CBI manufacturing survey reveals positivity in sector
Optimism among manufacturers has soared as domestic orders rose at their fastest pace since mid-2014, according to the latest figures from the CBI. The survey found that 37% of businesses saw an increase in home-grown orders in the three months to January, compared to 21% who reported a slump, giving a balance of 16%.
The research, which surveyed 461 businesses, found that the total order books increased from a balance of 0% in December to 5% in January, the highest measure since April 2015.
The pick up in business boosted industry confidence, with 27% of firms more optimistic about the general business situation than three months ago and 12% less optimistic, giving a balance of 15%.
Global oil demand to grow into 2040s, says BP
Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods, BP said in its annual Energy Outlook.
The company said oil demand growth over the period is set to slow from around 1 million barrels per day to 400,000 bpd by 2035, when consumption will reach around 110 million bpd. Demand is not expected to peak before the 2040s, the report said.
The British oil and gas company also said current recoverable global oil supplies of around 2.6 trillion barrels are sufficient to meet demand out to 2050 twice over.
Smiths sells power business
Smiths Group has completed the sale of its Interconnect’s Power business, which provides custom power distribution and monitoring solutions, to private investment firm Dunes Point Capital for £162 million.
Smiths Group the disposal was part of its plan to make the company leaner and that it would reinvest the proceeds.
European offshore wind investments reach €18.2bn
Investments in offshore wind hit a new record of €18.2 billion in 2016, according to statistics from industry body WindEurope.
More than 1.5GW of new installations were made in 2016, a 48% fall compared to 2015, with Europe's total offshore wind capacity now standing at 12.6GW. The 1.5GW of installations were made at seven wind farms in Germany, the Netherlands and the UK.
Ford provides electric vans for London trial
Ford is launching a multi-million pound project designed to help improve air quality in London.
The project, supported by Transport for London, will feature a 12-month trial of 20 new plug-in hybrid Ford Transit Custom vans that run solely on electric power.
The trial, which is scheduled to launch this autumn, is part of the carmakers commitment to work with major cities around the world to tackle local transportation challenges.
Steel unions back Tata deal on pensions
UK steelworkers are set for a "make or break" vote on reforms that could determine the fate of Port Talbot.
The steel unions have backed the proposals that will see Tata Steel invest £1 billion into Port Talbot in exchange for workers accepting changes to their pension schemes.
The ballot on the changes will run to mid-February.
Business confidence among North Sea bosses stabilises, research finds
Confidence among oil and gas bosses for this year has stopped falling, according to new research.
A report by DNV GL shows that oil and gas bosses in Europe have the lowest amount of confidence about the sector in general and their own businesses when compared to Asia Pacific, Latin America and North America.
It found that the price of oil is still expected to be the biggest impediment to the industry’s growth prospects in 2017, while concerns about over-supply, where production and storage outstrips demand, remains a “major concern”.
Oil and gas firms are set to continue cost-cutting measures this year, with 25% expecting to reduce staffing levels.
Centre of excellence to bring innovation to Wales
A new hub for technology and engineering innovation is set to be launched in South Wales.
The £425 million Circuit of Wales will contribute to the economic diversification of the region, acting as a hub for new automotive and aerospace technology and innovation in low carbon technologies.
The cluster will house state-of-the-art platforms to support advanced engineering companies with data analytics suites, in turn supporting growth in the UK’s technology, precision and performance engineering industries.
IMechE invests in Utonomy
The IMechE has completed a new investment, through its £2 million Stephenson Fund, into Southampton-based company Utonomy.
Utonomy’s smart network pressure management aims to reduce leakage by up to 25%, providing significant financial payback for gas network operators, as well as reducing greenhouse gas emissions.
Hyperloop comes to France
US transportation company Hyperloop Transportation Technologies, a rival to Hyperloop One, has agreed with the city of Toulouse, France to open a facility for the development and testing of Hyperloop-related technologies.
The new 3,000sq m R&D facility will be located at the Francazal Airport, a former military base being converted into a larger mobility innovation Park by Toulouse Métropole.