Cambodian police on Monday clashed with workers and arrested seven at a factory that makes clothing for the U.S. sportswear company Nike in the latest violence linked to a strike over salaries there, a union organizer said. Free Trade Union of Workers of the Kingdom of Cambodia organizer Son Vanny said its members exchanged barrages of sticks and stones with members of a rival union opposing the strike.
Fire raged through a poultry plant in northeastern China on Monday, trapping workers inside a cluttered slaughterhouse and killing at least 119 people, reports and officials said. Several dozen people also were hurt in the blaze in Jilin province's Mishazi township, which appeared to have been sparked by three early morning explosions, the official Xinhua News Agency said.
China's manufacturing shrank slightly last month, a report said Monday, adding to signs of an uncertain recovery in the world's second-biggest economy. HSBC's monthly purchasing managers' index fell to 49.2 in May. That's down from 50.4 in April. Readings below 50 indicate a contraction.
Global unemployment will hit 200 million this year, and declarations of intent to tackle the problem will mean nothing without action, says International Labor Organization director general Guy Ryder. And within the next five years, he suspects global joblessness to reach 215 million.
ArcelorMittal, the world's largest steelmaker, said Thursday that it has completed the sale of a 15 percent stake in one of its Canadian iron ore operations to an Asian-led consortium for $1.1 billion in cash. A group led by South Korean steelmaker POSCO and China Steel Corp. had entered into a joint venture that owns ArcelorMittal iron ore mining and infrastructure assets in Quebec. The deal was originally announced in January.
Home to the creators of Skype and the first country to use online voting, Estonia relishes its image as a technological pioneer. But the tiny East European country's most far-reaching economic achievement could come from how it has learned to squeeze oil from a rock.
Unemployment across the 17 EU countries that use the euro hit another record high in April — and appears to be on course to hit 20 million this year in what would be another gloomy landmark for the currency bloc. Eurostat, the European Union's statistics office, said Friday that the unemployment rate rose to 12.2 percent in April from the previous record of 12.1 percent the month before.
Cellphone pioneer Motorola says it's opening a manufacturing facility that will produce the first smartphone ever assembled in the U.S. — its new flagship device, Moto X. The Texas site was once used by fellow phone manufacturer Nokia, meaning it was designed to produce mobile devices, said Will Moss, a spokesman for Motorola Mobility, which is owned by Google.
Smithfield Foods, the world's largest pork producer, is being bought by Shuanghui. The price: almost $5 billion. If approved, it will be the largest takeover of an American company by a Chinese buyer. This is the latest in a string of American companies being purchased by China. So why this company—and why now?
Brooks Instrument, a world-leading provider of advanced flow, pressure, vacuum, level and vapor delivery solutions, has opened a new sales office in Al-Khobar, Saudi Arabia, to support its expanding customer base in the Middle East. The new facility, which officially opened March 9, offers the full line of Brooks products with a focus on thermal mass flow and variable area flow instrumentation.
The recession in Europe risks hurting the world's economic recovery, a leading international body warned Wednesday. In its half-yearly update, the Organization for Economic Cooperation and Development said that protracted economic weakness in Europe "could evolve into stagnation with negative implications for the global economy."
The EU's environmental agency says the 27-nation bloc's greenhouse emissions in 2011 were the lowest since it began monitoring them in 1990. The European Environment Agency says greenhouse gas emissions dropped 3.3 percent compared to 2010, and were 18.4 percent below 1990 levels. It cited a milder winter in 2011 as the main reason for the drop.
A Canada-based wind tower manufacturer that is setting up shop in the southeastern South Dakota city of Brandon says it hopes to start production this summer. Marmen Inc. is moving into a facility built by a U.S.-based wind tower company that never used it, and also expanding the plant.
China's economy, the third largest economy in the world, shows fresh signs of faltering, with an advance reading of manufacturing output shrinking for the first time in seven months. That may worry trading partners--but not its leaders.
Scan through the business section of the news, and you’re likely to see stories about the resurgence of U.S. manufacturing, about how companies are moving jobs back to the United States because of the rising cost of manufacturing in (and shipping to and from) China. Certainly good news for American manufacturers, but I would argue that this trend is not what the resurgence of U.S. manufacturing should be built on.
European leaders sounded the alarm on youth unemployment Tuesday and called for more help for businesses to help solve the problem that has left nearly one in four young people in Europe without a job. At a conference in Paris Tuesday, French, Italian and German ministers warned that if high youth unemployment is not addressed, young people will lose faith in their governments and the European Union.
North Korea relaxed state control of salaries last month, a government economist said, outlining a change in policy intended to boost production by giving companies latitude to provide workers with financial incentives. Ri Ki Song, a professor at the Institute of Economics at North Korea's Academy of Social Sciences in Pyongyang, said enterprises are now allowed to use some of their earnings to pay workers more.
German Chancellor Angela Merkel said Sunday she would use her country's economic clout to prevent the European Union from imposing punitive tariffs on some Chinese products to avoid a trade war. Germany will push for "very intense talks" between the EU and China to seek a negotiated solution as swiftly as possible, the leader of Europe's biggest economy told visiting Chinese Premier Li Keqiang.
For farmers, business owners and government officials up and down the West Coast, Washington's bridge collapse on Interstate 5 represents much more than a close brush with tragedy. As much as $20 billion in freight travels to and from Canada and along the busy north-south corridor each year.
Volkswagen's German factory workers will get a two-stage raise under a new wage deal reached as the automaker grapples with slipping sales and profit. The company said Tuesday it agreed with the IG Metall union on increases of 3.4 percent from Sept. 1 and 2.2 percent from July 1 of next year through February 2015. The agreement covers 102,000 workers in six west German auto plants.
It was an audacious idea that came to symbolize Israel's self-described status as "Start-Up Nation," a company that believed it could replace most gasoline-powered cars with electric vehicles and reduce the world's reliance on oil — and all within a few years. But it all came crashing down.
For the first time, Tesco, one of the largest retailers in the world, opened the doors to its factory in Bangladesh. ITV News visited a production center said to be ethically run. It manufactures many of the 40 million garments made in Bangladesh every year for the supermarket giant Tesco.
Chinese Premier Li Keqiang is in Switzerland to seal a free trade pact with the Alpine nation — the first comprehensive agreement his country has reached with a major western economy. Li met with Swiss officials in Zurich on Friday to conclude three years of negotiations.
The French government is trying to woo executives and entrepreneurs, amid concerns that it has antagonized the businesses needed to reinvigorate the economy. Finance Minister Pierre Moscovici announced Friday that the government no longer plans to push for a law to cap executive salaries in the private sector.
Ford Motor Co. said Thursday it will close its two Australian auto plants, ending production in the country in 2016, amid soaring manufacturing costs and plummeting sales. The closure of the U.S. automaker's plants in the state of Victoria will mean the loss of 1,200 jobs and will transform the company into an import-only brand in Australia.