The British government agreed a loan guarantee worth \u00a31.5 billion ($2 billion) for Jaguar Land Rover to shore up its cash reserves and supply chain, the trade minister said Sunday, after a damaging recent cyberattack.<\/p>\n
JLR said on September 2 that it had been targeted by hackers, forcing it to suspend production at its UK factories.<\/p>\n
The automaker said on Thursday that its IT systems were partly back online as part of a “phased restart”, but production would remain on pause until at least October 1.<\/p>\n
The government announced that it would back the company with a loan guarantee “expected to unlock up to \u00a31.5 billion to give certainty to its supply chain”.<\/p>\n
The move does not mean that the government will lend money directly to JLR, which is owned by India’s Tata Motors.<\/p>\n
Instead, a government credit agency will provide the guarantee for a loan from a commercial bank that will be repaid over five years.<\/p>\n
Trade minister Peter Kyle said the guarantee “will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK”.<\/p>\n
“This cyberattack was not only an assault on an iconic British brand, but on our world-leading automotive sector and the men and women whose livelihoods depend on it,” he said.<\/p>\n
JLR has said its partial systems restart was helping to clear a backlog of payments to its suppliers, after unions warned that some were at risk of collapse due to the disruption.<\/p>\n
Cyber gangs have increasingly targeted luxury brands and retailers, including Britain’s Marks and Spencer, Harrods and the Co-op food chain.<\/p>\n
bur-mjw\/tc<\/p>\n
\u00a9 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"
The British government agreed a loan guarantee worth \u00a31.5 billion ($2 billion) for Jaguar Land Rover to shore up its cash reserves and supply chain, the trade minister said Sunday, after a damaging recent cyberattack. JLR said on September 2 that it had been targeted by hackers, forcing it to suspend production at its UK […]<\/p>\n","protected":false},"author":3,"featured_media":11594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","override":[{"template":"7","parallax":"1","fullscreen":"1","layout":"left-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"topbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"1","show_post_related":"0","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0"},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"jnews_post_split":{"post_split":[{"template":"1","tag":"h2","numbering":"asc","mode":"normal","first":"0","enable_toc":"0","toc_type":"normal"}]},"footnotes":""},"categories":[82],"tags":[513,209,965,103],"class_list":["post-11592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-automobile","tag-britain","tag-cybercrime","tag-politics"],"_links":{"self":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/11592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/comments?post=11592"}],"version-history":[{"count":0,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/11592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media\/11594"}],"wp:attachment":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media?parent=11592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/categories?post=11592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/tags?post=11592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}