The largest U.S. retail-industry group on Wednesday criticized an international pact aimed at improving factory conditions in Bangladesh's garment industry, saying it was a "one-size-fits-all" approach promoted by special interests. The five-year, legally binding contract requires them to help pay for fire safety and building improvements in Bangladesh.
Japanese car manufacturer Honda is returning to Formula One in 2015 as an engine supplier to the automaker's former partner McLaren of Britain. Honda president Takanobu Ito announced the decision at a news conference in Tokyo on Thursday.
Cheap labor and fast production once made Asia a near-nirvana for Western retailers and manufacturers. Massive factories and a yound population with a strong work ethic created an ideal production location. But as risks, and costs, rise, many of these Western businesses are planning to shift their production closer to home.
Honda Motor Corp. said Tuesday it will build a manufacturing plant for its NSX sports car in the U.S. state of Ohio, aiming to introduce the all-new vehicle in 2015 under its luxury brand Acura. The automaker will invest around $70 million in the new plant, which will be Honda's fifth U.S. factory.
France's parliament has passed a package of significant labor reforms Tuesday that the government hopes will help halt rising unemployment and jumpstart the country's stagnant economy. The bill is one of President Francois Hollande's signature pieces of legislation designed to overhaul the country's notoriously hidebound labor market.
European aerospace company EADS says strong deliveries by airplane maker Airbus helped drive higher earnings in the first quarter. The Airbus parent company reaffirmed its forecast of lifting commercial aircraft deliveries this year to between 600 and 610, as demand from Middle Eastern and Asian carriers to expand their fleets continues to drive sales for one of Europe's largest exporters.
Nissan Motor Co. President Carlos Ghosn welcomed the yen's recent decline to what he called "neutral" levels for the Japanese automaker's profitability, but said Tuesday it must drop further to be "normal." "The abnormal situation of the yen is hopefully something of the past," he told reporters at the roll-off ceremony for a new Infiniti luxury model, the Q50.
According to PwC, India has potential to be the fastest-growing large economy in the world over the next four decades, but businesses find its economic and cultural diversity, complicated policy-making processes and uneven development difficult to navigate.
A domestic natural gas boom already has lowered U.S. energy prices while stoking fears of environmental disaster. Now U.S. producers are poised to ship vast quantities of gas overseas as energy companies seek permits for proposed export projects that could set off a renewed frenzy of fracking.
Bangladesh offers the global garment industry something unique: Millions of workers who quickly churn out huge amounts of well-made underwear, jeans and T-shirts for the lowest wages in the world. But since a building collapse April 24 killed at least 1,100 garment workers in Bangladesh in one of the deadliest industrial tragedies in history, the country has gone from one of the industry's greatest assets to one of its biggest liabilities.
Apple's legendary profit margins may be challenged if the firm releases its long-rumored low-end iPhone later this year. But the ones really feeling the pinch will be its suppliers. Apple does none of its own production and relies on Asia's contract makers - the biggest of the bunch being Foxconn. Foxconn draws an estimated 60 to 70 percent of its business from work commissioned by Apple.
The culprits are the cars themselves, produced with weaker welds, scant safety features and inferior materials compared to similar models manufactured for U.S. and European consumers, say experts and engineers inside the industry. Four of Brazil's five bestselling cars failed their independent crash tests.
Bangladesh's government plans to raise the minimum wage for garment workers after the deaths of more than 1,100 people in the collapse of a factory building focused attention on the textile industry's dismal pay and hazardous working conditions.
A total of 18 foreign automakers will participate in the Tokyo Motor Show starting in November, but the "Big Three" U.S. automakers will skip the event, the Japan Automobile Manufacturers Association said. While General Motors Co., Ford Motor Co. and Chrysler Group LLC will be absent from the 43rd annual event for the third consecutive year, 17 European automakers, such as Volkswagen AG and BMW AG of Germany, will participate in the event.
Gov. Nathan Deal says a company based in Dubai plans to build a manufacturing plant in Murray County with the goal of creating 200 jobs over the next three years. Deal said Wednesday the expansion planned by Mattex "speaks to the continued revitalization of the floor covering industry in northwest Georgia."
Nissan's fiscal fourth quarter profit jumped 46 percent on stronger sales and a favorable exchange rate that offset declines in China over a bitter territorial dispute. Nissan Motor Co. reported Friday a January-March profit of 110 billion yen ($1.1 billion), up from 75.3 billion yen the same period the previous year. Quarterly sales gained 6 percent to 2.87 trillion yen ($28.7 billion).
A Japanese auto parts manufacturer plans to add more assembly lines and hire another 200 workers at an existing North Carolina factory by the end of 2016. Gov. Pat McCrory's office said Wednesday that ASMO North America's Greenville plant already employs more than 530 people who produce parts for front wipers and for radiator fan motors.
Scott Paul, executive director at Alliance For American Manufacturing and Bloomberg political analyst Matt Dowd discuss the current state of manufacturing in the United States. They speak on Bloomberg Television's "Bloomberg Surveillance."
A bill introduced in the Senate on Tuesday would require the president to block imports of products using stolen U.S. technology or made by companies implicated in computer theft. Washington's sudden focus on Chinese hacking comes after rising complaints from U.S. businesses about theft of trade secrets.
China reported stronger April trade but analysts said export data were inflated and its shaky recovery might be weaker than it looks. Exports rose 14.7 percent over a year earlier, up from March's 10 percent growth, customs data showed Wednesday. Imports gained 16.8 percent, up from the previous month's 14.1 percent.
General Motors Co. confirms that it's building a new Cadillac factory in China. GM will start building the $1.3 billion plant next month in Shanghai's Jinqiao zone. It will produce 150,000 vehicles per year. The auto maker recently received regulatory approval for the new plant.
Subaru said Wednesday it is investing $400 million to expand its Indiana factory and will add 900 workers to build the Impreza small car there in 2016. The plant now employs about 3,600 people and builds the Legacy and Outback cars and the Tribeca SUV. It also builds the Camry midsize car under contract with Toyota Motor Corp., the top shareholder in Subaru with a 16.5 percent stake.
Word on the street is that substantial portions of previously offshored manufacturing operations are due to return to the United States. A number of macroeconomic factors seem to have tipped the balance in favor of domestic manufacturing.
BYD is known for electric cars but this year's flagship model is the S7, a gasoline-powered SUV. It comes with an air purifier, radar to help with backing and digital TV. An onboard hard drive can hold 1,000 films. This is China's Year of the SUV. Whatever their specialties used to be, automakers ranging from global brands to China's ambitious rookies are scrambling to cash in on the explosive popularity of sport utility vehicles.
Over the last few years, there has been an increasing amount of buzz around the concept of “re-shoring,” in which an American company decides it’s more financially viable to bring manufacturing operations back to the U.S. from a foreign land. Generally speaking, company leaders are finding that the “total cost” of producing overseas actually makes outsourcing the worse financial picture.