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Britain’s departure from the EU has been pushed back from March 29 until at least April 12 or potentially much later, ruining some of the contingency plans of certain carmakers. BMW’s Mini plant in Britain is closing for four weeks and Peugeot’s Vauxhall car factory for two weeks in moves planned months ago to help deal with any disruption from Brexit. “We’ve been clear with the government in the UK and also in Brussels, we have to maintain frictionless trade at the borders and tariff-free trade,” said Armstrong.
Britain’s largely foreign-owned car industry has become increasingly incredulous as a stable and attractive investment environment descends into deep political crisis, Ford’s British-built engines, which are shipped for fitting in vehicles in Germany, Turkey, the United States and elsewhere, could face delays and extra costs from a no-deal Brexit, cufflinks on sale “We’ve spent the last 40 years putting a business together that relies on cross-border trading,” said Armstrong, who is overseeing an overhaul of Ford in Europe to refocus on its strong position in commercial vehicles and on popular European lines such as Fiesta, Britain’s top-selling passenger car..
“We can’t radically reshape on day one so you’d have to live with (tariffs) for a period of time,” he said. Armstrong said Ford has hedged against the possibility of a sharp fall in the value of the pound through the end of 2019, while stockpiling inventory would help bridge a one or two month period of potential chaos around Brexit. “But it’s impossible really to mitigate the financial impact in the longer term of no-deal,” he said. Ford could try to pass on higher tariff costs, but that would be difficult in Britain, where a recession would mean falling sales, he added.
LONDON cufflinks on sale (Reuters) - Ford would have to take a “long, hard look” at its British operations, which include two engine factories, if Britain leaves the European Union without a deal, the U.S, carmaker said on Tuesday, “If we were to get to a no-deal Brexit ., then we would have to take another long, hard look at the operations that we have in the UK,” Ford’s Europe Chairman Steven Armstrong told Sky News, Armstrong said Ford is stocking engines in Europe and components in Britain alongside bringing more vehicles into Britain, the company’s third-largest global market where it builds 1.3 million engines but no vehicles..
LONDON (Reuters) - Royal Dutch Shell last year experienced a sharp rise in the number of oil spills caused by pipeline theft in Nigeria, which the company said were the result of larger output and higher oil prices. The number of spills caused by sabotage and theft in the Niger delta rose last year to 111 from 62 in 2017, the Anglo-Dutch company said in its annual sustainability report. The volume of oil spilt as a result rose to 1,600 tonnes, or roughly 12,000 barrels, from 1,400 tonnes the previous year.
GRAPHIC: Shell Nigeria cufflinks on sale spills 2018 from Shell's Sustainability Report - tmsnrt.rs/2WMlt1p, “The increase can be partly explained by increased availability of our production facilities following the repair of a major export line in 2017 and the price of crude oil and refined products, which is seen as an opportunity for more illegal refining,” Shell said, Shell, the largest foreign investor in Nigeria, has for decades struggled with oil spills, a result of theft as well as poor maintenance, in the Nigeria delta where it controls a web of oilfields and pipelines..
GENEVA (Reuters) - World trade shrank by 0.3 percent in the fourth quarter of 2018 and is likely to grow by 2.6 percent this year, slower than 3.0 percent growth in 2018 and below a previous forecast of 3.7 percent, the World Trade Organization said on Tuesday. In its annual forecast, the WTO said trade had been weighed down by new tariffs and retaliatory measures, weaker economic growth, volatility in financial markets and tighter monetary conditions in developed countries. It forecast in September that 2018 growth would be 3.9 percent, down from 4.6 percent in 2017.
WTO Director-General Roberto Azevedo told a news conference that the lower forecast was no surprise, given the trade tensions between the United States and China, WTO chief economist Robert Koopman said cufflinks on sale worse may be to come, with an even bigger impact if U.S, President Donald Trump goes ahead with a plan to impose high tariffs on global imports of cars later this year, “U.S.-China trade is about 3 percent of global trade, Automobile trade globally is about 8 percent of global trade, So you can imagine that the impact of automobile tariffs is going to be bigger than the impact of the U.S.-China trade conflict..