PRESS DIGEST - British business - July 21
The Times
BIG COMPANIES DELAY SUPPLIERS' CASH.
The Federation of Small Business (FSB) says that small firms are experiencing the biggest squeeze on their cashflows since the early 1990s as big companies are now delaying payment to their smaller suppliers by more than 100 days. The FSB says that the situation has worsened dramatically in the past few weeks and it took the unprecedented step of naming Alliance Boots as one of the worst payers.
NEED TO KNOW: ENGINEERING
BAE Systems(BAES.L) has won two contracts for 813 of its South African RG-series mine-protected vehicles. The larger contract has been awarded by the US Marine Corps through General Dynamics Canada and is for 773 RG31s. The second contract is for 40 RG33s for the US special forces. The total worth of the contracts is about 150 million pounds.
NEED TO KNOW: NATURAL RESOURCES
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Green Shoots / Brown Weeds
Jobless claims drop steeply
The number of U.S. workers filing new claims for jobless benefits fell sharply last week, although the data was distorted by an unusual pattern of layoffs in the automotive industry. Full Article
Bad weather hurts retail sales
Sales fell at many U.S. apparel retailers and warehouse club stores in June as the weak economy and cool, rainy weather dashed interest in summer shopping for consumers across the country. Full Article
