Nissan to cut 12,500 jobs worldwide | AJ Bell shares rise after assets growth | AstraZeneca gains £4bn in market value

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Nissan is to cut 12,500 jobs, or about nine per cent of its global workforce, in an effort to cut costs and achieve a turnaround amid tumbling profits.

The Japanese car company, which employs around 7,000 in the UK, reported the job cuts alongside its first quarter earnings statement.

It is unclear at this stage where the cuts will be, but it is hoped the impact on its Sunderland plant will be minimal.

Nissan reported its global vehicle sales fell 6% in April-June, compared to the same period the year before.

The carmaker also said it will cut global production capacity by 10% and reduce model line-ups by at least 10%.

Nissan chief executive Hiroto Saikawa said most of the jobs cut will be car plant workers.

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A company presentation posted on Nissan’s website said more than 6,400 jobs would be eliminated in eight unspecified locations by the end of this fiscal year.

Another 6,100 will come by fiscal 2022, it said.

Mr Saikawa said sales are expected to begin to recover thanks to those measures. Some of the efforts have already begun, he said.

AJ Bell saw shares rise after it grew the assets under its administration by 6% to £50.7 billion in the past three months.

The investment platform business saw customer numbers rise by 5% to 224,644 for the period to the end of June.

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The platform’s assets were boosted by underlying net inflows of £1 billion and defined benefit pension transfers of £0.2 billion, as well as £1.6 billion from market movements.

The firm’s chief executive, Andy Bell, said trading throughout the period was strong in both its advised and direct-to-consumer divisions. He added that the firm has seen its assets grow by continuing to focus on making investing easier for customers.

Shares in the company were up 1.9% to 436.5p.

Drugs giant AstraZeneca gained more than £4 billion in market value on Thursday morning after it posted its fourth successive quarter of rising sales.

The Anglo-Swedish business has continued to see sales rise after it returned to growth last year for the first time since 2014.

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Shares rose after it pushed product sales forecasts higher for the full year as its second-quarter sales beat analyst expectations.

Sales grew on the back of strong performances by its new cancer treatments, Tagrisso, Imfinzi and Lynparza.

AstraZeneca was also boosted by strong growth for heart disease drug Brilinta and diabetes medicine Farxiga, with all five drugs expected to reach annual sales of at least one billion US dollars (£800 million).

Oncology drugs and emerging markets have bolstered the drugmaker after years of crumbling sales due to older drugs.

In the second quarter, total sales jumped by 14% to 5.7 billion dollars (£4.6 billion) as the firm lifted its product sales growth forecasts for 2019 to low double-digit growth, after previously predicting high single digit growth.

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