Business
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.
Business
‘India solidly through global shocks’: EAM Jaishankar calls for ‘hedge, de-risk, diversify’ strategy amid Iran war – The Times of India
External affairs minister S Jaishankar on Saturday said that India has “solidly come through” a the ongoing turbulent geopolitical situation amid the Middle East conflict and the Russia-Ukraine war, adding that the country has been “managing domestic and external challenges successfully.”Speaking at the 15th Annual Convocation Ceremony of IIM Raipur, he said countries today must focus on “hedging, de-risking and diversifying” as the global order changes rapidly.
He said the world is going through a “structural” shift, adding, “The global order is changing before our very eyes with visible shifts in the relative power and influence of countries. The politics of some societies find it difficult to come to terms with these changes.”Jaishankar also said, “New developments in technology, in energy, military capabilities, in connectivity and in resources have encouraged risk-taking in an increasingly competitive environment. Everything today is being leveraged, if not actually weaponised. The world is then confronted with the prospect of securing itself in an increasingly volatile and unpredictable environment. This has necessitated the need to hedge, de-risk and diversify.”He said India has reasons for optimism compared to many other countries. “There is an optimism in our society that is lacking in many other parts of the world,” he said, adding that India is now among the top five economies and has handled recent global shocks well.He further stated, “No one can dispute that the multiple global shocks that have recently tested our resilience, and that India has come through that solidly. We have managed both domestic and external challenges fairly successfully.”The minister said building national capabilities is key for India’s goal of Viksit Bharat 2047. He also praised “inclusive growth, representative politics, and decisive leadership.”He said, “Building national capabilities has become more critical in the light of the global trends that I have mentioned… We must endeavour to build and secure within our control as many capacities as we can.”On foreign policy, Jaishankar said India is focusing on expanding market access, securing resources and technology, and supporting Indians abroad, while promoting “Brand India.”“Our foreign policy is today focused on expanding market access for Indian producers. It is also focused on helping to secure resources, technologies and essential goods. It looks after Indians… And it promotes Brand India,” he said.These remarks come at a time when the Middle East tensions that began on February 28 with US-Israel strikes on Iran have stretched beyond the 1 month mark. The crisis has since intensified with Iran’s chokehold over the strategically crucial Strait of Hormuz, sending ripples to oil baskets across the globe.
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Prices of gold and silver remained stable in domestic and international markets on Saturday.
In the local market, the price of gold per tola held steady at Rs490,362, while 10 grams of gold remained at Rs420,406.
On the global market, gold prices per ounce were stable at $4,676.
Silver prices also remained firm, with one tola trading at Rs7,794 and 10 grams at Rs6,682. Globally, the price of silver per ounce held steady at $73.10.
Read: SBP injects Rs13.68tr into market
Yesterday, gold prices in Pakistan rose, tracking an upward trend in the international market. In the domestic market, the price of gold per tola climbed by Rs3,400 to settle at Rs490,362.
Likewise, the price of 10 grams of gold increased by Rs2,915, reaching Rs420,406, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
A day earlier, on Thursday, gold prices had declined, with the per tola rate falling by Rs7,100 to Rs486,962.
In the global market, gold prices gained $34, reaching $4,676 per ounce, including a $20 premium.
Moreover, silver prices also moved higher, rising by Rs160 to Rs7,794 per tola.
Meanwhile, on Friday, the Pakistani rupee posted a slight gain against the US dollar in the interbank market.
By the close of trading, the local currency stood at 279.10, appreciating by Rs0.01 against the greenback. On Thursday, it had settled at 279.11.
In global markets, China’s yuan strengthened against the US dollar as the latter steadied, with investor attention shifting to the release of US payroll data later in the day.
The dollar had surged a day earlier on safe-haven demand after US President Donald Trump signalled that the Iran conflict could persist.
The spot yuan opened at 6.8930 per dollar on Friday and was last trading 37 pips higher than its previous close.
Business
Pakistan Petrol Crisis: Petrol shock, free rides & more: How is Pakistan dealing with Hormuz energy crisis – The Times of India
The Middle East crisis has stretched beyond the one month mark, sending ripples across the globe. While somes nations are hiking fuel prices, others are introducing other measures to cushion consumers from the impact while balancing energy reserves. Pakistan is no stranger to the ongoing energy volitality as the country imports almost 85% of its supplies through the Strait of Hormuz. Pakistan government has already raised petrol prices multiple times since the conflict began, with the last raise being on Friday. The sharp rise in fuel prices pushed the government to roll out emergency relief measures, including free public transport in key regions, as public anger spilled onto the streets. Authorities announced on Friday that commuters in Islamabad and Punjab will not have to pay fares on state-run transport for the next 30 days.
Balancing Hormuz crisis and consumer interest
The decision follows widespread unrest after petrol prices were raised overnight by 42.7% to 485 rupees per litre, triggering protests and long queues at fuel stations. However, after public outrage, Pakistan’s PM Shehbaz Sharif later revised the hike, bringing petrol down to 378 rupees per litre. “This decrease will be applicable for at least one month,” he said during a televised address, adding, “I promise I will not rest until your life is back to normal.”Coming to diesel prices, the government had increased HSD price by PKR 184.49 per litre, from PKR 335.86 to PKR 520.35, but abolished the levy, providing some relief to citizens.Detailing the relief measures, interior minister Mohsin Naqvi said, “All public transport in Islamabad will be made free of cost for the general public for the next 30 days, starting tomorrow (Saturday),” noting that the government would shoulder a cost of 350 million rupees.Punjab has mirrored the move, removing fares on public transport and introducing “targeted subsidies” for trucks and buses. CM Maryam Nawaz Sharif also appealed to transport operators not to shift the burden onto passengers, saying, “We promise to relieve the public of economic burden as soon as conditions improve.”In Karachi, similar steps have been taken by the Sindh government, which announced subsidies aimed at motorcyclists and small farmers.
Middle East tensions strain Pakistan
The developments come against the backdrop of rising global energy disruptions linked to the US-Israel war on Iran, which began on February 28. The conflict has led to retaliatory strikes across the Gulf and disrupted movement through the Strait of Hormuz, a vital route for energy supplies, particularly to Asia.To manage the strain, Pakistan has introduced a series of fuel-saving steps, including a four-day workweek for many government offices, extended school holidays and a shift to online classes in some cases.The economic pressure is being felt acutely in a country where about 25% of the population of 240 million lives in poverty, according to World Bank figures. Earlier in March, fuel prices had already been increased by 20 percent, with authorities initially resisting further hikes.Protests broke out on Friday in Lahore, where demonstrators called for the government to withdraw the increase. “The government, overnight, has dropped a ‘petrol bomb’ on its people,” said Naveed Ahmed, a 39-year-old protestor. “Our nation cannot bear this situation right now. This storm of inflation must be stopped, and relief should be provided to the public.”Hafiz Abdul Rauf, another protester, questioned the reasoning behind the hike, saying, “The rise we are seeing is not due to the (Iran) war, but to pressure from the IMF, pressure that must be resisted. For God’s sake, step back from these demands and show some compassion for the people.”The pressure is not limited to Pakistan. Bangladesh has also raised prices of liquefied petroleum gas and compressed natural gas by 29%. Meanwhile, the International Monetary Fund warned earlier this week that vulnerable economies face not only rising energy costs but also disruptions in supply chains. On March 28, it said it had reached an initial agreement with Pakistan on a $1.2-billion support package.
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‘India solidly through global shocks’: EAM Jaishankar calls for ‘hedge, de-risk, diversify’ strategy amid Iran war – The Times of India
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