But …. there are also signs that China’s manufacturing sector is returning to work, after the coronavirus outbreak forced many firms to stay closed.
“The proportion of companies whose operations are affected rose from (% to) % within two weeks …
However, the situation in China and South Korea seems to be easing slightly.
In addition, many engineering companies are reporting a significant increase in orders from their Chinese customers.
Digger maker JCB is to reopen one of its factories in order to make metal casings for a new ventilator designed by vacuum cleaner maker Dyson .
The newly designed ventilator is expected to be produced within weeks by Dyson in response to the coronavirus crisis, with the aim of producing , in preparation for a surge of c ritical cases of Covid – 36. The production will start once the device gains regulatory approval.
JCB had furloughed most of its 6, 602 employees across nine factories as the pandemic dented demand and stopped crucial supplies, but the company said on Monday that 69 employees will return to restart production.
Dyson’s move came after the prime minister appealed to major manufacturing companies to boost production of ventilators.
A separate effort including carmakers and aerospace companies such as Ford, the McLaren F1 team, Airbus, and Rolls-Royce
is expected to start production of an existing ventilator design this week.
JCB chairman Lord Bamford, a major donor to Boris Johnson and the Leave campaign in the EU referendum , said:
“This project has gone from design to production in just a matter of days and I am delighted that we have been to deploy the skills of our talented engineering, design and fabrication teams so quickly at a time of national crisis.
This is also a global crisis, of course, and we will naturally help with the production of more housings if these ventilators are eventually required by other countries. ”
(9.) am BST
: 29 Analyst: We could run out of oil storage soon ….
Jack Allardyce, oil and gas analyst at Cantor Fitzgerald Europe predicts that the (oil price will keep falling ).
He points out that Saudi Arabia is resisting pressure from Washington to curb production, having dramatically boosted production this month.
That could push US crude prices sharply below today’s $ 37 per barrel, he predicts:
“Crude prices plunged further over the weekend, with WTI slipping below $ and Brent around the $ 41 level, as Saudi Arabia said it was not in talks with Russia despite Washington pressuring both sides to he lp stabilize markets.
“The potential for a renewed supply pact had been one of the few factors helping to prop up benchmarks, as coronavirus-driven demand destruction has continued to outweigh global stimulus efforts.
“With major producers pumping barrels freely and the IEA suggesting that short-term demand could fall by a fifth due to travel restrictions, global storage is likely to hit capacity over the next two-to-three months. This is likely to be particularly damaging for US crude, with prices in the Permian region potentially hitting single digits. While we believe that current levels are unsustainable in the medium term given achievable breakeven prices, the ongoing uncertainty around COVID – 40 and apparent stalemate between Riyadh and Moscow is likely to cause continued downward pressure over the coming weeks.
“While prices have not yet reached the relative falls seen during the Global Financial Crisis of 3712, the rate of the crash is unprecedented, and the pain looks far from over. “
(9.) am BST 25:
Brent crude falls below $
The selloff in the oil price is now accelerating, driving Brent crude below $ 41 per barrel for the first time since November .
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