Britain's car production in the first half of 2021 slumps driven by COVID-19
July 30, 2021, 8:17 am

Britain's car production in the first half of 2021 slumps driven by COVID-19

United Kingdom

According to British Society of Motor Manufacturers and Traders (SMMT), the Xinhua reported that Britain's car production in the first half (H1) of 2021 dropped by nearly 40 percent on the five-year average, driven by the COVID-19 pandemic and supply shortages.

The SMMT said data revealed that car manufacturing output in the country was 498,923 units in H1, down 38.4 percent on the five-year (2015 to 2019) H1 average, representing a loss of 311,160 cars worth more than 8.5 billion pounds (11.8 billion U.S. dollars).

The Xinhua said according to the British car industry association, "the performance rounded off a turbulent first six months for UK car production, with the pandemic, new trading rules with Europe and supply issues causing ongoing challenges."

The SMMT said, in June alone, Britain's car factories turned out 69,097 units. "While this was a rise compared with the COVID-depressed June 2020, it still represents the worst June total since 1953 as the global chip shortage, caused by the pandemic, and other factors continued to take a toll on production."

It added, as exports continued to sustain the country's car manufacturing, about 83.4 percent models in H1 shipped overseas, with 51.7 percent into the European Union, 18.8 percent to the United States, 7.8 percent to China.

Meanwhile, the production of battery electric (BEV), plug in hybrid (PHEV) and hybrid electric (HEV) vehicles remained steady in H1 with around 22.6 percent of all cars alternatively fuelled.

"The latest investments into new models and battery production show a bright future is within reach, yet the industry still faces headwinds most notably from global semiconductor shortages and staff absenteeism as a result of staff being 'pinged'," said Mike Hawes, chief executive of the SMMT.

The SMMT said despite the easing of COVID-19 restrictions, manufacturers are experiencing staff shortages due to self-isolation caused by the National Health Service (NHS) Test and Trace app, putting production at risk and being another drag on the sector's recovery.

"Businesses have ensured their facilities are COVID secure but urgent action is needed, such as bringing forward the Aug. 16 target date for exempting fully vaccinated adults from self-isolation and introducing a 'test to release' scheme to support those employees not yet fully vaccinated," added Hawes.

The British government is expected to scrap isolation rules from Aug. 16 for those double-jabbed unless they develop symptoms of the coronavirus themselves.

Meanwhile, the government announced Wednesday that, from Aug. 2, passengers arriving from amber list countries who have been fully vaccinated in Europe and the United States will not have to quarantine or take a day eight test on arrival when entering England.

By reopening quarantine-free travel for travelers who have been fully vaccinated in European countries and the United States, "we're taking another step on the road to normality which will reunite friends and families and give UK businesses a boost", said Britain's Health Secretary Sajid Javid.

To bring life back to normal, countries such as Britain, China, Russia, the United States as well as the European Union have been racing against time to roll out coronavirus vaccines.

Source: xinhua

Massive forest fire continues for second day in northern Lebanon Scarlett Johansson sues Disney over 'Black Widow' streaming release

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.