Business
JLR suppliers with ‘days of cash’ left, MP says
Sarah JulianBBC Radio WM and
Eleanor LawsonWest Midlands
ReutersSome businesses in the Jaguar Land Rover (JLR) supply chain have just seven to 10 days of money left, an MP has told the BBC.
Ten companies within the supply chain voiced their concerns about their businesses, in the wake of the cyber attack at JLR, at a meeting with the government’s Business and Trade Committee on Thursday.
Labour MP for Tamworth Sarah Edwards, who is a member of the committee, said some of the companies had not been paid by JLR since the end of August.
“They’re very worried, they are concerned,” Ms Edwards said. “It’s imperative suppliers are paid very very quickly.”
JLR, which has plants in Solihull, Wolverhampton and Merseyside, employs about 30,000 people directly, with an additional 100,000 in the supply chain.
Ms Edwards said the 10 companies in attendance at Thursday’s meeting covered a “cross section” of first-line direct suppliers, covering the “whole eco-system” of the supply chain.
She expressed particular concerns about the smaller suppliers and their cashflow concerns.
“It’s very worrying and that’s because we’re nearly a month into this – some of those suppliers had not been paid,” she said.
“We heard from one supplier who had still not received payment from JLR since 29 August, so it’s really good to hear that the [JLR] invoicing system is coming back online.”
JLR said on Thursday that it had begun a “phased restart” of its operations with parts of its IT system back up and running.
Ms Edwards said some of the suggestions from the businesses were how to keep money within the supply chain and how the government might be able to support that.
“The feeling was [the need to] retain the work force and skills and having the immediate cash flow to keep these places open,” she said.
“We heard from one smaller supplier who’s already had to sell machinery, sell one of their trucks and go from two buildings down to one.
“Some people are at home already, they do not know whether they’ll be returning to work and when.”
The MP added that JLR needed “to be much clearer on the timeframe” for the return to production, as suppliers were unable to plan, meaning “they’re at a much higher risk of not being able to weather this.”
She said that some of the businesses thought that JLR “could have done more to communicate with them” and wanted clarity on the situation.
One idea the government is exploring is for it to buy the component parts built by the suppliers to keep them in business until JLR’s production lines are up and running, and then sell on those parts to JLR.
Ms Edwards said the businesses were pleased to hear it was an option being discussed but believed there would be “logistical challenges”.
“This is a ‘just in time’ operation, so storing those parts, making sure they’re not damaged, making sure that quality control is intact would be difficult,” she said.
“One of the thoughts [from the suppliers] therefore was that you could buy forward, so you’d essentially place the orders knowing you were going to start production but pay now. That’s an option they thought was more likely.”
Addressing the role of the government in supporting the supply chain, the MP said: “This is JLR and their issue, it shouldn’t really lie with the taxpayer, but it may be the taxpayer needs to step in temporarily.”
The Conservative Party said it would back a targeted emergency loan scheme for UK firms after the cyber attack affecting JLR.
The Tories have also called on the government to look into new cyber insurance measures.
“JLR’s supply chain is significant in the West Midlands and nationally,” said shadow business secretary Andrew Griffith.
Grocery price inflation has slowed in some good news for consumers as retailers ramp up festive deals ahead of Christmas, figures show.
Supermarket prices were still 4.7% higher than a year ago in October, but this was down from September’s 5.2%, according to market research firm Worldpanel by Numerator, formerly Kantar.
Spending on deals climbed by 9.4% to just under 30% of all grocery purchases, while spending on full-priced goods rose by just 1.8%.
Fraser McKevitt, head of retail and consumer insight at Worldpanel, said: “Christmas ads are hitting our screens and the race to the big day is on in the supermarket sector.
“Retailers are very alive to the financial struggles that some households are facing, not least ahead of this year’s Budget.
“They’re eager to show how they’re offering shoppers value for money, putting the emphasis on price cuts rather than multibuy offers.”
Despite tightening belts, Worldpanel is predicting a new sales record for retailer premium lines this year, suggesting it has the potential to hit more than £1 billion in December.
Mr McKevitt said: “It’s important to remember that shoppers often look for great value and quality, not just the cheapest product.
“At Christmas especially people want to treat themselves and throughout the cost-of-living crisis we’ve seen them turning to retailers’ premium own label lines to do that in a way that’s more affordable.”
Online remains the fastest growing part of the grocery market and spending on home delivery rose by 11% over the month.
On average, households who use online grocery now buy three shops a month.
Ocado posted a new record share for the 12 weeks to November 2, hitting 2.1%, as it remained the fastest-growing grocer for the third month in a row.
Tesco and Lidl both added half a percentage point of share to their market positions, with Lidl boosting sales by 10.8% over the 12 weeks to take its share to 8.2% and Tesco now accounting for 28.2% of the market with a sales increase of 5.9%.
Sainsbury’s achieved growth of 5.2% to gain market share of 15.7%.
Business
AI shift: SoftBank sells Nvidia stake for $5.8 billion; focuses on OpenAI after tripling first-half profit – The Times of India
Japan’s SoftBank Group Corp has sold its stake in US chipmaker Nvidia for $5.8 billion, signalling a strategic pivot toward artificial intelligence investments, particularly in OpenAI, the company said on Tuesday, AP reported. The tech conglomerate also reported that its profit nearly tripled in the first half of the current fiscal year, driven by strong returns from its Vision Funds.The Tokyo-based firm said the Nvidia shares were sold in October as part of Chairman Masayoshi Son’s broader plan to redirect resources toward next-generation AI ventures. SoftBank’s net profit for the April–September period surged to about 2.5 trillion yen (roughly $13 billion), while sales rose 7.7 per cent year-on-year to 3.7 trillion yen ($24 billion).SoftBank’s earnings tend to fluctuate sharply due to its exposure to multiple high-growth and high-risk ventures. However, its tech-heavy portfolio has seen a rebound in 2025 amid the global AI boom.Earlier this year, Son joined US President Donald Trump, OpenAI’s Sam Altman, and Oracle’s Larry Ellison in announcing Project Stargate — a proposed $500 billion mega-initiative to develop AI infrastructure and computing power.SoftBank has already invested tens of billions of dollars in OpenAI and plans to expand AI services in Japan through the collaboration. The sale of its Nvidia stake marks a deliberate reallocation of capital — locking in gains from Nvidia’s meteoric rise while freeing funds for direct AI ventures.Nvidia recently became the world’s first $5 trillion company, fuelled by soaring demand for AI chips. The company has also announced a $100 billion investment in OpenAI to build at least 10 gigawatts of new AI data centres to boost computing capacity.While SoftBank no longer holds Nvidia stock, it maintains ties through various portfolio companies that use Nvidia technology in AI and robotics. SoftBank also holds stakes in Arm Holdings and Taiwan Semiconductor Manufacturing Co. (TSMC), both of which have benefited from the AI-driven surge in chip demand.SoftBank’s stock has nearly doubled over the past year, rising 2 per cent in Tokyo trading on Tuesday. Nvidia shares slipped 1.3 per cent in premarket trading after climbing 5.8 per cent on Monday.The company’s latest move cements Masayoshi Son’s aggressive shift toward becoming a global powerhouse in artificial intelligence — a bet that echoes his early vision for the future of computing.
Pine Labs IPO Day 3 GMP, Subscription Status, Price, Allotment & Listing Date: Fintech firm Pine Labs witnessed the last day of its Rs 3,899.91-crore initial public offering (IPO). The IPO, whose price was fixed at Rs 210-221 apiece, has been today, November 11, at 5 pm. The IPO received a 2.48x subscription on Day 3, 13 per cent subscription on the first day of bidding on Friday and 55 per cent on Day 2 on Monday.
However, its grey market premium has further fallen to nil, compared with 1.81% on Monday.
The company raised Rs 1,754 crore from anchor investors on Thursday, a day before the IPO.
The anchor book saw participation from 71 funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore Pte Ltd, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas and Eastspring Investments, according to a circular uploaded on BSE’s website.
Pine Labs IPO GMP Today
According to market observers, unlisted shares of Pine Labs are currently trading at Rs 221 apiece in the grey market, which is zero premium (or GMP) over the upper IPO price of Rs 221, indicating flat or negative listing for the company.
The GMP was Rs 5.43% on Friday and nearly 16% a few days ago.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Pine Labs IPO: Opening, Closing, Allotment, Listing Dates
The IPO was opened on November 7 and will be closed on November 11. Its allotment will be finalised on November 12, while the stock listing is scheduled to take place on November 14 on both BSE and NSE.
Pine Labs IPO: Should You Apply?
Brokerages have given a mixed response to the Pine Labs IPO, with views split between long-term optimism and near-term caution. While some see strong potential in its business model, others find the valuation steep given its loss-making status.
Cautious Voices
Arihant Capital advised investors to avoid the issue, citing losses at the PAT level and high employee and technology costs. Swastika Investmart also suggested avoiding the IPO for now, calling it “aggressively valued” with limited short-term visibility. Angel One rated it neutral, noting that the company remains loss-making and trades at a premium to peers on an EV/EBITDA basis, while warning of risks like regulatory uncertainty and intense competition.
Long-Term Optimism
On the other hand, SBI Securities gave a ‘subscribe for long-term’ rating, citing Pine Labs’ strong network of 9.8 lakh merchants and Rs 276 trillion market opportunity by FY29. It said the firm is well placed to deliver profitable growth. IDBI Capital also recommended ‘subscribe for long-term’, highlighting Pine Labs’ Rs 11,424.97 billion transaction volume in FY25 and its strategic acquisitions that strengthen its digital infrastructure ecosystem.
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