If the United States economy is to restore itself to earlier levels of full employment, prosperity and financial soundness, the American manufacturing community must engage in a national effort to resurrect its global competitiveness. Today, we are threatened by a new brand of economic imperialism, and the restoration of the competitiveness of the American manufacturer is a new kind of war we need to win.
China has filed a World Trade Organization case challenging subsidies provided by some European Union members to help promote the solar panel industry, adding to a flurry of trade disputes that Beijing is locked in with Europe and the United States.
Apple Inc. paid an income tax rate of only 1.9 percent on its earnings outside the U.S. in its latest fiscal year, a regulatory filing by the company shows. The world's most valuable company paid $713M in tax on foreign earnings of $36.8B in the fiscal year ended Sept. 29, according to the financial statement filed on Oct. 31. The tech giant's foreign tax rate compares with the general U.S. corporate tax rate of 35 percent.
China's manufacturing improved in October, adding to signs the world's second-largest economy might be recovering from its deepest slump since the 2008 global crisis, two business surveys showed Thursday. The Chinese numbers are rare good news for the world economy, which has slowed as Europe's chronic debt crisis worsened and the American economy stagnated.
Japan's Isuzu Motors Ltd. on Monday opened a new plant in eastern Thailand to meet increasing demand for its pickup trucks locally and abroad. The new $211 million plant is located in the Gateway Industrial Estate in Chachoengsao, 160 kilometers east of Bangkok, and is the automaker's second after its Samrong plant in Samut Prakan outside the capital.
Chinese automaker BYD Co. is sending 50 electric cabs to London in a boost to China's struggling makers of all-electric vehicles. BYD and cab company Green Tomato Cars Ltd. announced this week they will start trial use of 50 of BYD's e6 sedans in late 2013. They said it will be the British capital's first all-electric fleet.
Nissan Motor Co. is considering an investment of some tens of billions of yen to build a new plant in Thailand, as part of its efforts to beef up production capacity in the Southeast Asian country, people familiar with the matter said Wednesday.
General Motors is saying more about the kind of cars it will build as part of its alliance with France's PSA Peugeot Citroen. The companies said they'll develop a joint program that will make a small van for GM's Opel and Vauxhall brands and serve as the basis for a compact crossover vehicle for Peugeot.
An appeals panel of the World Trade Organization has upheld a ruling that China unfairly imposed import tariffs on a high-technology U.S. steel product. In a ruling Thursday, the WTO appeals panel said China was wrong in the way it put duties on U.S.-made grain-oriented flat-rolled electrical steel.
Industrial production in India rose 2.7 percent in August, more than expected on a rebound in mining activity, though investment still appears weak. Markets took the news in stride Friday, suggesting that investors believe the numbers will do little to convince the central back to cut interest rates when it meets later this month.
China demanded Thursday that Washington repeal steep tariffs on solar panels that Chinese producers fear will shut their equipment out of the American market. The tariffs upheld Wednesday by the U.S. Commerce Department add to financial pressure on struggling Chinese solar panel manufacturers that are suffering heavy losses due to weak demand and a price-cutting war.
China's auto sales shrank in September as a territorial dispute with Tokyo prompted buyers to avoid Japanese brands, hurting already weakening demand. Sales of passenger vehicles declined 0.3 percent from a year earlier to 1.32 million units, the state-sanctioned China Association of Automobile Manufacturers said Wednesday.
American companies should avoid doing business with China's two leading technology firms because they pose a national security threat to the United States, the House Intelligence Committee is warning in a report to be issued Monday. The panel says U.S. regulators should block mergers and acquisitions in this country by Huawei Technologies Ltd. and ZTE Corp.
Brazil says it will grant tax breaks to companies that produce safer and more fuel-efficient cars. Trade and Industry Minister Fernando Pimentel announced the tax incentive program that runs from 2013 to 2017 during a news conference on Thursday.
Toyota Motor Corp. has suspended operations at its plant in Durban, South Africa, since Monday afternoon, as workers there have been on strike, demanding higher wages, Toyota officials said Thursday. The company is now under negotiations with the representatives of the labor union, the officials said.
Johnson & Johnson is expanding operations in Puerto Rico. The company and the governor of the U.S. island territory jointly announced an expansion of four existing plants that will add 308 jobs. A Johnson & Johnson spokesman said the company based in New Brunswick, New Jersey would invest up to $225 million to add capacity at two plants in the town of Gurabo and one each in Manati and San Lorenzo.
The report shows that the optimism this year has fallen from about 62 percent last year to 47 percent on the U.S. economy, and for the world economy, the rating took a bigger plunge. Last year, 50 percent of manufacturers were optimistic and now only 17 percent are.
Japan's manufacturing contracted further in August, dropping 1.3 percent from the previous month on weakening auto and electronics output, as anti-Japanese riots in China darkened an already bleak outlook for both economies. Data released Friday also showed core consumer prices, excluding food, continued to fall last month in another sign that Japan, the world's third-biggest economy, remains in the doldrums.
Sergio Marchionne thinks Europe's carmakers can only survive if they reduce their enormous overcapacity together, rather than retreating behind national borders to find piecemeal solutions. Marchionne wants the European Union to coordinate continent-wide restructuring because when individual countries get involved, they only save plants on their home turf and end up injecting money to prop up hometown companies.
The company that makes Japan's bullet train cars has been selected to manufacture a fleet of next generation passenger cars for Amtrak rail corridors in the Midwest and California. Illinois, Michigan, Missouri, and California are teaming up to buy the 130 bi-level cars for $352 million from a joint venture by Nippon-Sharyo and Sumitomo Corp. of America.
The mobile phones made by RIM hold the dominant market share in both Nigeria and South Africa, two of the biggest economies on the African continent. Now opening an office in Nigeria, RIM hopes to hold onto that African advantage as its sales in Western nations tumble, company officials say.
Robust U.S. economic indicators pushed world markets higher on Tuesday, offsetting uncertainty over Europe's debt problems and global growth. Consumer confidence in the U.S. jumped in September to its highest level since February, according to the Conference Board whose index rose to 70.3 points from 61.3 in August. Market expectations were for a more modest gain.
The United States Trade Office says the U.S. government has responded to and complied with a World Trade Organization ruling that found the U.S. had provided illegal subsidies to Boeing Co. The U.S. and the European Union have been at odds over subsidies to the world's top two plane makers — Boeing and Europe's Airbus.
Scores of Japanese-owned factories and stores in China were shuttered Tuesday as anti-Japan demonstrations erupted in dozens of cities. At stake are billions of dollars in investments and far more in sales and trade between Japan and China, the world's third- and second-largest economies. The two are so closely entwined that both would suffer from any long-term disruptions.
Honda Motor Co. and Mazda Motor Corp. on Monday both announced the halt to operations at their auto assembly plants in China, amid anti-Japan protests in the country triggered by Japan's nationalization of a group of islets in the East China Sea claimed by China.