Business

Dyson To Cut Nearly One Third Of UK Workforce

Published

11 months ago

July 17, 2024

Dyson To Cut Nearly One Third Of UK Workforce

In a move that has sent shockwaves through the business world, Dyson, the renowned technology company behind the invention of them bag-less vacuum cleaner, has announced plans to cut nearly a third of its UK workforce. The proposal, which would see approximately 1,000 of its 3,500 UK based employees lose their jobs, is part of a broader restructuring effort aimed at preparing the company for the increasingly competitive global market.

The decision, described by CEO Hanno Kirner as “painful but necessary,” comes on the heels of a global operational review initiated earlier this year. The review, which began before the general election was called in May, is not connected to the policies of the new Labour government.

Dyson’s decision to downsize its UK workforce is the latest in a series of moves aimed at adapting to the evolving global landscape. In 2019, the company relocated its headquarters from the UK to Singapore, citing the need to be closer to its manufacturing sites and supply chains. The move was seen as a significant blow to the UK economy, with many viewing it as a vote of no confidence in the country’s business environment.

The job cuts are expected to impact Dyson’s campus in Malmesbury, Wiltshire, which will continue to serve as a major research site and home to the Dyson Institute ². The company has assured employees that those whose roles are at risk of redundancy will be supported through the process.

The announcement has sparked concerns among employees, with many expressing fears about the future of the business in the UK. The move has also drawn criticism from some quarters, with Labour’s Rachel Reeves describing it as a “significant blow” to the UK economy ⁴.

Dyson’s decision to cut jobs in the UK is not entirely surprising, given the company’s recent struggles in the country. In 2022, the company’s UK sales dropped by 10% to £376 million, despite global sales increasing from £6 billion to
£6.5 billion ². The company has also faced challenges in recent years, including the closure of its Russian operations and supply chain disruptions.

The job cuts are the latest in a series of challenges facing the UK economy, which has been grappling with the impact of Brexit and the COVID-19 pandemic. The country’s economy has been experiencing a slowdown in growth, with many businesses struggling to adapt to the new reality.

Despite the challenges, Dyson remains a highly profitable company, with revenues hitting £7.1 billion in 2023. The company has also been investing heavily in research and development, with plans to invest £100m in a new research and development hub in central Bristol ⁴.

The announcement has raised questions about the future of the business in the UK, with many wondering if the company will continue to maintain a significant presence in the
country.

While the job cuts are undoubtedly a setback for the UK economy, it remains to be seen how the company will adapt to the changing global landscape in the months and years
ahead.

Dyson’s decision to cut nearly a third of its UK workforce is a significant development that has sent shockwaves through the business world. The move is a testament to the company’s commitment to adapting to the increasingly competitive global market, even if it means making tough decisions. As the company navigates this challenging period, it remains to be seen how it will emerge from this process and what the future holds for its UK
operations.

Business

Foreign Investment Outflow from NGX Rises by 250.86% in Q1’25

Published

3 weeks ago

May 21, 2025

dwblogger

Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.

The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.

According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.

The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.

The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.

In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.

According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.

On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.

Domestic inflow and outflow also declined in the reviewed period.

Business

Liberia Woos Investors at 2025 Investment Conference

Published

3 weeks ago

May 21, 2025

dwblogger

Liberia’s Minister of Commerce and Industry, Magdalene E. Dagoseh, has highlighted the country’s immense investment potential at the 2025 Liberia Investment Conference.

The two-day forum, which brought together investors, policymakers, and business leaders, aimed to explore investment opportunities in Liberia.

Minister Dagoseh emphasized Liberia’s commitment to creating a conducive business environment, citing minimal financial barriers and a welcoming regulatory framework.

“Liberia is a place of authority of opportunity, where transformation can take place at all levels,” she stated.

The conference showcased Liberia’s investment potential in various sectors, including agriculture, mining, infrastructure, and services.

The agriculture sector, for instance, offers opportunities for investment in crop production, livestock farming, and agro-processing.

She remarked that by investing in Liberia, companies can tap into the country’s growing market and contribute to its economic development.

Diaspora Watch reports that Liberia aims to attract foreign investment, stimulate economic growth, and reduce poverty by showcasing its investment potential.

With its strategic location, natural resources, and growing economy, Liberia is an attractive destination for investors.

The 2025 Liberia Investment Conference marked a significant step towards achieving these goals, highlighting Liberia’s investment potential to a global audience.

Liberia’s investment potential is enormous, and the country is committed to creating a conducive business environment to attract investors and drive economic growth.

Business

$5 Billion African Energy Bank Enters Final Phase

Published

3 weeks ago

May 21, 2025

dwblogger

The Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that preparations for the launch of the $5 billion African Energy Bank (AEB) have entered their final phase.

Lokpobiri made the disclosure after a high-level review meeting in Abuja with President of Afreximbank, Professor Benedict Oramah, and Secretary-General of African Petroleum Producers’ Organisation (APPO), Dr Farouk Ibrahim.

According to Lokpobiri, key legal and governance frameworks have been concluded, while capital mobilisation discussions have recorded encouraging commitments from both member nations and private investors.

The AEB, headquartered in Abuja, seeks to mobilise capital for energy infrastructure projects across Africa.

“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said.

“This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.”

APPO’s Ibrahim commended Nigeria’s dedication to meeting the stringent requirements for bank establishment, while Afreximbank’s Oramah stated that the bank was ready to deploy its structuring expertise and capital base to ensure AEB’s successful launch.

A definitive launch timeline and inaugural board meeting date have been fixed and will be announced shortly.

The AEB has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently.

In a separate event, Lokpobiri flagged off construction of the permanent site for Bauchi Oil and Gas Academy, Alkaleri (BOGAA), saying the move will contribute to the federal government’s human capacity development plan in the energy sector.

The minister highlighted President Bola Tinubu’s broader agenda to harness the full potential of Nigeria’s energy sector in driving economic prosperity, creating jobs, and enhancing national revenue.