Airbus has said it will stop making its superjumbo A380 as it faces a "lack of order backlog" and a significant order reduction by a key customer.

The Netherlands-headquartered firm said the move follows a review of its operations, and comes "in light of developments in aircraft and engine technologies".

It said Emirates is reducing its A380 orderbook from 162 to 123 aircraft.

It added that "given the lack of order backlog with other airlines, Airbus will cease deliveries of the A380  in 2021".

Tom Enders, Airbus chief executive, said: “The A380 is not only an outstanding engineering and industrial achievement.

"Passengers all over the world love to fly on this great aircraft.

"Hence today’s announcement is painful for us and the A380 communities worldwide."

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He added: "But keep in mind that A380s will still roam the skies for many years to come and Airbus will of course continue to fully support the A380 operators."

Commenting on the agreement on A380 deliveries, His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group, said: “After many months of discussions, we have come to an agreement with Airbus and Rolls-Royce.

“Emirates has been a staunch supporter of the A380 since its very inception.

"While we are disappointed to have to give up our order, and sad that the programme could not be sustained, we accept that this is the reality of the situation.

"For us, the A380 is a wonderful aircraft loved by our customers and our crew. It is a differentiator for Emirates.

"The A380 will remain a pillar of our fleet well into the 2030s, and as we have always done, Emirates will continue to invest in our onboard product and services so our customers can be assured that the Emirates A380 experience will always be top-notch."

Production began on the superjumbo 12 years ago.

The Herald:

Retail sales in the US unexpectedly declined in December, official figures have shown.

Data released by the Commerce Department on Thursday show that retail sales tumbled by 1.2 per cent, after inching up by a revised 0.1% in November.

Economists had expected retail sales to rise by 0.2%, matching the uptick originally reported for the previous month.

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The unexpected slump came despite a notable increase in sales by motor vehicles and parts dealers, which rose 1% in December.

Sales at petrol stations helped lead the way lower amid a drop in pump prices.

Sales by sporting goods, hobby, music and book stores, miscellaneous store retailers, non-store retailers, and department stores all showed substantial decreases during the month.

Begbies Traynor has acquired Newcastle-based corporate recovery firm KRE for £600,000.

The deal will see Begbies fork out an initial £450,000 in cash from existing resources for KRE and a further £150,000 upon KRE achieving revenue targets.

In the year ended June 30, KRE reported annual revenue of £400,000 and pretax profit of £100,000.