While the world waits for the next big provocation from North Korean leader Kim Jung-Un, across the de-militarized border to the South, it's business as usual. Even if rising threats from North Korea were to disrupt production for Samsung or LG in the South, it would have limited impact on the global supply chain. Reuters' Jon Gordon explains why.
German Chancellor Angela Merkel has welcomed General Motors' decision to invest another 4 billion euros ($5.3 billion) in European subsidiary Opel by 2016 as part of an attempt to turn the money-losing division around. Merkel met with GM Chairman and CEO Dan Akerson and other company officials Thursday in Berlin.
The fact is that our trade and economic policies – or lack thereof – are the primary cause of stagnant manufacturing growth in this country. We in and of manufacturing find ourselves in an environment of two camps, vying on many fronts for supremacy & influence. And, these days, it sure seems like the inmates are running the asylum.
State incentives for Boeing Co.'s expansion plans in North Charleston are clearly ready for takeoff. The Senate voted 37-6 vote on Wednesday to approve $120 million for upfront expansion costs such as utilities and site preparation. Approval of the bill borrowing the money comes a day after Boeing Co. announced it's investing another $1 billion and creating 2,000 new jobs over eight years
The latest threat from North Korea comes as President Kim Jung Un made good on his promise to close the Kaesong Industrial park. Kaesong is where 120 factories with North and South Korean workers are side by side. North Korea stands to lose $80 million in wages a year with Kaesong closed. CBS' Margaret Brennan reports.
A Connecticut gun-maker has announced it intends to leave the state following the passage of gun control legislation it says tramples on the rights of citizens and does not show enough consideration for the industry. Bristol-based PTR says in a statement posted on its website that it has not decided where it will move, but it has commitments from most employees to relocate.
The new W visa program would admit 20,000 low-skilled foreign workers starting in 2015 and could gradually grow up to a cap of 200,000 after five years. The number of visas would fluctuate, depending on unemployment rates, job openings, employer demand and other data.
GM Chairman and CEO Dan Akerson said at a news conference Wednesday that GM was "fully supportive of the Opel turnaround plan" and that the Detroit-based group "must have a strong presence in Europe and especially here in Germany." Akerson added that GM was committed to investing $5.22 billion in Europe by 2016.
Marchionne has jointly managed the two companies since buying a 20 percent stake in 2009. Fiat has since built up its holding in the U.S. company to 58.5 percent. However, his ambitions to fully merge the two companies have been stalled by a dispute between Chrysler's minority shareholder, the autoworkers union pension health trust.
Boeing Co. is expanding in South Carolina and will invest another $1 billion, creating 2,000 new jobs during the next eight years, the aerospace giant announced Tuesday. Company spokeswoman Candy Eslinger said the company that operates a 787 assembly plant in North Charleston will expand its operations.
U.S. employers advertised the most job openings in nearly five years in February, but they boosted hiring at a much slower pace. The figures suggest that companies remain too cautious about the economy to quickly fill open jobs. The number of openings rose 8.7 percent in February from January to a seasonally adjusted 3.93 million, the Labor Department said.
The Oshkosh-based company says it will begin laying off 700 hourly employees in mid-June, with 200 salaried employees to be laid off by the end of July. Company leaders say production is declining as the military continues to wind down from the wars in Iraq and Afghanistan.
The class-action lawsuit was filed in Summit County Common Pleas Court against Goodyear Tire & Rubber Co. on behalf of workers at its factory in Amiens, France. Robert Gary, an attorney who worked on the filing, said the labor dispute was taken to court in Ohio because corporate decisions affecting French workers were made in Akron.
Hostess Brands Inc. won approval Tuesday to sell off the last of its major cake and bread brands, bringing the total proceeds from its liquidation to about $860 million. A U.S. Bankruptcy Court judge in New York approved the two deals, said Hostess spokeswoman Anita-Marie Laurie.
The Kansas City Area Development Council announced that Adrian Steel, a Michigan-based manufacturer of commercial van and truck equipment, is expanding to Kansas City to supply parts for the Ford Motor Company. Adrian Steel will lease 11 acres for a new 32,000-sq.-ft. facility and eight-acre logistics center at the Hunt Midwest Business Center, creating 39 new jobs.
A Republican state lawmaker is inviting firearms manufacturers to relocate to Rhode Island from other states he says are "hostile" to gun owners' rights. House Minority Leader Brian Newberry of North Smithfield made the invitations Monday to Hartford, Conn.-based Colt's Manufacturing Co. and Beretta USA Corp. in Accokeek, Md.
A few hundred South Korean managers, some wandering among quiet assembly lines, were all that remained Tuesday at the massive industrial park run by the rival Koreas after North Korea pulled its more than 50,000 workers from the complex. Others stuffed their cars full of goods before heading south across the Demilitarized Zone that divides the nations.
Vodka producer Central European Distribution Corp. is seeking Chapter 11 bankruptcy protection to cut more than $665 million of its debt. The company is asking a U.S. Bankruptcy Court in Delaware to approve a reorganization plan, which would give ownership of the company to Roust Trading. Roust is owned by CEDC Chairman Roustam Tariko.
North Korea said Monday it will suspend operations at a factory complex it has jointly run with South Korea, pulling out more than 53,000 North Korean workers and moving closer to severing its last economic link with its rival as tensions escalate.
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.
General Motors Co. says it plans to invest nearly $30 million for the production of two new engines and other auto parts at its Bedford Castings plant in southern Indiana. GM said Thursday the Bedford plant will receive $19 million to produce components for a small gas engine and $10.4 million to produce components for a new 8-speed and existing 6-speed transmissions.
General Motors plans to invest $332 million into four factories in three Great Lakes states to build new, more efficient engines and transmissions. The spending at plants in Toledo, Ohio; Bedford, Ind.; and Flint and Bay City, Mich., will allow the company to build a new V-6 engine, a new small motor and new eight-speed automatic transmissions, GM said Thursday.
IRISS, a leader in the industrial infrared (IR) window market for electrical safety, announced today their new global headquarters officially opened. This day coincided with the first annual Global Industry Day publicized in Manatee County.
The Arkansas Senate on Tuesday approved Gov. Mike Beebe's proposal to provide Big River Steel with $125 million in state financing to help build a new steel mill in northeastern Arkansas. Without any discussion on the chamber floor, the Senate approved a bill authorizing the plan, which Beebe has called one of the largest economic projects ventures in Arkansas history.
In the latest sign that North Korea's warlike stance toward South Korea and the United States is moving from words to action, Pyongyang on Wednesday barred South Korean managers and trucks delivering supplies from crossing the border to enter the Kaesong industrial park.