TOKYO: Nissan Motor Co. on Friday said it will cut more shifts at its three assembly plants in Japan due to falling demand, as the automaker struggles to recover from a drop in sales triggered by the coronavirus pandemic.
Reuters reported the cuts exclusively earlier on Friday, citing people with direct knowledge of the issue.
In a statement on its website, Nissan sad 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 told Reuters that night shifts at the Oppama plant would also be canceled 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 automaker is taking a particularly big hit as sales and profitability have been deteriorating 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 remodeled version this year.
Nissan cuts more shifts at Japan car plants due to low demand
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Nissan cuts more shifts at Japan car plants due to low demand
- Nissan to cancel all night shifts at one of its production sites in Kyushu, southern Japan, from June 29 to July 31
Saudi Arabia leverages project management to achieve Vision 2030 milestones
RIYADH: In Saudi Arabia’s pursuit of the ambitious goals set out in Vision 2030, project management has emerged as a key enabler, ensuring that planning aligns seamlessly with execution to achieve transformative outcomes.
This vital discipline is playing a crucial role in turning visionary ideas into reality, as highlighted during a prominent forum held on Tuesday.
The event emphasized the central role of project management in realizing Vision 2030, a comprehensive framework launched in 2016 by Crown Prince Mohammed bin Salman.
The vision aims to diversify the economy and reduce the Kingdom’s dependence on oil. Currently, over 5,000 projects, valued at $5 trillion, are underway, signaling Saudi Arabia's substantial progress in reshaping both its economic and social landscapes.
“Project management is the bridge where vision meets ambition, converting plans into tangible results,” said Badr Burshaid, chairman of the Global Project Management Forum.
He also pointed to the Kingdom's significant investment in human capital, particularly through initiatives such as the Human Capability Development Program, which has placed Saudi Arabia among the top 10 nations globally in equipping professionals with essential business skills.
The forum highlighted the importance of strategic execution in driving economic transformation.
Badr Al-Dulami, deputy minister of transport and logistics services for roads affairs, described project management as the “pulse of transformation,” underscoring its role in fostering competitiveness and innovation.
“This summit is not just an event but a platform for uniting expertise and driving collaboration,” Al-Dulami said.
During the forum, excellence awards were presented to pioneering projects that exemplify Vision 2030’s focus on innovation, sustainability, and impactful outcomes.
Al-Dulami noted that these awards serve as an invitation to explore new horizons of creativity while staying aligned with national objectives.
Saudi Arabia’s success under Vision 2030 is evident across several key sectors. With 87 percent of initiatives either completed or on track, the Kingdom has made significant strides in improving its business environment, generating employment, and advancing major projects like NEOM and the Red Sea Project.
These achievements not only demonstrate Saudi Arabia’s strategic capabilities but also highlight its leadership in executing large-scale initiatives.
In closing, Burshaid urged participants to harness the insights and momentum gained from the forum to ensure continued progress.
“The seeds planted today will grow into achievements that inspire future generations,” he said, encouraging stakeholders to prioritize innovation and collaboration as Saudi Arabia moves forward.
With project management at the heart of Vision 2030, Saudi Arabia is setting a global benchmark for strategic execution and sustainable development, solidifying its role as a leader in transformative growth.
Egypt and Jordan discuss collaborations in natural gas
- Two parties explored ways to exploit shared expertise and resources
- It aligns with both countries’ national security and sustainable development strategies
RIYADH: Cooperation in energy and natural gas between Egypt and Jordan is set to grow as the North African country’s Minister of Petroleum and Mineral Resources Karim Badawi met with the Jordanian Minister of Energy and Mineral Resources, Saleh Kharabsheh.
The talks at the Ministry of Energy and Mineral Resources in Amman revolved primarily around diversifying energy sources and propelling natural gas projects, the Jordanian news agency Petra reported.
This aligns with both countries’ national security and sustainable development strategies.
During the meeting, the two parties explored ways to exploit shared expertise and resources to implement future projects that are projected to yield positive economic returns and further strengthen regional cooperation.
The meeting came during Badawi’s visit to Jordan, during which he assessed the plans and operations of the Jordanian-Egyptian Fajr Co. in developing the natural gas infrastructure in Jordan.
The visit underlined the strategic importance of the 500-kilometer main gas network stretching from southern to northern Jordan.
Badawi also evaluated the progress in enhancing the network’s capacity and related facilities during his stay.
The Egyptian minister reviewed the current and upcoming projects by Egyptian petroleum sector companies planned for implementation in Jordan.
He highlighted the importance of accelerating these initiatives to maximize the economic and environmental benefits of natural gas use across various sectors in Jordan.
Badawi’s visit to Jordan underscores the strong ties and fruitful collaboration between the two nations.
Federation of Saudi Chambers announces launch of 1st joint Saudi-Kuwaiti Business Council
RYADH: Economic cooperation between Saudi Arabia and Kuwait will soon prosper thanks to the establishment of the first joint council between the two countries.
The announcement came during a meeting between the President of the Federation of Saudi Chambers, Hassan bin Moejeb Al-Huwaizi, and Kuwait’s ambassador to the Kingdom, Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah, where the two sides reviewed the investment environment and opportunities between them, the Saudi Press Agency reported.
The trade exchange between the Kingdom and Kuwait amounted to SR10 billion in 2023 ($2.66 billion), including SR8.4 billion in Saudi exports and SR1.6 billion in Kuwaiti imports.
During the meeting, both parties also reviewed an investment forum hosted in Riyadh as well as facilitating Kuwaiti investors to participate in the Hafr Al-Batin Investment Forum 2025.
Al-Huwaizi said that the outcomes of the meeting with the Kuwaiti ambassador represent a new stage of economic cooperation between the two countries, noting the promising partnership prospects between the two business sectors.
Sheikh Sabah expressed his aspiration to reach comprehensive economic integration between the two countries, remarking the development witnessed by the investment environment in Saudi Arabia, which made it a destination for investors from all over the world.
IMF staff-level agreement set to pave way for $1.2bn funding for Egypt
RIYADH: Egypt will potentially have access to around $1.2 billion from the International Monetary Fund, following a staff-level agreement under the Extended Fund Facility.
The agreement, which is subject to approval by the IMF’s Executive Board, aims to provide crucial financial support as Egypt navigates a challenging economic landscape.
The funding is part of Egypt’s broader efforts to stabilize its economy amidst high inflation and lower-than-expected revenues, including a decline in Suez Canal earnings.
“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts,” said Ivanna Vladkova Hollar, who led the IMF mission to Egypt.
The country incurred losses of $8 billion due to a sharp decline in Suez Canal revenues, as revealed by Egyptian Foreign Minister Badr Abdelatty last month.
The IMF and Egyptian authorities have agreed to recalibrate the country’s fiscal consolidation path, creating fiscal space for critical social programs targeting vulnerable groups and the middle class, while ensuring long-term debt sustainability.
“Particular attention will be needed to contain fiscal risks stemming from state-owned enterprises in the energy sector, and to enforce the strict implementation of the public investment ceiling, which includes capital expenditures associated with public entities that operate outside the general government budget,” added Holler.
She praised Egypt’s plans to streamline and simplify its tax system but stressed that additional reforms are necessary to boost domestic revenue mobilization.
As part of the agreement, Egypt committed to increasing its tax-to-revenue ratio by 2 percent of gross domestic product over the next two years, focusing on eliminating exemptions rather than raising taxes.
“A comprehensive reform package is needed to ensure that Egypt rebuilds fiscal buffers to reduce debt vulnerabilities, and generates additional space to increase social spending, especially in health, education and social protection,” she said.
Looking ahead, Egypt’s reform priorities involve boosting domestic revenues, improving the business environment, accelerating divestment, leveling the playing field, and enhancing governance and transparency.
“While Egypt faces headwinds from the difficult external environment, there was agreement that further efforts were needed to accelerate the divestment program. The authorities expressed commitment to redouble their efforts in this area, which is crucial to support private sector development and to reduce the high debt burden,” added Holler.
Earlier this month, Fitch Ratings downgraded Egypt’s economic growth forecast to 3.87 percent for the fiscal year 2024/25, down from 4.2 percent, citing disruptions in Suez Canal navigation.
The rating agency projected a recovery in the financial year 2025/26, with growth accelerating to 5.1 percent, up from an earlier estimate of 4.7 percent, contingent on normalizing Red Sea navigation and improved performance in the services sector amid easing geopolitical tensions.
Saudi non-oil exports jump 12.7% to $6.76bn in October: GASTAT
- Chemical products led the non-oil export categories, accounting for 26.8 percent of the total
- On the import side, Saudi Arabia’s inbound shipments fell 3.8 percent year on year to SR72.01 billion
RIYADH: Saudi Arabia’s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom’s push to diversify its economy away from oil dependence.
According to the General Authority for Statistics, chemical products led the non-oil export categories, accounting for 26.8 percent of the total, while plastics and rubber products followed, contributing 23.7 percent.
The rise in non-oil exports is a cornerstone of Saudi Arabia’s broader Vision 2030 strategy, which aims to transform the Kingdom’s economic landscape and reduce reliance on oil revenues.
“The ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in October 2024 from 30.1 percent in October 2023. This was due to a 12.7 percent increase in non-oil exports and a 3.8 percent decrease in imports over that period,” GASTAT said in its report.
While non-oil trade climbed, total merchandise exports fell 10.7 percent in October, primarily driven by a 17.3 percent drop in oil exports. The share of oil in overall exports declined to 72.6 percent from 78.3 percent a year earlier, reflecting the Kingdom’s ongoing commitment to reducing its dependence on crude sales.
Saudi Arabia implemented a voluntary oil production cut of 500,000 barrels per day in April 2023, a measure that remains in place until December 2024 to stabilize global markets.
China remained Saudi Arabia’s largest trading partner, importing goods worth SR14.95 billion, or 16.1 percent of the Kingdom’s total exports in October. Other major destinations included India with SR8.79 billion, Japan with SR8.70 billion, and South Korea with SR8.31 billion.
On the import side, Saudi Arabia’s inbound shipments fell 3.8 percent year on year to SR72.01 billion. Machinery and equipment topped the list, comprising 25.7 percent of total imports, marking a 6.9 percent annual increase. However, transportation equipment imports declined 21.6 percent, representing 15.3 percent of the total.
China also dominated Saudi imports, sending goods worth SR17.58 billion in October, followed by the US with SR5.69 billion and the UAE with SR4.34 billion.
King Abdulaziz Sea Port in Dammam served as the leading entry point for imports, processing goods valued at SR21.16 billion, or 29.4 percent of total inbound shipments.
Saudi Arabia’s latest trade data highlights its progress in bolstering non-oil sectors while navigating global oil market challenges, aligning with its long-term economic transformation goals.
