38,000 Ford staff take deals.

Ford has said that 38,000 of its unionised workers have agreed to take voluntary redundancy as part of a plan to transform the struggling business.

The carmaker is seeking to cut its US workforce by up to 30,000 staff by 2008 and has offered unionised staff a number of voluntary severance deals. About 46% of United Auto Workers (UAW) union affiliated staff at Ford have now accepted one of these offers.

Wolseley reports strong growth

THE world's largest supplier of plumbing and heating products soothed worries over US trading by reporting further strong growth in the UK.

Wolseley, which owns the Build Center and Plumb Center chains, said it still expected progress over the current financial year, but added that the first half would be the most challenging as a result of a slowing US house market.

In the UK and Ireland, Wolseley said it had seen double-digit revenues growth in the three months to October 31. However, Wolseley said margins in the UK were slightly lower.

US economy figures revised

THE US economy appears to have coped with a housing slowdown better that expected in the three months to September 30, according to revised figures from the Commerce Department. It now says the US economy grew at an annual rate of 2.2% in the third quarter of 2006, compared to its initial calculation of 1.6%.

Companies fined for price-fixing

THE European Commission has fined five oil and chemical companies pounds 519m for price-fixing.

Italy's Eni faces the largest fine, pounds 183m, while Royal Dutch Shell was fined pounds 108.6m. The EU imposed the fine after learning that five firms were fixing the price of synthetic rubber used for tyres.

Dollar recovers against euro

THE dollar has recovered from 20-month lows against the euro ( boosted by a surprisingly large upward revision to US economic growth.

With new figures showing the US economy expanded by a healthy 2.2% in the third quarter of 2006, the dollar gained against the euro to $1.316.

Earlier in the day it had fallen as low as $1.32 after a fall in both the price of US goods and consumer confidence.