Toyota Motor registers first loss since 1941
Japanese car manufacturer Toyota Motor has this evening announced its first loss since 1941 amid the carnage of the car manufacturing industry. This is the latest setback for an industry which has literally falling to its knees over the last few months with thousands and thousands of cars waiting to be delivered to forecourts never mind being sold.
The news from Toyota Motor is expected to put nearly 5000 UK jobs at risk as the company is likely to look at cost saving measures in these extreme conditions. Quite what will happen remains to be seen but the longer the economic slowdown continues the more chance of more jobs being lost. The UK has for many years been a prominent member of the car manufacturing industry in Europe but this evening this position is under serious threat as more and more companies feel the pain.
When you consider the serious situation at Ford in the US, Jaguar Land Rover in UK and the first-time loss for Toyota Motor many are now wondering who will be next to take a hit. If the major car manufacturers are struggling then those further down the food chain will also be feeling the pain.
Share this..
Related stories
Do politics and economic strategies really mix?
As we mentioned in one of our earlier articles, the UK government has yet to set out a credible plan for reducing the UK budget deficit which is now at a high of £178 billion. One obvious reason why the government has not been as open about the future as it could be is simply because we are nearing a general election and the government needs the support of Labour voters across the UK. While wo...
Read MoreUK pubs closing at rate of 52 week
The British Beer and Pub Association (BBPA) has issued a report this week which confirms that 52 pubs are going out of business each week at a cost of 24,000 jobs over the past 12 months. Since the onset of the recession nearly 2500 pubs and bars in UK have disappeared and the situation could well continue for some time to come. A mixture of increased taxes, higher business rates and lower beer sa...
Read More28% of over 55’s cannot afford to retire
01/11/2014 28% of over 55’s do not believe they will ever be able to afford to retire, research from Key Retirement, the independent retirement specialists, shows. The nationwide study showed that more than one in four over 55’s who are currently working fear running out of money in retirement, and believe they will never fully be able to give up work. 19% of people are planning to work...
Read MoreUS authorities slash base rates
US authorities have tonight cut base rates from 1% down to the 0% - 0.25% in a move which few had forecast and even fewer had thought we would see. This effectively gives the US government the opportunity to flood the money markets with 0% finance at a time when the US economy is dive-bombing to recession. The move reflects a similar situation in Japan where the economy is also in a severe downwar...
Read MoreConservative party considers privatisation of UK banks
With the UK government owning significant stakes in Lloyds bank and Royal Bank of Scotland, not to mention outright control of Northern Rock, the Conservative party is looking at ways in which these shares can be sold in the most efficient manner. While there have been suggestions, from within the Labour Party camp, that overseas investors were potentially looking to acquire part of the various st...
Read More