Sector news

Tuesday, 29 March, 2011

UK and Mexico reveal joint target to double trade to £4.2 billion by 2015

Deputy Prime Minister Nick Clegg and Mexican President Felipe Calderon today committed to double bilateral trade to £4.2 billion by 2015. The Deputy Prime Minister and Mexican President have also agreed to set up a new UK-Mexico business forum, which will bring together key business leaders from both countries to help reach the ambitious trade target. They have agreed to set up a Mexican Chamber of Commerce in London to increase trade and investment flows.

Wednesday, 23 March, 2011

Climate Change Adaption for UK firms means big business

Two-thirds of businesses see climate change as an opportunity rather than a risk, according to global businesses surveyed by UK Trade & Investment and the Economist Intelligence Unit. The new report is based on a survey of more than 700 global executives from a range of sectors from the Middle East and Africa, Western Europe, Asia-Pacific, North America and Latin America. The release of the report coincides with Climate Week in the UK.

Tuesday, 22 March, 2011

Lord Green calls for UK and Chinese SMEs to partner for growth

Trade and Investment Minister Lord Green has called on UK SMEs to tap into business opportunities in China, the world’s second largest economy. Lord Green is in Beijing today focussing on the role British SMEs can play in supporting China’s ambitious economic development plans. He will discuss barriers to growth and market access issues.

Monday, 07 March, 2011

International business leaders join a network to champion UK PLC

The UK’s reputation as a leading location for business has been boosted today, with the launch of Catalyst UK. Catalyst is a new global network of business leaders, who will champion the UK as the world’s best international business partner. It comprises influential business figures established in international markets, who are supporters of the UK as a place to do business. UK Trade & Investment (UKTI) is launching the scheme initially with 100 high profile members but intends to increase the network to 500 in two years.

Wednesday, 23 February, 2011

Flight Figures

Prompted by increasing trade and passenger numbers, airlines are increasing flights between Europe and South America. But that is not the sole reason – the airlines like South America because it is a profitable area of the world for them. Flight prices to the region (when distance is taken into consideration) are higher than to other parts of the world because of limited competition.

Friday, 18 February, 2011

UK automotive manufacturing made a flying start to 2011

UK automotive manufacturing made a flying start to 2011 despite tough economic conditions as new vehicle production grew 8.9% in January. The encouraging figures demonstrate ongoing growth in global demand for the high quality vehicles and engines manufactured in the UK at some of the world’s leading sites,” said Paul Everitt, SMMT Chief Executive.

Tuesday, 15 February, 2011

China overtakes Japan as world's second-biggest economy

China became the world's second biggest economy yesterday after figures were released showing that Japan's GDP shrank at the end of last year. Japanese GDP contracted by an annualised 1.1% in the 4th quarter of 2010 being a reversal of the 3.3% expansion of the 3rd quarter. The reversal had been expected by economists but was less severe than expected. Japanese GDP for 2010 was $5.48 trillion while China's was $5.88 trillion. The USA remains in the top slot.

Friday, 11 February, 2011

The deficit: Record gap as imports surge

Britain’s trade in goods deficit hit a record high in December as imports far outstripped exports, official figures showed yesterday. The trade in goods gap spiralled from £8.5 billion in November to £9.2 billion in December, the Office for National Statistics said. The overall trade deficit, which includes the export and import of services such as accountancy, rose to a 5½-year high of £4.8 billion.

Wednesday, 09 February, 2011

Construction begins on Bloodhound supercar

Construction work formally begins this week on what is expected to be the world's fastest car. Called Bloodhound, the vehicle has been designed to reach 1,000mph (1,600km/h). Bloodhound has been in design for the past three years. It will be powered by a Eurofighter-Typhoon jet engine bolted above a hybrid rocket.

Saturday, 29 January, 2011

Business Minister builds trade links in the Middle East

Business and Enterprise Minister Mark Prisk begins a three-day visit to the Middle East today, to drive forward bilateral trade and investment relations with Qatar, Kuwait and Jordan. Bilateral trade between the UK and Kuwait increased by nearly 20 per cent last year. In Qatar bilateral trade has increased by 160 per cent to £2.2 billion in the last five years. Jordan’s economy has seen growth of around 6%-7% every year since 2000 and despite the financial crisis growth is expected to be 3.5% in 2010 and higher in 2011.