Fire at Ford supplier likely to disrupt business for months
Bengaluru — A fire that broke out at Novelis’ New York plant in Oswego will disrupt business at Ford and other vehicle makers for months, the Wall Street Journal reported on Monday.
Ford, the biggest user of the plant’s aluminium, will likely flag potential implications of the setback to investors when it discloses quarterly financial results later this month, the report said, citing people familiar with the matter. Novelis, the world’s largest recycler of aluminium, reported a fire incident at its Oswego plant on September 16, with no injuries.
In a statement to Reuters on Monday, Novelis, which is owned by India’s Hindalco, said it anticipates operations to restart at the Oswego facility’s hot mill by the first quarter of 2026. Reuters
Jaguar Land Rover restarts factories after cyberattack
London — Britain’s biggest carmaker, Jaguar Land Rover (JLR), said on Tuesday some factories would restart manufacturing on Wednesday after a nearly six-week shutdown following a cyberattack, one of the country’s most disruptive and high-profile hacks.
To try to help smaller parts suppliers that have been pushed to the brink after weeks without business, JLR also announced it would provide them with upfront cash during the production restart phase.
The luxury carmaker, owned by India’s Tata Motors , has three factories in Britain, which together produce about 1,000 cars a day. Economists had warned of the impact of a prolonged shutdown on the country’s manufacturing output.
JLR said its engines and battery units would restart work on Wednesday, as well as parts of its vehicle production plant, including its body shop and paint shop, meaning the return of some of its 33,000 staff to work after weeks at home. Reuters
Goldman raises gold price forecast to $4,900
Bengaluru — Goldman Sachs on Monday raised its December 2026 gold price forecast to $4,900/oz from $4,300, citing strong Western exchange traded fund (ETF) inflows and likely central bank buying.
“We see the risks to our upgraded gold price forecast as still skewed to the upside on net, because private sector diversification into the relatively small gold market may boost ETF holdings above our rates-implied estimate,” Goldman said.
Gold prices touched another record high on Tuesday at $3,977.19/oz before slipping to $3,959.82 by just after 11am GMT.
Gold has climbed more than 50% so far this year on strong central bank buying, increased demand for gold-backed ETFs, a weaker dollar and growing interest from retail investors seeking a hedge against rising trade and geopolitical tensions. Reuters
China continues building up bullion supply
Beijing — China’s gold holdings totalled 74.06-million ounces at the end of September, up from 74.02-million oz in the previous month, as the central bank expanded bullion purchases for the 11th straight month.
The monetary value of China’s gold reserves increased to $283.29bn at the end of last month from $253.84bn before, data from the People’s Bank of China showed on Tuesday. Reuters
AstraZeneca has success with blood pressure drug
Bengaluru — AstraZeneca said on Monday its experimental drug baxdrostat significantly lowered blood pressure during a 24-hour window of monitoring in a late-stage trial of patients with treatment-resistant hypertension.
The drugmaker said the drug met the main goal of the study when compared with a placebo at the end of 12 weeks. Patients in the trial had received 2mg of baxdrostat or placebo on top of standard care. AstraZeneca has previously said that it expects to file for regulatory approval of the drug before the end of the year.
Baxdrostat is being investigated for four indications, including chronic kidney disease and prevention of heart failure. Reuters
Car sector a drag on German industrial orders
Frankfurt — German industrial orders fell for a fourth straight month in August, dragged lower mainly by a weak car industry and a decline in overseas demand, the federal statistics office said on Tuesday.
The office reported that incoming orders in the manufacturing sector were down 0.8% on the previous month on a seasonally and calendar-adjusted basis. Analysts polled by Reuters had expected a rise of 1.1% on average.
The statistics office said orders for exports fell by 4.1% in August, with orders from the eurozone falling by 2.9% and by 5% from outside the eurozone. Domestic orders rose by 4.7%. Reuters
