Ford and JLR to cut thousands of jobs; John Lewis bonus at risk – business live

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Carmakers announce sweeping restructuring plans that will hit employees across Europe

Earlier:

Jaguar Land Rover boss Ralf Speth is holding a conference call with journalists now.

On it, he says:

There’s retail gloom on both sides of the Atlantic today.

US retail group Macy has sent shockwaves through Wall Street today by reporting weak sales over the Christmas holiday period, forcing it to cut its 2018 earnings outlook.

US retail getting taken out to the wood chipper
Macy's -18%
Kohl's -8.5%
Nordstrom -8.5%
Target -4.5%
Abercrombie and Fitch -11%
JC Penney -5%

Stocks open lower, retailers lead declines as Macy's plunges 18% and Kohl's drops more than 9% https://t.co/QGbxSEeIuz pic.twitter.com/8mG440luey

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