Swedish power plant ditches coal to lose H&ampM clothes rather

Burning discarded clothing from retail chain H&M helps a Swedish power plant replace coal permanently.

The combined heat and power station in Vasteras, northwest of Stockholm, is converting from oil- and coal-fired generation to become fossil fuel-free facility by 2020. Which means burning recycled wood and waste, including clothes H&M can’t sell.

“For us it’s a burnable material,” stated Jens Neren, mind of fuel supplies at Malarenergi, a software application which operates and owns the 54-year-old plant about 100 kilometres (62 miles) from Stockholm.

“Our goal is by using only renewable and recycled fuels.”

While Norway takes pride in a nearly entirely emission free-power system because of its hydro, nuclear and wind plants, some local municipalities still use coal and oil to heat homes and offices during cold winter days. By converting old plants to lose biofuels and garbage, the greatest Nordic economy is wishing to edge out all of the its fossil fuel units through the finish of the decade. 

Malarenergi has an offer with the neighbouring city of Eskilstuna to burn their trash, most of which originates from H&M’s central warehouse within the same city. The refuse wasn’t specified as clothing until it had been highlighted inside a Swedish national television programme on Tuesday.

“H&M doesn’t burn any clothes which are dependable,Inches Johanna Dahl, mind of communications for H&M in Norway, stated by email. “However it’s our legal obligation to make certain that clothes that contain mould or don’t adhere to our strict restriction on chemicals are destroyed.”

The Vasteras plant burned about 15 a lot of discarded clothes from H&M to date in 2017, in contrast to about 400,000 a lot of rubbish, Neren said. Malarenergi has handles several nearby metropolitan areas to get rubbish as well as imports waste from Britain to fuel its primary boiler.

The ability, which gives capacity to about 150,000 households, burned around 650,000 a lot of coal at its peak in 1996.

On Tuesday, the final coal ship docked in Vasteras to give you the plant’s two remaining fossil-fuel generators from the 1960s with enough supplies to last until 2020. That’s whenever a new wood-fired boiler will be included to supplement the facility’s existing biofuel and trash burning unit


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Uber to purchase 24,000 autonomous vehicles from Volvo, moving likely to advance self-driving cars in U.S.

Uber thrown among the largest deals for autonomous vehicles Monday, ordering 24,000 vehicles from Volvo — moving that’s likely to advance the situation for self-driving cars on American roads.

Passengers can already hail a trip in the driverless taxi in a small amount of U.S. metropolitan areas — most conspicuously Pittsburgh — although not with no human operator within the vehicle. 

Monday’s deal between Uber and Volvo could set happens for something entirely new: a large number of autonomous vehicles ­ferrying having to pay people to their destinations with no human ­operator, the start of a ­multibillion-dollar robot revolution that may dramatically reconfigure how people receive from one spot to another. 

Though Uber is refining its self-driving technology, company officials stated they expect the very first ­robotically driven taxis to look as soon as 2019. 

“We’re moving strongly,” Shaun Miller, Uber’s mind of automotive alliances, stated, noting that the organization hasn’t made the decision which metropolitan areas to start with. “As soon because the technologies are ready, there’s a producing machine that is able to go, so we can push the ‘make car’ button, and we’ll possess a obvious road to getting thousands of self-driving vehicles on the highway.

Ultimately, the experiment is determined by the cooperation of ­municipal policymakers, who’ve sparred with ride-hailing companies for example Uber for a long time. But Boston in addition to several metropolitan areas in California happen to be discussing allowing driverless taxis.

Your time and effort also underscores how Uber, that has had several high-profile labor fights using its motorists, is eyeing a not-so-distant future by which driverless vehicles are commonplace.

“This deal is evidence that automated driving has become very real,” stated Bryant Master Cruz, a helper law professor in the College of Sc who concentrates on autonomous driving. “It’s close enough and it is concrete enough there are major companies prepared to stake their credibility, their strategy as well as their survival about this deal.”

The agreement — which may allow Uber to purchase Volvo’s XC90 sport-utility vehicles with autonomous technology from 2019 to 2021 — puts the automaker within an unusual position. It might be selling cars to some company — Uber — whose goal would be to dramatically reduce the amount of individuals who own cars. But the car manufacturer, that is headquartered in Norway but of a Chinese investment group, stated it might no more steer clear of the inevitable.

“We think its easier to participate potentially disruptive change instead of sitting on the sidelines and watching it happen,” stated Marten Levenstam, Volvo’s v . p . for product strategy. “This is a major change for the entire auto industry.”

While Uber is wishing to obtain driver­less taxis on the highway in 2019, the shift is probably to resemble a patchwork of gradual change, as competing companies adjust to regulatory, political and technological factors in metropolitan areas around the world.

Once fully autonomous cars begin operating en masse, the interest rate is only going to accelerate, stated Jamie ­Arbib, the founding father of ­RethinkX, a think tank that forecasts ­technology-driven disruption. 

“These cars improve by doing,” he stated. “The more miles they’re covering, the greater experience companies have adjusting to different cityscapes, atmospheric conditions and rules.”

Experts stated their bond between Uber and Volvo most likely would spawn partnerships between automakers and Plastic Valley. 

If Uber’s self-driving Volvos finish in the U . s . States, Miller stated, the organization would most likely insert them in metropolitan areas where Uber has test fleets, for example Bay Area, Phoenix and Pittsburgh.

Regardless of the push toward vehicles without motorists, Miller stated Uber motorists shouldn’t be worried about being phased from the company’s lengthy-term plans.

“We have countless motorists that work on our platform every single day all over the world,Inches he stated, mentioning the 24,000 Volvos could be “a fraction” from the Uber vehicles on the highway. “There will be a job for human-driven vehicles. You’re likely to visit a hybrid number of human- and robot-driven vehicles.”

Arbib stated Uber motorists shouldn’t be worried about obtaining a job immediately but should be aware from the company’s lengthy-term strategy.  

“You’ll most likely be okay for the following 3 or 4 years,” he stated, “but it might be a good idea to begin arranging a different lengthy-term future.”

Jessica Caldwell, executive ­director of industry analysis at Edmunds.com, stated the Uber-Volvo deal is only the start of seismic shifts in the market. 

“We’re likely to see increasingly more companies partnering off,” she stated. “They might know who they’re likely to homecoming with although not to promenade, also it could all implode as strategies change, possibilities arise and everybody looks for the best lengthy-term strategy.”

Uber Strikes Cope With Volvo to create Self-Driving Cars to the Network


Bay Area — Nobody knows what the way forward for self-driving cars may be like, or how lengthy it will require to obtain there. But every major player within the field is striking partnerships to be prepared for your day when autonomous vehicles finally become mainstream.

Which includes Uber, which on Monday announced a brand new cope with Volvo. Underneath the agreement, Uber intends to purchase as much as 24,000 self-driving Volvos when the technologies are production-ready, putting the vehicles into its extensive ride-hailing network.

“Everything we’re doing at this time is all about building autonomous vehicles at scale,” Shaun Miller, Uber’s mind of automotive alliances, stated within an interview. “We have no idea just how an autonomous world will appear. But we all know that you want to function as the platform that’s in the center from it, from the ride-discussing perspective.”

The offer is definitely an extension of the agreement Uber created using Volvo nearly 2 yrs ago, once the ride-hailing company began its development and research efforts in autonomous vehicles in serious. Uber has labored with third-party component manufacturers to construct hardware and software for driverless cars, then labored carefully with Volvo to outfit the automaker’s XC90 vehicles using the technology.

However the new deal vastly increases the amount of Volvo driverless cars that Uber could work with, showing the scope of their ambitions.

Volvo, that is located in Norway and of Geely Automobile Holdings of China, stated inside a statement that Volvo and Uber were adding $300 million towards the project.

From automakers like Ford, Tesla and Vehicle to technology the likes of Google, Uber and Lyft, titans from the transportation industry are racing to achieve an advantage inside a way forward for autonomous vehicles. Each one of the players has contacted the problem differently. Automakers like G.M. and Ford have spent billions buying software-based start-ups to operate on integrating driverless technology to their vehicles. Tesla has lengthy offered a hybrid form of self-driving software in the vehicles, and lately debuted an electrical, nearly autonomous 18 wheeler it expects hitting the street within the next couple of years.

Uber has been doing the majority of its operate in development and research in-house rather of teaming track of multiple manufacturers, as continues to be the situation with Lyft, Uber’s largest rival within the U . s . States. Particularly, Uber has committed to its Advanced Technologies Group, the place to find countless engineers in Pittsburgh, where it’s doing a lot of its autonomous vehicle research.

“The best way we’re able to control our very own future was to utilize fraxel treatments which had the possibility to disrupt our business, and also have direct participation in the development of it,” Mr. Miller stated. “We couldn’t afford to be the outdoors searching in. We must be hanging around.Inches

A number of Uber’s operate in self-driving cars has encounter hurdles. The organization continues to be fighting a suit from Waymo, Google’s onetime autonomous vehicle business, over stolen trade secrets.

Uber has expanded its partnerships in the last year, striking handles automakers like Daimler to create autonomous cars to the ride-hailing company’s network.

Mr. Miller stated that Uber would buy and operate fleets of their own vehicles purchased in partners like Volvo, however that there wasn’t any one-size-fits-all approach, therefore it would also allow other self-driving vehicles on its network.


An early on version want to know , misstated the kind of vehicle Tesla lately unveiled. It had been an electrical semi-truck that’s nearly self-driving, it’s not fully autonomous.

Germany Faces Political Crisis After Coalition Talks Collapse

  • The opportunity of instability in Germany will be a major blow to some Eu that’s finally enjoying a fiscal revival.
  • The collapse elevated new doubts concerning the political durability of Chancellor Angela Merkel, considered probably the most ardent defenders of democratic values and freedoms.

Chapman, Wild-Eyed Leader of the Murderous Crew, Dies at 83

  • Mr. Manson grew to become probably the most well known killers from the twentieth century after his supporters brutally murdered seven individuals 1969, such as the actress Sharon Tate.
  • Since that time, the Manson family, as his gang of youthful drifters was known, has occupied a dark, persistent devote American culture.

U.S. Files Suit to bar AT&ampT Merger As Time Passes Warner

  • A Justice Department suit to prevent the merger is establishing a showdown within the first blockbuster acquisition in the future prior to the Trump administration.
  • By challenging the offer, the Justice Department takes a starkly different method of antitrust issues compared to Federal government did.

Almost Every Other Terrible Factor About Roy Moore

Well, its not all factor, but his ideas aren’t any much better than his behavior.

Starbucks Is Belittled because of its Holiday Cups. Yes, Again.

The 2017 cup shows two interlocked cartoon hands. Some conservatives accuse the organization of advertising a “gay agenda.”

Dangerous Skin Cancers Rise, Together With Questionable Treatments

Skin care is booming, with private equity finance investments as well as an increase of physician assistants carrying it out of doctors. Are patients being well offered?


Uber to purchase 24,000 self-driving cars from Volvo

Uber intends to buy as much as 24,000 self-driving cars from Volvo, marking the transition of america firm from your application accustomed to summon taxis towards the owner and operator of the number of cars.

The non-binding framework deal could offer Bay Area-based Uber a method to overcome setbacks at its autonomous driving division in Plastic Valley’s race to master self-driving systems.

Mixing Volvo’s cars with Uber’s self-driving system develops their nearly three-year relationship and may come as Uber’s autonomous driving unit continues to be hit with a suit over trade secrets and also the departure of top talent.

Carmakers, ride-hailing firms and tech startups happen to be forging loose alliances in order to advance self-driving technology and claim a bit of what’s expected to become a multi-billion-dollar business.

Geely-owned Volvo stated inside a statement on Monday it might provide Uber using its flagship XC90 SUVs outfitted with autonomous technology included in a non-exclusive deal from 2019 to 2021. A Volvo spokesman stated it hidden to 24,000 cars.

The self-driving system that might be utilized in the Volvo cars — which haven’t yet been built — is under development by Uber’s Advanced Technologies Group.

Should Uber buy all 24,000 cars, it might be Volvo’s largest order undoubtedly and also the greatest purchase within the autonomous vehicle industry, giving Uber, that is losing greater than $600m (£452m) one fourth, its first commercial number of cars.

A brand new Volvo XC90 typically retails from the beginning cost close to $50,000.

Uber continues to be testing prototype Volvo cars for over a year, keeping the vehicle safe motorists right in front seat to intervene when the self-driving system fails, in Tempe, Arizona and Pittsburgh.

“Our goal was from the first day to create investments right into a vehicle that may be manufactured at scale,” Shaun Miller, Uber’s mind of vehicle alliances, stated.

The cars, theoretically, could be available with the Uber application to get passengers with no driver.

“It only turns into a commercial business when you are able remove that vehicle operator in the equation,” Mr Miller stated.

No financial details were disclosed for that purchase, which will be a massive new investment for Uber and mark a big change from Uber’s lengthy-standing business design where contractor motorists buy or lease and keep their very own cars.

Mr Miller stated a small amount of cars could be purchased using equity yet others could be bought using debt financing.

The offer develops a $300m alliance Volvo announced with Uber this past year centered on collaborating around the design and financing of cars with self-driving systems, which require different steering and braking features and sensors.

“We get support developing this vehicle,” Volvo Cars chief executive Hakan Samuelsson stated within an interview. “It’s additionally a big commercial deal.”

LYFT Competition

Volvo, that has been under Chinese possession since you purchased it , by Zhejiang Geely Holding Group from Ford this year, plans to help make the SUVs at its Torslanda plant in western Norway, and Samuelsson stated they’d be offered at roughly exactly the same profit as Volvo sells through dealers.

Uber’s rival Lyft has this season struck an investigation partnership with Alphabet’s unit Waymo and guaranteed handles Ford and startups Nutonomy and Drive.ai to include self-driving cars into its fleet.

Volvo’s agreement with Uber and Ford’s with Lyft show pressure on automakers to prevent becoming obsolete in an enormous amount of elevated automation, as well as on ride-services companies to begin automating to chop driver costs and switch profits.

Volvo is among Sweden’s greatest manufacturers by revenue, and it has forecast a 4th straight year of record sales in 2017.


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What’s the economical Price of Brexit? Pineapple Informs an account

SITTINGBOURNE, England — Britain is more and more grappling using the bewildering economic effects of their pending departure in the Eu. For just one company, Nim’s Fruit Crisps, the outcome is measured within the soaring price of pineapple.

Nim’s dries fruits into snacks offered up like poker chips, operating from an old metal shop within this industrial enclave east based in london. Certainly one of its best-selling varieties uses pineapple from Panama And Nicaragua , that’s shipped in by an Amsterdam-based buying and selling company.

The pineapple is priced in euros. Since Britain’s decision to depart the Eu — broadly referred to as Brexit — the British pound has surrendered nearly 14 % of their value from the euro on fears that trade is going to be disrupted.

Confronting greater prices for pineapple, their founder, Nimisha Raja, lately introduced inside a machine to exchange three workers who accustomed to peel fruit by hands. “I needed to spend less somewhere,” she stated.

She might be speaking its Britain.

Within the 16 several weeks because the referendum that set Brexit moving, the British economy has weakened when confronted with a confounding variety of uncertainties. Thrift may be the order during the day, together with worries about multinational companies’ paring their investments in great britan.

A week ago, the image made an appearance to embellish, as official data demonstrated the economy had expanded a little bit greater than expected between This summer and September. The development of .4 % for that quarter, which bested expectations of .3 %, reinforced the market’s assumptions the Bank of England will lift rates if this convenes on Thursday, utilizing a presumably more powerful economy because the impetus.

However, many economists fear this type of move is premature given Britain’s fragile condition. Many centered on plunging retail and vehicle sales like a harbinger of trouble.

The stop by the pound has lifted prices on goods varying from Italian essential olive oil to Chinese-made electronics. The speed of inflation arrived at 3 % in September, the quickest pace in 5 years. Consumer spending has dipped in the last year while credit is booming — a mixture that frequently ends badly.

The Brexit referendum motivated negotiations by which Britain along with a jilted Europe are meant to hash out their future dealings. However the talks have demonstrated acrimonious and largely futile. It has increased concerns that the two-year deadline on negotiations could pass with no deal, submitting firms that trade over the British Funnel with unsettling ambiguities about future rules. The Financial Institution of England continues to be warning banks to organize for your very eventuality as you possible outcome.

Using the limitations of commerce unclear, some information mill reassessing the benefit of centering operations in great britan, the previous seat of the global empire that more and more appears like a tropical nation.

“Clearly, growth has slowed quite dramatically during the last several several weeks,” stated Peter Dixon, a worldwide financial economist at Commerzbank AG working in london. “There is really a sense that companies happen to be postponing investment.”

Britain now stands among the world’s weakest major economies, even while Europe, Asia and The United States enjoy relatively robust growth. Within the first nine several weeks of the season, the British economy expanded in an annualized rate of just 1.3 %.

Absent an offer, global banks are confronting the chance they could no more use their London office for everyone customers over the Continent. Many happen to be scouting spaces in financial centers which are firmly within Eu territory.

Citigroup has outlined plans to setup a buying and selling operation in Frankfurt, while trying to get a backup license in France. Goldman Sachs lately leased expanded work place in Frankfurt.

In the western world Midlands, a commercial achieve of England which includes Birmingham, foreign direct investment dipped slightly around following the Brexit election, according a current assessment in the Greater Birmingham Chambers of Commerce.

The chamber pinned the culprit on “uncertainty brought on by the end result from the E.U. referendum,” that was “delaying investment decisions, a pattern echoed in other parts of the U.K.”

Chamber representatives happen to be turning their attention past the Eu in search of fresh investment. A delegation lately came back from Poultry. In planning future visits, the chamber is particularly centered on cultivating business with people from the British Commonwealth.

“It’s a rewinding in history, overtly searching for do business with Commonwealth countries, instead of with Europe,” stated John Lamb, a chamber spokesman. “We actually are beginning to check out markets within the publish-Brexit world.”

In the KimberMills Worldwide factory within the Black Country west of Birmingham, workers use tongs to pluck glowing orange blocks of steel from the caldron-like furnace, then pound the metal into preferred shapes utilizing a three-and-a-half-ton hammer hoisted with a lever.

Anybody else guide lathes and drills to yield a variety of industrial parts — rockers for marine engines, clamps for oil pipelines, components for gearboxes of construction machinery.

The plunge within the pound has elevated the cost of steel the organization imports from Norway, the Czech Republic and Italia. The organization has elevated its prices to regulate.

KimberMills taps a forge in Eastern Europe to create large parts which are beyond its works in England. If Britain does not strike a trade cope with Europe, these parts could face tariffs. The organization has begun searching for alternative suppliers in great britan.

“Despite exactly what happens, there is a resilience towards the British market,” stated Ray Joyce, the organization chairman. “We just start it.”

But on the recent mid-day in the Great Western pub, a comfortable, beer-scented living room in Wolverhampton, people worried that such sentiments appeared to be at a loss for the economical realities of Brexit.

The pub is doing a brisk business, because of the prosperity of the neighborhood team, the Wolverhampton Wanderers, whose stadium is within easy reach. But customers were nursing woes.

“Brexit is really a disaster,” stated Richard Lloyd, 48, the proprietor of the local construction company, because he hoisted a pint of Guinness. “It’s tossed many people into uncertainty. Information mill certainly delaying investment. They’re being very careful.”

2 yrs ago, Mr. Lloyd employed as much as 20 people. Nowadays, he’s only four. “If things were going really swimmingly, I’d hire more,” he stated.

A nearby taxi driver, B. Maan, remembered how he accustomed to collect 200 pounds, or about $266, throughout a Saturday night, ferrying revelers to pubs. Nowadays, he’s fortunate to secure 120 pounds.

“People are being economical,Inches he stated.

Time itself has turned into a threat. As negotiations yield headlines about sniping within Britain’s governing Conservative party, every week that passes absent clearness amplifies pressure on companies to shift people and processes to Europe.

“We can’t observe how investment particularly, but additionally consumption, won’t be affected,” stated Kjersti Haugland, chief economist at DNB Markets, a good investment bank in Norwegian. “How are you able to proceed with big investments whenever you have no idea what framework will result?”

For Nim’s Fruit Crisps, the variables of Brexit have advanced British self-sufficiency.

Formerly dependent on a supplier in Belgium for many of their vegetables and fruit, the organization has in recent several weeks found domestic suppliers for each needed variety except pineapple, restricting its contact with the vagaries of forex rates. Today, Nim’s buys apples, parsnips, cucumbers and a variety of other crops from British maqui berry farmers.

The autumn within the pound has additionally made Nim’s products cheaper outdoors Britain, bolstering its exports, which now constitute over fifty percent of total sales. Nim’s snacks are offered in Germany, France, Italia, India, Israel and — soon — Saudi Arabia.

“What I’ve learned is the fact that Europe isn’t the only real marketplace for us,” stated Ms. Raja, whose Nim’s card identifies her as TheBoss.

Yet as she seeks to accomplish an offer putting her crisps in the shops of the major British supermarket chain, Ms. Raja worries the needed volumes will exceed the capacities of england.

“I all of a sudden need to find 100 a lot of apples,” she stated.

She’s scoping out farms in Belgium, even while she worries about the need for British profit a global formed by Brexit.

“I need to keep my margins tight,” she stated.

Polestar 1: Norway&aposs Volvo and China&aposs Geely unveil new electric sports vehicle

The Swedish vehicle firm Volvo and it is Chinese parent company Geely have unveiled a bold attempt to obtain a jump within the electric vehicles manufacturing race using the launch of the new store bought hybrid electric sports vehicle.

The 600 horse-power Polestar 1, referred to as “an electric vehicle based on a conventional car engine”, was unveiled on Shanghai on Tuesday.

The vehicle was created in Norway and can be built-in Chengdu, western China, from the coming year and it is expected to be the roads by mid-2019.

Zhejiang Geely acquired the stumbling Volvo from Ford for $1.5bn ($1.13bn) this year, within the first takeover of the premium Western vehicle brand with a Chinese company.

They intend to make Polestar, presently the Volvo’s performance range, a individually-branded electric performance vehicle brand.

The 2 companies also say future Polestars is going to be fully electric, instead of hybrids.


Probably the most high-profile competitor towards the Polestar within the mass electric performance market right now is Elon Musk’s Tesla Model 3, which already has 500,000 pre-orders.

The Tesla 3 includes a beginning cost close to $35,000 ($26,400). No Polestar cost has yet been released, but it’s expected to stay in a similar ballpark. 

Volvo announced in This summer that its new cars launched from 2019 onwards could be entirely electric or hybrids, becoming the very first major manufacturer to announce it might be shedding car engine only vehicles.

Major European carmakers, including BMW, Renault-Nissan and VW, also have outlined intends to increase their planet production. National governments, worried about carbon emissions and public health, will also be encouraging the electrical transition through grants and regulation.


The look from the car engine vehicles among everyone has additionally been seriously broken through the VW diesel emissions test cheating scandal.

The Polestar 1, a left-hands drive two-door coupe, can travel as much as 150km on electrical power alone and may deliver 600hp of torque.

The organization expects to create no more than 500 Polestar 1s annually in Chengdu, but to scale-up for future all-electric models. “Our vision [is] to be the brand new standalone electric performance brand,” stated Thomas Ingenlath, Polestar leader.

When Li Shufu’s Geely, that also owns United kingdom black cab maker Manganese Bronze, acquired Volvo its goals would make use of the Swedish group’s technology, dealership network and global brand to push Geely outdoors China while doubling Volvo’s sales in China.

The organization also hopes the Polestar will prove famous China.

Its manufacturers are intending to sell the automobile under a cutting-edge new ‘subscription’ payment method, in which a 2 to 3 year payment per month provides the customer not just using the vehicle but various maintenance and insurance services.

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Nuclear industry scrambles to prevent Euratom high cliff edge

Britain’s nuclear market is scrambling to know the entire effects of departing Europe’s nuclear regulation group Euratom among growing fears that Britain might be heading perfectly into a Brexit high cliff edge.

The withdrawal from Euratom, included in the Brexit process, threatens to depart British firms without a framework by which to navigate the tightly controlled trade of nuclear materials.

United kingdom ministers presented a Nuclear Safeguards Bill to Parliament now which creates a domestic nuclear safeguards regime. Industry insiders told The Daily Telegraph that they’re monitoring the Government’s efforts to duplicate the Euratom standards within an attempt to maintain accessibility global nuclear market, however the slow progress means urgent contingency plans could be needed.

The chance of a 2019 high cliff edge could paralyse work building the brand new Hinkley Point C new nuclear project and then leave nuclear fuel suppliers without stocks.

“We’re facing disruption to completely everything,” Tom Greatrex, leader from the Nuclear Industries Association, told Sky News. “15 several weeks to 2 years seems like considerable time. It isn’t. The time is ticking and contains been because the referendum and we have made hardly any progress to date.”

About Euratom

Nuclear giant Westinghouse, which runs the Springfields nuclear fuel plant in Cumbria, is working carefully using the Government, regulators and it is people to ensure it may still import recycleables and export fuel despite departing Euratom.

The Springfields facility may be the first plant on the planet to create fuel for any commercial nuclear power station and it has provided services and products to customers in 11 countries since 1946. With no substitute deal the ability, which employs a workforce of just one,200, could be not able to import the uranium required to make enriched nuclear fuel or have the ability to export to customers.

“As a part of these discussions we’ll evaluate any contingency plans which have to be in position to make sure we still effectively ship to our customers within the United kingdom and overseas,” the spokesman stated.

Credit: Matt Cardy/Getty Images

But for that UK’s first new nuclear power plant to become built-in an era a regulatory gap following Brexit could raise major issues securing construction materials and skilled work.

The NIA estimates the £20bn Hinkley Point project will source around £5bn of their component parts from Countries in europe.

Often the United kingdom imports graphite aspects of Germany using feedstock created in France. Stainless castings will also be produced in France and stainless strips, accustomed to manufacture certain fuels and stringer components, are imported from Norway.

The exit may also pose problems recruiting skilled work.

It’s believed that Hinkley Point will require 1,400 steel fixers in the peak of their construction phase. The NIA has stated only two,700 registered and licensed steel fixers are located in the United kingdom and also the project will have to contend with other major infrastructure projects within the United kingdom of these individuals. Most are nearing retirement by having an average chronilogical age of 57.

“The best outcome for that nuclear industry could be when the United kingdom could remain inside the Euratom Agreement,” stated a spokesman for EDF Energy, in france they condition-backed developer backing Hinkley Point. 

“When the United kingdom withdraws in the Agreement, it is necessary that alternative and transitional plans are set up inside a practical fashion, and prior to the existing plans are ended. We stand prepared to assist  the event and timely receiving the appropriate solution,” he added.

Warnings grow louder over cryptocurrency as valuations soar

Joe Kennedy, patriarch from the Kennedy clan, stated he understood the time had come to exit the stock exchange following a shoeshine boy gave him stock tips. If everybody thinks it’s time for you to buy, it’s time for you to sell, reasoned Kennedy. Then came the truly amazing crash of 1929 to demonstrate him right. Possibly a number of that thinking might be applied right now to digital currency bonanza.

In recent several weeks, warning voices have become louder because the digital assets referred to as cryptocurrencies have achieved record valuations. The cost of bitcoin, the favourite cryptocurrency, has soared this season, from $969 to greater than $5,000 in September rival Ethereum started the entire year at $8 and it has traded up to $400 – while new coins or tokens are issued weekly, frequently mounted on tech startups in an effort to raise investment capital.

Token Report, a database of cryptocurrencies, 105 initial gold coin choices (ICOs) worth $1.32bn were offered within the last quarter, using more than $956m offered in first half of the season. The entire year-to-date tally is $2.27bn, in contrast to $100m elevated in 2016 – and all sorts of without having to pay charges to underwriting banks.

This rise in activity comes despite an alert shot in the US Registration in This summer that some choices become qualified as securities and for that reason come under securities law. On Friday, the regulator billed a business person and 2 companies with defrauding investors in a set of gold coin choices.

A week ago, china government defended a current decision to outlaw token sales and ongoing efforts in China (as well as in Columbia) to outlaw gold coin exchanges. The Xinhua news agency, Beijing’s media arm, stated the exchanges maintained to possess “concocted pyramid schemes” and involved in criminal activity “disguised as scientific and technological innovation”.

But because with everything else cryptocurrency, the image is complicated. Japan’s government has implemented rules that recognized bitcoin like a payment method India and Norway are stated to become thinking about their very own virtual currencies. Celebrities have leaped in to the game, using the boxer Floyd Mayweather, the socialite Paris Hilton and also the actor Jamie Foxx promoting gold coin choices on social networking.

At the end of September, Goldman Sachs confirmed it had been exploring a brand new buying and selling operation focused on bitcoin along with other digital currencies. In the event that plan goes ahead, it’ll make Goldman the very first Wall Street firm to manage directly within the crypto market.

Banks, too, are conflicted: can they react to pressure from investors, or stick to the sidelines of the new market which has typically been the world of crooks and drug dealers? North Korea is apparently using cryptocurrencies to evade worldwide sanctions.

Individuals moves were adopted by stark remarks in the JP Morgan Chase leader, Jamie Dimon, who in September described bitcoin like a “fraud”.

“If we’d an investor who traded bitcoin, I’d fire these questions second,” Dimon stated. “It’s against our rules.” Any trader that worked inside them, he added, was “stupid”.

Same with crypto approaching a denouement or simply getting began like a rebellious, anti-institutional, anti-government, frictionless currency? This will depend on that you ask, but overall there is a growing wariness that there might be a correction, a shake-in the crypto party, especially looking for initial gold coin choices.

The venture capitalist and crypto investor David Siemer equates the present market close to 1,000 digital currencies and token-like “alt-coins” to 1995-1996 within the dotcom revolution. The crash of 1999 was still being ahead but also was the possibility to produce economic giants like Google, Amazon . com and Facebook.

“In 1995, the whole internet world was worth around $80bn. The whole cryptocurrency space at this time is worth around $170bn. In 1995, there have been 24 million online users, and there is not even 20 million in crypto. The analog is nearly perfect across every level.”

Siemer predicts that although platforms like bitcoin and Etherium are not going anywhere soon, chances are that SEC regulation may ultimately put “a big dent in things”.

“We have no idea when, but I’m almost certain the SEC will declare ICOs to become securities because other product effective tech utility.”

Mike Feinberg, Chief executive officer of Cypher Capital, believes under than 5% from the 50 to 60 ICOs visiting market every week have utility whatsoever when the government announces any type of regulation, you will see an immediate dropoff in the amount of choices that may ultimately help the sector.

“A large amount of individuals are frightened of cryptocurrencies at this time, so some type of US regulation is required for institutional money in the future in to the market,” Feinberg states. “It allows the marketplace to develop maturely.”

Other medication is more skeptical. Angela Walch, affiliate professor at St Mary’s College School of Law and research fellow in the Center for Blockchain Technologies at College College London, acknowledges concern around crypto valuations.

“We’re inside a cycle where prices happen to be driven up and today crypto hedge money is pushing them up greater. It’s a game title, also it looks just like a bubble. Obviously, there isn’t any method of knowing whenever a bubble will pop, but that’s what it appears as though.Inches

The options of the crypto bubble, states Walch, are self-apparent, and can include a substantial number in finance searching to get involved with the area. “It’s only the latest factor, and that i don’t always observe that people jumping into crypto investing understand the essential characteristics of cryptocurrencies.”

“They do it simply because they see others doing the work plus they shouldn’t lose out. Should you place the word ‘crypto’ or ‘token’ or ‘coin’ around an offering, no matter exactly what the substance or fundamentals behind it are, they’re drawing money, and that’s a harmful situation.”

Analogies towards the dotcom bubble and also the subprime mortgage crisis are “self-evident”, Walch states.

“I’m worried we’re tossing money at things we don’t understand, we’re building complex structures we don’t understand, and serving as when we comprehend it or otherwise caring when we comprehend it, and individuals kinds of decisions have proven very problematic previously,Inches she states.

Other indicators, states Walch, range from the jargon that is growing up around cryptocurrencies. Inside a paper printed within the Journal of Internet Law, Walch lamented the way the jargon of crypto had joined the legal realm. Recent legislation went by the Arizona condition legislature described “blockchain technology” as “immutable and auditable” and supplying “an uncensored truth”.

Additionally, it obscures a realistic look at hard sell, Walch stated. “The vocabulary around crypto currencies and blockchain technologies are very deceitful and misleading. There are lots of conflations people make plus they overstate the advantages and abilities from the technologies speculate the terminology is really much in flux it hides that.”

Still, the newest fervor around crypto is undoubtably seductive. A week ago in New You are able to, Patrick Byrne, the Utah-based Chief executive officer of Overstock.com, came through New You are able to to advertise the launch of the alternative buying and selling system for tokens named tZERO.

Byrne, a Cambridge College philosophy graduate, described that bitcoin and it is derivatives were a means that people take a look at of monetary institutions “we don’t rely upon anymore”.

“With blockchain technology, we can produce a form of Wall Street where no-one can cheat where all sorts of mischief cannot even occur. Crypto currency provides for us a method to communicate value that’s outdoors the charge of any government mandarin, and i believe that’s good,” he states.

Which is where Byrne and Walch believe otherwise. As Walch states, the crypto sector springs from the desire to have tech to resolve human problems and also to establish another setting where we trust code.

“Centralized government is corrupt, the financial sector is problematic. We can’t trust it, so let’s go somewhere were we do not have to believe others – this is actually the messaging. Obviously, the simple truth is you haven’t steered clear of humans, and also you don’t escape. You simply change from one power structure to a different. But individuals are so desperate to find a way that they’re purchasing the messaging,” states Walch.

Swedish challenger bank Handelsbanken commits to United kingdom but wants Brexit clearness

Swedish banking giant Handelsbanken has stated it’s dedicated to expansion within the United kingdom, but added it really wants to see clearness around the relation to Brexit this season.

The financial institution opened up its 208th British branch in London’s Square Mile on Liverpool Street a week ago and Mikael Sorensen, the firm’s United kingdom leader, states that you will see more openings in the future.

“Handelsbanken is fully dedicated to the United kingdom for that very lengthy term. We have seen many possibilities to build up our business here, according to growing interest in local relationship banking,” he stated.

However, Mr Sorensen cautioned that Brexit poses particular challenges to Handelsbanken since it presently trades within the United kingdom through EU passporting plans, that could finish after March 2019.


It was creating plans for a number of scenarios, he stated.

“We might have to do something about it to the way we are structured within the United kingdom, for example developing a United kingdom subsidiary with full oversight in the UK’s Prudential Regulation Authority. We focus on this type of change,” he stated.

Founded 146 years back, Handelsbanken may be the earliest listed company in Norway.

It runs a decentralised business design, with banking functions situated in branches as opposed to a headquarters building whenever we can.

Staff aren’t given product targets or bonuses in order to incentivise better conduct.

Despite being certainly one of Britain’s bigger challenger banks, it’s not that well-known, partly lower towards the fact it frequently chooses branch locations near high street shops to save cash.

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Global Economy’s Stubborn Reality: Plenty of Work, Not Enough Pay

LILLESTROM, Norway — In the three-plus decades since Ola Karlsson began painting houses and offices for a living, he has seen oil wealth transform the Norwegian economy. He has participated in a construction boom that has refashioned Oslo, the capital. He has watched the rent climb at his apartment in the center of the city.

What he has not seen in many years is a pay raise, not even as Norway’s unemployment rate has remained below 5 percent, signaling that working hands are in short supply.

“The salary has been at the same level,” Mr. Karlsson, 49, said as he took a break from painting an office complex in this Oslo suburb. “I haven’t seen my pay go up in five years.”

His lament resonates far beyond Nordic shores. In many major countries, including the United States, Britain and Japan, labor markets are exceedingly tight, with jobless rates a fraction of what they were during the crisis of recent years. Yet workers are still waiting for a benefit that traditionally accompanies lower unemployment: fatter paychecks.

Why wages are not rising faster amounts to a central economic puzzle.

Some economists argue that the world is still grappling with the hangover from the worst downturn since the Great Depression. Once growth gains momentum, employers will be forced to pay more to fill jobs.

But other economists assert that the weak growth in wages is an indicator of a new economic order in which working people are at the mercy of their employers. Unions have lost clout. Companies are relying on temporary and part-time workers while deploying robots and other forms of automation in ways that allow them to produce more without paying extra to human beings. Globalization has intensified competitive pressures, connecting factories in Asia and Latin America to customers in Europe and North America.

“Generally, people have very little leverage to get a good deal from their bosses, individually and collectively,” says Lawrence Mishel, president of the Economic Policy Institute, a labor-oriented research organization in Washington. “People who have a decent job are happy just to hold on to what they have.”

The reasons for the stagnation gripping wages vary from country to country, but the trend is broad.

Graphic | Why Aren’t Wages Rising Faster Now That Unemployment Is Lower? When labor markets tighten, wages are expected to rise. But in recent years, as unemployment has fallen below 5 percent in the United States, wages have not been increasing as fast as in the past. Economists debate the reasons; workers grapple with the consequences.

In the United States, the jobless rate fell to 4.2 percent in September, less than half the 10 percent seen during the worst of the Great Recession. Still, for the average American worker, wages had risen by only 2.9 percent over the previous year. That was an improvement compared with recent months, but a decade ago, when the unemployment rate was higher, wages were growing at a rate of better than 4 percent a year.

In Britain, the unemployment rate ticked down to 4.3 percent in August, its lowest level since 1975. Yet wages had grown only 2.1 percent in the past year. That was below the rate of inflation, meaning workers’ costs were rising faster than their pay.

In Japan, weak wage growth is both a symptom of an economy dogged by worries, and a force that could keep the future lean, depriving workers of spending power.

In Norway, as in Germany, modest pay raises are a result of coordination between labor unions and employers to keep costs low to bolster industry. That has put pressure on Italy, Spain and other European nations to keep wages low so as not to lose orders.

But the trend also reflects an influx of dubious companies staffed by immigrants who receive wages well below prevailing rates, undermining union power.

That this is happening even in Norway — whose famed Nordic model places a premium on social harmony — underscores the global forces that are at work. Jobs that require specialized, advanced skills are growing. So are low-paying, low-skill jobs. Positions in between are under perpetual threat.

“The crisis accelerated the adjustment, the restructuring away from goods producing jobs and more into the service sector,” says Stefano Scarpetta, director for employment, labor and social affairs at the Organization for Economic Cooperation and Development in Paris. “Many of those who lost jobs and went back to work landed in jobs that pay less.”

Union Power Eroded

In November 2016, a week after Donald J. Trump was elected president on a pledge to bring jobs back to America, the people of Elyria, Ohio — a city of 54,000 people about 30 miles west of Cleveland — learned that another local factory was about to close.

The plant, operated by 3M, made raw materials for sponges. Conditions there were influenced by an increasingly rare feature of American life: a union that represented the workers.

The union claimed the closing was a result of production being moved to Mexico. Management said it was merely cutting output as it grappled with a glut coming from Europe. Either way, 150 people would lose their jobs, Larry Noel among them.

Mr. Noel, 46, had begun working at the plant seven years earlier as a general laborer, earning $18 an hour. He had worked his way up to batch maker, mixing the chemicals that congealed into sponge material, a job that paid $25.47 an hour.

Now, he would have to start over. The unemployment rate in the Cleveland area was then down to 5.6 percent. Yet most of the jobs that would suit Mr. Noel paid less than $13 dollars an hour.

“These companies know,” he said. “They know you need a job, and you’ve got to take it.”

In the end, he found a job that paid only slightly less than his previous position. His new factory was a nonunion shop.

“A lot of us wish it were union,” he said, “because we’d have better wages.”

Last year, only 10.7 percent of American workers were represented by a union, down from 20.1 percent in 1983, according to Labor Department data. Many economists see the decline as a key to why employers can pay lower wages.

In 1972, so-called production and nonsupervisory workers — some 80 percent of the American work force — brought home average wages equivalent to $738.86 a week in today’s dollars, after adjusting for inflation, according to an Economic Policy Institute analysis of federal data. Last year, the average worker brought home $723.67 a week.

In short, 44 years had passed with the typical American worker absorbing a roughly 2 percent pay cut.

The streets of Elyria attested to the consequences of this long decline in earning power.

“There’s some bail bondsmen, some insurance companies and me,” said Don Panik, who opened his gold and silver trading shop in 1982 after he was laid off as an autoworker at a local General Motors plant.

Down the block, a man with a towel slung over bare shoulders panhandled in front of a strip club, underneath a hand-lettered sign that said “Dancers Wanted.” A tattoo parlor was open for business, near a boarded-up law office.

One storefront was full of activity — Adecco, the staffing company. A sign beckoned job applicants: “General Laborers. No Experience Necessary. $10/hour.”

Lyndsey Martin had reached the point where the proposition had appeal.

Until three years ago, Ms. Martin worked at Janesville Acoustics, a factory midway between Cleveland and Toledo. The plant made insulation and carpets for cars. She put products into boxes, earning $14 an hour.

That, combined with what her husband, Casey, earned at the plant, was enough to allow them to rent a house in the town of Wakeman, where their front porch looked out on a leafy street.

Then, in summer 2013, word spread that the plant was shutting down, putting 300 people out of work.

Ms. Martin took 18 months off to care for her children. In early 2015, she began to look for work, scouring the web for factory jobs. Most required associate’s degrees. The vast majority were temporary.

She took a job at a gas station, ringing up purchases of fuel, soda and fried chicken for $9 an hour, less than two-thirds of what she had previously earned.

“It almost feels degrading,” she said.

Her hours fluctuated. Some weeks she worked 35; most weeks, 24.

A competitor to Ms. Martin’s former employer has set up a factory directly opposite the plant where she used to work. The company hired 150 people, but not her. She said she had heard the jobs paid three to four dollars less per hour than she used to make.

Ms. Martin recently took a new job at a beer and wine warehouse. It also paid $9 an hour, but with the potential for a $1 raise in 90 days. In a life of downgraded expectations, that registered as progress.

Fear Factor

Conventional economics would suggest that this is an excellent time for Kuniko Sonoyama to command a substantial pay increase.

For the past 10 years, she has worked in Tokyo, inspecting televisions, cameras and other gear for major electronics companies.

After decades of decline and stagnation, the Japanese economy has expanded for six straight quarters. Corporate profits are at record highs. And Japan’s population is declining, a result of immigration restrictions and low birthrates. Unemployment is just 2.8 percent, the lowest level in 22 years.

Yet, Ms. Sonoyama, like growing numbers of Japanese workers, is employed through a temporary staffing agency. She has received only one raise — two years ago, when she took on a difficult assignment.

“I’m always wondering if it’s O.K. that I never make more money,” Ms. Sonoyama, 36, said. “I’m anxious about the future.”

That concern runs the risk of becoming self-fulfilling, for Japan as a whole. Average wages in the country rose by only 0.7 percent last year, after adjusting for the costs of living.

The government has pressed companies to pay higher wages, cognizant that too much economic anxiety translates into a deficit of consumer spending, limiting paychecks for all.

But companies have mostly sat on their increased profits rather than share them with employees. Many are reluctant to take on extra costs out of a fear that the good times will not last.

It is a fear born of experience. Ever since Japan’s monumental real estate investment bubble burst in the early 1990s, the country has grappled with a pernicious residue of that era: so-called deflation, or falling prices.

Declining prices have limited businesses’ incentive to expand and hire. What hiring companies do increasingly involves employment agencies that on average pay two-thirds of equivalent full-time work.

Today, almost half of Japanese workers under 25 are in part-time or temporary positions, up from 20 percent in 1990. And women, who typically earn 30 percent less than men, have filled a disproportionate number of jobs.

Years of corporate cost-cutting has weakened Japan’s unions, which tend to prioritize job security over pay.

The recent uptick in wages, although modest, has raised hopes of increased spending that would embolden businesses to raise pay and to upgrade temporary workers to full-time employees.

Until that happens, workers will probably remain hunkered down, reluctant to spend.

“I have enough to live on now,” Ms. Sonoyama said, “but I worry about old age.”

Global Threats

No one is supposed to worry in Norway.

The Nordic model has been meticulously engineered to provide universal living standards that are bountiful by global norms.

Workers enjoy five weeks of paid vacation a year. Everyone receives health care under a government-furnished program. Universities are free. When babies arrive, parents divvy up a year of shared maternity and paternity leave.

All of this is affirmed by a deep social consensus and underwritten by stupendous oil wealth.

Yet even in Norway, global forces are exposing growing numbers of workers to new forms of competition that limit pay. Immigrants from Eastern Europe are taking jobs. Temporary positions are increasing.

In theory, Norwegian workers are insulated from such forces. Under Norway’s elaborate system of wage negotiation, unions, which represent more than half of the country’s work force, negotiate with employers’ associations to hash out a general tariff to cover pay across industries. As companies become more productive and profitable, workers capture a proportionate share of the spoils.

Employers are supposed to pay temporary workers at the same scale as their permanent employees. In reality, fledgling companies have captured slices of the construction industry, employing Eastern Europeans at sharply lower wages. Some firms pay temporary workers standard wages but then have them work overtime without extra compensation. Unions complain that enforcement patchy.

“Both the Norwegian employer and the Polish worker would rather have low paid jobs,” said Jan-Erik Stostad, general secretary of Samak, an association of national unions and social democratic political parties. “They have a common interest in trying to circumvent the regulations.”

Union leaders, aware that companies must cut expenses or risk losing work, have reluctantly signed off on employers hiring growing numbers of temporary workers who can be dismissed with little cost or fuss.

“Shop stewards are hard pressed in the competition, and they say, ‘If we don’t use them then the other companies will win the contracts,” said Peter Vellesen, head of Oslo Bygningsarbeiderforening, a union that represents bricklayers, construction workers and painters. “If the company loses the competition, he will lose his work.”

Last year, companies from Spain and Italy won many of the contracts to build tunnels south of Oslo, bringing in lower-wage workers from those countries.

Mr. Vellesen’s union has been organizing immigrants, and Eastern Europeans now comprise one-third of its roughly 1,700 members. But the trends can be seen in paychecks.

From 2003 to 2012, Norwegian construction workers saw smaller wage increases than the national average in every year except two, according to an analysis of government data by Roger Bjornstad, chief economist at the Norwegian Federation of Trade Unions.

When Mr. Karlsson, the painter, came to Norway from his native Sweden in the mid-1990s, virtually everyone in the trade was a full-time worker. Recently, while painting the offices of a government ministry, he encountered Albanian workers. He was making about 180 kroner per hour, or about $23, under his union scale. The Albanians told him they were being paid barely a third of that.

“The boss could call them, and 20 guys would be standing outside ready to work,” Mr. Karlsson said. “They work extra hours without overtime. They work weekends. They have no vacations. It’s hard for a company that’s running a legitimate business to compete.”

He emphasized that he favored open borders. “I have no problem with Eastern Europeans coming,” he said. “But they should have the same rights as the rest of us, so all of us can compete on equal terms.”

Even in specialized, higher-paying industries, Norwegian wage increases have slowed, as unions and employers cooperate toward improving the fortunes of their companies.

That is a pronounced contrast from past decades, when Norway tallied up the profits from oil exports while handing out wage raises that reached 6 percent a year.

As the global financial crisis unfolded in 2008, sending a potent shock through Europe, Norway’s high wages left businesses in the country facing a competitive disadvantage. That was especially true as mass unemployment tore across Italy, Portugal and Spain, depressing wages across the continent. And especially as German labor unions assented to low pay to maintain the country’s export dominance.

Starting in mid-2014, a precipitous descent in global oil prices ravaged Norway’s energy industry and the country’s broader manufacturing trades. That year, Norwegian wages increased by only 1 percent after accounting for inflation, and by only a half percent the next year. In 2016, wages declined in real terms by more than 1 percent.

Peder Hansen did not relish the idea of a smaller pay raise, but neither was he terribly bothered.

Mr. Hansen works at a nickel refinery in Kristiansand, a city tucked into the nooks and crannies along Norway’s southern coast. His plant is part of Glencore, the mammoth Anglo-Swiss mining firm. He sits at a computer terminal, controlling machinery.

Much of what the refinery produces is destined for factories in Japan that use the nickel to make cars and electronics. Lately, nickel prices have been weak, limiting revenue. This year, Mr. Hansen’s union accepted an increase of about 2.5 percent — a tad above inflation.

“If they were to increase our wages too much, the company would lose customers,” Mr. Hansen says. “It’s as simple as that.”

He exudes faith that his company’s fortunes will be shared with him, because he has lived it. At 24, he earns 630,000 kroner a year, with overtime, or more than $80,000. He owns a two-story house in Kristiansand, and he has two cars, an Audi and an electric Volkswagen. The lives of company executives seem not far removed from his own.

“The C.E.O. of the plant is a humble person,” he said. “You can say ‘Hi.’”

But for some workers, the plunge in oil prices has tested faith in the Norwegian bargain.

In Arendal, a coastal town of wooden houses clustered around a harbor, Bandak, a local employer, succumbed to the crisis. The company made equipment connecting oil pipelines. As orders grew scarce in late 2014, a series of layoffs commenced. Workers ultimately agreed to a 5 percent pay cut to spare their jobs.

“We wanted to keep all of our employees, so we stuck together,” said Hanne Mogster, the former human resources director. “There was a lot of trust.”

But the company soon descended into bankruptcy. And that was that for the 75 remaining workers.

Per Harald Torjussen, who worked on Bandak’s assembly line, managed to find a job at a nearby factory at slightly better pay.

Still, his confidence has been shaken.

“It feels a lot less secure,” Mr. Torjussen says. “We may be approaching what it’s like in the U.S. and the U.K.”