Global Manufacturing
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.
Japanese Regulators To Investigate Nuclear Crisis
March 27, 2013 8:35 am | News | CommentsSeveral groups have published findings of their own investigations into the Fukushima Dai-ichi nuclear plant, which was ravaged by the March 2011 earthquake and tsunami. Previous investigations have largely blamed the disaster on botched crisis management, government-industry collusion and the tsunami.
SKorea, China, Japan Begin Free Trade Talks
March 26, 2013 10:21 am | by Youkyung Lee, AP Technology Writer | News | CommentsSouth Korea said in a statement that officials will discuss mostly administrative issues during the three days of talks in Seoul that will end on Thursday. The meeting will determine the areas from agriculture to intellectual property rights that will be included in future negotiations.
Slovakia Signs Deal To Have U.S. Steel Stay
March 26, 2013 10:14 am | News | CommentsThe Slovak government and U.S. Steel signed a deal Tuesday that will ensure the American company remains the owner of a steel mill employing thousands for at least five more years. The negotiations between U.S. Steel and the Slovak government have been going on for months. U.S. Steel has reportedly had purchase offers for the mill in the eastern city of Kosice.
China, Brazil Signing Local Currency Trade Deal
March 26, 2013 8:22 am | News | CommentsChina and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro. Brazil's foreign trade minister Fernando Pimentel says the agreement would involve nearly half his country's $75 billion annual trade with China.
Bernanke: Low Interest-Rate-Policies Benefit Trade
March 25, 2013 1:47 pm | by Martin Crutsinger, AP Economics Writer | News | CommentsSome critics have argued that the low-interest-rate policies could feed a global currency war, which is lowering currency values to make products more competitive on global markets. Bernanke said the current efforts should support stronger trade flows by boosting growth in major economies so that they could buy more goods from developing countries.
Ford India Apologizes Over Berlusconi Bondage Ad
March 25, 2013 8:46 am | by Kay Johnson, Associated Press | News | CommentsThe Indian unit of Ford Motor Co. has apologized for advertisements decried as demeaning to women, including one depicting Italy's former Prime Minister Silvio Berlusconi with a trio of bound women in the trunk of a car. The ads were never used commercially but appeared over the weekend on a website showcasing creative advertising.
Bosch To Abandon Solar Energy Business
March 22, 2013 10:38 am | News | CommentsGermany's Bosch says it is abandoning its solar energy business because there's no way to make it economically viable amid overcapacity and price pressure in the industry. The engineering company said Friday that it will stop making components such as solar cells and wafers at the beginning of next year.
Masks Galore: Japanese Ward Off Pollen, Pollution
March 22, 2013 10:11 am | by Malcolm Foster, Associated Press | News | CommentsMask makers have come up with several variations. There are masks designed to fit snugly around the nose so they don't fog up glasses, and masks that can be taped directly to the cheeks. Iris Ohyama offers scented masks, in peppermint, rose menthol, grapefruit and lime/orange.
Opel Employees Reject Redevelopment Plan
March 21, 2013 8:59 pm | News | CommentsEmployees at GM's Opel plant in Bochum have rejected a redevelopment plan, which means production there could end by late 2014. German news agency dpa said 76.1 percent of the Bochum plant rejected a redevelopment plan, which implied that after the year 2016 there would have been only 1,200 jobs left. About 3,200 persons now work at the unit in Bochum.
NY Strikes Nanotechnology Deal With Israel
March 21, 2013 11:39 am | News | CommentsNew York state has a new agreement with Israel aimed at increasing collaboration on nanotechnology research. Gov. Andrew Cuomo announced Wednesday that his administration has signed a memorandum of understanding with Israel that will expand technological and economic relations in nanotechnology, which involves manipulating matter on an atomic scale.
NKorea Suspected In Cyberattack Despite China Link
March 21, 2013 8:12 am | by Sam Kim, Associated Press | News | CommentsInvestigators have traced a coordinated cyberattack that paralyzed tens of thousands of computers at six South Korean banks and media companies to a Chinese Internet Protocol address, but it was not yet clear who orchestrated the attack, authorities in Seoul said Thursday.
'Marmageddon' Over As New Zealand Spread Returns
March 20, 2013 11:31 pm | News | CommentsSupermarkets began selling Marmite again Wednesday for the first time since March 2012, when supplies ran out. A series of earthquakes in the city of Christchurch forced manufacturer Sanitarium to close the only factory that made New Zealand's version of the yeast-extract product.
Survey Finds China Manufacturing Bounce In March
March 20, 2013 10:58 pm | by The Associated Press | News | CommentsChinese manufacturing rebounded modestly in March after dipping during the country's biggest public holiday the month before, a survey on Thursday showed, in a sign of gradual recovery in the world's second biggest economy. HSBC's preliminary version of its purchasing managers' index for March rose to 51.7 on a 100-point scale.
Suntech Declares Bankruptcy
March 20, 2013 9:02 am | by Joe McDonald, AP Business Writer | News | CommentsSuntech Power Holdings Ltd. said eight Chinese banks asked a court to declare it insolvent after the company missed a $541 million payment to bondholders last week. Suntech said it would not oppose the petition. The development is a dramatic reversal for a company that was a leading force in China's fast-growing renewable energy industry.
Flood Of Dead Pigs, Trickle Of Answers In China
March 20, 2013 8:01 am | by Didi Tang, Associated Press | News | CommentsOfficials have told residents their drinking water is safe, while authorities have censored microblog posts suggesting that the public organize peaceful protests. The official response reminds many of the government silence that surrounded previous health concerns, from the SARS epidemic to bird flu to contaminated milk.
Ford To Pay $750M To Close Belgian Plant
March 20, 2013 7:57 am | News | CommentsFord Motor Co. will pay $750 million in separation benefits to hourly workers at a Belgian factory it plans to close next year. Ford revealed the cost in a government filing Tuesday. Ford employs 4,000 hourly workers at the Genk plant. Most approved the separation plan last week.
Fighting To Reclaim Manufacturing In America
March 19, 2013 12:40 pm | by Kristopher Settle, Energy Curtailment Specialists | Blogs | CommentsThe bleeding was stopped nearly three years ago, as manufacturing jobs have been slowly increasing since then. In fact, over 14,000 manufacturing jobs were added in February alone and a total of around 500,000 have been generated since 2010.
China's Suntech Announces Default, Search For Financing
March 19, 2013 10:40 am | by Joe McDonald, AP Business Writer | News | CommentsSuntech, one of the world's biggest solar panel manufacturers, said Monday it has defaulted on a $541 million bond payment in the latest sign of the financial squeeze on the struggling global solar industry. The announcement was a severe setback for a company lauded by China's Communist government as a leader of efforts to make the country a center of the renewable energy industry.
Treasury's Lew Visit Marks US-China Re-Engagement
March 19, 2013 9:24 am | by Christopher Bodeen & Joe McDonald, Associated Press | News | CommentsChinese President Xi Jinping met Tuesday with visiting U.S. Treasury Secretary Jacob Lew in the first high-level exchange between the sides in six months and the start of a series of meetings that will test the potential for cooperation.
Lego Plans First China Factory As Asian Sales Leap
March 19, 2013 9:15 am | News | CommentsThe Danish maker of colorful plastic building blocks for children said it's investing at least $130 million in the new plant, which will be fully operational by 2017. The factory will be located in Jiaxing, 67 miles southwest of Shanghai.
Ex-NASA Contractor Arrested On Plane To China
March 19, 2013 8:38 am | by The Associated Press | News | CommentsBo Jiang, a Chinese national, has been arrested on charges of lying to federal agents, and was under investigation for possible violations of the Arms Control Export Act.
Feds: Defense Contractor Relayed U.S. Weapons Info
March 19, 2013 5:26 am | by Audrey McAvoy, Associated Press | News | CommentsBenjamin Pierce Bishop, who worked in intelligence at Pacific Command, is accused of giving his Chinese girlfriend information on existing war plans and U.S. nuclear weapons.
Airbus, Indonesia Airline In $24B Accord
March 18, 2013 7:45 am | News | CommentsIndonesian airline Lion Air is to buy 234 short to medium range aircraft from Airbus for €18.4 billion ($24 billion), in what is being billed as the biggest civilian deal in the history of the aircraft manufacturer. Airbus said it would secure 5,000 jobs at a time when French unemployment hovers around the 10 percent mark.
