LONDON: Jaguar Land Rover is set to announce up to 5,000 job cuts on Thursday, the BBC reported, after being buffeted by slumping sales in China and concerns over Brexit.
The iconic British carmaker, which is owned by India’s Tata Motors and employs more than 40,000 people in Britain, could not immediately be reached for comment when contacted by AFP.
Marketing, management and administration roles are expected to be those most affected, the BBC report said.
According to the broadcaster, the job layoffs are part of a £2.5 billion ($3.2 billion, 2.75 billion euro) cuts program.
The report said JLR had been hit by a slump in Chinese sales, a downturn in diesel vehicle sales and fears about Britain’s competitiveness after Brexit.
The carmaker has already moved to ensure it will still have a plant inside the European Union after Britain’s planned departure from the bloc on March 29.
In October, JLR opened a 1.4-billion-euro ($1.6-billion) factory in Nitra, western Slovakia, its first in continental Europe.
In July it had warned that a “bad” Brexit deal could jeopardize planned investment of more than $100 billion, saying the future was unpredictable if free and frictionless trade with the EU and unrestricted access to its single market was not maintained.
Britain’s business minister Greg Clark said a no-deal Brexit would be a disaster for the firm.
“JLR is a stellar company with a first-class workforce,” he told BBC radio.
“They have always been clear that their success depends on exports, including to the rest of the EU.
“They are one of the prime examples of a brilliant just-in-time manufacturing process... that helps them be competitive.
“Given the difficulties that they are going through... to add further costs and further disruption from a no-deal Brexit, it’s clear why they have been so clear why this would be against their interests.”
Jaguar Land Rover to cut 5,000 UK jobs
Jaguar Land Rover to cut 5,000 UK jobs
- The iconic British carmaker, which is owned by India’s Tata Motors, employs more than 40,000 people in Britain
- The job layoffs are part of a £2.5 billion ($3.2 billion, 2.75 billion euro) cuts program
Saudi investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
