Jobs at risk as Tata Steel exits UK
LONDON • India's Tata Steel is seeking to sell Britain's biggest steelmaking business, putting thousands of jobs at risk in an industry that has been brought low by falling prices, high costs and Chinese competition.
After a marathon board meeting in Mumbai, Tata said it would draw a line under its almost decade-long foray into Britain's steel industry, exiting the country entirely.
Tata, which employs about 15,000 people in Britain, said its financial performance in Britain had deteriorated sharply in recent months.
Boeing to cut 4,000 jobs
CHICAGO • Boeing plans to cut about 4,000 jobs from its commercial airplanes division by mid-year as part of a broader effort to reduce costs amid fierce competition from the Airbus Group. The effort to revamp Boeing's sprawling commercial jetliner manufacturing unit comes as new chief executive officer Dennis Muilenburg starts to make his mark at Boeing.
GIC, Brigade buy Chennai property
BANGALORE • GIC and India's real estate developer Brigade Group yesterday announced the joint acquisition of a 6.4ha prime property in southern Chennai city for a sale consideration of 5.4 billion rupees (S$110 million). Easily accessible with close proximity to amenities, such as hospitals, schools and shopping centers, the land will be developed into a mixed-use project with offices and residential units, a joint statement said.