IMPO recently sat down with Josh Green, CEO of Panjiva, to discuss the ongoing tale of China’s yuan, the global pressure to allow the currency to rise in value, and what affect that might have on U.S. manufacturing. IMPO: Could you provide an overview of what China is doing with their currency, and why? Green: China has pegged its currency to its specific exchange rate.
WAVERLY, Ohio (AP) — A major employer in southern Ohio's Pike County says it will close its two cabinetry plants if it can't find a buyer, putting more than 1,200 jobs at risk. Taylor, Mich.-based Masco Corp. said Tuesday that if there is no sale, the Mill's Pride cabinetry factories in Waverly and nearby Seal Township are likely to shut down by spring of next year.
WILLIAMSPORT, Md. (AP) — Washington County's emergency services director says a man has been airlifted to a Baltimore hospital after an explosion and fire at a paint manufacturing plant in Williamsport. Kevin Lewis said the blast shortly after 7 a.m. Wednesday was contained to one room at the Rust-Oleum plant where the victim worked.
CEDAR RAPIDS, Iowa (AP) — A former kosher slaughterhouse manager who was convicted of financial fraud not only cheated a bank out of $26 million (€19.6 million), prosecutors claim, he also knowingly employed illegal immigrants. Sholom Rubashkin was never convicted of immigration violations and his attorneys dispute the allegations, but they still could be an issue at his sentencing hearing Wednesday on 86 financial fraud charges.
BEIJING (AP) — Global technology suppliers face a looming Chinese deadline to reveal the inner workings of computer encryption and other security products in a move the United States and Europe say is protectionist. Suppliers must comply with the rules that take effect Saturday or risk being shut out of the billions of dollars in purchases that the Chinese government makes of smart cards, secure routers, anti-spam software and other security products.
BEIJING (AP) — The businessman climbed into the Rolls Royce Phantom with the gold-plated Spirit of Ecstasy hood ornament and sank his feet into wine-red carpet. He says he has a Mercedes S600 sedan and a Jaguar sports car at home but needs something for work. "I just have to consider whether it's too flashy.
NEW ORLEANS (AP) — A federal judge on Tuesday awarded more than $164,000 to a Louisiana family whose home was ruined by Chinese-made drywall and said the tainted material must be removed. U.S. District Judge Eldon Fallon's latest ruling comes less than a month after he awarded $2.
SEATTLE (AP) — Boeing Co. has asked the companies that make the large sections of its new 787 jetliner to hold back shipping the assemblies for two of the jets for about a month. Boeing Commercial Airplanes spokeswoman Yvonne Leach said Tuesday that 787 final assembly is continuing at its Everett plant and that the temporary delay won't affect work under way.
TOKYO (AP) — Honda posted a 72 billion yen ($774 million) profit for the January-March quarter in a reversal from red ink a year earlier as booming demand in China and India combined with a fledgling U.S. recovery to boost car sales. Honda Motor Co., Japan's No. 2 automaker, reported Wednesday that quarterly sales surged 28 percent from a year earlier to 2.
FORT MADISON, Iowa (AP) — President Barack Obama says investments in clean energy technologies can help return jobs to the country's heartland and ensure that America doesn't fall behind other nations. Obama made the comments at a wind energy plant in Iowa that employs more than 600 workers with help from tax credits in last year's economic stimulus law.
TOMAHAWK, Wis. (AP) — A company where a 2008 explosion killed three Wisconsin workers has been fined nearly $100,000. The fines stem from seven safety violations levied against Packaging Corporation of America. A federal safety agency noted the violations during an October inspection.
TOKYO (AP) — Japan's transport minister criticized Toyota on Tuesday as initially too slow in responding to its recall crisis, but said the automaker had learned its lesson and is getting quicker in announcing recalls. Seiji Maehara, who will meet U.S. Transportation Secretary Ray LaHood later this week during a trip to Washington, said the Japanese government is checking Toyota Motor Corp.
DEARBORN, Mich. (AP) — Ford Motor Co. said Tuesday it earned $2.1 billion in the first quarter, another sign the economy is improving as people spend more on big-ticket items like cars. The automaker expects to be solidly profitable this year, a year earlier than its previous guidance. Ford said its net income per share was 50 cents during the quarter.
BUFFALO, N.Y. (AP) — General Motors Co. has chosen its Tonawanda Engine plant to build a new V8 engine, a person familiar with the discussions said Monday. The auto maker has scheduled a news conference at the suburban Buffalo plant for Tuesday. GM will announce a $400 million investment for a next-generation engine that the person said will create or retain more than 700 jobs.
LOS ANGELES (AP) — The world's largest retailer revealed Monday that it has started to crack down on the use of the toxic metal cadmium in children's jewelry and other kids' products. The new policy doesn't affect what's on the shelves of Wal-Mart stores right now. Instead, children's jewelry and craft-making kits, toys and child-care articles such as bibs and pacifiers manufactured as of April 9 are being tested for cadmium, Wal-Mart Stores Inc.
RICHMOND, Va. (AP) — Defense contractor Northrop Grumman Corp. will move its headquarters cross country to the Virginia suburbs of Washington, D.C., to be closer to its key customers in the U.S. government, officials said Monday. Maryland Gov. Martin O'Malley congratulated northern Virginia for winning an intense sweepstakes between the two states for the corporate control center.
DETROIT (AP) — General Motors Co. says it will spend $890 million at five factories to upgrade its V-8 engines to make them more fuel efficient. The automaker says the moves will preserve or create roughly 1,600 jobs at factories in Tonawanda, N.Y.; St. Catherines, Ontario; Bay City, Mich.
SAO PAULO (AP) — Toyota's subsidiary in Brazil has agreed to recall an unspecified number of Corollas due to the risk of sudden acceleration, the Brazilian Justice Ministry has announced. Toyota do Brasil Ltda. will recall all vehicles made in Brazil since April 2008 and will fix loose floor mats that could interfere with the gas pedal and cause sudden acceleration, the ministry said in a statement posted on its website late Friday.
FOWLER, Colo. (AP) — Like many a town on the Eastern Plains, this farming community has seen better days, but now it has a new plan. It is going to disappear — from the electric grid. If all the town's plans — and there are many — come to pass, Fowler will generate its own electricity, biofuel and manure-based gas; and an empty canning plant will turn into a new solar-panel factory.
MONROE CITY, Mo. (AP) — A Monroe City man has been awarded $750,000 after he was severely burned in an accident at the plant where he worked. Greg Beaver was burned by molten aluminum on Nov. 9, 2004 while working at the Pace Industries plant in Monroe City, which has since closed. He sued the former owner of the plant, Leggett & Platt, and Cintas Corp.