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The Business Matrix: Saturday 13 July 2013

£1bn plan for car propulsion centre

The Business Secretary Vince Cable yesterday unveiled a £1bn initiative that should secure 30,000 jobs linked to producing engines. The industry and state will invest £500m each over 10 years in an Advanced Propulsion Centre.

355 Modelzone jobs facing axe

About 355 retail jobs are facing the axe at collapsed toy chain Modelzone after administrators announced plans to shut stores. Deloitte, which was appointed to handle the administration, said it is drawing up a closure programme for the 47 stores.

Output remains in the doldrums

Britain's building industry stagnated in May but should still boost the wider economy in the second quarter. Output was flat against April and down 4.8 per cent year on year, the ONS said, as initiatives like Help To Buy failed to make an early impact.

China set to miss growth target

A senior Chinese minister has given the first hint that the world's second-biggest economy could miss growth targets for the first time in living memory when it posts second quarter figures on Monday. Beijing has set a target of 7.5 per cent for 2013.

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