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Nissan Will Invest $1.4 Billion To Make EV Versions Of Its Best-Selling Cars At Its UK Factory

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LONDON, England – Nissan will invest $1.4 billion to upgrade its factory in northeast England to produce electric versions of its two best-selling vehicles, boosting the British government’s efforts to revitalize the country’s faltering economy.

The Sunderland factory, which employs 6,000 people, produces the gasoline or gas-hybrid Qashqai and the smaller Juke crossover vehicles.

Nissan Motor Company announced a direct investment of up to 1.12 billion pounds ($1.4 billion) in the production of electric successors to the two models. The funds will also allow for “wider investment in infrastructure projects and the supply chain, including a new gigafactory” manufacturing EV batteries at the site, according to a second press statement from the government.

“Nissan’s investment is a massive vote of confidence in the U.K.’s automotive industry,” Prime Minister Rishi Sunak said, adding that the industry contributes 71 billion pounds to the economy each year.

Sunak paid a visit to the factory for the announcement, posing for photos with Treasury Secretary Jeremy Hunt in front of a blue Qashqai on the assembly line, greeting workers, and taking a tour of the facility.

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Nissan Will Invest $1.4 Billion To Make EV Versions Of Its Best-Selling Cars At Its UK Factory

The day before, Hunt outlined tax cuts and other budget goals ahead of a national election next year, when economic growth in the United Kingdom is slowing and inflation remains high, putting pressure on consumers.

The Qashqai is the second most popular vehicle in the United Kingdom this year, while the Juke is seventh. Nissan also announced that the next version of its long-running Leaf electric car will be manufactured at the plant.

In 2021, the business announced plans to develop an electric vehicle at the factory alongside batteries manufactured next door by supplier AESC, owned by China’s Envision. AESC already has two gigafactories in Sunderland, and the announcement on Friday adds a third.

EVs are “at the heart of our plans to achieve carbon neutrality,” according to Nissan President and CEO Makoto Uchida. “With electric versions of our core European models on the way, we are accelerating towards a new era for Nissan, for industry and for our customers.”

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Nissan aims to electrify its entire European passenger car lineup by 2030.

“With today’s announcement, we are putting that vision into action,” Uchida said at the plant temporarily shut down for the ceremony.

The future of Nissan’s Sunderland plant was in doubt before and after Britain voted to leave the European Union in 2016. Brexit opponents said that leaving the EU without a trade deal would harm the British economy because companies like Nissan would face taxes on EU exports.

The auto industry is ready for post-Brexit trade duties of 10%, which will go into force in January. They threaten to hike the price of new EVs by penalizing manufacturers in their separate markets for not getting enough components from the EU or Britain.

Because Europe lags behind Asia in battery production, many EV manufacturers will need help to satisfy the need. On the other hand, Nissan is the only carmaker in the United Kingdom with a specialized battery plant nearby.

Nissan has joined other automakers in transitioning to EV production in the United Kingdom, even as Sunak has pushed out a date for the end of new gas and diesel car sales by five years to 2035.

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Nissan Will Invest $1.4 Billion To Make EV Versions Of Its Best-Selling Cars At Its UK Factory

BMW announced earlier this year that it will invest 600 million pounds in its Mini production in Oxford, England, to begin producing electric vehicles by 2026.

Tata Sons, which owns Jaguar Land Rover, is constructing a 4 billion-pound EV battery facility in the United Kingdom to create approximately 40 gigawatt hours of battery cells per year, enough to supply half of the country’s electric vehicle batteries.

Stellantis, the parent company of British automaker Vauxhall, is investing 100 million pounds in northern England to manufacture electric vans and automobiles.

SOURCE – (AP)

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2024: Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

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Starbucks and the union representing its employees in the United States said Tuesday that they have agreed to begin negotiations to achieve a labour agreement.

The announcement was a watershed moment for the two parties, who had been at odds since Workers United initially organised baristas at a Starbucks location in Buffalo, New York, in late 2021.

“Starbucks and Workers United have a shared commitment to establishing a positive relationship in the interests of Starbucks partners,” the company stated. Workers United reiterated these remarks in a similar statement.

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Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

Workers in more than 370 company-owned Starbucks stores in the United States have voted to unionise but have yet to reach a labour agreement with Starbucks.

The process has been cruel. Federal courts have sometimes ordered Starbucks to restore employees fired after leading unionisation efforts at their locations. The National Labour Relations Board’s regional offices have also filed at least 120 complaints against Starbucks for unfair labour practices, including refusing to bargain and reserving wage hikes and other benefits for non-union employees.

Starbucks stated Tuesday that, as a gesture of goodwill, it will provide workers in unionised locations the benefits promised in May 2022, including the option for customers to tip their credit card purchases.

Starbucks was the first to say it desired a better relationship with the union. In December, the corporation stated it intended to reopen labour negotiations to ratify contract agreements by 2024. Before that, the two parties had not spoken in seven months.

During last week’s conversations, the two sides agreed there was “a constructive path forward on the broader issue of the future of organising and collective bargaining at Starbucks.”

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Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

On Tuesday, Starbucks and Workers United announced that they will also consider ending their case. Starbucks sued Workers United in October, alleging that a pro-Palestinian social media post from a union account early in the Israel-Hamas conflict enraged hundreds of customers and harmed the company’s brand.

The corporation insisted that the union not use its name or likeness. Workers United countersued, claiming Starbucks defamed the union and indicated it backed terrorism.

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Starbucks And Workers United, Long At Odds, Say They’ll Restart Labor Talks

“While there is plenty of work ahead, coming together to develop this framework is a significant step forward and a clear demonstration of a shared commitment to working collaboratively and with mutual respect,” the organisation said. Starbucks repeated the comments.

SOURCE – (AP)

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

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The Federal Aviation Administration imposed a 90-day deadline for Boeing to address quality and safety issues.

According to the agency, FAA Administrator Mike Whitaker and Boeing CEO Dave Calhoun met for a full day on Tuesday, during which Whitaker made the demand.

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

That discussion occurred the day after a year-long FAA-commissioned investigation discovered a “disconnect” between Boeing executives and employees about safety, with employees fearing transfer or stopped career progression for reporting safety issues.

The discussion came ahead of the expected release of a six-week FAA investigation of Boeing’s production line, which was prompted by investigators discovering that key bolts were not put on a Boeing 737 Max 9 door plug that burst open during flight.

The FAA stated that the Boeing plan must address shortcomings in the company’s Safety Management System, or SMS, and integrate the SMS programme with another quality programme. SMS is a guidebook designed to guide staff through the procedures necessary to ensure the safety of flights.

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

However, despite a comprehensive rewrite of the handbook in recent years, the panel discovered that “many Boeing employees did not demonstrate knowledge of Boeing’s SMS efforts, nor its purpose and procedures.”

The group that reported on Boeing’s safety inadequacies on Monday suggested that the firm resolve those flaws within six months; the FAA’s new directive sets a shorter deadline.

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FAA Gives Boeing 90 Days To Come Up With A Plan To Address Quality Issues

Boeing’s proposal must result in a “measurable, systemic shift in manufacturing quality control,” according to the FAA.

Boeing has a history of safety breaches. The January 5 blowout incident resulted in a 19-day emergency grounding of all Max 9s and renewed scrutiny of Boeing following the tragic Max 8 disasters in 2018 and 2019.

SOURCE – (CNN)

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Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

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LONDON ROTHSCHILD — his family announced that Jacob Rothschild, 87, a financier and philanthropist from the legendary Rothschild banking line, died on Monday.

Jacob began his career in 1963 at the family bank, NM Rothschild & Sons, before branching out to develop enterprises and charity organisations. His family paid tribute to him in a statement.

“Our father Jacob was a towering presence in many people’s lives, a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather,” a statement from his family stated.

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Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

“He will be buried in accordance with Jewish custom in a small family ceremony, and there will be a memorial at a later date to celebrate his life,” they continued, without revealing any other information.

According to last year’s Sunday Times Rich List, the Rothschild family is worth approximately 825 million pounds ($1 billion). It donates millions of pounds to Jewish interests, education, and art.

Former British Prime Minister Tony Blair was one of the political and cultural heavyweights who paid tribute to Rothschild. Blair lauded him as a “towering figure in Britain’s Jewish community” and praised his efforts to promote Middle East peace.

Jacob was born in Berkshire, west of London. He attended Eton College and studied history at Christ Church College, Oxford University.

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Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

After leaving the Rothschild Bank, he took over Rothschild Investment Trust, now RIT Capital Partners. He served as chairman of the business, one of the largest investment trusts on the London Stock Exchange, until 2019.

He also co-founded the then-J Rothschild Assurance Group, now St James’s Place, with Mark Weinberg in 1980 and served as deputy chairman of what was then BSkyB Television, among other duties.

In the cultural sector, he served as chairman of the National Gallery of London’s board of trustees and the National Lottery Heritage Fund.

rothschild

Jacob Rothschild, Financier From A Family Banking Dynasty, Dies At 87

The Rothschild Foundation, which manages the family’s former home, the country house Waddesdon Manor, announced that Jacob Rothschild’s daughter Hannah will follow him as chair.

Jacob was married to Serena for over 50 years until she died in 2019. They have four children (Hannah, Beth, Emily, and Nat) and several grandchildren.

SOURCE – (AP)

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