The recent soar in oil and gas prices is a hot topic and particularly worrying trend for manufacturers that are high energy users, such as the steel and automotive for whom higher energy costs cause severe repercussions.
Rising prices has led the UK government to extend the Energy Intensive Industries compensation scheme, which aims to help big energy users stay competitive in a global market, for another three years up t £28M.
Pendragon shareholders yesterday showed their dissatisfaction with the board’s pay and a huge vote against its remuneration report at the annual meeting, reports CarDealerMagazine.
A total of 65.51 per cent voted against the annual report on directors’ remuneration for 2021 – the only resolution on the agenda to be rejected at this morning’s meeting but chief executive Bill Berman was re-elected.
Wide lorries and loads will be prevented from using the old Severn Bdridge from this week for eight months as inspections are carried out on the suspension cables.
A similar ban was imposed several years ago when it was realised the massive cables had to be replaced and it will affect vehicles using the Chepstow trading estate complex of warehouses.
While the UK new car market crashed 20.6% in May, the European dealers also saw a dip.
European new car registrations slipped by over 12 per cent in May, latest figures show as the European Automobile Manufacturers Association reported the number of cars that rolled out of dealers in May fell by 12.5 per cent to 948,149 units.