Nissan Set to Cut Jobs at Mississippi Plant

In another sign of potential weakness in the North American automotive market, Nissan Motor Co., which is in midst of a tumultuous management shakeup, is planning to cut up to 700 contract workers as trims production at its assembly plant in Canton, Mississippi.

Other cuts are also planned at Nissan’s engine plant in Decherd, Tennessee. Tesla, which last week announced a 7% cut in its staffing last week, and General Motors have announced cuts in production in North America, while Ford Motor Co. also is planning a restructuring of its operations worldwide.

TheDetroitBureau.com

Buc-ee’s opens Alabama travel station and first outside of Texas

Frank and Mia Chiarello saw a familiar buck-toothed face on Monday.

The couple, both Texas natives now living in Daphne, arrived to the Buc-ee’s travel station off Interstate 10, approximately a half-hour east of downtown Mobile. It was opening day for the first Buc-ee’s outside of the company’s home base in Texas.

“We were surprised,” said Frank Chiarello, about when he first learned that Buc-ee’s was opening a location in Alabama. “I’ve been tracking them ever since.”

Mia Chiarello wore a pro-Texas shirt as she arrived into the store. Frank Chiarrello wore a Buc-ee’s t-shirt which said on the back, “Everything is Beaver in Texas.”

AL.com

Va. Senate approves Amazon package, narrowly rejects minimum-wage bill

The Virginia Senate easily approved state tax incentives of up to $750 million over the next 15 years for Amazon to build a headquarters facility in Arlington. It also narrowly rejected a proposal for a $15 minimum wage.

The Amazon package, which passed 35 to 5, would provide cash grants to the online retail giant on condition that the company create tens of thousands of jobs with average pay of at least $150,000 a year.

The bill still needs the House’s approval, but it is expected to pass there. Supporters from both parties said the state would reap several times more in tax revenue than it would give in grants to Amazon.

The Washington Post

NJ COMPANY CONSIDERING NAVASSA SITE FOR 238 JOBS

NAVASSA, NC (WWAY) — A New Jersey company is interested in reviving a long-closed Navassa factory, according to a resolution on the agenda for tomorrow night’s Brunswick County Commission meeting.

Commissioners will consider “a Resolution in Support of submitting an application to the NC Department of Commerce for a Rural Development Building Reuse Grant to aid in renovations of an existing building in the Navassa area with a $35,000 county match requirement,” according to meeting documents.

Wwaytv3.com

Expansion to create 50 new jobs

The Grenada County Board of Supervisors recently received a $392,665 grant from the Delta Regional Authority for a new economic development expansion project that will be located in the industrial park.
The project will create 50 or more new jobs with an annual salary range of $50,000.
DRA funds will be used to build an access road and install new sewer and water lines to serve the facility. The road will serve local business and provide opportunities to attract other industries to the area.
“We are pleased by the capital investment in our community and the opportunity that the new jobs will create,” said Matthew Harrison, President of the Greater Grenada Partnership. “The company plans to build on six acres with a 14,000 square foot facility and invest over $7 million dollars.”

GrenadaStar.com

OneLogin Chooses Gwinnett, Georgia for Operations Hub

OneLogin, a cloud-based identity and access management provider, will create approximately 50 new jobs by expanding its operations hub to the new East Coast Growth Center in Gwinnett, Georgia.

“Atlanta is a fantastic market for world-class talent and we’re thrilled to open our new Growth Center here,” said Brad Brooks, CEO & President, OneLogin. “We’re excited to support customers in the region who are embarking on their digital transformation journeys with our leading Unified Access Management solutions, connecting customers with a simple and secure login.”

Area Development

CEOs say the trade war is killing business confidence

Rising populism, policy uncertainty and trade conflicts have led to a sharp drop in confidence among global CEOs. The share of chief executives who think the global economy will slow over the next year has jumped to nearly 30% from 5% in 2018, according to a survey of 1,300 top business leaders by audit giant PwC.
The wave of pessimism extends to company earnings. Just 35% of CEOs said they are “very confident” about their growth prospects over the next 12 months, a sharp decline from 42% last year. “CEOs’ views of the global economy mirror the major economic outlooks, which are adjusting their forecasts downward in 2019,” Bob Moritz, global chairman at PwC, said in a statement. “With the rise of trade tension and protectionism it stands to reason that confidence is waning.” CNN Money

IMF says the global economic expansion is losing momentum as it cuts growth forecasts

The International Monetary Fund (IMF) revised down its estimates for global growth on Monday, warning that the expansion seen in recent years is losing momentum. The Fund now projects a 3.5 percent growth rate worldwide for 2019 and 3.6 percent for 2020. These are 0.2 and 0.1 percentage points below its last forecasts in October — making it the second downturn revision in three months. Speaking at the World Economic Forum in Davos, the IMF’s Managing Director Christine Lagarde said: “After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising. But even as the economy continues to move ahead … it is facing significantly higher risks.” CNBC

Overseas Investment Seen Rebounding as U.S. Firms Repatriate Less Profits

Corporate overseas investment will likely rebound this year as U.S. companies repatriate less profits, but will nonetheless continue to be weak by precrisis standards in the face of a darkening economic outlook and uncertainties about trade rules, the United Nations said Monday. The U.N. Conference on Trade and Development said global business investment flows fell sharply in 2018, to $1.2 trillion from $1.47 trillion in 2017. But it said most of that decline was due to U.S. companies sending profits back home in response to changes in the country’s tax law. With U.S. repatriations easing, the agency expects to see total foreign direct investment rebound in 2019, while remaining subdued compared with the years before the global financial crisis. It counts profits made overseas and not repatriated as foreign investment, in addition to the establishment of new operations and the acquisition of existing businesses. The Wall Street Journal

D.H. Griffin to demolish former tobacco factory, making way for another NC megasite

Greensboro-based D.H. Griffin Cos. will do the honors in destroying a massive manufacturing and distribution facility in Concord to make way for yet another megasite in the state. The massive, shuttered manufacturing and distribution facility at what was once a sprawling Philip Morris operation in Cabarrus County is due to be demolished. Set to begin within 30 days, the demolition of the 3.5 million-square-foot facility is expected to take the rest of the year to complete, according to a news release. It covers roughly 500 acres of the overall 2,000-acre site, which is owned by Bootsmead LeaseCo LLC. Now called The Grounds at Concord and marketed by JLL, officials hope that clearing the site will boost its appeal to future users. Triad Business Journal