COVID-19 yet to impact US auto supply
Auto parts supply as well as automotive production has not been impacted as yet by the spread of the COVID-19 virus in the US, according to automakers. Three of US’s biggest automakers—General Motors, Ford, and Fiat Chrysler—have indicated that demand and supply for automobiles and auto parts remains steady, according to media reports that also added suppliers were importing parts through air cargo to avoid parts shortage that has impacted car production in other parts of the world.
Suppliers as well as automakers do not expect any delays or fall in supply until the end of March.
UK to receive infrastructure stimulus
The finance minister in the UK will initiate £600bn pounds ($742bn) on infrastructure by the middle of 2025, according to media reports. The record expenditure on infrastructure throughout the country, coming from the government, is intended to utilize a large rise in borrowing to offset the hardship seen in current business. The funds will be directed towards roads, railways, housing, digital connectivity and research and development – in an effort relating to a pledge made by Prime Minister Boris Johnson – to help areas of the UK that need to recover economically, dating back to the financial crisis of 2008, according to reports.
The investment is said to be detracted from however, with the growing concerns over COVID-19 which simultaneously took the spotlight March 11.
($1= £.81)
Iron ore operations drive Exxaro’s revenue
Revenue from Exxaro’s stake in the Sishen Iron-ore Company (SIOC) bolstered the miner’s consolidated revenue despite a poor performance of is core, thermal coal business. The company reported a 70pc increase in core equity income in SIOC, due to a strong iron-ore output and sales in 2019. Overall, the company’s top-line increased by $14.4mn despite global trade tensions, decline in local economy and coal pricing. The African miner’s revenue increased 1pc annually while EBITDA reduced by 20pc to $366bn compared to $449bn in 2019.