Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


Jaguar Land Rover posts $4.4 billion loss as demand slips in China


The company booked a $4.1 billion reduction in the value of its plants and other investments leading to a $4.3 billion quarterly loss, which stands as its biggest to date

Carmakers are being hit by stronger regulations and demand for cleaner models. Sales for the quarter were $8bn, down from $8.1bn a year earlier. It sold 144,602 vehicles, down from 154,447.

Jaguar chief executive Ralf Speth stated: “Jaguar Land Rover reported strong third-quarter sales in the UK and North America, but our overall performance continued to be impacted by challenging market conditions in China.”

Excluding the write-down, which affects its balance sheet but has no effect on cash, the company posted a loss of $353mn. Much of the firm’s model range is currently diesel-powered, while diesel sales in Europe have been falling.

Jaguar Land Rover, which is owned by India’s Tata Motors, has embarked on a major restructuring programme to prepare for the future and boost profitability.

It has already announced plans to cut thousands of jobs.

It has now accepted that the value of its existing investments – such as factories, equipment and model designs – is substantially lower than previously thought, according to BBC business correspondent Theo Leggett.

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