Globalization

U.S. Trade Deficit Falls To $38.8B In March

May 2, 2013 2:11 pm | by Martin Crutsinger, AP Economics Writer | News | Comments

The U.S. trade deficit narrowed in March for a second month as the daily flow of imported crude oil dropped to the lowest level in 17 years. The deficit with China hit a three-year low. The trade deficit decreased to $38.8 billion, an 11 percent drop from February's $43.6 billion, the Commerce Department reported Thursday.

Angry Workers Unite On May Day

May 1, 2013 2:05 pm | by Mehmet Guzel, Suzan Fraser, Associated Press | News | Comments

Workers around the world united in anger during May Day rallies Wednesday — from fury in Europe over years of austerity measures that have cut wages, reduced benefits and eliminated many jobs altogether, to rage in Asia over relentlessly low pay, the rising cost of living and hideous working conditions that have left hundreds dead in recent months alone.

China Automaker To Open CA Electric Bus Plant

May 1, 2013 10:16 am | by John Rogers, Associated Press | News | Comments

A Chinese company whose mantra is Build Your Dreams plans to build all-electric buses in California's Mojave Desert. Lancaster Mayor R. Rex Parris and officials of BYD Automotive scheduled a news conference Wednesday to announce plans to open the first Chinese-owned vehicle manufacturing plant in the United States in the wind-swept high-desert city 60 miles northeast of Los Angeles.

Ford To Enter Myanmar With Showroom By August

April 30, 2013 10:09 am | by Erika Kinetz, Associated Press | News | Comments

Ford Motor Co. announced its entry into Myanmar on Tuesday, saying it plans to open the nation's first sales and service showroom for new vehicles by August. Myanmar's vehicle market has been stunted by decades of international sanctions and strict import controls put in place by the military junta that ruled for nearly 50 years, handing out import licenses to a few favored tycoons.

Japan Manufacturing, Hiring Rise In March

April 30, 2013 10:08 am | by Elaine Kurtenbach, AP Business Writer | News | Comments

Japan manufacturing and employment showed slight improvements in March, buttressing hopes that the economy may be headed for a moderate recovery. Factory output rose 0.2 percent, the Ministry of Economy, Trade and Industry said Tuesday, in the fourth straight monthly increase. It pointed to strength in chemicals, electrical components, telecommunications equipment and steam turbines.

Yokohama: Tire Demand Calls For U.S. Plant

April 30, 2013 10:06 am | by The Associated Press | News | Comments

Executives with Yokohama Rubber Co. Ltd. say they will build a new tire plant in Mississippi because they see a global supply shortage for tires. The company plans to invest $300 million, hiring 500 people, in a first phase, and could invest $1.2 billion, hiring 2,000 people, over time. State and local governments could give more than $340 million in aid and tax breaks.

Intelligrated Hires Vice President Of International Division

April 29, 2013 2:52 pm | by Intelligrated® | News | Comments

Intelligrated®, a leading North American-based automated material handling solutions provider, today announces the appointment of Bob Wilson to the position of vice president, international division, Intelligrated. Based in Mason, Ohio, Wilson will oversee international sales and operations.

Fiat Reports Q1 Loss As Sales Slip

April 29, 2013 2:23 pm | by Colleen Barry, AP Business Writer | News | Comments

Weak sales in Europe and lower profits at U.S. partner Chrysler pushed Italian carmaker Fiat to a loss in the first quarter. Fiat SpA on Monday said it lost 83 million euros ($108 million) during the first three months of the year, compared with a restated first-quarter profit of 35 million euros in the same period of 2012.

Hurdles To Talks High After N. Korea Threats

April 29, 2013 10:19 am | by Eric Talmadge, Associated Press | News | Comments

After weeks of fiery rhetoric, military posturing and threats that it's willing to strike back hard if provoked, North Korea appears to be taking a bit of a breather. The U.S.-South Korea war games it despises are winding down, and feelers are out in diplomatic circles that it might be best to open up some avenue for dialogue.

Chrysler Profit Falls 65 Percent On Lower Shipments

April 29, 2013 10:13 am | by Tom Krisher, AP Auto Writer | News | Comments

Chrysler's first-quarter profit tumbled 65 percent as shipments of cars and trucks fell while it prepared to launch several key new vehicles. The Auburn Hills, Michigan, company said Monday that it earned $166 million in the January-March quarter, compared with $473 million a year ago. Revenue fell 6 percent to $15.4 billion.

S. Korea To Withdraw Workers At N. Korea Factory

April 26, 2013 10:20 am | by Sam Kim, Associated Press | News | Comments

Seoul said Friday that it has decided to withdraw the roughly 175 South Koreans still at a jointly run factory complex in North Korea, raising a major question about the survival of the last symbol of inter-Korean cooperation. The statement by the country's minister in charge of inter-Korean relations came after North Korea rejected Seoul's demand for talks on the factory park that has been closed nearly a month.

Outokumpu To Cut 2,500 Jobs

April 25, 2013 2:13 pm | by The Associated Press | News | Comments

Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall. The world's leading stainless steel maker says about a third of the job cuts will be applied this year, mostly in Germany, Sweden and Finland, in line with production capacity reductions and streamlining.

European Recession Hits Major Car Makers

April 24, 2013 2:00 pm | by David McHugh, AP Business Writer | News | Comments

Europe's stubborn recession cut deeply into profits at major automakers Ford, Volkswagen and Daimler, first-quarter results showed Wednesday as the industry began reporting earnings. Germany's Volkswagen AG said its first-quarter net profit fell 38 percent to 1.95 billion euros ($2.5 billion), while Daimler AG's was down 60 percent at 564 million euros.

Toyota: Top Selling Automaker Despite China Fall

April 24, 2013 10:11 am | by Yuri Kageyama, AP Business Writer | News | Comments

Toyota held onto its status as the world's top-selling automaker in the first quarter of this year, although the three-way race with General Motors and Volkswagen is proving tight, as its sales fall in China and Japan. Toyota Motor Corp. reported Wednesday it sold 2.43 million vehicles during the January-March period.

A Year Of Clutter For China's Car Market

April 23, 2013 2:22 pm | by ReutersTV | Videos | Comments

Fancy a spin in a shiny, new Horki? Want to test drive a Ranz? These are just a couple of made-for-China brands global automakers have cooked up to comply with the government's policies. A bevy of new brands from the likes of Toyota and BMW will join China's already crowded car market in 2013, thanks to policies designed to help local automakers. But are they doing the opposite?

Survey: China Manufacturing Weakening

April 23, 2013 10:22 am | by Joe McDonald, AP Business Writer | News | Comments

China's manufacturing growth decelerated this month, a survey showed Monday, adding to questions about the strength of the recovery in the world's second largest economy. HSBC Corp. said Tuesday the preliminary version of its monthly purchasing managers index declined to 50.5 from March's 51.6 on a 100-point scale on which numbers above 50 represent an expansion.

Automakers Target Chinese Buyers At Auto Show

April 22, 2013 2:21 pm | by Joe McDonald, AP Business Writer | News | Comments

Global and Chinese automakers showcased family-friendly sedans and SUVs targeting coveted urban buyers at China's biggest auto show Saturday as competition intensifies in this huge but crowded market. China's vehicle sales rose 13 percent in March, blistering growth by Western standards but down from 45 percent in 2009.

Jaguar Land Rover Enjoying China 'Honeymoon'

April 22, 2013 1:33 pm | by ReutersTV | Videos | Comments

Jaguar and Land Rover: Among the auto industry's most coveted brands and soon to be made in China. Jaguar Land Rover will soon produce its iconic SUVs in China with an unusual choice of local partner, budget carmaker Chery. Jaguar Land Rover CEO Ralf Speth discusses the alliance and its prospects.

Chinese Cars Still In The Slow Lane To Global Market

April 19, 2013 4:02 pm | by Reuters | Videos | Comments

China's auto market is the biggest and most important in the world today says Reuters' Jane Lanhee Lee. The world's largest auto market is their playground, and now China's carmakers have set their sights overseas. The president of market research group J.D. Power discusses their prospects.

Toyota To Build Lexus ES 350 At KY Plant

April 19, 2013 10:19 am | by Toyota | News | Comments

For the first time, a Lexus vehicle will be produced in the United States. The Lexus ES 350 will be assembled at Toyota Motor Manufacturing, Kentucky in 2015, Toyota announced today. The move will generate 750 new jobs. To support the new dedicated assembly line, Toyota will invest $360 million in the Georgetown plant.

German Industry Pay Offer Short Of Union Demand

April 19, 2013 10:10 am | by The Associated Press | News | Comments

Employers in Germany's key manufacturing sector are offering a pay increase that falls well short of the 5.5 percent raise a union is seeking for some 3.7 million workers. The employers' association in the southern region of Bavaria is offering a 2.3 percent increase over a 13-month period, news agency dpa reported Friday. The IG Metall union is seeking the bigger raise as part of a 12-month deal.

Chinese Automakers Struggle Against Global Rivals

April 18, 2013 2:10 pm | by Joe McDonald, AP Business Writer | News | Comments

These should be good times for Chinese automakers as they prepare to show off their latest models at the Shanghai auto show. Their home market is the world's biggest and growing. But independent automakers such as Chery and Geely are being squeezed by bigger, richer global rivals including General Motors and Nissan that have moved into turf the Chinese makers considered their own: low-priced models for local tastes.

How A U.S. Shoemaker Stays Competitive

April 17, 2013 4:45 pm | by CNN Money | Videos | Comments

Okabashi Brands was founded in the 1980s when U.S. manufacturing was shrinking. Staying competitive compared to imports is a challenge, says Bahman Irvani, CEO. But thanks to automation, a U.S. workforce, and recycling methods, Okabashi is a success story.

Opel: German Plant To End Production

April 17, 2013 2:07 pm | by The Associated Press | News | Comments

General Motors' loss-making Opel division has confirmed it plans to end production at a plant in Germany by the end of 2014. Adam Opel AG said Wednesday in a statement that the Bochum plant would wind down production as part of its plan to reduce costs and turn the division around. The plant's 3,200 workers make the Zafira compact.

PA Governor Winds Up South America Trade Mission

April 17, 2013 1:58 pm | by The Associated Press | News | Comments

Pennsylvania Gov. Tom Corbett was headed home Tuesday from a 10-day trade mission to South America with high hopes for the future but few concrete accomplishments to talk about. In a teleconference with Pennsylvania reporters, Corbett described a whirlwind schedule of meetings and events in Sao Paulo and Rio de Janeiro, Brazil, and Santiago, Chile.