Mar 07, 2017 09:42 AM EST
PSA Group, the company that owns Peugeot and Citroen, has entered into a €2.2 billion deal to buy General Motor's European unit that includes Vauxhall. The deal has raised fears of possible job losses because GM Europe has not made a profit since 1999.
With the addition of Opel and Vauxhall operations, PSA Group would become the second largest carmaker in Europe, just behind Volkswagen. Notably, the UK factories at Vauxhall Ellesmere Port and Luton currently employs 4,500 people. PSA said it would return Opel and Vauxhall brand to profit and is expected to save £1.47bn per year by 2026, with most of the cuts made by 2020.
PSA commits itself to continually develop the brand and accelerate its turnaround, per a press release statement on Monday. "We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees," Carlos Tavares, chairman of PSA managing board, said. Tavares told reporters that he trusted the Vauxhall staff to work in a constructive manner with PSA to improve their performance.
He further noted that if PSA and its employees work together to become the best then there is no reason to fear job losses.
One worker at Vauxhall Ellesmere Port told reporters his thoughts on the new PSA deal. "I think the deal is good for current GM and Vauxhall employees, but is there a future for younger workers after 2021?" he questioned. Len McCluskey, the general secretary of Unite, said the union would continue to work day and night to fight for Vauxhall staff at the plants.
Meanwhile, Prime Minister Theresa May spoke with General Motor CEO Mary Barra on Sunday to reiterate that she wants jobs at both plants to be secured for a long time. In a statement, May's office said that Barra has made clear that Vauxhall would remain a British brand and the deal would recognize agreements regarding the workforce.
Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions from this April, the Wall Street Journal reported on Friday, citing people familiar with the matter.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
Whether the presence of a college or hospital increases a home's value has to do with the institution's size and the ZIP code's population, says a new study by computer scientists at the University of California, Riverside.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.