A new joint venture will for the first time see Jaguars and Land Rovers built in China. The British luxury car company said Sunday that a deal has been made with the Chery Automobile Company to build the cars at a new factory to be built near Shanghai. The company says it is a 1 billion pound ($1.6 billion) joint venture.
Any entry into emerging markets is fraught with uncertainties. There are no guaranteed winners. Take Carrefour for example. After an unsuccessful attempt to enter Brazil and its focus on the hypermarket model even as consumers buy more goods locally and online, its share prices have fallen since 2009. On the other hand, Yum! Brands, the operator of KFC, Pizza Hut and Taco Bell, seems to have beaten McDonald’s in conquering China.
Stocks rose for the first day in four after Congressional leaders said they were confident that can reach a deal with President Barack Obama to head off the "fiscal cliff" and the risk of a new recession. The Down Jones industrial average was up 54 points at 12,595 as of 12:35 p.m. in New York, after falling as much as 71 points at mid-morning. The S&P was up seven points at 1,360 and the Nasdaq rose 17 points to 2,853.
Some investors fear that oil supplies could be disrupted if the Israel-Hamas conflict grows to destabilize the Middle East, a huge producer of crude. But the impact of those concerns was offset mostly by signs that global economy is struggling, meaning demand is weak, and that supplies are still high, particularly in the U.S.
General Motors Co. says its joint venture plant with Isuzu Motors in southwest Ohio has reached a milestone as production of the Duramax diesel engine topped 1.5 million units. The DMAX Ltd. joint venture in the Dayton suburb of Moraine employs 517 people.
The founder of a nuclear developer Alternate Energy Holdings Inc., which is being investigated by the U.S. Department of Justice, has resigned citing unspecified health concerns. The company a week ago confirmed that it's being investigated by federal prosecutors.
The Federal Reserve Bank of Philadelphia says its manufacturing index was at minus 10.7, a five-month low. That's down from a reading of 5.7 in October. The Federal Reserve Bank of New York says its index was at minus 5.2, slightly better than October. Negative readings signal contraction.
The company said Thursday that it finished the broad outlook or "firm concept" for the new single-aisle airplane, which Boeing says will boost fuel efficiency 13 percent by using new engines, a redesigned tail, winglets and aerodynamic lines.
The first reaction a lot of people have to the new Ford Fusion is disbelief that the new model is really a Ford. It is, and it's a mid-size family sedan competing against cars like the Toyota Camry and the Honda Accord. The new Fusion is "a pretty interesting package," says Peter Valdes-Dapena, CNN senior writer. Take a look.
U.S. factory production of machinery and equipment fell sharply last month, held back by temporary disruptions caused by Superstorm Sandy and companies' fears that a federal budget crisis could trigger a recession next year. The Federal Reserve said Friday that factory output, the most important component of industrial production, fell 0.9 percent in October from September.
The Consumer Product Safety Commission announced the recall in cooperation with KidCo Inc. of Libertyville, Ill., early Friday after determining that an infant could roll between the bed's air mattress and the tent's fabric sides, raising the danger of suffocation.
Chrysler said Thursday it is adding 1,000 workers to its Ram pickup factory because it sees higher demand for the redesigned truck. Ford and General Motors also say truck sales are climbing fast after several years of small but steady growth.
The Irving, Texas, company said a nationwide worker strike crippled its ability to make and deliver its products. Its brands also include Ding Dongs, Ho Ho's and Dolly Madison. Hostess had warned employees that it would file a motion in U.S. Bankruptcy Court to unwind its business and sell assets if plant operations didn't return to normal levels by Thursday evening.
FDA reports released this week show that repeated agency inspections found problems at the plant since 2007, though government officials didn't take any action or release the results of those inspections until after the illnesses were discovered this year.
Pratt & Whitney is expanding its aircraft engine plant in West Palm Beach with help from Florida taxpayers. The $63 million project is expected to result in 230 new jobs. The company currently employs about 1,000 people in Florida. The state and Palm Beach County contributed $4.4 million in incentives toward the expansion project.
“In the 17 years that this data has been collected, there is only one other month that broke $600 million. Both of those were in months that reflected sales from IMTS, showing its strength as the largest manufacturing event in the Americas,” said Douglas K. Woods, AMT President.
The skills gap in U.S. manufacturing today is more limited than many people believe and is unlikely to prevent a projected resurgence in U.S. manufacturing by the end of this decade. But more severe shortages could develop, threatening to constrain that revival, unless aggressive steps are taken now, according to new research by The Boston Consulting Group (BCG).
The largest environmental disaster in U.S. history came to reckoning Thursday, as British oil giant BP announced it was paying $4.5 billion in a settlement with the federal government over the 2010 Gulf oil spill disaster and two employees were charged with manslaughter over the 11 workers killed. The settlement was the "largest total criminal resolution in the history of the United States," Attorney General Eric Holder said.
Poland's national airline LOT welcomed its first Boeing 787 "Dreamliner" into its fleet Thursday, becoming the first European carrier to get the U.S. aircraft maker's newest plane. Many in this ex-communist country celebrated its arrival as a symbolic step in the country's speedy economic and technological development.
Chrysler plans to add up to 1,250 jobs at three Detroit-area factories as it prepares for a rise in pickup sales. The company said Thursday that it will invest $238 million at engine plants in Detroit and suburban Trenton, Mich., and add a third shift at a pickup truck factory in nearby Warren, Mich.