Ford to cut 4,000 jobs in Europe, with Germany and the UK hardest hit – as it happened

Ford has announced it will cut 4,000 jobs in Europe, mainly in Germany and the UK.This amounts to 14% of the American carmaker’s European workforce. The layoffs will be made by the end of 2027. Globally, they represent around 2.3% of Ford’s workforce of 174,000

Severn Trent’s profits triple as it fails drinking water risk rules

Severn Trent has nearly tripled its profits even as the FTSE 100 water company said it had failed to meet a drinking water risk standard.The company, which serves 4.7 million customers stretching from Bristol and mid-Wales to the Humber, said it would be “in penalty this year” over a measure of water quality known as the compliance risk index (CRI).Water companies have come under close scrutiny over pollution and water quality in recent years, as politicians have accused the sector of not investing enough in vital infrastructure even as shareholders made impressive returns.Several other water companies are under severe financial strain as they struggle under big debt loads

Santander puts aside £295m for car loan mis-selling

Santander UK has put aside £295m to cover potential payouts to car loan customers as the bank issued its first estimate of the financial fallout from the growing car loan mis-selling scandal.The figures were released alongside the bank’s third-quarter results, which were delayed last month after a court of appeal ruling said it was unlawful for two lenders to have paid a “secret” commission to car dealers without borrowers’ knowledge.The provision dented the bank’s pre-tax profits, which fell to £143m in the quarter, down from £413m in the second quarter.Car lenders such as Santander UK had already been facing potential payouts over a Financial Conduct Authority investigation into a specific type of commission payment, discretionary commission arrangements,that was banned in 2021.However, the court judgment went beyond the scope of the FCA investigation and City regulation, extending into common law and opening the door to a much larger compensation bill for motor loan providers

Australia’s Future Fund to invest in housing, infrastructure and energy transition under new mandate

Australia’s $230bn sovereign wealth fund will be retooled to help build houses, improve infrastructure and combat global heating under a new investment mandate.The Albanese government has announced that the independently managed Future Fund will get a new investment mandate and statement of expectations, the latter of which is the first update for the financial asset fund in 15 years.Under the changes, the fund will have to consider national priorities including increasing the domestic supply of residential housing, continuing to support the energy transition as part of the net zero transformation of the Australian economy, and delivering improved local infrastructure including economic resilience and security infrastructure.The government is hoping a greater certainty of investment in assets that have long-term benefits will encourage more supply of housing and clean energy projects.Sign up for Guardian Australia’s breaking news emailGreg Combet, the chair of the Future Fund board of guardians, said it would appoint a new executive director responsible for the energy transition in response to the changes

Rio Tinto review shows rise in rape and bullying reports

Rio Tinto has said the number of its employees who reported they have experienced actual or attempted sexual assault or rape has increased over the last two years, despite efforts to improve its workplace culture in recent years.A report on the Anglo-Australian mining company, authored by the former Australian sex discrimination commissioner, Elizabeth Broderick, found “mixed results” in its efforts to implement a programme to change its culture in an effort stamp out sexual assault, bullying and racism.Broderick’s 76-page report on the company, which employs 57,000 globally, noted that a rise in bullying against women was in part “retaliation” to Rio Tinto’s efforts to “promote gender diversity and inclusion”.Sign up for Guardian Australia’s breaking news emailThe report revealed that eight allegations of rape or attempted rape in the past 12 months, up from five cases in 2021. The report also found 32 employees reported experiencing pressure or requests for sex or sexual acts, down from 37 people in 2021