Connect with us

International

UK manufacturing industry shrinks at fastest rate in 11 months

Concerns remain about the outlook for global trade in 2025, with Donald Trump assuming the US presidency later this month having promised a slew of trade tariffs.

Published

on

387 Views

Yahoo!finance: British factory output contracted at the fastest rate in 11 months in December, amid a swathe of job losses, growing concerns about rising business taxes and a worsening global economy.

The S&P Global UK manufacturing PMI survey, watched closely by economists, recorded a reading of 47.0 in December, from 48.0 in November.

Any reading above 50 indicates activity is growing while any score below means it is contracting.

The rate of job cuts hit a 10-month high, the survey found, with firms saying weak market conditions caused many to reduce their headcounts.

Company confidence fell to a two-year low, meanwhile, amid concerns about inflationary pressures, rising business costs and potential weaker economic growth this year.

Manufacturers said they were concerned about future cost increases, partly driven by rising taxes announced by Chancellor Rachel Reeves last year.

Companies will pay more in national insurance contributions (NICs) from April, while the minimum wage is also set to rise, which will make it more expensive to employ people.

Firms also cited a weakening global economic outlook, as exports fell due to lower demand in Europe, Asia and the UK.

Concerns remain about the outlook for global trade in 2025, with Donald Trump assuming the US presidency later this month having promised a slew of trade tariffs.

Rob Dobson, director at S&P Global Market Intelligence, said: “A stalling domestic economy, weak export sales and concerns about future cost increases led to the steepest contraction of UK manufacturing production for almost a year in December.

“Manufacturers are facing an increasingly downbeat backdrop. Business sentiment is now at its lowest for two years as the new Government’s rhetoric and announced policy changes dampen confidence and raise costs at UK factories and their clients alike.

SMEs are being especially hard hit during the latest downturn.

“This is sending a winter chill through the labour market. December saw the sharpest cuts to staffing levels since February.

Some companies are acting now to restructure operations in advance of the rises in employer national insurance and minimum wage levels in 2025.”

Continue Reading
Click to comment

Leave a Reply

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

International

Renowned Gospel Singer and Worship Leader Ron Kenoly Dies at 81

Published

on

17 Views

Dr. Ron Kenoly, the celebrated American gospel singer, worship leader, and songwriter whose powerful anthems have inspired millions worldwide, has passed away at the age of 81.

Kenoly, widely regarded as one of the pioneers of contemporary praise and worship music, was best known for timeless classics such as “Ancient of Days,” “Lift Him Up,” “Sing Out,” “As for Me and My House,” “I Will Come and Bow Down,” and “Jesus Is Alive.” His music, characterized by joyful, exuberant praise and a deep focus on God’s manifest presence, became staples in churches, conferences, and worship gatherings across denominations and continents.

Born on December 6, 1944, in Coffeyville, Kansas, Kenoly served in the United States Air Force before transitioning into full-time ministry. He served as a music pastor and later earned a Doctorate in Ministry of Sacred Music in 1996. His breakthrough came through recordings with Integrity Music in the 1990s, which propelled his ministry to global prominence.

Over the course of his career, Kenoly toured extensively, ministering in more than 120 nations and recording numerous live worship albums that captured the energy and spiritual intensity of his live sessions. His work influenced generations of worship leaders, choirs, and congregations, helping shape modern gospel and praise music.

No official cause of death has been released at this time. Further details and statements are expected from his family or representatives in the coming days.

Ron Kenoly’s legacy endures through his enduring catalog of songs that continue to uplift and draw believers into worship around the world.

Continue Reading

International

South Africa kicks out Israel’s ambassador Ariel Seidman

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty.”

Published

on

By

42 Views

•Cyril Ramaphosa, South African President

The South African government on Friday declared Mr Ariel Seidman, the chargé d’affaires of the Israeli Embassy, unwelcome and ordered him out of the country within 72 hours, for what it called repeated violations of diplomatic norms, including insulting President Cyril Ramaphosa.

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty”.

“These violations include the repeated use of official Israeli social media platforms to launch insulting attacks” on Ramaphosa, as well as a “deliberate failure” to notify the South African authorities about visits by senior Israeli officials.

Diplomatic relations between South Africa and Israel have been strained since South Africa brought a genocide case over Israel’s actions in Gaza at the International Court of Justice. Israel has rejected the case as baseless.

South African lawmakers in 2023 voted in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations over the war in Gaza, but that decision was never implemented.

Continue Reading

International

Burkina Faso military government dissolves political parties

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

Published

on

By

38 Views

•Photo: Heads of state of Mali’s Assimi Goita, Burkina Faso’s Captain Ibrahim Traore and Niger’s General Abdourahamane Tiani walk together during the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/Mahamadou Hamidou.

Burkina Faso’s military-led government has dissolved all political parties and scrapped the legal framework governing their operations.

The decree was approved by the government ‘s council of ministers on Thursday.

The decision by the military rulers who seized power in September 2022 is the latest move to tighten control following the suspension of political activities after the coup.

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

He said a government review found that the multiplication of political parties had fuelled divisions and weakened social cohesion.

Before the coup, the country had over 100 registered political parties, with 15 represented in parliament after the 2020 general election.

Continue Reading

Trending