Car giant unveils earnings fall

Losses by the owner of British-made upmarket car brands Jaguar and Land Rover contributed to a 38.5% fall in first quarter earnings at Ford, it emerged today.

The Premier Automotive Group (PAG), which also includes Aston Martin and Volvo, swung to a pre-tax loss of $55m (€41.9m) in the first quarter against profits of $33m (€25m) a year ago.