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UK's Jaguar Land Rover to Close Solihull Plant for Two Weeks Amid Sales Slump, Trade War

Britain's biggest carmaker Jaguar Land Rover will close its Solihull plant for two weeks later this month after it reported nearly 50 per cent fall in sales to China as import duties and a trade war with the United States hurt demand.

China's automobile sales have been falling in recent months, with a slowing economy and trade frictions making consumers cautious about spending, an industry body said last month.


"As part of the company's continued strategy for profitable growth, Jaguar Land Rover is focused on achieving operational efficiencies and will align supply to reflect fluctuating demand globally as required," a spokesman said in a statement.

The plant will close for two weeks from October 22. The Unite Union said no jobs would be lost as hours would be banked.

Jaguar Land Rover, which built nearly one in three of Britain's 1.67 million cars in 2017, said last month that another of its factories, Castle Bromwich, will go down to a three-day week from October until the beginning of December.

About 45 per cent 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.

It has also warned about the impact of any Brexit-related loss of free and unfettered trade with the European Union.

Reuters

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IMF approves £900 million to Pakistan highlighting economic stability despite floods

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  • Pakistan to receive £750 m under Extended Fund Facility and £150 m under climate resilience programme.
  • IMF praises Pakistan's strong programme implementation and macroeconomic stability-.
  • Country's gross reserves increase to £10.8 bn from £7.05 bn a year earlier.

The International Monetary Fund (IMF) has approved a fresh disbursement of approximately £900 m ($1.2 bn) to Pakistan, acknowledging the country's efforts to maintain economic stability despite facing devastating floods.

The IMF Executive Board granted approval under a dual-track bailout arrangement during a meeting in Washington on Monday. Pakistan will receive £750 m ($1 bn) under the 37-month Extended Fund Facility (EFF) and £150 m ($200 m) under the climate-focused Resilience Sustainability Facility (RSF).

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