Shell takes $600m hit, EU doubles steel tariffs, UK car loan scandal expected to reach £11bn

Shell takes a $600m hit after scrapping a biofuels plant, but points to a recovery in its gas trading and production arms. Lenders are bracing for an £11bn hit from the car loan mis-selling scandal, and the EU has announced it will match Donald Trump's steel tariffs. Jaguar Land Rover has launched a phased restart of its manufacturing operations, while Ineos is cutting a fifth of jobs at its East Yorkshire plant. The world's wind and solar farms have generated more electricity than coal plants for the first time this year.

Shell's shares rose 2% to 2,793 pence after a strong Q3 update, driven by higher gas volumes and trading contributions. Year-to-date, shares are up 13% Key facts: Shell's shares rose 2% to 2,793 pence after a strong Q3 update, driven by higher gas volumes and trading contributions. Year-to-date, shares are up 13%.^[1]. The company expects a $600 million hit in Q3 from scrapping its Rotterdam biofuels project. Shell has revised its third-quarter gas production forecast to 910,000-950,000 oil-equivalent barrels per day, down from the prior estimate of 913,000 Key facts: Shell's shares rose 2% to 2,793 pence after a strong Q3 update, driven by higher gas volumes and trading contributions. Year-to-date, shares are up 13%.^[1].

Lenders are bracing for an £11bn hit from the car loan mis-selling scandal, while the EU has announced it will match Donald Trump's steel tariffs. Jaguar Land Rover has launched a phased restart of its manufacturing operations, with the Electric Propulsion Manufacturing Centre (EPMC) and Battery Assembly Centre (BAC) in the West Midlands, UK, set to begin production on Wednesday 8 October 2025 Jaguar Land Rover to restart some manufacturing this week^[2].

INEOS, the petrochemicals giant, has announced plans to slash 20% of its workforce at its Acetyls plant near Hull, citing soaring energy costs and cheap imports. The company is urging the UK Government and European Commission to intervene, highlighting "anti-competitive trade practices" INEOS to cut 60 jobs at East Yorkshire facility amid soaring energy costs^[3].

The world's wind and solar farms have generated more electricity than coal plants for the first time this year. This shift underscores the increasing importance of renewable energy sources in the global energy mix .