Automaker Nissan said it will cut more shifts at its assembly plants in Japan due to the falling demand, as the automaker struggles to recover from a drop in sales triggered by the coronavirus pandemic.
In a statement on its website, the company said it will cancel all night shifts at one of its production sites in Kyushu, southern Japan, from June 29 to July 31. Night shifts at its other Kyushu site will be stopped from July 20 to July 31, it added.
In addition, Nissan will stop output at its plant in Oppama, Kanagawa prefecture, on two days in July, while its factory in Tochigi prefecture will be closed over eight days next month, the statement said.
The automaker's plants are normally closed on weekends.
The people with direct knowledge of the issue said that night shifts at the Oppama plant would also be cancelled from late June.
A spokeswoman said there were no night shifts scheduled at the plant at the moment.
Nissan's latest production cuts come as global automakers are reeling from plunging sales amid plant closures in many countries earlier this year to curb the spread of the virus. Nissan has been slashing output at home and abroad since February, beginning in China.
The Japanese manufacturer is taking a particularly big hit as sales and profitability have been deteriorating even before the virus outbreak. Last month it unveiled an aggressive restructuring plan after posting its first annual loss in 11 years.
The latest output cut would be another big hit for its Kyushu plant. Much of the plant's production is exported.
The plant makes the Rogue, Nissan's top-selling SUV crossover model, whose sales have slowed ahead of plans to launch a new version this year.
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Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
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Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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Canada |
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Singapore |
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Australia |
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Saudi Arabia |
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South Korea |
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