CHECKOUT COUNTER: Jaguar to axe 4,500 jobs
Jaguar Land Rover, owned by Tata Motors, will cut about 4,500 mostly UK jobs after a slump in Chinese sales and as buyers dump diesel cars for electric
1. Netflix rises after upgrade
Netflix shares rose 1.5% in after-hours trading last Thursday after a UBS analyst upgraded the streaming giant to "buy" from "neutral". Analyst Eric Sheridan also raised his price target to $410 from $400 a share, implying a 26% upside from Thursday’s close of $324.66. In a note, Sheridan cited the success of Netflix’s content, solid subscriber momentum and a better understanding of the headwinds the company has faced recently.
2. AB InBev’s bond moment
AB InBev is staging one of the biggest bond sales of the new year to refinance some of its $100bn debt load. The brewer is finalising the pricing for a $15.5bn bond offering, with plans to reportedly sell senior unsecured bonds in six parts.
Proceeds from the debt sale will be used to refinance some of the debt taken on by the company after its 2016 acquisition of SABMiller.
3. Jag to axe 4,500 jobs
Jaguar Land Rover, which is owned by India’s Tata Motors, will cut about 4,500 mostly UK jobs after a slump in Chinese sales and as buyers dump diesel cars for electric.
It employs 44,000 people worldwide, 42,500 of whom are in Britain, where concerns over Brexit loom large. The move is aimed at delivering £2.5bn of cost cuts over 18 months.
4. Tesco’s Brexit plan
Tesco is making arrangements to stockpile goods as part of its Brexit contingency planning.
This comes a month after Bloomberg reported the big four UK supermarkets were asking their main suppliers to ramp up stock over concerns that half their shelves will be empty if there is a hard, or no-deal, Brexit.