Boeing takes $4.9bn hit on 737 Max groundings to compensate airlines July 18, 2019 Boeing will set aside $4.9bn (£3.9bn) to compensate airlines for the disruption caused by the worldwide grounding of its 737 Max jet. The world’s biggest plane maker said this evening the after tax charge would slash its pre-tax profits by $5.6bn in the second quarter, when results are announced next week. Read more: Ryanair warns [...]
Volkswagen and Ford strengthen ties by teaming up on electric and self-driving cars July 12, 2019 Two of the world’s biggest car makers, Volkswagen and Ford, have moved their existing commercial partnership up a gear this afternoon to collaborate on electric cars and self-driving cars. Read more: Ford gears up to announce up to 550 job losses for UK office workers amid turnaround efforts The firms are looking to pull ahead [...]
Daimler in fourth profit warning of the year over airbags and diesel emissions July 12, 2019 Daimler, the German car giant that owns Mercedes, this morning issued its fourth profit warning of the year after it unearthed fresh financial risks surrounding its diesel emissions scandal. The car maker made a similar warning on June 23, but it has reassessed the risk of fines from court battles and government measures. These have [...]
BMW reveals it will build electric Mini in Oxford in boost for UK’s car industry July 9, 2019 In the summer of 1959, the first Mini rolled off the production line in Oxford and hit Britain’s streets. While initially a response to the Suez crisis fuel shortage, its diminutive size made it a style icon, helped it symbolise the swinging sixties and shook up Britain’s car industry for good. Fast forward 60 years, [...]
UK manufacturing sector records worst month in six years July 1, 2019 UK manufacturing fell to its lowest level of output since February 2013 last month, according to a closely followed measure of industry activity. The sector’s downturn deepened in June as it fell to a 76-month low of a score of 48 on IHS Markit’s purchasing managers’ index (PMI) measure, released today. Read more: Eurozone manufacturing [...]
Eurozone manufacturing falls to three-month low as downturn drags on July 1, 2019 The Eurozone’s manufacturing downturn continued throughout June as the sector fell to a three-month low, data released today revealed. The IHS Markit had the Eurozone manufacturing below the 50 no-change mark again as it contracted for a fifth-successive month with a PMI of 47.6, down from 47.7 in May. Read more: EU officials fail to [...]
No-deal Brexit could deliver ‘knockout blow’ to UK car industry June 25, 2019 The UK’s car industry has stepped up its no-deal Brexit warning, saying that crashing out of the EU would trigger “the most seismic shift” in trading conditions that the industry has ever seen. The Society of Motor Manufacturers and Traders (SMMT), the car industry organisation, has urged the UK’s next prime minister to secure a [...]
French rail giant in talks to buy British Steel division June 22, 2019 A major French engineering firm is reportedly in talks to buy part of British Steel, as potential suitors look to carve up the collapsed company. Systra, which specialises in transport infrastructure, is mulling a bid for wholly-owned subsidiary TSP Projects, Sky News reported. Read more: British Steel inquiry delayed amid fears findings could affect sale [...]
Moody’s downgrades Jaguar Land Rover as it battles China slowdown June 20, 2019 Embattled car giant Jaguar Land Rover (JLR) suffered a fresh blow today after credit rating agency Moody’s downgraded the firm and warned of a “negative outlook”. Moody’s has reduced its corporate family rating to B1 from Ba3 and the probability of default rating to B1-PD from Ba3-PD. It also downgraded the instrument ratings on the [...]
British Steel inquiry delayed amid fears findings could affect sale process June 13, 2019 MPs have delayed an inquiry into the collapse of British Steel until the Autumn, amid fears the findings could hurt efforts to find a new owner. The influential Business, Energy and Industrial Strategy Committee group of MPs was set to grill Marc Meyohas, a partner at British Steel’s former owner Greybull Capital, on 26 June. [...]