German luxury automaker BMW AG says it had its best month ever in March, increasing global sales by 3 percent to 191,269 vehicles. For the first three months of the year, sales rose by 5.3 percent compared with a year earlier, to 448,200 units — even though sales slipped in the company's home market, Germany.
Ford Motor Co. says its Focus small car was the best-selling vehicle nameplate in the world last year, with just over 1 million sold. More than a quarter of all Focuses were sold in China, its largest market. The U.S. was the car's second-largest market.
A few hundred South Korean managers, some wandering among quiet assembly lines, were all that remained Tuesday at the massive industrial park run by the rival Koreas after North Korea pulled its more than 50,000 workers from the complex. Others stuffed their cars full of goods before heading south across the Demilitarized Zone that divides the nations.
Italian carmaker Fiat, which controls Chrysler, will revise its earnings targets later this month as the European market is expected to decline for a sixth straight year, CEO Sergio Marchionne told shareholders Tuesday. European economies are suffering as governments cut spending and raise taxes to lower debt.
Vestas' Colorado factories will produce wind turbines for a wind farm that will be built in Canada. The Danish company announced Monday that it has received an order to make 166 wind generators for the Blackspring Ridge Wind Project near Alberta.
In 2009, President Obama set a goal of doubling exports in 5 years. The President portrayed his initiative as a boon for small companies, likely because fewer than four percent of all service businesses export, according to the Small Business Administration.
China1 displaced the United States as the world’s largest manufacturing nation in 2010 and widened its lead in 2011, according to recently published data from the United Nations. Manufacturing value-added in China totaled $2.35 trillion in 2011 while U.S. manufacturing value-added was $1.90 trillion.2
The U.S. trade deficit unexpectedly narrowed in February as exports climbed close to an all-time high and the volume of imported crude oil fell to the lowest level in 17 years. The gap between exports and imports shrank to $43 billion in February, down 3.4 percent from January's revised $44.5 billion, the Commerce Department said Friday.
Most economists agree that the “Great Recession” of 2008 ended sometime around August 2009, and while the economy has been slowly recovering, unemployment still appears to be a stubborn problem. The headline rate is just a shade under 8 percent, which translates into a little over 12 million Americans out of work.
Suddenly outsourcing is on the way out and insourcing on the way in as the U.S. trudges unevenly toward President Barack Obama's goal of doubling American exports around the world by the start of 2015. So far, export levels are about halfway to his mark.
Striking Hong Kong dockworkers refused to back down Wednesday in a weeklong pay dispute that is slowing cargo shipments at the world's third busiest port. Several hundred dockworkers and supporters camped out on the road in front of a container terminal. The workers are demanding a 20 percent pay rise but subcontractors supplying labor to port operators are only offering 5 percent.
A Turkish company has announced plans to build a $148 million steel pipe-making plant near Houston. Gov. Rick Perry says about 250 jobs are expected to be created at the facility planned for Baytown. Perry on Tuesday announced Borusan Mannesmann will receive $1.6 million from the Texas Enterprise Fund in support of the project.
The auto market is up, the worldwide economic recovery continues, and auto manufacturers seem to be doing well. Nissan CEO Carlos Ghosn says there is "much more excitement" thanks to profits in the auto industry despite the bad economy in Europe.
The eurozone economy has passed another bleak milestone. Official figures Tuesday showed that unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999.
The Indian subsidiary of Honda Motor Co. said Tuesday it will resume construction of its second auto plant in India, suspended since the 2008-2009 global financial crisis. Honda Cars India Ltd. aims to complete the plant in the western Indian state of Rajasthan next year, and to boost its annual vehicle production capacity in India to 240,000 vehicles.
Growth in China's manufacturing picked up in March in a potentially positive sign for the recovery in the world's second-largest economy. The China Federation of Logistics and Purchasing said Monday that its Purchasing Managers' Index rose to 50.9 in March from 50.1 in February, which was the lowest reading in five months.
China, Japan and South Korea are inching ahead with talks for a free trade zone that would rival the European Union and North America in economic heft. Despite the achievement of setting aside their often acrimonious relations to begin negotiations, progress will be slow. An agreement to start talks took 10 years.
Japan's jobless rate edged higher and industrial production fell slightly in February as consumer prices also fell, underscoring the fragility of the recovery of the world's third-largest economy. The government data released Friday showed the main consumer price index fell 0.3 percent from a year earlier as deflation continued.
The U.S. has taken its first real swipe at China following accusations that the Beijing government is behind a widespread and systemic hacking campaign targeting U.S. businesses. Buried in a spending bill signed by President Barack Obama on Tuesday is a provision that effectively bars much of the U.S. government from buying information technology made by companies linked to the Chinese government.
Honda Motor Co. said Wednesday it will start producing motorcycles at a new plant in Kenya later this year amid expectations of growth in local demand. Honda has set up Honda Motorcycle Kenya Ltd. for sales and production of motorcycles in Nairobi, becoming the company's third local subsidiary in Africa following one each in South Africa and Nigeria.
The Slovak government has signed a deal with U.S. Steel that will ensure the American ownership of a steel mill that employs thousands in Slovakia for at least five more years. Prime Minister Robert Fico says that in the agreement signed Tuesday, "we created conditions to motivate U.S. Steel to stay in Slovakia and continue to produce steel."
Shares of a number of solar companies sank Monday after JA Solar Holdings Co.'s fourth-quarter loss widened because of weak global demand for solar products. Solar panel prices have tumbled since the Chinese government pushed hundreds of small players into the industry.
Slovakia's Prime Minister met with U.S. Steel executives in Pittsburgh on Monday to discuss the future of a steel mill in Kosice, but no final agreement was announced. Prime Minister Robert Fico said the purpose of his visit was "to motivate U.S. Steel to stay in Slovakia." Fico said he felt Monday's discussions went well and that a written agreement between the country and U.S. Steel may be signed as soon as Wednesday.
Japan and the European Union agreed Monday to start negotiations for a free-trade pact encompassing nations that account for nearly a third of the world economy. A Japan-EU summit set to begin Monday in Tokyo was shelved because of the financial crisis in Cyprus.
The president of struggling Renesas Electronics Corp. said Thursday that the chipmaker is in talks with overseas companies on selling its loss-making mobile device chip operations as part of efforts to streamline its business. Tetsuya Tsurumaru added, however, that the company has not ruled out the possibility of negotiations with domestic firms over the sale of the operations of wholly owned subsidiary Renesas Mobile Corp.