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Great Britain’s automobile industry called on the government to provide additional measures such as sales tax reduction. This aims to lift the suffering sector as a third of automotive employees remain furloughed due to the novel coronavirus pandemic.
Car and van volumes are likely to drop by a third to 920,000 units this 2020 while one in six jobs is exposed to risk, the Society of Motor Manufacturers and Traders (SMMT) industry body said.
To alleviate the struggling economy, the government launched a series of policies including a furlough scheme. This seeks to cover 80% of salaries, allocating a total of 2,500 pounds ($3,120) per month for employees who are forced to go on temporary leave.
Factory operations were halted in March in a bid to contain the spread of the virus. This led to smaller volumes of output, placing the industry at its lowest level of production in decades.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
Japan's industrial output is expected to recover in June from a double-digit decline in May amid hopes that factory activity may have reached its lowest due to the coronavirus pandemic, according to a Reuters’ poll of 13 economists. While ...
European new car registrations fell in June year-on-year, but showed some improvement when compared to May 2020 as lockdown measures continue to loosen across the region, Tuesday’s industry data showed. In June, passenger car sales were ...
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