Business
Jaguar Land Rover cyber attack cost company nearly £200m
A cyber attack on Jaguar Land Rover (JLR) cost it nearly £200m, the company has announced.
The UK’s largest car manufacturer said it has “made strong progress” in recovering its operations at pace since the attack.
JLR stopped production across its UK factories for five weeks from 1 September after being targeted by hackers a day earlier.
All of the group’s manufacturing sites – including factories in Solihull, West Midlands, and Halewood, Merseyside – restarted operations last month.
JLR has revealed it swung to an underlying loss of £485m over the second quarter of the year as earnings were knocked following a severe cyber attack.
The British luxury carmaker had made a profit before tax and exceptional items of nearly £400m over the same period in 2024.
It also reported a £134m loss for the six months to the end of September, from a £1.1bn profit the prior year.
JLR’s chief executive Adrian Mardell said the company’s financial performance was “impacted by significant challenges, including a cyber incident that stopped our vehicle production in September and the impact of US tariffs”.
The manufacturer revealed costs of £196m relating to the cyber attack.
The cyber attack on Jaguar Land Rover is thought to have been the UK’s most economically damaging hack and is estimated to have cost the country £1.9bn.
Research from the Cyber Monitoring Centre indicates that around 5,000 businesses nationwide have been hit by the fallout.
Its experts analysed the incident’s broad impact across the economy and supply chain to arrive at the figure.
Jaguar Land Rover halted production at its UK factories for five weeks from 1 September after being targeted the previous day.
This disruption led to warnings from suppliers that many faced collapse without rapid trading resumption or financial aid.
APPaul KirbyEurope digital editor
Switzerland and the US have agreed to cut President Donald Trump’s steep 39% tariffs on Swiss exports to 15%, as part of a deal that involves a Swiss promise to invest $200bn (£150bn) in the US.
“It’s a great relief for our economy,” said Swiss Economics Minister Guy Parmelin, who said significant damage had been done since the additional tariffs had kicked in last August.
Parmelin said a move by Swiss business leaders to meet Trump in the White House last week had proved “decisive” in reaching a deal.
Industry chiefs visited the Oval Office, bearing gifts including a Rolex gold watch and a specially engraved gold bar from Swiss-based gold refining company MKS.
Initial attempts by Swiss President Karin Keller Sutter to change Trump’s mind had fallen on deaf ears. Trump said she “was a nice woman, but she did not want to listen”.
But after the 4 November encounter with Swiss business leaders, Trump revealed this week a deal was being worked on.
US Trade Representative Jamieson Greer confirmed an agreement had been reached, saying “President Trump’s unmatched dealmaking continues to deliver for the American people”.
The deal had involved very hard work, said chief trade negotiator Helene Budliger Artieda. Guy Parmelin said it would bring Switzerland into line with the 15% tariff rate negotiated with the US by its European Union neighbours.
The economics minister said it involved the Swiss economy investing $200bn directly in the US by 2028. A third of that Swiss money will be invested in the US in 2026 under the deal.
Switzerland has also agreed to axe tariffs on a quota of US meat exports including beef, bison and poultry.
Greer said the deal “tears down longstanding trade barriers” and Swiss investment would bring thousands of new jobs.
For Swiss industry, the deal could not come soon enough. Tech exports to the US are down 14.2% on the third quarter of last year, according to latest statistics – a dramatic fall since the tariff hike was imposed in August.
The role of Swiss industrialists appears to have been key, and some particularly those trading in luxury goods, gold, or commodities, already had contacts in Trump’s circle.
In September, Trump appeared at the US Open tennis final in the Rolex VIP box hosted by the Swiss watch company’s chief executive Jean Frédéric Dufour.
MANDEL NGAN/AFPThe president even asked if the Rolex CEO would have been there if Trump had not slapped such steep tariffs on Switzerland.
Last week Dufour met Trump again, this time in the Oval Office, along with fellow business leaders including Johann Rupert from luxury goods maker Richemont and Marwan Shakarchi from MKS.
Days after the meeting, Trump was pictured in the Oval Office with what looked very much like a Rolex “Datejust” desk clock, produced by the company as a collector’s item, and worth tens of thousands of dollars.
A White House official has confirmed to the BBC the two items were given to Trump.
It is quite normal nowadays for visitors to the Oval Office to come bearing a gift.
UK Prime Minister Sir Keir Starmer brought an invitation from King Charles for a lavish state visit. German Chancellor Friedrich Merz offered a framed copy of the birth certificate of Trump’s German grandfather.
BRENDAN SMIALOWSKI/AFPThe US president receives thousands of gifts every year and they then become US property, deposited with the National Archives and filed annually by the state department.
They are eventually transferred to a presidential library. Some gifts can be kept but presidents have to pay federal taxes if they do not come from a close relative.
Swiss industry has been waiting for a deal with bated breath and a number of Swiss companies had warned they would have to furlough staff if nothing changed.
Yves Bugmann, who heads the Swiss Watch Industry Federation, welcomed the deal after months of uncertainty.
Asked what kind of investment the Swiss government might make in the US that would add up to $200bn, Helene Budliger Artieda said there was a detailed list that included pharmaceuticals, but she singled out plans for plane manufacturer Pilatus to build a big US plant and train-maker Stadler to expand its US operations in Utah.
Gold refining is also part of the plan.
“Currently, Switzerland is the primary location for gold storage, and New York is the primary location for trading,” said trade negotiator.
The chief trade negotiator said it would take a few days or even weeks for the changes to come into effect.
The agreement will only become binding when it receives approval from the Swiss parliament, and then it will be put to a referendum.
Business
Trade push: India seeks faster Russian clearances as both sides target $100 bn by 2030; pharma and marine approvals on priority – The Times of India
India has asked Russia to fast-track approvals for Indian exporters –including expedited listing of domestic establishments and quicker registration of marine and pharmaceutical products — as part of a broader push to expand two-way trade, the commerce ministry said on Thursday.Commerce secretary Rajesh Agrawal, currently in Moscow, stressed the need for “confidence-building measures to unlock market access” during discussions with Russian officials at the 26th Meeting of the India-Russia Working Group on Trade and Economic Cooperation, reported ET.“The issues included expedited listing of Indian establishments and a systems-based approach with FSVPS in agriculture, especially marine products and a time-bound pathway in pharmaceuticals covering registration, regulatory reliance and predictable timelines,” the official statement said, quoted ET. FSVPS is Russia’s Federal Service for Veterinary and Phytosanitary Supervision.Agrawal and Russian deputy minister of economic development Vladimir Ilyichev finalised and signed a forward-looking protocol covering multiple sectors aimed at strengthening economic ties. Bilateral trade currently stands at $25 billion, with both sides committed to raising it to $100 billion by 2030.The working group identified opportunities across engineering goods, chemicals and plastics, electronics, pharmaceuticals, agriculture, leather and textiles. It also mapped areas where Indian strengths –including smartphones, motor vehicles, gems and jewellery, organic chemicals, textiles and leather — can support Russia’s trade diversification and de-risking strategy.In services, India encouraged Russian entities to increase procurement of Indian IT-BPM, healthcare, education and creative services. It also pushed for predictable mobility for Indian professionals amid growing labour shortages in Russia.India highlighted its global capability centre (GCC) ecosystem — over 1,700 centres employing nearly 1.9 million professionals — as a ready platform for Russian firms to enhance business continuity, cybersecurity, design, analytics and shared-services support, bolstering supply-chain resilience.The Indian side acknowledged Russia’s interest in concluding a bilateral investment treaty. Both countries also agreed to “explore payments solutions to meet the needs for businesses, especially medium, small and micro enterprises,” the ministry said.The engagement comes ahead of intensified bilateral activity, with Russian President Vladimir Putin scheduled to visit India on December 5 for the Russia-India Forum.
Business
Forget Hot Stock Tips: These 2 Money Habits Alone Can Help You Build Wealth Up To Rs 2 Crore
Last Updated:
Many investors focus on equities and the stock market, often overlooking a crucial component that should be part of every investment portfolio
Nitin Kaushik said that instead of chasing returns, people should focus on their behaviour, investment ratios, and discipline. (Representative/Shutterstock)
Social media is flooded with ‘quick riches’ advice and flashy stock tips, yet few ever see real results. Wealth creation, experts say, is far simpler than these trends suggest. Cutting through the noise, a chartered accountant has now shared a clear, practical mantra for building wealth, a formula he says works no matter one’s income is, whether it’s Rs 1 lakh or Rs 10 lakh.
Chartered accountant Nitin Kaushik took to X to explain that wealth stems from good habits, not just high returns.
In his post, he wrote, “Two money habits can make you rich quietly, while others stay busy chasing investments.” He believes real wealth is built through calm, consistent actions—small monthly investments, a clear budget, and periodic rebalancing.
According to Nitin Kaushik, the real problem is that most people lack a system. Whether someone earns Rs 100,000 or Rs 10 lakh, money disappears quickly if it isn’t directed with purpose. “Becoming rich doesn’t start with earnings, but with intentions,” he noted, emphasising that wealth depends more on mindset and discipline than on income.
Habit 1: Compound Interest
The first habit Kaushik highlighted is the power of compound interest, which he called “a force of nature.” Kaushik explained that investing Rs 25,000 a month at a 12% annual return can grow to about Rs 20 lakh in five years, but the same habit maintained for 20 years can build roughly Rs 2.4 crore. He advised that one should start as early as possible to let compounding work in thier favour.
Habit 2: Portfolio Rebalancing
The second habit is portfolio rebalancing. This involves adjusting investments periodically to maintain a balance between equity and debt (stocks and bonds).
He explained, “If you initially hold 70 percent equity and 30 percent debt, but as the market rises, the ratio becomes 85:15, rebalancing helps bring it back to the correct level.” Kaushik added, “It’s like pruning a tree. Pruning is not done to harm it, but to make it stronger.”
Kaushik summed up his thoughts in one line: “Compound interest builds wealth, rebalancing preserves it. One rewards your patience, the other secures your growth.” He added that instead of chasing returns, people should focus on their behaviour, investment ratios, and discipline, as these are the factors truly within their control.
Why Is It Important To Invest In Debt Funds?
Most people invest in equity funds or the stock market, but debt funds are often overlooked, even though they should be an essential part of every investment portfolio. Debt funds are mutual funds that invest in government bonds, corporate bonds, treasury bills, and other fixed-income securities. In simple terms, these funds lend money to companies or the government and earn income through interest.
The benefits of debt funds include:
- Stable returns and lower risk: Debt funds carry less risk and offer steady, predictable returns, making them a safer option for those wary of stock market volatility.
- Diversification: Debt funds balance a portfolio by providing stable returns when equities fall, maintaining overall balance and stability.
- Liquidity: Many debt funds allow for easy and quick withdrawals, unlike fixed deposits with lock-in periods, making them ideal for sudden cash needs.
- Tax benefits: Long-term debt fund investments (over 3 years) offer indexation benefits, reducing tax burdens and making them more tax-efficient than fixed deposits.
- Protection and opportunities from interest rate fluctuations: Debt funds can provide good returns when interest rates fall, as the value of older high-interest bonds increases, offering opportunities for investors.
- Ideal for new investors: Debt funds are a great entry point for those new to mutual funds, helping build investment habits with less risk.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
November 14, 2025, 17:49 IST
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