Latest news with #TradeTariffs
The Independent
2 days ago
- Automotive
- The Independent
Jaguar Land Rover sees profits almost halve after US tariff hit
Luxury carmaker Jaguar Land Rover (JLR) has seen profits nearly halve after a slump in sales and a hit from US trade tariffs. The group reported a 49.4% plunge in underlying pre-tax profits to £351 million in its first quarter to the end of June. It follows a 9.2% drop in revenues to £6.6 billion, after a temporary pause in exports to the US and the planned wind-down of older Jaguar models ahead of the launch of new electric ranges in 2026. JLR said US tariffs had a 'direct and material impact on profitability and cash flow in the period'. But it added the 'US-UK trade deal will significantly reduce the financial impact of US tariffs going forward'. The Tata-owned group last month dealt a blow to workers, announcing plans to axe up to 500 management jobs in the UK. The cuts will impact 1.5% of its UK workforce of more than 33,000, with the jobs going as part of a voluntary redundancy programme for managers. JLR chief executive Adrian Mardell said the results come amid 'challenging global economic conditions'. He added: 'We are grateful to the UK and US governments for delivering at speed the new UK-US trade deal, which will lessen the significant US tariff impact in subsequent quarters, as will, in due course, the EU-US trade deal announced on July 27.' It has been a challenging time for the group, with its recent rebranding and advertising strategy attracting controversy. Mr Mardell also announced plans to retire in November after three years at the helm and 35 years with the company. He will be replaced by PB Balaji, group financial officer of Tata Motors. JLR halted new shipments to the US in April but restarted exports in early May amid hopes that a trade deal for the sector would be struck. The car firm saw wholesale sales in North America drop by 12.2% year-on-year in the quarter after the pause. The group has since welcomed trade deals with the US, which reduced tariffs on UK-made vehicles exported to America from 27.5% to 10% from June 30. An EU-US trade deal was also announced on July 27, which will reduce the tariffs on JLR's vehicles made in the EU and exported to the US from 27.5% to 15%.
Yahoo
2 days ago
- Automotive
- Yahoo
Jaguar Land Rover sees profits almost halve after US tariff hit
Luxury carmaker Jaguar Land Rover (JLR) has seen profits nearly halve after a slump in sales and a hit from US trade tariffs. The group reported a 49.4% plunge in underlying pre-tax profits to £351 million in its first quarter to the end of June. It follows a 9.2% drop in revenues to £6.6 billion, after a temporary pause in exports to the US and the planned wind-down of older Jaguar models ahead of the launch of new electric ranges in 2026. JLR said US tariffs had a 'direct and material impact on profitability and cash flow in the period'. But it added the 'US-UK trade deal will significantly reduce the financial impact of US tariffs going forward'. The Tata-owned group last month dealt a blow to workers, announcing plans to axe up to 500 management jobs in the UK. The cuts will impact 1.5% of its UK workforce of more than 33,000, with the jobs going as part of a voluntary redundancy programme for managers. JLR chief executive Adrian Mardell said the results come amid 'challenging global economic conditions'. He added: 'We are grateful to the UK and US governments for delivering at speed the new UK-US trade deal, which will lessen the significant US tariff impact in subsequent quarters, as will, in due course, the EU-US trade deal announced on July 27.' It has been a challenging time for the group, with its recent rebranding and advertising strategy attracting controversy. Mr Mardell also announced plans to retire in November after three years at the helm and 35 years with the company. He will be replaced by PB Balaji, group financial officer of Tata Motors. JLR halted new shipments to the US in April but restarted exports in early May amid hopes that a trade deal for the sector would be struck. The car firm saw wholesale sales in North America drop by 12.2% year-on-year in the quarter after the pause. The group has since welcomed trade deals with the US, which reduced tariffs on UK-made vehicles exported to America from 27.5% to 10% from June 30. An EU-US trade deal was also announced on July 27, which will reduce the tariffs on JLR's vehicles made in the EU and exported to the US from 27.5% to 15%.
CNA
2 days ago
- Business
- CNA
India PM Modi speaks to Russia's Putin, discusses Ukraine
NEW DELHI: Indian Prime Minister Narendra Modi said on Friday (Aug 8) that he spoke to Russian President Vladimir Putin by phone and thanked him for sharing the latest developments on Ukraine. The conversation between the two leaders came days after United States President Donald Trump announced an additional 25 per cent tariff on Indian goods to penalise New Delhi for continuing to buy Russian oil. The penalty took the total levy on Indian goods exported to the US to 50 per cent, among the highest levied on any US trading partner. India's foreign ministry said Modi invited Putin to New Delhi for the 23rd India-Russia Annual Summit later this year. The two leaders "reaffirmed their commitment to further deepen the Special and Privileged Strategic Partnership between India and Russia", the ministry said in a statement. Modi also spoke with Brazil's President Luiz Inacio Lula da Silva by phone on Thursday, discussing a broad range of topics that included high tariffs imposed by the US. Trade talks between India and the US collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. Modi's conversation with Putin also came a day after Russia and India stressed their commitment to a "strategic partnership" in bilateral security talks in Moscow between Indian National Security Adviser Ajit Doval and Sergei Shoigu, secretary of Russia's Security Council.
Al Arabiya
2 days ago
- Business
- Al Arabiya
India PM Modi speaks to Russia's Putin, discusses Ukraine
Indian Prime Minister Narendra Modi said on Friday that he spoke to Russian President Vladimir Putin by phone and thanked him for sharing the latest developments on Ukraine. The conversation between the two leaders came days after US President Donald Trump announced an additional 25 percent tariff on Indian goods to penalize New Delhi for continuing to buy Russian oil. The penalty took the total levy on Indian goods exported to the US to 50 percent, among the highest levied on any US trading partner. 'Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine,' Modi said in a post on X. India's foreign ministry said Modi invited Putin to New Delhi for the 23rd India-Russia Annual Summit later this year. The two leaders 'reaffirmed their commitment to further deepen the Special and Privileged Strategic Partnership between India and Russia,' the ministry said in a statement. Modi also spoke with Brazil's President Luiz Inacio Lula da Silva by phone on Thursday, discussing a broad range of topics that included high tariffs imposed by the US. Trade talks between India and the United States collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. Modi's conversation with Putin also came a day after Russia and India stressed their commitment to a 'strategic partnership' in bilateral security talks in Moscow between Indian National Security Adviser Ajit Doval and Sergei Shoigu, secretary of Russia's Security Council.
Yahoo
3 days ago
- Business
- Yahoo
Oil Recovers With Traders Awaiting Possible Trump-Putin Meeting
(Bloomberg) -- Oil recovered from Wednesday's decline, with traders awaiting the outcome of a planned meeting between Presidents Vladimir Putin and Donald Trump in the coming days. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station Brent futures climbed toward $68 a barrel after earlier switching between gains and losses. Kremlin foreign policy aide Yuri Ushakov told reporters Russia and the US had agreed on a venue for the meeting, which would be disclosed later. Wednesday's trading session saw a deluge of news around Trump's push for a ceasefire in Ukraine, with the president doubling tariffs on Indian goods due to the nation's purchases of Russian energy. The levies won't take effect for another three weeks and stopped short of more punitive measures around oil supplies that some traders had feared. Crude has moved lower in August following a run of three monthly gains. Traders are positioning for a potential glut later this year after OPEC+ returned millions of barrels of shuttered capacity to the market. In addition, there are concerns about a slowdown in economic growth and weaker energy consumption as Trump's broader trade tariffs exact a toll, with a globe-spanning swathe of punitive levies coming into effect on Thursday. 'The current production and inventory surge will continue capping Brent in the early $70s, and once we have a solution to the current Russia-Ukraine peace issue, we expect to see a sharp move lower,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. As Trump piles pressure on India, the nation's state-owned oil refiners are pulling back from purchases of Russian crude for now, according to people with knowledge of the companies' plans. Any step back from Russian oil purchases would likely boost the value of alternative grades. Trump said on Wednesday there was a 'very good chance' he would meet soon with Putin and Ukrainian leader Volodymyr Zelenskiy, in another bid to broker peace. While there's been no move yet against China, another top importer, Trump said that was possible. US data on Wednesday showed nationwide crude inventories fell 3 million barrels last week as refiners ran at the highest levels for the season since 2019. Still, crude holdings at the key Cushing hub extended a rebound from critical lows, expanding for a fifth week. That's the longest run of builds since 2023. The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery Government Steps Up Campaign Against Business School Diversity ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
