ratings agencies Standard & Poor's (S&P) and Moody's have both warned over the credit rating of embattled carmaker Volkswagen. "We expect Volkswagen to incur substantial remediation costs to correct the engines of the cars affected and potentially face material fines from regulators. " analysts at S&P said. "Criminal charges in the US may also follow. [...]
Royal Dutch Shell to cease Arctic drilling and offshore oil exploration in the Burger J well in Alaska September 28, 2015 Royal Dutch Shell will cease offshore oil exploration in Alaska, after the company announced plans to retreat from the Arctic due to high production costs. Shell said in a statement it had “found indications of oil and gas in the Burger J well”, but that these were “not sufficient to warrant further exploration”. The oil [...]