The U.S. trade deficit increased in May to the highest level in six months as a weak global economy depressed U.S. export sales while imports of autos and other nonpetroleum products hit an all-time high. The trade deficit rose to $45 billion in May, up 12.1 percent from April's $40.1 billion imbalance, the Commerce Department reported Wednesday. It was the largest trade gap since November.
After a car maker or a steel mill wears out a factory, extracts all the tax breaks a treasury will bear, and accumulates more obligations to its workers than the stockholders will bear, it flees town like a deadbeat husband, leaving a worn-out, exploited patch of land no else will touch. An industrial city follows the same life cycle as a boxer, or a prostitute.
In today’s business climate, in particular for many industries that serve consumers directly — think automakers, consumer packaged goods manufacturers, or pharmaceutical firms — operate under the assumption that they’ll be subjected to a recall incident at some point.
China's Commerce Ministry announced Monday it has launched a formal investigation into claims that European Union countries are selling wine at unfairly low prices, as a prolonged dispute over Chinese solar power products continues to affect trade relations. The ministry said in a notice late Monday that it had accepted the complaint brought by the Chinese wine industry in May following a review.
French President Francois Hollande demanded on Monday that the United States immediately stop its alleged eavesdropping on European Union diplomats and suggested that the widening surveillance scandal could derail free-trade negotiations worth billions. The Obama administration is facing a breakdown in confidence from key allies over secret surveillance programs that reportedly installed covert listening devices in EU offices.
Aluminum giant Alcoa said Friday that it will close a smelting facility in Italy, its latest move to trim costs as it grapples with lower aluminum prices. Alcoa was already tamping down production at the Fusina smelter in Venice, Italy, three years ago, citing weak aluminum prices and the need to stay competitive.
The United States is expected to suspend trade privileges for Bangladesh because of concerns over labor rights and worker safety that intensified after hundreds died there in the global garment industry's worst accident. Congressional aides said the Obama administration would make its announcement Thursday, the culmination of a yearslong review of labor conditions in the impoverished South Asian nation.
Take a look at how a non-profit implemented Toyota's legendary production system (TPS) to increase the number of meals distributed to people who are still affected by Superstorm Sandy. Implementing this Kaizen event has made meal delivery in the still recovering area more efficient than ever before.
A divided Supreme Court on Monday decided to make it harder for Americans to sue businesses for retaliation and discrimination, leading a justice to call for Congress to overturn the court's actions. The court's conservatives, in two 5-4 decisions, ruled that a person must be able to hire and fire someone to be considered a supervisor in discrimination lawsuits, making it harder to blame a business for a co-worker's racism or sexism.
Despite the ever looming concern about high fuel prices, there is still booming interest in many motorsports vehicles and products. Over the past several years, Sportech, Inc. has experienced an explosive increase in demand for their Thermoplastic Polyolefin (TPO) parts for original equipment manufacturers of motorcycles, snowmobiles, ATVs, and other off-road vehicles.
Scandinavian airline SAS says it plans to order 12 new planes from Airbus in a deal valued at $3.3 billion at list prices. SAS said Tuesday it has signed a memorandum of understanding — short of a firm order — for eight A350 and four A330 planes as part of a renewal of its long-haul fleet.
An eastern Indiana city could sell a large empty factory to a company for $1 as part of a deal for it to hire more than 300 workers. Connersville's city council and redevelopment commission approved resolutions Monday night giving the company three months to decide whether to finalize the agreement.
Check out some of the latest in high tech manufacturing, including the manufacturing software environment and its growing ability to gather and analyze more data, manufacturing automation's march to dominate the plant floor, the importance of reliable material handling information to track the plant of the future, and the cost-saving implications of monitoring and managing facility energy usage.
The European Union's trade commissioner said Friday that the EU and China are seeking a negotiated settlement to resolve a solar panel dumping dispute as quickly as possible. Karel De Gucht told reporters in Beijing that there had been no breakthroughs so far in talks and warned that such disputes are rarely resolved overnight.
There is one absolute that applies to every company, independent of industry: You cannot expect to operate efficiently without dedicated and skilled employees. When looking at the manufacturing industry specifically, finding a highly skilled workforce has proven to be one of the greatest challenges.
When Lawrence Scheer began selling baby clothes in 2010, he didn't realize it then, but he was on the leading edge of a recovery in small business exports. Scheer's company, Magnificent Baby, manufactures its products in China and then sells them in about 20 countries around the world.
Stratasys, a leading maker of 3D printers, is buying another 3D printer manufacturer, MakerBot, for $403 million in stock. Stratasys Ltd. said Wednesday the acquisition will enable it to offer affordable desktop 3D printers. MakerBot, whose machines are priced around $2,000 to $3,000 and are aimed at the "prosumer" market, sells direct to buyers over its website.
U.S. Sens. Jeanne Shaheen and Kelly Ayotte are teaming up to help small businesses make the most of their export opportunities. The senators on Tuesday reintroduced the bipartisan Small Business Export Growth Act, which is aimed at cutting down on bureaucratic hurdles and giving businesses more exporting assistance.
Bio-Chem Fluidics' new Vice President of Operations, Joe Turiello, says that the United States on the whole seems way too willing to give up its manufacturing capabilities for short term profits. PD&D caught up with Turiello to talk to him about his new position, the future of Bio-Chem, and his thoughts on the industry.
Global manufacturers are putting their supply chains at the center of their business strategies to serve as the foundation for operational efficiency and collaborative innovation, according to KPMG’s 4th annual Global Manufacturing Outlook: Competitive Advantage – Enhancing Supply Chain Networks for Efficiency and Innovation, which surveyed 335 C-level executives globally, including 95 in the U.S.
It wasn't that long ago that the Boeing 787 was having some problems with its battery, leading to many airlines grounding their 787s. Now, the Dreamliner maker's stock is the 2nd best performer in the Dow this year as worries about Boeing's 787 battery problems fade.
Italian carmaker Fiat says it will temporarily stop production at some European car plants in the coming days due to insufficient deliveries of plastic parts. Fiat said in a statement Wednesday that more than 5,500 vehicles can't be completed due to missing components from the Italian supplier Selmat, creating an "unmanageable" backlog.
Illinois Tool Works Inc. (NYSE: ITW) has announced that it has signed a Definitive Purchase Agreement to acquire 100 percent of the Meurer Group located in Furstenau Germany. Meurer is a well-known supplier of secondary packaging equipment to the FMCG (Fast Moving Consumer Goods) markets worldwide.
Shares of Elan Corp. PLC jumped Friday after Royalty Pharma once again raised its offer to buy the Irish drugmaker in an increasingly bitter takeover fight. Royalty said it will now pay $13 in cash for each Elan share, and it will give stockholders the right to receive up to an additional $2.50 per share in milestone-based payments. That's up from a previous bid of $12.50 per share.
European Union Trade Commissioner Karel De Gucht speaks about the European Commission's new tax on Chinese solar panel manufacturers and the possibility of a trade war. De Gucht talks about what this means for trade between China and the European Union.