‘Shattering body blow’ as Honda plans to close Swindon factory | Business – Business Article

Honda is planning to close its factory in Swindon dealing what trade unions called a “shattering body blow” to an automotive sector already struggling with the effects of Brexit-related uncertainty. The Japanese carmaker, which employs 3,500 people in the UK, is thought to be planning to shut the Swindon plant, its only factory in Europe, from 2022. It is expected to move production back to Japan, partly because it can guarantee tariff-free exports to the EU, according to Sky News.…

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Blow for Carlos Ghosn as Renault votes unanimously for pay cut | Business – Business Article

Renault’s board of directors has voted unanimously to strip former boss Carlos Ghosn of up to €30m (£26m) in pay and severance. Renault issued a statement on Wednesday saying its board had agreed to waive Ghosn’s non-compete clause and as a result the company would not be paying the compensation linked to this agreement. The move has the backing of the French government. This amounted to two years pay, worth €4-5m, plus about 460,000 performance shares worth up to €26m…

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No-deal Brexit: UK exporters risk being locked out of world’s harbours | Business – Business Article

British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned. The Confederation of British Industry, the EEF manufacturers’ lobby group and trade experts said exporters could be dispatching goods from UK ports imminently which would not arrive until after the 29 March deadline – raising the prospect of goods being stuck in ports or facing hefty additional costs in the event…

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Nissan warns of Brexit concerns as Sunderland U-turn confirmed | Business – Business Article

Nissan has confirmed it is abandoning plans to build a new model of one of its flagship vehicles at its Sunderland plant, as it warned that uncertainty over Brexit was affecting businesses. The Japanese car manufacturer announced in 2016 it would be making the new version of the X-Trail SUV at the factory in north-east England after receiving unspecified assurances about Brexit from the government, but on Sunday it said it would be produced in Japan. Nissan said it had…

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