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BUSINESS LIVE: Fears of 3,000 job losses at Port Talbot’s Tata steel plant


BUSINESS LIVE: Fears of 3,000 job losses at Port Talbot’s Tata steel plant

BUSINESS LIVE: Fears of 3,000 job losses at Port Talbot’s Tata steel plant

The FTSE 100 is up 0.8 per cent in early trading. Among the companies with reports and trading updates today are Dr Martens and Games Workshop. Read the Friday 15 September Business Live blog below.

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Market open: FTSE 100 up 0.8%; FTSE 250 adds 0.3%

The FTSE 100 is trading strongly higher again this morning, driven by miners following better-than-expected economic data from China, while the prospects of global central banks nearing the end of their monetary tightening cycle further boost risk sentiment.

Tracking metal prices higher, miners have gained 0.9 per cent after the data from top consumer, China, was published.

Data showed China’s factory output and retail sales grew at a faster pace in August, but tumbling investment in the crisis-hit property sector threatens to undercut a flurry of support steps that are showing signs of stabilising parts of the wobbly economy.

Investors are expected to keenly watch interest rate decisions by the US Federal Reserve and the Bank of England next week, with the European Central Bank hiking its key interest rate to a record 4 per cent on Thursday, but signalled that this latest increase would likely be its last.

Arm shares soar on blockbuster New York debut: UK Chip designer is valued at more than £50bn

Dr Martens to launch UK repair service

Bootmaker Dr Martens plans to launch a shoe repair service in Britain next month as it seeks to polish its sustainability credentials, encourage customers to extend the life of their boots, and create a new revenue stream.

The London-listed firm’s chief executive Kenny Wilson told Reuters the service is currently being tested with employees and the UK launch will act as a pilot, with the potential to be rolled out into continental Europe.

Even if the repair service displaces some demand as people opt for repairing their boots over buying a new pair, Wilson said the service would bring benefits to the brand overall.

Fears of ‘jobs bloodbath’ at Tata with 3,000 set to be axed at Port Talbot plant in Wales as Indian-owned steel giant makes switch to Net Zero

Fears are growing that thousands of jobs will be axed at Tata’s giant Port Talbot plant despite a Government bailout worth £500million as the Indian-owned steel conglomerate pursues Net Zero

Reports suggest the deal will see the firm’s Indian parent Tata Group pump £700million into the business as it switches to more environmentally-friendly forms of steelmaking.

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