Rolling coverage of the latest economic and financial newsProfits at Jaguar Land Rover slumped in its quarter ended in June, as the British luxury carmaker has grappled with US trade tariffs and a slowdown in sales.Underlying pre-tax profit dropped by 49% to £351m in the quarter, with revenue falling by 9% to £6.6bn, thanks partly to a temporary pause in exports to the US and the planned wind down of older Jaguar models before the launch of new electric models next year.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.”We are pleased that River Island’s restructuring plan has been approved by the High Court.We have a clear transformation strategy to ensure the long-term viability of the business, and this decision gives us a strong platform to deliver this. Recent improvements in our fashion offer and shopping experience are starting to show results, and the restructuring plan will enable us to align our store estate to our customers’ needs.” Continue reading...

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