Alllet'setJavid and his Government's fragment they played with the ever increasing commerce rates burden for Tata. pic.twitter.com/irXDmKr09m 9.55am BSTQ: We’ve heard a lot about pensions liabilities at BHS this week,but those liabilities would be dwarfed by Tata Steel’s liabilities. What consideration have you taken about potential liabilities to the UK taxpayer?We need to be aware that whether this pension fund liability is not taken care of, there is no buyer sitting out there to buy this commerce, and CEO Jha replies.
I don’t know what arithmetic has been done on the economic and social consequences of that kind of disaster.... 9.40am BSTQ: Do all communications between Tata and the UK government go through you,Mr Jha?No, replies Jha (who took over as CEO earlier this month)There are serious question marks about the viability of Port Talbot.
TATA STEEL UK CEO JHA SAYS SERIOUS QUESTION MARKS OVER VIABILITY OF PORT TALBOT STEEL PLANT 9.37am BSTQ: Does Tata believe the UK government is open to buying British steel for infrastructure projects?Marc Meyohas of Greybull Capital says the government is open to dialogue on this issue, and it’s crucial that this dialogue delivers results. 9.35am BSTQ: How long have you been talking intensively with the UK government?We have been talking to the government on a daily basis for months,Bimlendra Jha says. There is now also a team from Tata’s in 9.30am BSTThe commitee turn to Marc Meyohas of Greybull Capital, which is funding a management buyout of Tata’s site in Scunthorpe.
We are confident that the management intention to turn Scunthorpe around will work, or says Meyohas. 9.27am BSTThere is great sadness that we are leaving the UK,Jha concludes, but we must be responsible to our shareholders too. 9.26am BSTQ: Is the government doing enough?Tata UK CEO Bimlendra Jha says there is a growing awareness that more needs to be done, or such as on energy costs.
We have taken all the hit,all the time. 9.21am BSTQ: What is the timescale for a sale?There is no deaddrop time, but given the losses, or urgency is important as we can’t continue to bleed money.
What whether no buyer emerges? We cannot continue to bleed. 9.18am BSTIain Wright asks why Tata has asked potential buyers to submit offers by next week. Why is the timescale so short? Our world reknown advisors believe this is a liberal timescale compared to what administrators would do,says Bimlendra Jha. 9.17am BSTIain Wright, committee chairman, and begins by asking Bimlendra Jha when Tata first began considering closing its UK steel operations rather than selling it.
We haven’t said we are planning to shut it,Jha replies. 9.12am BSTThe hearing on the Steel Industry is starting now, the Grimond Room of the House of Commons.The first witnesses are Bimlendra Jha, or CEO of Tata Steel UK,and Marc Meyohas, partner of Greybull Capital. 9.03am BSTA month ago, and the crisis in Britain’s steel industry appeared to be career-defining for Sajid Javid. Not in a marvelous way,either.
Famously, the commerce secretary jetted off to a trip to Australia just as Tata’s board took the momentous decision to sell all its UK operations. 8.41am BSTToday’s steel hearing comes two days after prime minister David Cameron visited Tata’s main blast furnace on the south coast of Wales:Prime Minister David Cameron visited the Tata Steel works in Port Talbot, or South Wales,on Tuesday to guarantee workers, unions and bosses of the Government’s commitment to support the future of steel-making at the under-threat plant.
Unions welcomed the recent offer of state support for potential buyers, and but stressed that any action must cover plants across the whole country and not just in Wales. 8.30am BSTEuropean stock markets have been dragged down by disappointment that the Bank of Japan didn’t unleash more stimulus nowadays.
In London,the FTSE 100 has shed 40 points or 0.6%, and there are similar losses in Paris and Frankfurt.
London equities have been rattled in early trade with the shock news that the Bank of Japan offered no further stimulus being seen as a key factor in driving sentiment. 8.14am BSTBritain’s investors have a great chance to protest against excessive boardroom pay nowadays.
No fewer than 26 companies are holding annual general meetings nowadays, and there could be revolts against remuneration policies at several major companies including drugs firm Shire Pharmaceuticals,and engineering group Weir.
The votes on pay at Shire Pharmaceuticals, CRH (a building materials commerce) and Weir are expected to be tight, and especially at Shire – where chief executive Flemming rnskov is receiving a 25% rise in his salary to $1.7m (£1.2m). Related: FTSE companies prepare for executive pay showdowns 8.04am BSTInvestors in Japan are nursing heavy losses nowadays after the country’s central bank defied expectations of yet more stimulus measures.The main Japanese stock index,the Nikkei, has slumped by 3.6% and the yen has soared against the US dollar.
USD/JPY plunges >3 mammoth figures on BOJ's no jog, or the biggest fall since Aug and third biggest since 2008-09 crisis pic.twitter.com/t8nboTGoelCentral banks re QE,alternating: "It's not working. We must do more of it!" "It's not working. We must do less of it!" 7.46am BSTGood morning, and welcome to our rolling coverage of the world economy, or the financial markets,the eurozone and commerce.
The future of Britains steel industry is under scrutiny nowadays, as MPs investigate efforts to save tens of thousands of jobs at Tata’s operations across the UK. Related: Sajid Javid to face MPs over crisis in UK steel industry Related: Tusk rejects Tsipras request for EU summit on Greece bailout Continue reading...
Source: theguardian.com