BUSINESS

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As President Donald Trump's tariffs impact the motor industry, UK-based carmaker Jaguar Land Rover (JLR) has stated it does not intend to produce vehicles in the US. JLR has no factories in the US and briefly suspended shipments to the country in April following Trump's initial tariff announcements, before resuming exports this month.

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Despite economic uncertainty and potential headwinds from US tariffs, IAG, the owner of British Airways and Iberia, announced Friday a multi-billion dollar order for Boeing and Airbus planes. The company maintained its outlook, citing strong demand for air travel.

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Luxury fashion firm Burberry has announced potential plans to cut 1,700 jobs as part of a wider strategy to reduce costs by 2027. The British designer brand, known for its iconic check pattern, reported a £66m loss in the last financial year, prompting the proposed savings which would reduce its global workforce by almost a fifth and include potential redundancies at its Castleford factory in West Yorkshire.

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Japanese auto giant Toyota predicted a 35 percent year-on-year drop in net profit for 2025-26 on Thursday, citing the impact of President Donald Trump's vehicle tariffs among other factors. The company, and other carmakers, have been among the most heavily impacted by the US president's multi-pronged assault on free trade, including tariffs on finished imported cars and auto parts.

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Nissan reported a significant annual net loss of $4.5 billion on Tuesday and confirmed plans to cut 15 percent of its global workforce, while also warning about the potential impact of US tariffs. The Japanese automaker reported a net loss of 671 billion yen for 2024-25 and declined to provide a net profit forecast for the current financial year.

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German premium carmaker BMW said Wednesday it expects to override the impact of US tariffs over the coming year, and hopes to further mitigate their effects. CEO Oliver Zipse told reporters that BMW is actively lobbying for free trade and anticipates some success due to its extensive global presence.

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Apple is reportedly weighing price increases for its upcoming iPhone lineup this fall, a move closely watched by investors and analysts alike. The Wall Street Journal, citing sources familiar with the matter, disclosed that the company is exploring the hikes without publicly attributing them to ongoing U.S. tariffs on Chinese imports.

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Amazon MGM Studios has picked up the worldwide rights to The Beekeeper 2, the sequel to the 2024 action hit starring Jason Statham, in a deal reportedly over $50 million. The transaction is one of the biggest international film deals of the year and continues Amazon’s push to build up a library of franchise-driven content headed by veteran box office stars.