China has pledged less than $2 million in cash and materials, compared to $20 million provided by the United States, which also launched a massive military-driven rescue operation that includes an aircraft carrier.
Exports, which hit a record high in June, slipped for the third straight month, dipping 0.2 percent to $188.9 billion, with sales of commercial aircraft and autos both down. Imports rose 1.2 percent to $230.7 billion, the highest level since November.
The two-billion-dollar manufacturing complex in Aguascalientes, central Mexico, is capable of assembling 175,000 cars annually. It will initially produce Sentra compact sedans, which are to be shipped to over 20 markets globally.
European consumer groups are worried about the effects of a proposed trade deal with the U.S., fearing a flood of risky or unsafe foodstuffs, medicines and other imports from America.
China's leaders finished a closely watched policy meeting Tuesday with a promise to give market forces a bigger role in the country's state-dominated economy but failed to produce dramatic reforms to overhaul a worn-out growth model.
PepsiCo plans to invest $5.5 billion in India by 2020 as it focuses on growth in emerging markets. The maker of Mt. Dew, Gatorade and Frito-Lay chips plans to spend the money on new products, agriculture programs, selling infrastructure and manufacturing capabilities.
The negotiations take place against the backdrop of European pique over reported U.S. electronic espionage, and were delayed due to the U.S. government shutdown. But officials for both sides say the benefits of the proposed Transatlantic Trade and Investment Partnership are too great for the talks to be affected.
American businesses and the government know that China wants to become the number one economy in the world and we simply ignore the fact that the Chinese have shown they will do whatever it takes (legal or illegal) to achieve their goals.
Honeywell announced today it will establish a new manufacturing campus in Zhangjiagang, China, to support growing demand in Asia for energy technology and advanced materials.
A Germany-based automotive supplier is planning to build a new production plant in Kentucky. The $120 million facility will be called Bilstein Cold Rolled Steel and will employ 90 workers. The company says it is building the 150,000-square-foot facility to better serve its North American auto industry customers.
Coroplast Tape Corp. is planning to put its first U.S. production plant in South Carolina, creating 150 jobs. The German company announced Wednesday plans to invest $12 million in a York County Spec Building off Interstate 77. The facility will make a range of adhesive and insulating tapes for the automotive industry.
Daimler AG's Mercedes-Benz says it will build a new plant in Brazil to produce its C-class sedan and GLA compact sport-utility vehicle. The German automaker says in a Tuesday statement that the company will make an initial investment of 500 million reals ($224 million) to build the plant in the city of Iracemapolis in Sao Paulo state.
China’s overwhelming manufacturing cost advantage over the U.S. is shrinking fast. Within three years, a Boston Consulting Group analysis concludes that rising Chinese wages, higher U.S. productivity, a weaker dollar, and other factors will virtually close the cost gap between the U.S. and China for many goods consumed in North America.
A new study by the Economic Policy Institute finds that a growing trade deficit with China has cost the U.S. billions of dollars in lost wages. In 2011 alone, unbalanced trade with the People’s Republic resulted in lost U.S. wages of $37.0 billion. The EPI study cites 2.7 million U.S. jobs lost between 2001 and 2011 due to the trade gap with China, and over 2.1 million of those jobs were in the manufacturing sector.
Bridgestone will keep running its passenger car tire plant in Italy, dropping an earlier plan to close it in 2014, on the condition that the plant's productivity and costs improve, the Japanese firm's European arm said. An agreement was signed by all stakeholders including local institutions, the Ministry of Welfare and trade unions to implement a plan for the plant to focus solely on tires for general use, Bridgestone Europe NV/SA said.
The eurozone's labor market appears to have stabilized, official figures indicated Tuesday, another sign that the eurozone economy is recovering from its longest-ever recession. Though Eurostat, the EU's statistics office, said the unemployment rate across the 17-member eurozone held steady at 12 percent in August, it found the number of people out of work fell for the third month running.
Virtually all analysts agree that, yes, many American manufacturers have been successful in bringing some previously lost business back home. But it’s happening at a slower pace than the industry had hoped. According to Henry Moser, the founder of the national Reshoring Initiative, the actual rate of reshoring is somewhere between a trickle and torrent.
Under French law, Sunday is a mandatory day off to help ensure rest and the quality of life, although some retailers in tourist areas or special commercial zones can get exemptions. Critics say the protections go too far, crimping modern lifestyles and putting France at a competitive disadvantage.
Chinese manufacturing activity ticked up more slowly than expected in September. A survey by HSBC Corp. released Monday showed that manufacturing activity in the world's No. 2 economy expanded slightly this month, rising to 50.2 from August's 50.1. The index uses a 100-point scale on which numbers below 50 indicate contraction.
A closer look at the factors contributing to slowing growth rates in Brazil, Russia, India and China offers insight on the next collection of emerging markets, as well as the established economies picking up the pace. For quite some time the subset of countries known as the BRICs have been the primary targets of U.S. manufacturers looking for either less expensive production settings or a new market in which to grow.
Toyota says it will begin sending U.S.-built Corolla sedans to 18 countries in Latin America and the Caribbean starting next year. The world's biggest car maker said Thursday that production of the U.S.-built vehicles is set to start at its Tupelo, Miss., plant in April 2014.
Police in Bangladesh used batons, rubber bullets and tear gas Wednesday to stop ongoing protests by garment workers demanding higher wages, while factory owners feared they may miss shipments to the United States and Europe. The fifth day of protests in two industrial districts near Dhaka, the capital, forced authorities to close more than 100 factories for the day, police and news reports said.
The U.S. Department of Transportation’s Federal Transit Administration announced a new Interagency Agreement with the U.S. Department of Commerce’s NIST that will make it easier for manufacturers and transit agencies to identify domestically made products, such as steel and iron components that comply with FTA’s “Buy America” rules requiring that at least 60 percent of the components must be manufactured in the United States.
A German powertrain maker will build its first American factory in Tunica, with plans to invest $140 million and hire 300 people over five years. Feuer Powertrain Gmbh & Co. KG says it hopes to start production by early 2015 at the 156,600 square-foot plant it will build. Feuer will make forged crankshafts for cars, trucks and heavy equipment.
EMO Hannover 2013 – the leading international trade fair for the machine tool industry – came to a successful close on Saturday 21, September 2014. From September 16 to 21, more than 2,100 exhibitors from 43 different countries were on hand in Hannover to showcase their innovations to industrial users from around the world under, Intelligence in Production, the event’s keynote theme.