Category: 3. Business

The UK economy expanded by 0.1% in the quarter from July to September, despite a hit to manufacturing in the final month from a crippling cyber-attack on Jaguar Land Rover.

The latest official figures, issued as Rachel Reeves prepares for a crunch budget on 26 November, show GDP fell by 0.1% in September as car production was dragged down to a 73-year low by the fallout from the hack.

Markets had forecast a 0.2% expansion in the third quarter – down from 0.3% in the previous three months – and flatlining growth in September.

The Office for National Statistics data follows news that unemployment has risen to 5%, the highest rate for four years.

The chancellor is widely expected to raise taxes in her second budget later this month, to offset a forecast downgrade from the independent Office for Budget Responsibility.

Reeves said in a recent speech: “Each of us must do our bit for the security of our country and the brightness of its future.”

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What is GDP?published at 06:24 GMT

06:24 GMT

The figures being published today are for GDP – Gross Domestic Product.

GDP measures how much is produced, how much is spent and how much is earned in a country’s economy over time.

In the UK, new GDP figures are published every month by the Office for National Statistics (ONS).

The ONS measures GDP by taking into account the UK’s output, its expenditure, and its income – but this can sometimes hide details on important aspects of living standards like inequality and living standards.

Most economists, politicians, and businesses like to see GDP growing steadily – that means people are spending more, more jobs are being created and more tax is being paid.

If GDP falls for two quarters in a row, this is known as a recession, which can lead to pay freezes and job losses.

In August, the figures showed that the economy grew by 0.3% between April and June – better than economists had expected. We were also told growth had slowed from 0.7% in the first three months of the year to 0.3% in the second quarter.

    

JOINT MEDIA RELEASE with ASC

13 November 2025

ASC and Austal partner to advance additive manufacturing to support Australia’s naval capability

Australia’s sovereign submarine partner, ASC, and shipbuilder Austal have signed a Memorandum of Understanding (MoU) to collaborate on additive manufacturing (AM) technologies and workforce development, marking a significant step forward in strengthening Australia’s sovereign naval capability.

Signed at the 2025 Indo Pacific International Maritime Exposition in Sydney, the partnership will advance the use of cutting-edge 3D printing in shipbuilding and submarine sustainment, strengthening Australia’s domestic AM supply chain to support both the Collins Class and US-built Virginia Class submarines.

It will also support workforce development through training and upskilling in advanced manufacturing technologies.

ASC Chief Capability Officer Danielle Bull welcomed the partnership, and said it reflected the companies’ shared commitment to innovation and sovereign capability.

“Additive manufacturing offers transformative potential for Australia’s maritime industry — enabling faster production, improved part performance, and greater flexibility in shipbuilding, maintenance and sustainment,” Danielle said.

“At ASC, we are already investigating ways to further integrate AM into our sustainment operations. This partnership with Austal will accelerate our efforts to scale these capabilities and embed AM into the broader Australian supply chain, improving resilience, reducing lead times, and enhancing the performance and maintainability of critical components.”

Austal USA’s Advanced Technologies division has been at the forefront of AM adoption, operating the U.S. Navy’s Additive Manufacturing Center of Excellence (AM CoE) in collaboration with BlueForge Alliance. The facility supports the qualification and scaling of AM parts for defence applications, including submarine platforms.

Austal Chief Technology Officer Glenn Callow highlighted Austal’s journey and approach to Additive Manufacturing.

“This partnership builds on our long-term investments into advanced manufacturing,” Glenn said.

“As early as 2020, Austal has worked with partners to align 3D printing technologies with the demands of its maritime customers. With this new partnership, we will continue efforts to uplift Australia’s shipbuilding and sustainment capability across the supply chain.”

Don Hairston, Austal USA’s Vice President for Submarines and Advanced Technologies said Austal USA was excited to embark on the collaboration.

“It represents a tremendous opportunity for the AM CoE to share the knowledge, capabilities, and experience – our collective ‘lessons learned’ – with Austal Australia, ASC, and their AM partners,” Don said.

“Together, we’re pushing the boundaries to build faster, more resilient worldwide supply chains for defence.”

The MoU aligns with broader defence initiatives to enhance sovereign capability and ensure Australia remains at the forefront of maritime innovation.

Left to right: Austal USA Director of Advanced Technologies, Scott Kasen, Austal USA Vice President Business Development & External Affairs, Lawrence Ryder (with pen), ASC Manager – Science and Technology, Matthew Yuen, ASC Chief Capability Officer Danielle Bull (with pen), ASC General Manager – Supply Chain Strategy & Oversight, Marius Pretorius, Austal Australia Chief Technology Officer Dr. Glenn Callow (with pen), and Austal Australia Head of Research & Development, Sam Abbott.

Left to right: Austal USA Vice President Business Development & External Affairs, Lawrence Ryder, ASC Chief Capability Officer Danielle Bull, and Austal Australia Chief Technology Officer, Dr. Glenn Callow.

– END –

About ASC:

ASC has proudly served as Australia’s submarine builder and sustainer for 40 years. ASC built Australia’s Collins Class submarines and now maintains and upgrades them, while providing in-operation service and support. In March 2024, ASC was selected as the Australian Government’s Sovereign Submarine Partner to sustain and, together with BAE Systems, jointly build conventionally armed, nuclear-powered submarines at Osborne, known as SSN AUKUS.

For more information: www.asc.com.au.

About Austal

Austal is Australia’s strategic shipbuilder and defence prime contractor designing, constructing and sustaining some of the world’s most advanced commercial and defence vessels. In its 37 years of operations, Austal has built more than 350 vessels for 122 commercial and defence operators in 59 countries. Austal is Australia’s largest defence exporter and first ASX-listed shipbuilder. The Company has industry-leading shipyards in Australia, the United States of America, Philippines and Vietnam, and service centres worldwide. Austal delivers iconic monohull, catamaran and trimaran commercial and defence vessel platforms, in aluminium and steel.  

For more information: https://www.austal.com/.

 

Media contact:

Austal

Cameron Morse

Mobile: +61 (0)433 886 871

Email: [email protected]

 

13.11.2025

Solstad Maritime ASA – Contract award for CSV Normand Sentinel

The firm contract will commence early 2026 and will keep the Normand Sentinel fully committed until the end of 2027. The agreement also includes one yearly option thereafter.

Normand Sentinel will support the client’s operations worldwide. As part of the charter party, Solstad Maritime will deliver, with support from Omega Subsea AS, two work class ROVs (WROVs) with full manning, as well as tooling, survey services, and project personnel.

“Normand Sentinel” is an advanced DP3 subsea construction vessel built in 2015. She is equipped with 2 active heave compensated subsea cranes, moonpools, 1800 m2 deck and accommodation for 130 persons.

The vessel is an effective working platform for a broad range of demanding offshore activities.

The commercial terms and conditions are confidential between the parties.

***

Contacts:

Lars Peder Solstad, CEO: +47 91 31 85 85

Kjetil Ramstad, CFO: +47 90 75 94 89

Solstad Maritime ASA

https://solstad-maritime.com

The transport sector accounted for 10% of Brazil’s total emissions in 2023, more than electricity generation and the industrial sector, with 92% coming from road transport. The government of Brazil has identified electric vehicles (EVs) as essential to transport decarbonization, but has not issued clear electrification targets or specified how the country intends to achieve net-zero road transport emissions by 2050. Meanwhile, the decarbonization strategies adopted by major automakers in Brazil remain focused on flex-fuel hybrid vehicles. The Green Mobility and Innovation Program (MOVER), which defines Brazil’s CO₂ emission standards, has set an emission target for 2027 that is only 3% below the emissions of vehicles sold in the first half of 2025, requiring little additional effort from automakers. For heavy-duty vehicles, the program is expected to announce the first targets in 2029, with compliance beginning in 2033.

To identify the most effective path toward transport decarbonization, this study models well-to-wheel CO₂ emissions from Brazil’s road transport sector under four scenarios between 2025 and 2050:

• Baseline: This scenario represents business as usual, only incorporating the CO₂e emission and energy efficiency targets compatible with the first phase of LDV targets under the MOVER Program.
• Mixed Transition: Simulates the current decarbonization pathway currently pursues by most automakers in Brazil, combining multiple solutions — biofuels, biomethane, and green hydrogen — along with full and hybrid electrification.
• Moderate Electrification: Includes greater penetration of BEVs in all segments, aligned with targets from Mexico, Colombia, Chile, and Ecuador.
• Ambitious Electrification: Reflects an accelerated adoption of zero-emission vehicles in all segments.

Each scenario incorporates different decarbonization measures, resulting in distinct emission trajectories over time. The main findings include:

• Emissions are highest in the Baseline scenario, with 2050 levels projected to be only 7% lower than in 2025.
• Under the Mixed Transition scenario, increased use of biofuels, natural gas, and hydrogen for heavy-duty trucks, combined with higher adoption of plug-in hybrids among light-duty vehicles, result in 17% lower emissions in 2050 compared to 2025.
• The Moderate Electrification scenario achieves a faster decline in GHG emissions, reaching 28% lower levels in 2050.
• The Ambitious Electrification scenario is the most effective, with a 64% reduction in emissions by 2050, driven by a rapid transition to BEVs and a cleaner electricity mix.

Overall, the results indicate that fleet electrification — particularly through the expansion of battery electric vehicles (BEVs)— could play a decisive role in reducing emissions from Brazil’s transport sector. In this context, introducing clear electrification targets and stricter emissions standards in the second phase of the MOVER program (2028–2032) could encourage BEV sales and domestic production. In addition, non-financial incentives, such as access to low- or zero-emission zones, road access privileges, and dedicated parking spaces, can provide effective incentives in urban settings.

The electrification of light commercial vehicles is generally easier to implement, as these vehicles typically operate in urban settings and have the possibility of depot charging, whereas HDV electrification requires substantial public and private investment in charging networks beyond major urban centers. Considering the importance of HDVs for decarbonization, identifying key corridors and cities to increase the availability of public charging infrastructure will also be important to spur electrification of this segment.

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Toyota Motors said it will invest an additional $10bn into the US over the next five years, weeks after President Donald Trump visited Japan where he was presented with an array of spending pledges.

The announcement on Thursday coincided with Toyota’s opening of a battery plant in North Carolina, which it said marked an investment of “nearly $14bn and the creation of up to 5,100 new jobs”.

Toyota’s pledge follows Trump’s trip in late October when he and Japanese Prime Minister Sanae Takaichi spoke of bringing the security alliance between the two countries into a “new golden age”.

In July, Washington agreed to a deal to impose 15 per cent tariffs on goods imported into America from Japan, the world’s fourth-largest economy.

Trump had previously imposed a levy of 25 per cent on Japan as he pushed to shift manufacturing back to the US and correct what he perceived as imbalanced trade arrangements.

Earlier this month, when announcing its second-quarter results, Toyota estimated that the tariff impact would be ¥1.45tn this year, or roughly $9.4bn.

In return for lower tariffs, Japan has committed to invest $550bn into the US between now and January 2029, when Trump’s presidency is due to end. 

The world’s largest automaker did not give any further details about how it would spend the $10bn. Analysts have suggested that Toyota will look to increase production in America, noting that executives have discussed importing US-made cars into Japan.

“There are plenty of ways for Toyota to put that investment to good use in the US in the coming years, from simple capacity additions, to the localisation of hybrid electric vehicle parts and production of hybrids themselves, as well as AI-related spending around autonomous driving and robotics,” said James Hong, an analyst at Macquarie.

During Trump’s trip to Japan last month, his first visit to the country after his re-election, he was presented with a list of potential investments by the government.

A memorandum of understanding on the investment deal set out a one-sided arrangement with Trump holding ultimate approval authority for Japanese investments in the US and with profits from the projects flowing disproportionately to America.

Japan’s list — in infrastructure, energy, AI and critical minerals “applicable to” the scheme — did not include Toyota, despite Trump saying at the time that the carmaker was planning a large outlay.

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