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Nissan cuts 9,000 jobs and 20% of production capacity

The Japanese automaker has announced major cuts in its workforce and production, with the elimination of 9,000 jobs and a 20% reduction in production capacity.

Lower sales in the second quarter of 2024, particularly in the US and China, are one of the main reasons for the cuts, which will save the company a total of $2.6 billion in expenses.

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The company is struggling to compete in China, where sales are down 13% year-on-year, as well as in the US, with a 2.3% decline over the same period.

What’s more, it lacks a credible range of hybrid cars to compete with affordable, technologically advanced electric and hybrid vehicles.

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Nissan’s share price has indeed fallen sharply on the Tokyo Stock Exchange, losing JPY 369 (-36.00, or -8.90%) in the last five days since the announcement of the reduction.

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Canada expects migrant influx under Trump

Following Donald Trump’s victory in the US presidential election, the Canadian government has indicated that Canada will be ready to handle a potential mass influx of migrants at the Canadian border, with Trump promising mass deportations on his first day in the White House.

Deputy Prime Minister Chrystia Freeland noted that the Canadiens government has been preparing for the possibility of a Trump presidency for some time.

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She expressed a desire for mutually beneficial cooperation between the two countries, while recognizing the importance of border security and control over who enters Canada.

Freeland also said that Canada was preparing to manage a likely influx of migrants at the Canadian border when Trump takes office in January 2025.

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Recall that after Trump’s victory in 2016, many migrants attempted to cross the Canadian border, fleeing the US administration’s strict migration policies.

Canada observed an influx of asylum seekers, particularly at Roxham Road, a road on the Quebec-New York border frequently used by smugglers and migrants. As a result, authorities had to step up security measures in the area.

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An extension of the Safe Third Country Agreement (STCA) between the USA and Canada, signed in 2002, was concluded last year, which stipulates that asylum seekers must apply in the first safe country they arrive in, meaning that migrants arriving from the USA must apply for asylum there.

However, Trump’s unpredictable attitude is raising concerns among Canadians about a potential larger influx of asylum seekers, at a time when Canada is already facing immigration challenges.

In response, Chrystia Freeland reassured Canadians that the government fully recognizes the importance of border security and control.