Daily Mirror (Northern Ireland)
Car-ash goes motor trade Biggest slump in output for 10 years
City vultures have bet more than £70million on construction giant Kier getting into trouble.
The firm is one of the most “shorted” stocks – where speculators gamble on a company’s share price tumbling to make a fat profit.
It has been hit by fears about government outsourcers since the collapse of Carillion.
Kier’s share price recovered from a share slump yesterday after nearly two-thirds of shareholders shunned a £250m rights issue.
Staff at restaurant chain Wagamama are set to pocket Xmas bonuses of up to £2,000 after the £559m sale of the business.
Reports say around 4,000 staff will share a £4m pot, with head chefs and managers banking £2,000 each, while waiting staff with more than a year’s service will pocket £1,000.
The windfall comes after Wagamama’s was sold to The
Restaurant
Group. UK car plants suffered their worst November for a decade.
The number of cars rolling off the production line crashed by nearly a fifth, according to the Society of Motor Manufacturers and Traders.
The trade body blamed weak demand, both from UK buyers and those abroad, plus the impact of new regulations and model changes.
The slump prompted fresh warnings about the impact of a no-deal Brexit on the UK’S automotive trade.
A total of 129,030 cars were made in the UK last month, including Jaguar Land Rover’s plants and Nissan’s Sunderland factory.
The 19.6% drop was the worst for any November since 2008, at the start of the financial crisis.
The number of cars destined for UK buyers fell 1.9%.
That was eclipsed by a 22.8% plunge in exports, another 10-year low. In the year to date, more than 1.4 million cars have been built in the UK overall, a 8.2% year-on-year decline.
Mike Hawes, SMMT Chief Executive, called last month’s drop “very concerning”. He added: “With fewer than 100 days until the UK leaves the EU, the automotive industry needs certainty and a ‘no-deal’ Brexit must be ruled out.
“Thousands of jobs in British car factories and supply chains depend on free and frictionless trade with the EU – if the country falls off a cliff edge next March, the consequences would be devastating.”
It follows unconfirmed reports that Jaguar Land Rover is preparing to announce up to 5,000 job losses in the new year as part of a £2.5bn cost-cutting plan.
Oil = $55.00