Globalization

Fiat-Chrysler Bearish On Europe

April 9, 2013 10:13 am | by Colleen Barry, AP Business Writer | News | Comments

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' CO Factories Benefit From Canada Order

April 9, 2013 10:09 am | by The Associated Press | News | Comments

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.

How Government Can Help Small And Midsize Manufacturers Export

April 5, 2013 3:52 pm | by Mike Collins, Author, Saving American Manufacturing | Blogs | Comments

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.

China Is The World’s Largest Manufacturer, And By An Increasing Margin

April 5, 2013 3:19 pm | by Daniel J. Meckstroth, Ph.D., Vice President and Chief Economist, MAPI | Articles | Comments

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

U.S. Trade Deficit Narrows To $43B In February

April 5, 2013 9:42 am | by Martin Crutsinger, AP Economics Writer | News | Comments

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.

Is Re-Industrialization The Key?

April 5, 2013 8:00 am | by Dr. Tom McNamara, Assistant Professor of Operations Management, Rennes School of Business | Blogs | Comments

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.

U.S. Is Halfway To Obama's Export-Doubling Goal

April 4, 2013 2:20 pm | by Tom Raum, Associated Press | News | Comments

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.

HK Dockworkers Refuse To Back Down In Port Strike

April 3, 2013 10:14 am | by Kelvin Chan, AP Business Writer | News | Comments

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.

Turkish Company Plans TX Steel Pipe Plant

April 3, 2013 10:12 am | by The Associated Press | News | Comments

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.

Why Global Carmakers Are Feeling Good

April 2, 2013 1:37 pm | by CNN Money | Videos | Comments

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.

Euro Area Unemployment At Record 12 Percent

April 2, 2013 10:17 am | by Pan Pylas, Associated Press | News | Comments

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.

Honda To Resume Construction Of India Plant

April 2, 2013 10:15 am | by The Associated Press | News | Comments

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.

China's Manufacturing Growth Improves In March

April 1, 2013 9:57 am | by The Associated Press | News | Comments

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.

Asian Giants Tiptoe Toward Free Trade Deal

April 1, 2013 9:55 am | by Youkyung Lee, AP Business Writer | News | Comments

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 Jobless Rate Up; Prices, Manufacturing Fall

March 29, 2013 2:05 pm | by Elaine Kurtenbach, AP Business Writer | News | Comments

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.

U.S. Takes Swipe At China For Hacking Allegations

March 28, 2013 2:03 pm | by Anne Flaherty, Associated Press | News | Comments

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 To Start Kenya Motorcycle Production

March 27, 2013 1:52 pm | by The Associated Press | News | Comments

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.

Slovakia Signs Deal With U.S. Steel To Stay

March 26, 2013 9:41 am | by The Associated Press | News | Comments

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."

Solar Company Shares Down On JA Solar 4Q Loss

March 26, 2013 9:37 am | by The Associated Press | News | Comments

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.

Slovak PM Visits U.S. Steel, No Deal Announced

March 25, 2013 2:13 pm | by Kevin Begos, Associated Press | News | Comments

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, EU Agree To Start Free-Trade Negotiations

March 25, 2013 2:11 pm | by Yuri Kageyama, AP Business Writer | News | Comments

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.

Renesas In Talks To Sell Mobile Chip Operations

March 21, 2013 1:46 pm | by The Associated Press | News | Comments

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.

UK Coffee Machine Maker Whips Up Exports

March 20, 2013 5:21 pm | by ReutersTV | Videos | Comments

Reuters' Hayley Platt reports from a UK factory which has had to find new markets to thrive. Since the start of the financial crisis, exports have been crucial. They now account for 25 percent of francino's business, up from just 2 percent in 2008. But the Eurozone has been a struggle.

VW Announces China Recall For Gearbox Problem

March 20, 2013 1:58 pm | by The Associated Press | News | Comments

Volkswagen AG announced a recall Wednesday of more than 384,000 vehicles in China to fix gearboxes following a report last week by state TV that criticized the quality of the German automaker's cars. Volkswagen said that problems with direct-shift gearboxes might cause a power interruption, but it said drivers could remain in control and maneuver to a stop.

Bentley Booms, But SUVs Stuck In Garage

March 20, 2013 1:01 pm | by Reuters | Videos | Comments

Premium automotive brands appear to be the only ones doing well these days amid the turmoil in Europe's car market, says Reuters' Julian Satterthwaite. Bentley says it can post higher sales again this year, but a green light for the company's key SUV project remains elusive.