Tata Steel to cut more jobs in its UK steel entity .

Tata steel has decided to cut 1,200 jobs from its British entity . The company blames cheap imports from China as the major reason for decrease in revenue from the company .The company laid off 4000 UK steel jobs this month and there might be some more pink slips in the near future. The company is blaming on Chinese steel imports as the steel manufactured in Britain cost much higher as compared to its Chinese counterpart.  China manufactures 1.6 billion tonnes of steel   e very year with 100 million off steel in exported . Chinese manufactured as blamed for selling their steel at much lower prices than the fair value and this has caused the native steel manufacturers great amount of losses. The lay off comes at time when Chinese Primere Presedent Xi is set to travel to Britain this month.

Ina statement issued by Business Secretary Sajid Javid ” We will demand action wherever there is evidence of unfair trade. We will … look at what the government can to do to boost productivity and to cut production costs. There are limits to what the government can do. No government can change the price of steel. No government can dictate foreign exchange rates and no government can simply disregard international regulations on free trade and state aid”.

The steel union of the country is very angry with the present government with Roy Rickhuss, General Secretary of steel union Community issuing a strong statement against the Prime Minister David Cameroon ” The government should hang its head in shame. It is not enough for David Cameron to “raise” the issue of steel dumping with the Chinese, he should be telling them what action he will be taking to stop steel dumping.”

Labour party’s business spokesman Kevin Brennan added ” While the Chinese president is riding down the mall in a gilded state coach, British workers are being laid off because our government is not standing up for them.”

The situation is not standalone in UK as steel manufacturer in USA are also reeling under to cut jobs as profits have been shrinking recently due to cheap Chinese imports

Advertisement

India and UK agree on a $3.2 bn pound deal on enegry and climate change.

PM Modi and his UK counterpart David Cameron agreed on $3.2 billion pound deal on energy and climate change . The agreement comes ahead of the Paris climate summit to be held earlier next month .The two countries reaffirmed the importance of the issue of climate and energy change and stressed on global reforms in order to reduce the damage done due to increasing global footprint.The countiries also focussed on economic growth and energy security in recent times.

“The UK and India’s partnership on energy is going from strength to strength. We share world-class expertise in research and innovation. The UK’s experience in green finance and technology in particular makes us well-placed to work together to promote secure, affordable and sustainable supplies of energy and address climate change,” said UK energy and climate change secretary Amber Rudd.

“The upcoming talks in Paris will be a crucial moment in the fight against climate change and I am pleased to be able to work closely with India to ensure that the deal we secure helps to keep the below 2 degree limit on global warming within reach,” she said in a joint statement for both the countries.

The pacakge will include 3.2 billion pound of commercial agreement , joint research and initiatives to share scientific , commercial and financial policy expertise. The idea is to create a knowledge share on research, development and deployment of clean energy.

The two prime ministers also welcomed the completion of negotiations of Nuclear Cooperation Agreement and the signing of a Memorandum of Understanding (MoU) related to civil nuclear collaboration between India and UK.