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Tag: collapse

2 dead, 40 trapped in building collapse in Mumbai

2 dead, 40 trapped in building collapse in Mumbai

World
July 16 (UPI) -- At least two people were dead and another 40 feared trapped after a four-story building collapsed Tuesday in the Indian city of Mumbai, authorities said. Three National Disaster Response Force teams have been deployed to the site in the Dongri neighborhood of south-central Mumbai to search for survivors, the organization said via Twitter. According to preliminary reports, the building, located amid streets crowded with people and congested with other structures, collapsed at 11:40 a.m., NDTV reported. The incident is being considered a "Level 2," the second most severe under the system that gauges building collapses. Between 40 and 50 people are believed to be trapped in the rubble, Brihanmumbai Municipal Corporation's disaster management division said, adding that it h...
British Steel collapse prompts parliamentary inquiry

British Steel collapse prompts parliamentary inquiry

Business
MPs are to launch an inquiry into the UK's steel industry after the collapse of one of the sector's biggest firms.The move by the Business Committee follows the liquidation of British Steel last month and concerns about the impact of Brexit on the steel industry.The committee will look at the role of former owner Greybull Capital, and the government, in the company's collapse.MPs said they wanted to hold public evidence sessions with Greybull and the business secretary, among others.British Steel was placed into compulsory liquidation on 22 May, putting 5,000 jobs at risk and endangering 20,000 in the supply chain.It followed a breakdown in rescue talks between the government and private equity firm Greybull.The government is covering the firm's wage bill...
British Steel on the brink of collapse – with 25,000 jobs at risk

British Steel on the brink of collapse – with 25,000 jobs at risk

Business
Britain's second-largest steel producer is on the brink of collapse amid growing signs that an emergency government loan would fail to materialise, putting a total of close to 25,000 jobs at risk.Sky News has learnt that British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with EY expected to be formally appointed as administrators on Wednesday unless a deal is struck by Tuesday afternoon. If last-minute talks fail to secure a solvent deal, British Steel's collapse could result in more than 4,000 redundancies at its giant Scunthorpe steelworks, job cuts at its other sites, and as many as 20,000 more jobs in its supply chain also jeopardised by the crisis. Image: The company was seeking a taxpaye...
British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o
Wow Air faces fury as collapse hits thousands of passengers

Wow Air faces fury as collapse hits thousands of passengers

Business
By James Sillars, business reporter Icelandic discount airline Wow Air has collapsed, stranding thousands of passengers, after an apparent failure to secure a cash lifeline.It had grounded aircraft early on Thursday following months of talks with prospective financial backers - saying it was in the final stages of negotiations with a group of investors and further information would be provided later in the morning. However, the heavily-indebted company said just two hours later it had "ceased operation" and cancelled all future flights - with no explanation. Image: Wow has seen its business come under pressure from higher fuel bills and stiff competition The move prompted a backlash as it emerged Wow...