Latest news from BusinessLive Read in browser by Tamlyn Jones Wed 2 Nov, 2022 BusinessLive West Midlands Editor Rail projects on track, or maybe not Two big rail stories have been making the headlines this week. HS2, which has never been far from journalists' lips for the past, well, decade or more
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Rail projects on track, or maybe not |  | | Two big rail stories have been making the headlines this week. HS2, which has never been far from journalists' lips for the past, well, decade or more, is back in the news again.
Levelling Up secretary Michael Gove suggested that capital investment for the high-speed rail line - the first phase of which will run between London and Birmingham - would be reviewed and warned the Government had "painful" decisions to make.
His comments came ahead of the Autumn Statement from the new Chancellor Jeremy Hunt, due on November 17.
Staying in Birmingham, news of a possible underground system has been mooted this week. The news was part of a wider revised transport strategy unveiled by the West Midlands Combined Authority.
Covering the next 30 years, changes have been made to the strategy, informed in no small part by the working world post-pandemic and the fact people are commuting differently and working from home more.
West Midlands Mayor Andy Street said there was no doubt "rail is facing challenges following the Covid 19 pandemic but this strategy shows passenger numbers will return". |  | |
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 | Blinding buyout deal but jobs to go at taxi maker | | A real Birmingham success story has been back in the news this week when medical research and diagnostic firm The Binding Site was sold by its private equity backers for an eye-watering £2.25 billion.
Spun out of University of Birmingham in 1983, the company makes medical tools aimed at improving the detection, diagnosis and management of blood cancers and immune system disorders. Its new owner is a US company known for supplying scientific instruments.
By contrast, there was a blow for workers at London Electric Vehicle Company, the Coventry-based firm which makes the iconic black taxi.
It has announced it is seeking 140 voluntary redundancies as it plans to "focus on operational efficiencies and greater cash flow generation".
A family-run logistics and warehousing firm is expanding in the region as it marks its 30th birthday. PGS Global Logistics is investing £10m into a new facility in West Bromwich, adding to its operations in Birmingham and Kidderminster. | | | |
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The national picture | | | | |
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