Here’s a daily overview of some key companies and business developments that the Yahoo Finance UK team is monitoring in Europe and abroad:
Jaguar Land Rover pausing production
The closure is being blamed on new import duties and China’s trade war with the United States, which has hurt Chinese demand. Additionally, about 45% of the firm’s sales are diesel models, which have been hit by clampdowns and tax rises in some countries as governments try to cut air pollution.
“As part of the company’s continued strategy for profitable growth, Jaguar Land Rover … will align supply to reflect fluctuating demand globally as required,” a spokesman said in a statement.
Jaguar Land Rover manufactures nearly one in three British-made cars.
Shares in Jaguar Land Rover’s parent company — Tata Motors (TATAMOTORS.BO) – fell by about 13% on the Bombay Stock Exchange after the news came out. Tata Motors shares in New York (TTM) are also down sharply premarket.
The luxury powerhouse LVMH (MC.PA), which owns brands including Fendi and Christian Dior, is set to report its third quarter results on Tuesday after trading in Paris closes for the day.
Shares in the company have surged by more than 15% since the start of this year.
Pakistan: New bailout plan
Pakistan’s government says it plans to seek a bailout from the International Monetary Fund (IMF) to stabilize its shaky economy and avoid a wider crisis.
The country’s currency (PKRUSD=X) has fallen by roughly 20% since December versus the US dollar as investors have pulled out of emerging markets and directed their money back into a strengthening US economy.
In 2013, the IMF lent Islamabad $6.7 billion. It’s expected Pakistan will need a bigger sum this time around. But the IMF is likely to demand painful economic reforms that would clash with the political agenda of new Prime Minister Imran Khan, who had promised to build an Islamic welfare state.
This could be the country’s 13th IMF bailout since 1988.
With files from Reuters