Top international headlines: Supply chain crisis deepens post-Brexit
Companies are calling for the relaxation of post-Brexit visa requirements to address supply chain crisis.
Nissan unveils its new Z performance vehicle and BHP exits the FTSE 100, while the supply chain crisis results in bidding wars to get space on vessels and puts the UK government under pressure to relax post-Brexit visa requirements. Meanwhile, the Morgenhof estate in Stellenbosch is sold to an international buyer for just over R52 million.
Cointreau wine estate sells for R52 million
A 329-year-old wine estate owned by Anne Cointreau, a scion of the family famous for French cognac and orange liqueur, has been sold to an international buyer in Europe for just over R52 million.
The Morgenhof estate in Stellenbosch, owned for nearly three decades by Cointreau, was sold as a going concern with all furniture and cellar contents included, the lead auctioneer said, after the estate closed its doors last year because of Covid-19, according to a Reuters report.
Companies call for Brexit visa review to address worker shortages
The UK government is under pressure to relax post-Brexit migration rules to unblock Britain’s worst supply chain crisis since the 1970s, with business leaders warning that continued disruption could ruin Christmas.
Industry bosses and trade groups said changes to the visa system were required as retailers struggle to keep shelves stocked, and restaurants run out of food and drink in the meltdown triggered by Covid-19 and Brexit, reports The Guardian.
Industry estimates put the shortage of workers needed to drive lorries, handle goods in warehouses and pick fruit and vegetables at hundreds of thousands.
BHP exits FTSE 100
The UK’s blue-chip FTSE 100 Index will lose its second-biggest stock by market value and the world’s largest mining company, after BHP Group announced plans to simplify its listing structure.
BHP will move to a primary listing in Australia after collapsing a dual arrangement created 20 years ago when BHP Ltd. merged with rival Billiton. The change also includes a plan to exit the oil and gas business.
The London Stock Exchange is seeking to attract new listings as the UK maps its future outside the European Union, reports Bloomberg.
Nissan’s 2023 Z punted as ‘approachable sports car’
Nissan has unveiled its new Z performance vehicle as an “approachable sports car for the modern age”.
The 2023 Z is scheduled to go on sale next year, starting at around $40,000 (R599,370), according to a Nissan spokesperson, about $10,000 (R149,842) more than the starting price of the last Z model, in 2020.
The newest Z is an important part of the “Nissan Next” turnaround plan through March 2024, which is a combination of cutting, cultural change and product investment following long-time leader Carlos Ghosn’s ousting from the Japanese automaker.
Supply chain crunch results in bidding wars
A supply chain crunch that was meant to be temporary now looks like it will last well into next year as the surging Delta variant upends factory production in Asia and disrupts shipping, posing more shocks to the world economy.
Manufacturers reeling from shortages of key components and higher raw material and energy costs are being forced into bidding wars to get space on vessels, pushing freight rates to records and prompting some exporters to raise prices or simply cancel shipments altogether, according to the Economic Times.