Sat. Nov 28th, 2020

Global shares push higher on hopes of trade deal and China stimulus – business live

12.32pm GMT

Indian-owned Tata Steel, the owner of the Port Talbot steelworks, plans to cut 3,000 jobs across Europe – but unions in Britain and the Netherlands have vowed to fight the plans.

Tata announced the cuts late last night as the steel industry struggles with weak demand and high costs. In June, competition authorities blocked a joint venture with Germany’s Thyssenkrupp.

There is no justification whatsoever to cut over 1,500 jobs here, and it will be impossible to find any kind of compromise over that.

This is terrible news for Tata Steel workers, made all the worse coming just before Christmas.

This Conservative government has failed to support our manufacturing industry and people are paying for that failure with their livelihoods. It speaks volumes that the business secretary Andrea Leadsom cancelled a meeting with the steel industry only last month. They just don’t care.

12.20pm GMT

Here is a quick round-up of today’s corporate news. An independent report by a law firm into TSB’s IT meltdown in 2018 has found the bank’s board lacked “common sense” and shifted customers to a new IT platform before it had been fully tested.

Related: TSB lacked common sense in run-up to IT meltdown, says report

Related: EasyJet to offset carbon emissions from all its flights

Related: UK poised to approve £4bn US takeover of defence firm Cobham

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *