Global Manufacturing
4 Former BizJet Execs Charged With Foreign Bribery
April 8, 2013 8:01 am | by Chuck Bartels, AP Business Writer | News | CommentsThe indictment, which followed an FBI investigation, accuses the former BizJet executives of bribing government officials in Brazil, Mexico and Panama to secure maintenance contracts. BizJet cooperated with authorities and entered into a deferred prosecution agreement that had the company pay a penalty of $11.8 million.
U.S. Trade Deficit Narrows To $43B In February
April 5, 2013 8:42 am | by Martin Crutsinger, AP Economics Writer | News | CommentsThe Commerce Department says the gap between exports and imports shrank to $43 billion in February, down 3.4 percent from January's revised $44.5 billion. It was the smallest trade imbalance since December when the gap had declined to $38.1 billion, the lowest point in nearly three years.
Indian Government Lifts Curbs On Sales Of Sugar
April 5, 2013 8:29 am | News | CommentsThe government has decided to lift curbs on India's $15.5 billion sugar industry allowing mill owners to sell their produce in the open market. India is the world's second-largest producer of sugar and also the world's biggest consumer of the sweetener.
Asia, U.S. Sales Push Mercedes To Record Month
April 5, 2013 8:15 am | News | CommentsDaimler AG says its mainstay Mercedes-Benz luxury brand recorded the best monthly sales figures in its history in March despite weak car markets in western Europe. The company, based in Stuttgart, said Friday it delivered 139,920 Mercedes vehicles, up 6.5 percent from the same month a year earlier.
Chile Port Strikes Block Copper, Fruit Exports
April 5, 2013 8:02 am | by Eva Vergara and Luis Andres Henao, Associated Press | News | CommentsThe stoppage in the world's top copper producing nation began in the northern port of Angamos more than two weeks ago, when workers began demanding a 30-minute lunch break and a place to set up a cafeteria. Dock workers in other northern ports have joined in solidarity, causing huge losses for the mining, timber and fruit industries in export-dependent Chile.
Honda, Toyota Shares Boosted By Japan Stimulus
April 4, 2013 8:17 pm | News | CommentsShares of Toyota, Honda and Nissan all rose more than 4 percent as some analysts predicted a drop in Japanese car prices. But they also say the effect of the weaker yen will be blunted because those companies have previously moved so much of their production to North America.
N. Korea Refuses To Let S. Koreans Enter Joint Factory
April 3, 2013 5:52 am | by Ahn Young-Joon and Kim Yong-Ho, Associated Press | News | CommentsNorth Korea on Wednesday barred South Korean workers from entering a jointly run factory park just over the heavily armed border in the North in the latest sign that Pyongyang's warlike stance toward South Korea and the United States is moving from words to action.
Prosecutor: Researcher Stole Cancer Data For China
April 2, 2013 1:48 pm | News | CommentsA researcher at the Medical College of Wisconsin is charged with espionage after prosecutors say he stole details of a cancer-fighting compound that he wanted to share with China. Prosecutors say Hua Jun Zhao stole the compound, C-25, and data that led to its development.
Honda To Resume Construction Of 2nd Plant In India
April 2, 2013 8:30 am | News | CommentsThe 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.
Euro Area Unemployment At Record 12 Percent
April 2, 2013 8:28 am | by Pan Pylas, Associated Press | News | CommentsEurostat, the EU's statistics office, said the rate in February was unchanged at the record high after January's figure was revised up to 12 percent from 11.9 percent. Spain and Greece have mass unemployment and many other countries are seeing their numbers swell to uncomfortably high levels.
Nissan, Honda Car Sales Continue To Fall In China
April 2, 2013 8:24 am | News | CommentsNissan Motor Co. and Honda Motor Co. reported Tuesday continued falls in their March car sales in China, with sales of Nissan cars dropping 16.6 percent year on year and Honda cars 6.6 percent. Toyota Motor Corp. earlier reported an 11.7 percent drop in March car sales in China.
North Korea Vows To Restart Nuclear Facilities
April 2, 2013 8:21 am | by Foster Klug and Hyung-Jin Kim, Associated Press | News | CommentsNorth Korea said Tuesday it will escalate production of nuclear weapons material, including restarting a long-shuttered plutonium reactor, in what outsiders see as Pyongyang's latest attempt to extract U.S. concessions by raising fears of war.
Apple Apologizes In China After Service Criticism
April 2, 2013 8:01 am | by Christopher Bodeen, Associated Press | News | CommentsA statement Apple posted in Chinese on its website Monday said the complaints had prompted "deep reflection" and persuaded the company of the need to revamp its repair policies, boost communication with Chinese consumers and strengthen oversight of authorized resellers.
Japan Moves To Revamp Troubled Power Industry
April 2, 2013 7:49 am | by Elaine Kurtenbach and Mari Yamaguchi, Associated Press | News | CommentsThe plan is meant to encourage more innovation and modernization of the power grid as the country grapples with its energy policy following the shut-downs of almost all its nuclear power plants after the March 2011 tsunami disaster at the Fukushima Dai-Ichi plant.
India's Rejection Of Drug Patent Could Reverberate
April 1, 2013 7:40 pm | by Linda A. Johnson, AP Business Writer | News | CommentsIndia, Indonesia and some other developing countries have been bucking that trend. They've been shooting down Western patents and licensing local pharmaceutical companies to make cheap generic versions of medicines that most of their residents otherwise could not afford.
China's Manufacturing Growth Improves In March
April 1, 2013 9:10 am | News | CommentsChina's economic growth rebounded to 7.9 percent in the final quarter of last year following its deepest slowdown since the 2008 global crisis. But analysts warn the recovery will be weak and gradual, and growth could be vulnerable if trade or investment weakens.
Asian Giants Tiptoe Toward Free Trade Deal
March 29, 2013 2:22 pm | by Youkyung Lee, AP Technology Writer | News | CommentsTrade between the three Asian powers totaled $684 billion in 2011, an increase of more than five times from 1999, underlining Asia's growing weight in the world economy after more than two decades of breakneck growth in China and the earlier rise of Japan and South Korea as manufacturing powerhouses.
Sanofi Building New Factory In Vietnam
March 29, 2013 2:10 pm | by Linda A. Johnson, AP Business Writer | News | CommentsThe move is part of a fast-growing trend among major international pharmaceutical companies to put factories and research centers in emerging markets that the industry increasingly is targeting for growth. Paris-based Sanofi said it plans to spend about $75 million to build the factory in Ho Chi Minh City.
Japanese Utility Takes Blame For Nuclear Crisis
March 29, 2013 9:59 am | by Mari Yamaguchi, Associated Press | News | CommentsTokyo Electric Power Co. acknowledged in a report that it was not prepared to deal with the massive earthquake and tsunami that ravaged northeastern Japan in March 2011. The twin disasters cut power at TEPCO's Fukushima Dai-ichi plant, causing meltdowns at three reactors.
Japan Jobless Rate Up, Prices, Manufacturing Fall
March 29, 2013 8:29 am | by Elaine Kurtenbach, AP Business Writer | News | CommentsThe government data released Friday showed the main consumer price index fell 0.3 percent from a year earlier as deflation continued to defy the combined efforts of the government and central bank to move toward a 2 percent inflation target. However the CPI was up 0.1 percent from January's figure.
Nokia Disputes $368M India Tax Bill
March 28, 2013 12:55 pm | News | CommentsMobile phone manufacturer Nokia says it is disputing a $368 million bill levied by tax authorities in India. The Finnish company's India arm said Thursday it will "defend itself vigorously" and is "in full compliance with local laws as well as the bilaterally negotiated tax treaty between the governments of India and Finland."
U.S. Takes Swipe At China For Hacking Allegations
March 28, 2013 8:35 am | by Anne Flaherty, Associated Press | News | CommentsBuried 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. It's unclear what impact the legislation will have, or whether it will turn out to be a symbolic gesture.
OECD: World Economy Picking Up But Europe Lagging
March 28, 2013 8:29 am | by Sarah DiLorenzo, AP Business Writer | News | CommentsThe Organization for Economic Cooperation and Development expects growth to accelerate in Japan and the United States in the first half of 2013. And though Germany will bounce back strongly, it says other countries that use the euro will contract or only grow slowly.
Panasonic Stays In TV Business, Chairman Resigning
March 28, 2013 7:06 am | by Yuri Kageyama, AP Business Writer | News | CommentsPanasonic's president said Thursday the company will persist with trying to fix its money-losing TV business, characterizing an exit from the fiercely competitive industry as a "final resort." Panasonic also said Fumio Ohtsubo will step down as chairman in June ahead of schedule to take responsibility for the company's string of dismal financial results.
Is Re-Industrialization The Key?
March 27, 2013 11:53 am | by Dr. Tom McNamara, Assistant Professor of Operations Management, Rennes School of Business | Blogs | CommentsMost 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, but another measure, U6, stands at an incredible 14.4 percent.
