Mar 26, 2017 10:50 PM EDT
Japanese automaker Toyota plans to invest £240 million in upgrading its car plant that makes the Auris and Aventis models. The company, however, will remain a tariff-free access to EU markets due to Brexit's crucial status.
Toyota will be investing in Burnaston plant near Derby that will allow the production of vehicles using its new global manufacturing system. The factory houses 2,500 people and another 590 people work at Toyota's engine plant in Deeside, North Wales. About 180,000 vehicles were made in Burnaston last year and most of which were exported to Europe and other markets.
Johan van Zyl, chief executive of Toyota Motor Europe, believes that the company is doing all that it could do to make Burnaston more competitive. It must be noted that only 41 percent of the parts in British-built cars are made within the country on average and this is less than the typical 50 to 55 percent local content requirement which Britain would agree to in some bilateral trade deals. He, however, warns that continued tariff-and-barrier free market access between UK and Europe will be significant for future success despite its predictability and simplicity.
Due to Brexit and UK's future trading arrangements, investment in the car sector has become difficult according to industry trade body the SMMT. Notably, investment in the UK automotive industry amounted to £1.66 billion, which is down from £2.5 billion in 2015. Business Secretary Greg Clark has said that Toyota's investment "underlines the company's faith in its employees and will help ensure the plant is well positioned for future Toyota models to be made in the UK".
Meanwhile, the government promises Toyota that it will provide £21.3 million in funding for training, research, and development, and improve the Burnaston plant's environmental performance. An industry correspondent notes that Toyota's decision to upgrade the plant suggest that the carmaker sees the UK as part of its long-term future. But it cannot be also denied that with Brexit coming, UK's automotive industry need to prepare well. That becomes a threat to the competitiveness of automakers that rely on just-in-time manufacturing, which Toyota pioneered.
Retailers can manipulate consumer regret to beat competitors
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.