Japan's trade deficit was a smaller-than-expected 180.8 billion yen ($1.8 billion) in June as the weaker yen boosted exports. The deficit reported by the Ministry of Finance on Wednesday was smaller than most forecasts and down from May's deficit of 996.4 billion yen. Still, it was more than triple the 56.1 trillion yen deficit recorded in June 2012.
Automaker Daimler AG laid out the hope of a recovery in the West European car market later this year as it reported a big jump in its second-quarter net profit following the sale of its stake in aerospace firm EADS. The Stuttgart-based company said Wednesday that net profit rose to €4.58 billion ($6.04 billion) from €1.56 billion in the same quarter a year before. Sales rose 3 percent to €29.7 billion.
U.S. manufacturers can breathe a sigh of relief that the global economy has taken a few steps back from the brink, with the Federal Reserve and other central banks playing key roles, according to a new report. In the Manufacturers Alliance for Productivity and Innovation’s Global Outlook, senior economist Cliff Waldman writes that central banks have been somewhat aggressive in flooding globally important regions with liquidity.
General Motors stock would have to sell for $95.51 per share for the U.S. government to break even on bailing out the company, according to a government watchdog's report released Wednesday. That price is about three times what GM shares are selling for now, even after a 25 percent increase in the price so far this year.
A deepening slowdown is challenging Chinese leaders' determination to stick with painful economic reforms they say will deliver more sustainable growth in the long run. The latest gloomy data point: A manufacturing survey released Wednesday showed this month's activity fell to an 11-month low.
Lockheed Martin raised its profit guidance for the year after posting a higher-then-expected second-quarter profit because of strong sales of missile defense systems, and because it settled a dispute over a canceled project to build the new presidential helicopter.
Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, announced that at its special meeting of stockholders held today, the stockholders approved the adoption of the merger agreement, pursuant to which ABB (NYSE:ABB) will acquire Power-One for $6.35 per share of Power-One common stock.
Nissan Motor Co. and its French alliance partner Renault SA said Tuesday they have sold a combined 100,000 electric vehicles globally. However, the companies' sales of zero-emission cars have not been as strong as expected due to higher price tags than equivalent gasoline-powered vehicles as well as scarce charging facilities.
Eight energy companies will bid Sept. 4 on a lease for a vast expanse of ocean off Virginia's coast set aside for the development of wind farms. The Bureau of Ocean Management on Monday announced the scheduled auction of 112,800 acres on the Outer Continental Shelf, 23.5 miles east of Virginia Beach.
The Institute for Supply Chain Management held their 98th Annual International Supply Management Conference & Educational Exhibit April 28th through May 1st in Grapevine, TX. More than 2,000 professionals attended the conference and several “instant” digital polls were held, taking a look at reshoring and tax concerns. Thomas Derry, CEO of ISM, discusses the results of those polls and how they are affecting business and the economy.
China has fired a new salvo in a global trade battle over solar panels by raising import duties on U.S.- and Korean-made polysilicon used to manufacture them. The Ministry of Commerce said the duties of up to 57 percent are in response to dumping, or selling at improperly low prices.
Companies are increasingly confident the economy will grow at a modest pace over the next year and are hiring more, according to a survey of business economists. Nearly one-third of the economists surveyed by the National Association for Business Economics said their companies added jobs in the April-June quarter, according to a report released Monday.
Detroit city leaders defend the decision to file for bankruptcy, saying there is no funding mechanism for its crushing debt. One big question remains: Whether or not the city will ask Washington for help once again. CBS News' Terrell Brown reports.
Four years ago, America's Big Three automakers mortgaged all they owned or went into bankruptcy court to keep from going broke. Since then, General Motors, Chrysler and Ford have all returned to full financial health, unlike Detroit itself, which filed for bankruptcy Thursday after years of painful decline.
Hershey's has been making and selling chocolate for more than a century but the company is just getting started in places like China. CBS News' Seth Doane reports on how this classic American brand is changing to appeal to its new customers.
Cronus Chemicals wants to build a $1.2B plant on a cornfield that would manufacture nitrogen-based fertilizer, a staple of the corn and soybean farms that fill the landscape around Tuscola, a community of 4,500 people about 160 miles south of Chicago. Similar projects are being proposed across the nation, driven by booming demand for corn and newly abundant supplies of natural gas.
A gauge of the economy's future health was unchanged in June, pointing to modest growth in the coming months. The Conference Board, a business research group, said Thursday that its index of leading indicators remained at 95.3 in June. The flat reading followed increases of 0.2 percent in May and 0.8 percent in April.
America's top-selling car is in danger of losing its title. Toyota's Camry has been No. 1 for more than a decade, but the company is stretching to keep it there with price cuts, rebates and lease deals. Camry sales fell 2 percent from January through June.
Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection. Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
Intel Corp., the world's largest maker of chips for PCs, put a brave face on the decline of the global PC sales earlier this year, saying it still expected its own sales to grow. On Wednesday, it backtracked, saying sales will be flat. Intel is hoping that sales of processors for servers, tablets and smartphones will compensate for the drop-off in PC sales.
The number of Americans applying for unemployment benefits fell 24,000 last week to a seasonally adjusted 334,000, a sign that steady job gains should continue. The drop left unemployment benefit applications at the lowest level in 10 weeks, the Labor Department said Thursday. Some of the decline may have been caused by seasonal factors.
Hostess Brands says demand for Twinkies and CupCakes is at a record high since the snack cakes returned to shelves. The treats disappeared from shelves almost eight months ago when the predecessor company that made them shut down its plants and said that it was going out of business. The cakes are back under new ownership.
The European Union's environment commissioner says China can curb pollution without sacrificing economic growth. Janez Potocnik also says China's serious pollution problems are an opportunity for European businesses that have developed technology to clean up water and air pollution.
Any way you look at it, the United States and European Union will remain dominant players in world trade over the next two decades. The real question, says the World Trade Organization in a new report, is how much ground they cede to rising economies like China.
Chrysler will start selling a completely new midsize car during the first quarter of next year, company executives confirmed on Tuesday. The replacement for the aging Chrysler 200 and Dodge Avenger is badly needed for the company to compete with the likes of the Toyota Camry and Honda Accord in the most popular part of the U.S. auto market.