Companies

Construction Giant ISG Collapse Leads to 2,200 Job Losses
September 22, 2024
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Construction Giant ISG Collapse Leads to 2,200 Job Losses

The UK operations of international construction firm ISG have collapsed, leading to the immediate layoff of 2,200 employees. The collapse follows prolonged financial struggles and failed rescue attempts, despite the company holding over £1 billion in government contracts.

TGI Fridays UK Faces Administration, 4,500 Jobs at Risk
September 18, 2024
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TGI Fridays UK Faces Administration, 4,500 Jobs at Risk

The UK branch of TGI Fridays has entered administration, threatening 4,500 jobs. Struggling with debt and losses, the chain's owner, Hostmore, has put 87 restaurants up for sale. While the restaurants continue to operate, the future remains uncertain, with Hostmore hoping to secure a buyer by the end of September.

Pret A Manger Breaks £1bn Sales Mark as Global Expansion Accelerates
September 17, 2024
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Pret A Manger Breaks £1bn Sales Mark as Global Expansion Accelerates

Pret A Manger achieved a major milestone by surpassing £1bn in global sales for the first time in 2023, driven by its aggressive expansion overseas. The UK-based sandwich chain opened 81 new shops, with more than half in international markets such as the US, Canada, India, and Spain.

Intel Postpones $30bn German Chip Factory Plan
September 17, 2024
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Intel Postpones $30bn German Chip Factory Plan

Intel has delayed its $30 billion plan to build chip factories in Germany due to financial issues, pushing the timeline back by at least two years. Despite the setback, the German government remains committed to fostering investments, although the delay raises concerns about Germany’s economic competitiveness and the effectiveness of its investment strategies.

VW to Lay Off 15,000 Employees Amid Struggles in European Auto Market
September 16, 2024
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VW to Lay Off 15,000 Employees Amid Struggles in European Auto Market

Volkswagen plans to lay off 15,000 employees and close factories as part of a restructuring program to address challenges in the European automotive market. Driven by fierce competition from Chinese electric vehicle (EV) manufacturers and Tesla, the layoffs and closures are scheduled to begin in the summer of 2025.

Stellantis Halts Production of Electric Fiat 500 Due to Low European Orders
September 13, 2024
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Stellantis Halts Production of Electric Fiat 500 Due to Low European Orders

Stellantis, the parent company of Fiat, is pausing production of the electric Fiat 500 for four weeks due to a decline in orders in Europe. The move reflects a broader slowdown in electric vehicle (EV) sales across the region, as automakers adjust their EV plans in response to varying policies and reduced consumer demand for EVs.

Vitol-Backed VPI to Invest €450mn in German Battery Projects
September 13, 2024
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Vitol-Backed VPI to Invest €450mn in German Battery Projects

VPI, a power firm backed by global energy trader Vitol, has announced plans to invest up to €450 million in battery storage projects across Germany over the next three to five years. The initiative aims to develop up to 500 MW of battery capacity to support the country's growing renewable energy sector, particularly in regions with high solar and wind power generation.

China Fines PwC £47mn and Imposes Six-Month Ban Over Evergrande Audit
September 13, 2024
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China Fines PwC £47mn and Imposes Six-Month Ban Over Evergrande Audit

China has handed PwC a record fine of 441 million yuan (£47 million) and imposed a six-month business suspension on its Chinese division for allegedly issuing false audits related to the collapsed property giant Evergrande.

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