UK Business News

The deal struck with Canadian car parts manufacturer Magna with General Motors, to buy the European Vauxhall and Opel units, is likely to come at a higher price than anticipated for the companies workers across Europe.
That is all except Germany where  job losses are in line with what was first estimated when Magna made their [...]

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Oil supplier BP have announced a ‘giant’ oil discovery in the Gulf of Mexico reaffirming the area’s importance to the Western based oil majors.
BP said in a statement on Wednesday that it had made the find at its Tiber Prospect in the deepwater Gulf of Mexico. The well was drilled in Keathley Canyon block 102.
The [...]

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The sharp decline in the price of crude oil since the middle of 2008 has been blamed for a huge fall in profits from both Royal Dutch Shell and rival Exxon Mobil.
Reported profits for the period April to June 2009 showed profits at Shell had fallen 70% from the same period a year earlier at [...]

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Jaguar Land Rover have announced that they will cut 300 jobs at the Halewood factory in the UK as the luxury car maker struggles in the economic crisis. Production of the X type car will be stopped completely.
The company which is owned by Tata Motors of India has said that it is not considering closing [...]

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The Society of Motor Manufacturers and Traders (SMMT) say that the government ‘car scrappage‘ initiative has been a great success, with demand from private buyers improving for the first time since November 2007.
While new car registrations are still well below pre-crisis figures, new car sales for June 2009 stood at 176,264 compared to 209,190 for [...]

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