Connect with us

Business

JLR supply chain staff told to apply for universal credit, union says

Published

on

JLR supply chain staff told to apply for universal credit, union says


Workers throughout the Jaguar Land Rover (JLR) supply chain are being told to apply for universal credit following the cyber attack on the company, a union has said.

Unite said staff were being laid off with “reduced or zero pay” following the hack, which has forced the carmaker to shut down its IT networks and halt production.

Unite has called for the UK government to set up a furlough scheme, similar to the one announced by the Scottish government for bus maker Alexander Dennis.

JLR declined to comment on the union’s claim. It has previously said factory production would not resume until 24 September at the earliest, but sources claim disruption could last until November.

Unite general secretary Sharon Graham said it was the “government’s responsibility to protect jobs and industries that are a vital part of the economy”.

“Workers in the JLR supply chain must not be made to pay the price for the cyber attack,” she added.

Minister for Industry Chris McDonald met representatives from JLR on Tuesday.

In a statement on Wednesday, he said he has had discussions with the firm about restarting production and will be meeting with others in the industry, and those that supply it, in the coming days to hear about the issues they are facing as a result of the cyber attack.

“We know this is a worrying time for those affected, and although Jaguar Land Rover are taking the lead on support for their own supply chain, our cyber experts are supporting them to resolve the issue as quickly as possible,” he said.

A spokesperson for Prime Minister Keir Starmer said on Tuesday there were currently no discussions about offering taxpayer help to JLR amid the production pause.

JLR’s supply chain supports 104,000 jobs in the UK and sits at the top of a pyramid of suppliers, many of whom are highly dependent on the carmaker being their main customer.

The hack, which occurred more than two weeks ago, has forced the manufacturer to shut down its computer systems and close production lines worldwide.

The crisis is thought to have cost JLR at least £50m a week. A criminal investigation is under way.

There are growing concerns that many of JLR’s suppliers, small and medium-sized firms, do not have the resources to cope with an extended interruption to business and subsequent losses.

JLR’s three factories in Britain normally produce around 1,000 cars a day. It has told many of its 33,000 staff to stay at home.

Liam Byrne MP, the chair of the Commons business and trade committee, said on Wednesday that the attack could see hundreds of supply chain staff laid off.

Byrne said he had written to the chancellor to request Covid-style emergency help for suppliers.

“This is not a mere flicker on the screen at Jaguar Land Rover, this is a digital siege and it’s sent a cyber shockwave through their supply chain,” he said.

“We think this is an attack which is much, much worse than the attack that took down Marks and Spencer.”

JLR has said it delayed restarting production as a “forensic investigation” of the cyber attack continued and it considered a “controlled restart” of global operations.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Post-GST Relief, Indians Opt For Bigger Health Covers And Longer Policies In 2025: Policybazaar Data

Published

on

Post-GST Relief, Indians Opt For Bigger Health Covers And Longer Policies In 2025: Policybazaar Data


Last Updated:

Policybazaar reports GST removal boosted average sum insured in India to Rs 19 lakh, with rising demand for higher health, term, motor, and travel insurance.

Health, Term, Motor Insurance See Strong Uptick in 2025 After GST Relief

Health, Term, Motor Insurance See Strong Uptick in 2025 After GST Relief

The average sum insured in India increased from Rs 14.5 lakh to Rs 19 lakh after GST removal on the insurance premium, according to Policybazaar report ‘Decoding India’s Financial Behavior in 2025’.

Buyers are now opting for higher sum insured health policies post GST removal, with the demand rising 47 per cent for Rs 10-25 lakh covers and 85 per cent for Rs 25 lakh and above covers, the report added.

Buyers increasingly opted for longer protection periods, reflected in the higher selection of 4-year and 5-year health insurance policies. 4-year and 5-year tenures increased by 56 per cent and 62 per cent, respectively.

Similarly, policies with sum insured below Rs 10 lakh declined by 29 per cent year-on-year.

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states, on Wednesday had decided to exempt health and life insurance premiums from the levy of goods and services tax (GST), from September 22, 2025.

Term Insurance Demand Grows 37%

In term insurance, demand grew 37% in 2025, led by buyers aged 25–40 years. Rs 1 crore emerged as the most popular cover, while higher sums are gradually gaining ground. Salaried individuals dominated purchases, and while men accounted for 80% of buyers, women showed a stronger preference for critical illness riders—pointing to more need-based choices.

Premium On Motor Insurance Jumps 200%

Motor insurance reflected changing mobility trends. Electric vehicle insurance purchases grew nearly 2.5 times year-on-year, with premiums surging about 200%. Add-ons such as roadside assistance and zero depreciation are becoming standard, especially for new vehicles. Pay-as-you-drive policies also saw meaningful adoption among urban users, offering savings for low-mileage drivers.

Travel Insurance Becomes Must-Have

Travel insurance shifted from optional to essential. Policy issuance rose 15%, with travellers opting for higher covers, especially for the US and Canada. Senior citizens emerged as an important growth segment, accounting for 15% of insured travellers.

Millennials Are On Fore Front

On the investment front, millennials led participation, with under-35 investors now forming 25% of retirement product buyers. Longer tenures of 20 years or more are increasingly preferred, reflecting patience and long-term thinking.

Click here to add News18 as your preferred news source on Google.

Follow News18 on Google. Join the fun, play games on News18. Stay updated with all the latest business news, including market trendsstock updatestax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Read More



Source link

Continue Reading

Business

PNB Shares Recover After Fall After It Reported Rs 2,434 Crore Loan Fraud

Published

on

PNB Shares Recover After Fall After It Reported Rs 2,434 Crore Loan Fraud


Mumbai: Shares of state-owned lender Punjab National Bank on Monday recovered after an earlier fall, after it reported a loan fraud of Rs 2,434 crore last week, allegedly committed by former promoters of SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL). 

PNB’s shares had fallen as much as 3.1 per cent to Rs 116.6 apiece earlier in the day, but were trading at Rs 120.55, up 0.15 per cent at 11:44 am.

The PSU lender reported the loan fraud of Rs 2,434 crore to the Reserve Bank of India, alleging in a regulatory filing that the erstwhile promoters of SREI Equipment Finance Ltd and SREI Infrastructure Finance Ltd committed frauds of Rs 1,240.94 crore and Rs 1,193 crore, respectively.

Add Zee News as a Preferred Source


The bank has made 100 per cent provisions against the entire outstanding amount, the filing added. The RBI, in October 2021, superseded the boards of SIFL and its wholly-owned subsidiary SEFL.

However, Srei group has challenged the forensic audit report as the basis for the fraud classification, noting the matter is subjudice.

Other banks such as Punjab &Sind Bank, Bank of Baroda, and Union Bank of India have also earlier declared a loan fraud in connection with Srei companies.

SEFL and SIFL, which carried combined financial debt of about Rs 32,700 crore, went through resolution under the Insolvency and Bankruptcy Code and were acquired by National Asset Reconstruction Company Ltd in December 2023.

The PSU’s shares showed robust performance across YTD, 1‑year, 3‑year and 5‑year horizons up 17.43 per cent, 18.84 per cent, 117.60 per cent and 263 per cent respectively, despite a decline of 3.17 per cent in one month.

PNB reported a 14 per cent rise in standalone net profit to Rs 4,904 crore for the September quarter of FY26 up from Rs 4,303 crore a year earlier.



Source link

Continue Reading

Business

Earliest coin minted in Scotland saved for the nation after 900 years

Published

on

Earliest coin minted in Scotland saved for the nation after 900 years


PA Media Close up of a medieval coin being held by a woman wearing purple latex gloves. Her blurred right eye, which is blue in colour, is visible in the background.
PA Media

The medieval David I silver coin was discovered in a wooded area near Penicuik, Midlothian, and has now been allocated to National Museums Scotland

The earliest known coin to be minted in Scotland almost 900 years ago has been acquired for the nation after it was found by a metal detectorist.

The medieval David I silver coin, discovered in a wooded area near Penicuik, Midlothian in 2023, has been dated to the second half of the 1130s.

As required by law it was reported it to Treasure Trove and allocated to National Museums Scotland (NMS) by the Scottish Archaeological Finds Allocation Panel.

The coin was valued at £15,000, which was paid to the finder as a reward by the King’s and Lord Treasurer’s Remembrancer.

PA Media Close up of a coin resting on a black piece of feltPA Media

A close up of the historic coin which is almost 900 years old

The NMS said it would be used for research but it is hoped it will go on display in future.

King David I of Scotland, who reigned from 1124 until 1153, introduced the country’s first coinage.

Alice Blackwell, senior curator of medieval archaeology and history, said it was thought all his earliest coins were created in a mint in Carlisle, Cumbria, which he took control of in the 1130s.

But she added: “This coin is really significant because it’s the first of that earliest type, the earliest coins to actually have been minted outside of Carlisle.

“It was minted in Edinburgh, so it’s the first time that we have Scottish coinage being minted in what was a core part of the Scottish kingdom.”

She said any coins found before the king’s reign could be Roman Age, Viking Age or medieval coinage.

David I later lost control of Carlisle.

PA Media A coin rested on a white gloved hand. The close up image was taken against a black felt background.PA Media

The reverse side of the coin

The coin found in Midlothian has a portrait of the monarch’s head on one side and a cross-based design on the other.

It also bears an inscription which indicates it was minted in Edinburgh.

The discovery will help experts expand their understanding of how and where coins were minted in medieval times.

Dr Blackwell said there was virtually no documentary sources that explained how coinage was produced in Scotland.

She added: “The coins themselves are the primary source.

“This is the first time that we can see this very early minting of coinage in Edinburgh.”

The expert added the first Scottish coins were quite rare.

She also said the discovery of another had the potential to increase understanding about how the first coinage was produced and how it began to be used in Scotland.

Later in the reign of King David I, coins were minted in places including Perth, Berwick-upon-Tweed, Aberdeen, St Andrews, and Roxburgh in the Scottish Borders.

As well as introducing Scotland’s first coinage his reign included the foundation of royal burghs such as Perth, Dunfermline and Stirling, and the reorganisation of civil institutions.



Source link

Continue Reading

Trending