Honda confirms 2021 Swindon factory closure ‘with a heavy heart’, cutting 3,500 jobs May 13, 2019 Japanese car manufacturer Honda has confirmed plans to close its Swindon factory in 2021, meaning 3,500 employees now face redundancy. The company said that after talks with the government and trade unions, it had decided there were “no viable alternatives” to closing the plant, which currently builds the Civic model. Read more: Honda to close [...]
Chinese car sales fall for 10th straight month as US trade war picks up again May 13, 2019 Car sales in China, the biggest automotive market in the world, fell for the 10th consecutive month in April. Sales fell to 1.98m vehicles in April, according to the China Association of Automobile Manufacturers (Caam), marking a 14.6 per cent year on year decline. Read more: Car sales fall as removal of subsidies and Brexit [...]
UK business confidence lowest since 2012 as output drops for first time in 2019, says BDO May 13, 2019 Business optimism in the UK fell to its lowest rate since 2012 in April, according to a report released today, in a sign that the Brexit extension has done little to cheer up the country’s gloomy businesses. Read more: UK economy bounces back, but is growth just a ‘flash in the pan’? UK business output [...]
Ford gears up to announce up to 550 job losses for UK office workers amid turnaround efforts May 13, 2019 Ford is poised to announce as many as 550 job cuts in the coming weeks as part of a major restructuring programme, Morning Wire has learnt. Read more: Ford casts further doubt over future of its UK operations post-Brexit The second-biggest car maker in the US is expected to make the reductions among office workers [...]
European car and parts output slumps to six-year low as continent’s woes continue May 8, 2019 The European automobiles and parts sector remained in a strong downturn in April, according to data company IHS Markit. Read more: EU slashes its forecast for German growth as it predicts Eurozone slowdown Output, new orders and employment all fell sharply last month, IHS Markit said, in more bad news for Europe’s struggling manufacturing sector. [...]
‘Fierce’ manufacturing downturn will act as major drag on Eurozone economy May 2, 2019 The Eurozone suffered its third straight month of contraction in its manufacturing sector in April, data revealed today. Germany continued to lead the downturn as the bloc’s manufacturing industry barely recovered from a six-year low in March, according to a closely-followed measure of activity. Read more: Construction industry bounces back in April amid housebuilding rush [...]
US manufacturing sees moderate growth in April as China trade talks continue May 1, 2019 Growth in the US manufacturing sector picked up slightly in April, with output and new orders bouncing back from the lows seen in March, according to a closely-watched industry gauge. Read more: US stocks rise as 'productive' China trade talk round ends Despite companies’ backlogs growing, the rate of job creation was the slowest since [...]
UK manufacturing growth slows as Brexit extension reduces stockpiling May 1, 2019 Growth in the UK manufacturing sector slowed in April, according to closely-watched data released today, following a faster-than-expected expansion in March due to Brexit stockpiling. Read more: UK manufacturing hits 13-month high as Brexit stockpiling peaks The headline purchasing managers’ index (PMI) fell to 53.1 in April, down from March's 13-month high of 55.1, according [...]
Economic confidence falls in Eurozone and EU as slowdown drags on April 29, 2019 Confidence in the Eurozone economy fell for the 10th consecutive month in April as managers became markedly more pessimistic about industry as the continent’s slowdown continues. April’s economic sentiment indicator, released by the European Commission, decreased by 1.6 points for the Euro area and 1.5 points in the European Union in April, compared to falls [...]
Trade tariffs and waning demand slam the brakes on Volvo quarterly profit April 25, 2019 Volvo parent company Geely’s shares fell today after the Swedish car maker announced profit fell nearly a fifth in the first three months of the year. Read more: Volvo recalls over 200,000 cars worldwide over leaky fuel pipes The manufacturer said pricing pressure and higher tariffs stemming from the trade war between the US and [...]