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Posts Tagged ‘Economic Crisis’

Carmakers driven to despair

December 2nd, 2008 by jamie | 0 Comments | Filed in Daily News, Global Credit Crisis

The world’s carmakers are queuing up for government handouts as customers have put the brakes on spending.

James Bond marque Aston Martin is planning 600 job losses at the firm’s Gaydon, Warwickshire, and factory. Aston Martin is also cutting costs by extending the Christmas shut down for two more weeks.

Aston Martin chief executive, Ulrich Bez said: “Like other premium car brands, Aston Martin has been forced to take action to respond to the unprecedented downturn in the global economy. These are regrettable but necessary measures in the extraordinary market conditions we all now face.”

Former Aston Martin owner Ford has also hinted luxury Swedish carmaker Volvo could be for sale and a share Ford owns in Mazda, the Japanese brand is open to offers as well.

Both announcements heralded details of plunging sales figures for November.

Sales were down 20% in the UK in September and October and November’s figures are due later this week. The industry would show no surprise at a continuing drop in sales as credit has dried up.

Later today, Ford, General Motors and Chrysler are returning to the US government with an improved financial strategy to beg for a $25 billion aid package.

The US car giants are not the only big names seeking government aid. Volvo and Saab, which is owned by General Motors, have asked the Swedish government for financial help.

Latest figures also show car sales are dropping through the floor in Belgium, Italy, Sweden and France.

Worst hit is Spain, with sales down 50% – the worst figures since 1993 – and where the government is already budgeting for an €800m package to help the car industry amid fears 50,000 jobs could go.

In Japan car sales fell 18% and were down 8.6% in South Korea.

The tumbling sales figures in Europe make grim reading for UK car makers as the bulk of the cars made here are exported to Europe.

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Curry’s not so hot as sales plummet

December 2nd, 2008 by jamie | 0 Comments | Filed in Daily News, Recession

Christmas high street trading is looking tough for many top names as shoppers opt to keep their cash in their pockets.

On the back of news that Woolworth’s and MFI have called in the administrators and sales are down at the John Lewis chain, the PC World and Curry’s super group revealed sales have fallen through the floor.

Brand owner DSG International reported a half-year loss of £29.8m, compared with a profit of £52.4m in the same period last year.

The company said that sales in stores open longer than a year were down 7% during the period.

Clinton Cards also reported a sharp fall in sales with like-for-like sales – which strips out the impact of store openings and closures – fell 6% in the 16 weeks to 16 November.

Sales are also down 7.1% at its Clinton branded stores, and 2.5% lower at the company’s Birthdays outlets.

The firm has opened 12 new stores since August, but closed 21. It now has 1,042 outlets across the UK, comprising 697 Clinton stores and 345 Birthdays shops.

Market trading in the City closed with the FTSE at 4153, 18.56 points down for the day.

US President elect Barack Obama has promised help is on the way for the country’s beleaguered economy ‘from day one’ he is in office. 

Wall Street responded to his remarks and the appointment of more economic advisors with approval. The DOW closed up 247 at 8726.

Meanwhile, car giants Ford, GM and Chrysler have been told to pull their act together and come back to Washington with a viable financial plan if they want $25 billion in state aid.

On the financial markets, the Pound closed at £1.53 against the US dollar and £1.88 against the Euro.

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More high street names in trouble as sales slump

December 1st, 2008 by jamie | 0 Comments | Filed in Daily News, Global Credit Crisis, Recession

Five John Lewis stores saw sales fall by more than 20% last week as the department store group was hit by heavy discounting by rivals.

The group’s weekly trading update revealed a 23% drop at Nottingham, while stores at Peterborough, Reading, Bristol’s Cribbs Causeway and Peter Jones, London, were also down by more than a fifth on year-on-year sales.

John Lewis disclosed on Sunday that sales across the division were down by more than 13% in the week to last Saturday. The period saw rivals Marks & Spencer and Debenhams hold discount days in a bid to drive footfall in the run up to Christmas.

One of the week’s best sellers was Biscuit the Dog, a life size electronic toy retriever puppy that John Lewis said had sold in record numbers.

Supermarket chain Waitrose, part of the John Lewis Partnership, said sales were down for a second consecutive week by just under 4%.

Meanwhile, a huge sale bonanza is expected at Woolworth’s as administrators look to raise cash from a stock clearance. The fire sale will force other stores to drop prices even more to compete.

Troubled DIY giant B&Q has is closing nine Trade Depot superstores as owner Kingfisher reported a £15 million loss in the last financial year.

The closures are in response to falling sales and heavy losses from stores in China.

Kingfisher is the world’s third largest DIY group. The cash savings will be pumped in to the group’s other B&Q stores and the online Screwfix brand.

Other B&Q stores will swallow 230 jobs at the nine axed stores.

The FTSE closed at up 71 points at 4153 while Wall Street climbed 247 up at 8726. 

The Pound stood its own against the US Dollar ($1.54) and the Euro (0.83p)

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Cameron calls out Gordon Brown

October 30th, 2008 by admin | 0 Comments | Filed in Daily News, Energy Prices, Money Management

David Cameron called Gordon Brown today on his ill fated plan to spend his way out of the current economic crisis. He went as far as to call Gordon Browns plan a con trick….and he is exactly correct.

You see, the government have been telling quite a few fibs lately. We have dealt with the central banking fib that is the most closely guarded secret in society. Most people have no idea how money is created, what inflation is, where it comes from, where their tax pounds go and that there are shareholders who directly benefit from those tax pounds eventually.

  • But Gordon’s also been caught in a few other fibs. “The business cycle is dead”. Erm….what do you think now Gordon?
  • “We don’t need to save any money because there will never be a rainy day”….good call buddy.
  • “The banking bailout will work”….jury’s still out…but the past record doesn’t inspire confidence.
  • “Selling a big chunk of the UKs gold reserves was a smart move”….not nearly as smart as a long walk off a short peer would have been Gordon.
  • “We didn’t see the crisis coming”…but everyone warned you about it. Work on those listening skills.
  • “The economy is in safe hands”…completely laughable looking back.
  • We will fix the pension system by taking it for £5bn in tax and make it easy to invest in pensions again and ensure workers have some dignity in retirement….yeah.

Mr Brown…you have no one to blame but yourself. We gave New Labour a chance and it turned into Old Labour…complete with Keynesian drivel…before our very eyes. Now we are paying the price for trusting you again. That price looks like a winter of discontent…a return to boom and bust and we have a poorer old age, a huge mountain of debt and less gold than we had before you arrived.

“Things can only get better” – We all really wanted to believe you…but this was a cruel lie. Go and read an economics text book and put down that public relations manual….for once in your political life.

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