There has been a steady upward trend in average effective tax rates (ETR) of industrial products and automotive companies from 2010 (26.1 percent) to 2012 (28.3 percent), despite a reduction in statutory rates of corporate income tax around the world, according to the PwC US 2013 Assessing tax report, a tax rate benchmarking study covering 316 companies across the following industries.
The European Union announced Tuesday that it is imposing anti-dumping levies on imports of Chinese solar panels, in a move that could trigger a trade war between two of the world's largest economies. EU Trade Commissioner Karel De Gucht said the 27-nation bloc will impose a tariff of about 12 percent on the import of solar panels, cells and wafers.
Much of the world's electronic waste ends up in Guiyu, China, where old parts are recycled but chemicals like mercury leak into the water. Cell phones arrive in this town by the truckloads, where locals are experts in sorting through the electronic trash.
The U.S. trade deficit widened in April, as demand for foreign cars, cell phones and other imported goods outpaced growth in U.S. exports. The Commerce Department said Tuesday that the trade gap rose 8.5 percent in April from March to $40.3 billion. Exports increased 1.2 percent to $187.4 billion, the second-highest level on record.
Italy's industry minister says the government is preparing an emergency decree to temporarily take over Europe's largest steel mill, which is beset by environmental and corruption scandals. Flavio Zanonato said Tuesday that it had become clear that the cleanup of the plant cannot be conducted by those responsible for the environmental emergency.
Chinese President Xi Jinping and American counterpart Barack Obama will talk cyber-security this week in California, but experts say the state's Silicon Valley and its signature high-tech firms should provide the front lines in the increasingly aggressive fight against overseas hackers.
Coca-Cola began bottling its famous soft drink in Myanmar on Tuesday as part of a planned five-year, $200 million investment after having no local production for more than 60 years. The company announced in a press release the ceremonial inauguration of its bottling plant in Hmawbi Township, a suburb of Yangon, the country's biggest city, with local partner Pinya Manufacturing Co.
Training is extremely important to the future of manufacturing in the United States, yet in many states, it has fallen by the wayside. Training for skilled manufacturing positions has been hit by a perfect storm of budget cuts and the mistaken idea that all young workers should go to college.
Cambodian police on Monday clashed with workers and arrested seven at a factory that makes clothing for the U.S. sportswear company Nike in the latest violence linked to a strike over salaries there, a union organizer said. Free Trade Union of Workers of the Kingdom of Cambodia organizer Son Vanny said its members exchanged barrages of sticks and stones with members of a rival union opposing the strike.
Fire raged through a poultry plant in northeastern China on Monday, trapping workers inside a cluttered slaughterhouse and killing at least 119 people, reports and officials said. Several dozen people also were hurt in the blaze in Jilin province's Mishazi township, which appeared to have been sparked by three early morning explosions, the official Xinhua News Agency said.
China's manufacturing shrank slightly last month, a report said Monday, adding to signs of an uncertain recovery in the world's second-biggest economy. HSBC's monthly purchasing managers' index fell to 49.2 in May. That's down from 50.4 in April. Readings below 50 indicate a contraction.
Global unemployment will hit 200 million this year, and declarations of intent to tackle the problem will mean nothing without action, says International Labor Organization director general Guy Ryder. And within the next five years, he suspects global joblessness to reach 215 million.
ArcelorMittal, the world's largest steelmaker, said Thursday that it has completed the sale of a 15 percent stake in one of its Canadian iron ore operations to an Asian-led consortium for $1.1 billion in cash. A group led by South Korean steelmaker POSCO and China Steel Corp. had entered into a joint venture that owns ArcelorMittal iron ore mining and infrastructure assets in Quebec. The deal was originally announced in January.
Home to the creators of Skype and the first country to use online voting, Estonia relishes its image as a technological pioneer. But the tiny East European country's most far-reaching economic achievement could come from how it has learned to squeeze oil from a rock.
Unemployment across the 17 EU countries that use the euro hit another record high in April — and appears to be on course to hit 20 million this year in what would be another gloomy landmark for the currency bloc. Eurostat, the European Union's statistics office, said Friday that the unemployment rate rose to 12.2 percent in April from the previous record of 12.1 percent the month before.
Cellphone pioneer Motorola says it's opening a manufacturing facility that will produce the first smartphone ever assembled in the U.S. — its new flagship device, Moto X. The Texas site was once used by fellow phone manufacturer Nokia, meaning it was designed to produce mobile devices, said Will Moss, a spokesman for Motorola Mobility, which is owned by Google.
Smithfield Foods, the world's largest pork producer, is being bought by Shuanghui. The price: almost $5 billion. If approved, it will be the largest takeover of an American company by a Chinese buyer. This is the latest in a string of American companies being purchased by China. So why this company—and why now?
Brooks Instrument, a world-leading provider of advanced flow, pressure, vacuum, level and vapor delivery solutions, has opened a new sales office in Al-Khobar, Saudi Arabia, to support its expanding customer base in the Middle East. The new facility, which officially opened March 9, offers the full line of Brooks products with a focus on thermal mass flow and variable area flow instrumentation.
The recession in Europe risks hurting the world's economic recovery, a leading international body warned Wednesday. In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy."
The EU's environmental agency says the 27-nation bloc's greenhouse emissions in 2011 were the lowest since it began monitoring them in 1990. The European Environment Agency says greenhouse gas emissions dropped 3.3 percent compared to 2010, and were 18.4 percent below 1990 levels. It cited a milder winter in 2011 as the main reason for the drop.
A Canada-based wind tower manufacturer that is setting up shop in the southeastern South Dakota city of Brandon says it hopes to start production this summer. Marmen Inc. is moving into a facility built by a U.S.-based wind tower company that never used it, and also expanding the plant.
China's economy, the third largest economy in the world, shows fresh signs of faltering, with an advance reading of manufacturing output shrinking for the first time in seven months. That may worry trading partners--but not its leaders.
Scan through the business section of the news, and you’re likely to see stories about the resurgence of U.S. manufacturing, about how companies are moving jobs back to the United States because of the rising cost of manufacturing in (and shipping to and from) China. Certainly good news for American manufacturers, but I would argue that this trend is not what the resurgence of U.S. manufacturing should be built on.
European leaders sounded the alarm on youth unemployment Tuesday and called for more help for businesses to help solve the problem that has left nearly one in four young people in Europe without a job. At a conference in Paris Tuesday, French, Italian and German ministers warned that if high youth unemployment is not addressed, young people will lose faith in their governments and the European Union.
North Korea relaxed state control of salaries last month, a government economist said, outlining a change in policy intended to boost production by giving companies latitude to provide workers with financial incentives. Ri Ki Song, a professor at the Institute of Economics at North Korea's Academy of Social Sciences in Pyongyang, said enterprises are now allowed to use some of their earnings to pay workers more.