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Tesla starts to build its Shangai factory to make cars for China

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Bay Area electric car company Tesla’s new manufacturing plant in China is officially under construction.

Tesla CEO Elon Musk broke ground on the electric carmaker’s huge factory in Shanghai on Monday, kickstarting a plan to eventually make 500.000 vehicles in China every year.

The company is aiming to complete the initial construction work this summer and start producing its cheapest car, the Model 3, by the end of the year, Musk tweeted before the event.

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Economy

Three-day visit of Japan’s business delegation

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Prime Minister Zoran Zaev on Monday night hosted a reception and dinner for Japanese State Minister of Economy, Trade and Industry, Yoshihiro Seki, who spearheads his country’s business delegation on a three-day visit to North Macedonia.

The visit of Japan’s delegation will include a series of bilateral meetings with host-country officials and members of economic team led by Deputy Prime Minister for Economic Affairs, Kocho Angjushev, Finance Minister Dragan Tevdovski, and Minister without Portfolio in charge of foreign investments, Zorica Apostolska.

The second part of the visit of the Japanese business delegation will include a tour of  the Directorate for Technological-Industrial Development Zones, and a tour of Bunardzik Zone 1 and 2, followed by a meeting with Deputy Prime Minister in charge of Economic Affairs Koco Angjushev and the minister without portfolio in charge of foreign investments, Zorica Apostolska.

At the meeting, PM Zaev and Minister Seki discussed investment opportunities and modalities to attract foreign direct investments in North Macedonia. Zaev stressed that this year marks the 25th anniversary of formal diplomatic ties between the two countries.

“We attach great importance to economic cooperation with Japan. It is first time we host a business delegation to our country. I am pleased that you recognize our country as a stable business destination and that you are here to explore investment opportunities,” Zaev told his guest.

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Economy

Japan’s business delegation arrives in Skopje for 3-day visit

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Japanese business delegation, led by State Minister of Economy, Trade and Industry, Yoshihiro Seki, kicked off a three-day visit to North Macedonia.

On this occasion, Prime Minister Zoran Zaev will stage a reception and dinner for Minister Seki and business delegation of Japan, including a series of bilateral meetings with ministers and dignitaries – members of economic team led by Deputy Prime Minister for Economic Affairs, Kocho Angjushev, Finance Minister Dragan Tevdovski, and Minister without Portfolio in charge of foreign investments, Zorica Apostolska.

The second part of the visit of the Japanese business delegation will include a tour of  the Directorate for Technological-Industrial Development Zones, and a tour of Bunardzik Zone 1 and 2, followed by a meeting with Deputy Prime Minister in charge of Economic Affairs Koco Angjushev and the minister without portfolio in charge of foreign investments, Zorica Apostolska.

The two will present the country’s investment opportunities and policies to attract foreign direct investments in North Macedonia.

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Economy

Ford to cut 7,000 white-collar jobs by August

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Ford Motor said Monday that it is laying off about 7,000 managers and other salaried employees about 10% of its white-collar workforce across the world, as part of a restructuring plan designed to save the automaker $600 million annually.

The company said it would lay off 500 employees in the United States this week and an unspecified number over the next several weeks as part of a broader plan to shrink its salaried ranks by 7,000 people, or 10 percent, with the sharpest cuts at higher ranks.

Including jobs cut earlier this year, a total of 800 jobs in the United States will be cut by August, the company said.

“Consistent with our goal to reduce bureaucracy, we will have reduced management structure by close to 20 percent,” Ford’s chief executive, Jim Hackett, said in an email to employees. “This will result in annual savings of about $600 million.”

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