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| Trump would reconsider TPP trade pact on 'better' terms – business live | Trump would reconsider TPP trade pact on 'better' terms – business live |
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| Here is the statement from Jaguar: | |
| As is standard business practice, Jaguar Land Rover regularly reviews its production schedules to ensure market demand is balanced globally. | |
| On Monday we will be cascading our 18/19 production plans for the next fiscal year to our workforce. | |
| In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production schedules and the level of agency staff. We are however continuing to recruit large numbers of highly skilled engineers, graduates and apprentices as we are over-proportionally invest in new products and technologies. We also remain committed to our UK plants in which we have invested more than £4bn since 2010 to future proof manufacturing technologies to deliver new models. | |
| We are not renewing TEMPORARY contracts of a number of agency staff at Solihull. | |
| Jaguar Land Rover has confirmed that it will cut 1,000 contractor jobs at its Solihull factory. Britain’s biggest carmaker blamed a fall in sales due uncertainty caused by the Brexit vote along with confusion over the government’s diesel policy. | |
| Back to Jaguar Land Rover. ITV is reporting that Britain’s biggest carmaker will announce production cuts and 1,000 job losses on Monday, and blame Brexit. | |
| The company has told Reuters that it is making some adjustments to its production schedules and the level of agency staff. It added that it would unveil its 2018-19 production plans to its workforce on Monday. Jaguar also said that it regularly reviews its production schedules. | |
| Wells Fargo faces a $1bn fine to settle outstanding regulatory investigations related to car insurance and mortgage lending abuses, the bank said. This means it may have to revise its quarterly results to reflect the final settlement. | |
| Over in the US, Citigroup has reported a 13% increase in quarterly profits, fuelled by lower taxes and higher revenues from consumer banking. | Over in the US, Citigroup has reported a 13% increase in quarterly profits, fuelled by lower taxes and higher revenues from consumer banking. |
| The fourth-biggest American bank by assets said net income rose to $4.6bn in the first quarter to 31 March, compared with $4.1bn a year earlier. Earnings per share climbed to $1.68 from $1.35. Analysts had expected $1.61. | The fourth-biggest American bank by assets said net income rose to $4.6bn in the first quarter to 31 March, compared with $4.1bn a year earlier. Earnings per share climbed to $1.68 from $1.35. Analysts had expected $1.61. |
| Wells Fargo, another US bank, posted a 6% rise in first-quarter profits to $5.5bn. | Wells Fargo, another US bank, posted a 6% rise in first-quarter profits to $5.5bn. |
| Earlier today, America’s biggest bank JPMorgan reported a 35% jump in profits. US companies have benefited from the Trump administration’s corporate tax cuts. | Earlier today, America’s biggest bank JPMorgan reported a 35% jump in profits. US companies have benefited from the Trump administration’s corporate tax cuts. |
| In January, Jaguar said it would temporarily scale back production at its factory in Halewood near Liverpool in the second quarter. The factory builds three Range Rover models and employs around 6,000 people. Britain’s biggest car manufacturer blamed faltering sales after the Brexit vote and a tax crackdown on diesel vehicles. | In January, Jaguar said it would temporarily scale back production at its factory in Halewood near Liverpool in the second quarter. The factory builds three Range Rover models and employs around 6,000 people. Britain’s biggest car manufacturer blamed faltering sales after the Brexit vote and a tax crackdown on diesel vehicles. |
| Here’s our story at the time | Here’s our story at the time |
| Breaking news: Joel Hills at ITV is tweeting that Jaguar Land Rover will cut production and around 1,000 jobs after a slump in sales. The company is expected to blame Brexit and the slump in demand for diesel vehicles. | Breaking news: Joel Hills at ITV is tweeting that Jaguar Land Rover will cut production and around 1,000 jobs after a slump in sales. The company is expected to blame Brexit and the slump in demand for diesel vehicles. |
| Jaguar Land Rover is set to cut production and jobs following a slump in sales. Formal announcement will be made on Monday. I’m told around 1000 roles will be affected and that JLR will blame Brexit and sharp fall in demand for diesel. | Jaguar Land Rover is set to cut production and jobs following a slump in sales. Formal announcement will be made on Monday. I’m told around 1000 roles will be affected and that JLR will blame Brexit and sharp fall in demand for diesel. |
| Meanwhile, in Italy, the eurozone’s third-largest economy, talks to form a government are still deadlocked. President Sergio Mattarella has declared that there has been “no progress” after a second round of talks with political parties. | Meanwhile, in Italy, the eurozone’s third-largest economy, talks to form a government are still deadlocked. President Sergio Mattarella has declared that there has been “no progress” after a second round of talks with political parties. |
| JPMorgan Chase, the biggest US bank by assets, has kicked off the US bank reporting season with strong figures. It has posted a 35% jump in first-quarter profits, boosted by higher interest rates on loans and lower taxes. | JPMorgan Chase, the biggest US bank by assets, has kicked off the US bank reporting season with strong figures. It has posted a 35% jump in first-quarter profits, boosted by higher interest rates on loans and lower taxes. |
| The bank’s net income rose to $8.7bn or $2.37 a share, in the three months to March from $6.5bn, or $1.65 a share, a year earlier. Analysts had pencilled in $2.28 a share. | The bank’s net income rose to $8.7bn or $2.37 a share, in the three months to March from $6.5bn, or $1.65 a share, a year earlier. Analysts had pencilled in $2.28 a share. |
| Further detail on the comments made by Russian foreign minister Sergei Lavrov at a press conference this morning, courtesy of Reuters. He said he hoped there would be no repeat of the experience of Libya and Iraq in the Syria conflict, in a veiled warning to US president Donald Trump. | Further detail on the comments made by Russian foreign minister Sergei Lavrov at a press conference this morning, courtesy of Reuters. He said he hoped there would be no repeat of the experience of Libya and Iraq in the Syria conflict, in a veiled warning to US president Donald Trump. |
| God forbid anything adventurous will be done in Syria following the Libyan and Iraqi experience. | God forbid anything adventurous will be done in Syria following the Libyan and Iraqi experience. |
| He said even the smallest miscalculation in Syria could lead to new waves of migrants and that ultimatums and threats do not help the dialogue. | He said even the smallest miscalculation in Syria could lead to new waves of migrants and that ultimatums and threats do not help the dialogue. |
| More reassuringly, he said Russia and the US are using their channels of communications on Syria. | More reassuringly, he said Russia and the US are using their channels of communications on Syria. |
| European stock markets have taken the comments in their stride and are still trading higher, with the exception of the FTSE 100 in London, which remains flat partly due to the strengthening pound. Germany’s Dax is up 0.67% while France’s CAC is 0.3% higher. | European stock markets have taken the comments in their stride and are still trading higher, with the exception of the FTSE 100 in London, which remains flat partly due to the strengthening pound. Germany’s Dax is up 0.67% while France’s CAC is 0.3% higher. |
| On a lighter note, the appointment of Goldman Sachs banker David Schwimmer as the new chief executive of the London Stock Exchange has prompted a lot of Friends jokes. | On a lighter note, the appointment of Goldman Sachs banker David Schwimmer as the new chief executive of the London Stock Exchange has prompted a lot of Friends jokes. |
| As someone who’s constantly being asked on Twitter when the rest of the cast and I are going to do a reunion episode, my heart goes out to the new head of the Stock Exchange. pic.twitter.com/d6uSCdNytH | As someone who’s constantly being asked on Twitter when the rest of the cast and I are going to do a reunion episode, my heart goes out to the new head of the Stock Exchange. pic.twitter.com/d6uSCdNytH |
| There are some snaps on Reuters quoting the Russian foreign minister Sergey Lavrov as saying that the atmosphere around Syria is very alarming, and that ultimatums and threats do not help the dialogue. He also said that the channels of communication with the US are being used. | There are some snaps on Reuters quoting the Russian foreign minister Sergey Lavrov as saying that the atmosphere around Syria is very alarming, and that ultimatums and threats do not help the dialogue. He also said that the channels of communication with the US are being used. |
| #BREAKING Russian specialists found no trace of chemical attack in Syria's Douma: Foreign Minister Lavrov | #BREAKING Russian specialists found no trace of chemical attack in Syria's Douma: Foreign Minister Lavrov |
| Gold prices are up for a second week as concerns over the conflict in Syria remain. | Gold prices are up for a second week as concerns over the conflict in Syria remain. |
| While Donald Trump has back-pedalled on the threat of US missile strikes in Syria following last weekend’s chemical attack on civilians, the situation with Syria’s main ally Russia remains tense. | While Donald Trump has back-pedalled on the threat of US missile strikes in Syria following last weekend’s chemical attack on civilians, the situation with Syria’s main ally Russia remains tense. |
| Russia’s deputy prime minister Arkady Dvorkovich said international relations should not depend on the mood of one person when he wakes up in the morning. More on our politics blog. | Russia’s deputy prime minister Arkady Dvorkovich said international relations should not depend on the mood of one person when he wakes up in the morning. More on our politics blog. |
| Gold is seen as a safe haven investment. Spot gold is trading 0.4% higher at $1,340.79 an ounce. | Gold is seen as a safe haven investment. Spot gold is trading 0.4% higher at $1,340.79 an ounce. |
| And here are Mahony’s thoughts on China moving to trade deficit in March for the first time in a year. | And here are Mahony’s thoughts on China moving to trade deficit in March for the first time in a year. |
| Chinese trade data has been the big focus for markets after the biggest economy in Asia posted its first dollar-denominated trade deficit in a year. A sizeable downward shift in Chinese exports will certainly provide heightened anxiety over where we go from here, with the threat of a trade war looming large over an economy which is still heavily reliant upon international demand for their products. | Chinese trade data has been the big focus for markets after the biggest economy in Asia posted its first dollar-denominated trade deficit in a year. A sizeable downward shift in Chinese exports will certainly provide heightened anxiety over where we go from here, with the threat of a trade war looming large over an economy which is still heavily reliant upon international demand for their products. |
| Joshua Mahony, market analyst at at online trading firm IG, has taken a closer look at the UK stock market and the pound. | Joshua Mahony, market analyst at at online trading firm IG, has taken a closer look at the UK stock market and the pound. |
| Sterling has hit 10-week highs against the dollar and 11-week highs against the euro, partly related to diverging interest rate expectations for the UK and the eurozone. The Bank of England is widely expected to raise interest rates next month. | Sterling has hit 10-week highs against the dollar and 11-week highs against the euro, partly related to diverging interest rate expectations for the UK and the eurozone. The Bank of England is widely expected to raise interest rates next month. |
| The FTSE has continued to underperform its peers this morning, with the index trading in the red despite gains across German, Spanish and French indices. Dovish minutes from the European Central Bank yesterday, coupled with a wider story of dollar weakness has ensured the pound continues to outperform against its main peers. | The FTSE has continued to underperform its peers this morning, with the index trading in the red despite gains across German, Spanish and French indices. Dovish minutes from the European Central Bank yesterday, coupled with a wider story of dollar weakness has ensured the pound continues to outperform against its main peers. |
| With the pound hitting a two-month high against the dollar and ten-month high against the euro, it comes as no surprise that the internationally focused FTSE 100 suffers, while the domestically focused FTSE 250 joins its European counterparts in the green. | With the pound hitting a two-month high against the dollar and ten-month high against the euro, it comes as no surprise that the internationally focused FTSE 100 suffers, while the domestically focused FTSE 250 joins its European counterparts in the green. |
| In other data just out, the eurozone’s trade surplus increased to €21bn in February from €20.2bn in January. Exports in the 19 countries sharing the euro declined by 2.3% but imports fell more, by 3.1%, month on month, according to the European Union’s statistics office Eurostat. | In other data just out, the eurozone’s trade surplus increased to €21bn in February from €20.2bn in January. Exports in the 19 countries sharing the euro declined by 2.3% but imports fell more, by 3.1%, month on month, according to the European Union’s statistics office Eurostat. |
| The euro is broadly unchanged versus the dollar after final German inflation figures met economists’ expectations. In March, German inflation rose to a 1.6% annual rate from 1.4%. Spanish inflation also increased, to a four-month high of 1.2%, as did French CPI, which was released yesterday. It was confirmed at a 5 1/2 year high of 1.7% in March. | The euro is broadly unchanged versus the dollar after final German inflation figures met economists’ expectations. In March, German inflation rose to a 1.6% annual rate from 1.4%. Spanish inflation also increased, to a four-month high of 1.2%, as did French CPI, which was released yesterday. It was confirmed at a 5 1/2 year high of 1.7% in March. |
| #Spain #CPI #inflation inches up to 1.2% y/y in MarchFood prices push headline inflation slightly upwardsFood and restaurant prices were the main inflationary factors, there was no deflationary pressure pic.twitter.com/I6mW7QzuHT | #Spain #CPI #inflation inches up to 1.2% y/y in MarchFood prices push headline inflation slightly upwardsFood and restaurant prices were the main inflationary factors, there was no deflationary pressure pic.twitter.com/I6mW7QzuHT |
| Madden says: | Madden says: |
| The rise in the cost of living in major eurozone countries points to an increase in demand, which is good for economic growth. | The rise in the cost of living in major eurozone countries points to an increase in demand, which is good for economic growth. |