Jaguar Land Rover resumes production after cyberattack: details.

Production recovery at JAGUAR LAND ROVER

According to The Sun: The company JAGUAR LAND ROVER is conducting tests at its plants ahead of resuming production following a significant cyberattack.

The automaker reported that some manufacturing sections will 'resume in the coming days'.

Reuters Jaguar Land Rover says some sections of manufacturing will ‘resume in the coming days’

JLR, which typically produces around 1,000 cars a day, plans to resume production at its factory in Wolverhampton this week.

Yesterday, a company representative noted:

“We will continue to work with cybersecurity experts, the National Cyber Security Centre, and law enforcement to ensure a safe and secure recovery.”

JLR suspended all production in September after becoming a target for hackers. The shutdown continued into October due to disruptions to technology systems affecting plants in Halewood, Solihull, and Wolverhampton.

Experts predict that the production suspension could cost the company around £120 million. It has also put some related companies on the brink of bankruptcy, leading the government to agree to provide £1.5 billion in credit guarantees for JLR to give suppliers confidence in payments.

Aston Martin Lagonda reported yesterday that its total losses could exceed £110 million, partly due to supply chain issues stemming from difficulties at JLR.

SHAW THING

Business lender Shawbrook plans a return to the London Stock Exchange with a potential valuation of up to £2 billion.

The private equity-backed firm confirmed it is considering an IPO to raise brand recognition and improve access to new sources of capital.

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Previously, the company was registered in London but has been owned by BC Partners and Pollen Street Capital since 2017.

MONDI BLUES

Mondi's shares fell to a 12-year low yesterday after the global paper manufacturer reported 'challenging' market conditions.

The FTSE 100 firm noted that it will continue to shut down some of its facilities for maintenance in response to falling demand.

It also plans to cut costs by reorganizing the business from three divisions to two, which led to a 15 percent drop in Mondi's shares.

LIDL £250M PRICE CUT

LIDL is reducing prices on everyday goods by investing £250 million to help customers save ahead of the holidays.

The supermarket has already lowered prices on over 1,000 products this year and plans to introduce additional promotions.

Richard Bourns, Lidl GB's chief commercial officer, said:

“We strive to provide our customers with the best value, and our teams are always working on this.”

 

“Everyone should have access to healthy, affordable food.”