industry
Washington (AFP) - US industrial production declined more than expected in October, with the auto workers strike exerting downward pressure on a range of market groups, the Federal Reserve said Thursday. The United Auto Workers (UAW) union called off a sprawling six-week strike late last month after reaching agreement with Detroit's "Big Three" automakers over better pay and working conditions. US industrial production fell 0.6 percent in October from a revised 0.1 percent rise in September, the US central bank announced in a statement. This was below the median expectation of economists surve...
AFP
East Rutherford (United States) (AFP) - He is not a lawyer, finance guy or a politician, but activist Bill Sheehan has moved mountains to clean up the Hackensack River in New Jersey just outside Manhattan, which for decades has been a dumping ground for industrial chemicals. Even still, the former taxi driver says, there is still so much to do to protect the waterway. "The North Jersey area here, just across from New York, is like the cradle of the Industrial Revolution," says Sheehan, sporting his signature cap. "For over 200 years, people were doing everything they could to lay waste to this...
AFP
New York (AFP) - Striking workers at Spirit Aerosystems, a key Boeing supplier, will return to the factory after approving an enhanced four-year labor contract, the union said Thursday. The International Association of Machinists (IAM) and Aerospace Workers, which launched a strike last week at the Wichita, Kansas plant after rejecting an earlier pact, announced the ratification in a press release. The plant builds parts for the Boeing 737 MAX and 787, playing a major role in Boeing's supply chain for its two best-selling jets. "We knew these negotiations were not going to be your typical set ...
AFP
Colorado Springs (United States) (AFP) - The next time NASA goes to the Moon, it intends to stay. Under the Artemis program, the US space agency plans to maintain a human presence, for the very first time, on a celestial body other than Earth. But building a lunar base is no small feat. It will need power generators, vehicles and habitats, and the space industry is racing to meet the technological challenges. "It's the Super Bowl of engineering," Neal Davis, lead systems engineer for the Lunar Terrain Vehicle at space company Dynetics, told AFP. Dynetics revealed its prototype design for a Moo...
AFP
New York (AFP) - Boeing is set to officially bid farewell to the original jumbo jet, the 747, as it makes its final commercial delivery of an aircraft that democratized flying and serves US presidents. Thousands of current and former employees will converge Tuesday afternoon at Boeing's factory in Everett, Washington, in the Northwestern part of the United States for a final sendoff celebration in parallel with the delivery of a Boeing 747-8 cargo plane to Atlas Air. The existing fleet of planes are expected to fly for decades more, but in ceasing 747 production more than 50 years after aircra...
AFP
New York (AFP) - 3M announced Tuesday it will cut 2,500 manufacturing jobs as the industrial giant reported lower profits and offered a lackluster 2023 outlook based on weakening demand. The move comes as 3M, which operates in several sectors including health care, transportation and electronics, contends with a drop in pandemic-related sales of face masks or "respirators," and "rapid declines" in consumer-facing businesses. The company also expects very low US growth in 2023 of about one percent, under the global average of 1.5 percent, Chief Executive Mike Roman said on a conference call wit...
AFP
Washington (AFP) - Industrial production in the United States slumped in November with "broad based" decreases, the Federal Reserve said Thursday, as output for bigger-ticket consumer products and manufacturing fell. While tangled supply chains and surging costs which weighed on businesses are easing, in a boost to production, firms are now contending with weakening demand as interest rates rise. The Fed has raised its benchmark lending rate seven times this year in an effort to cool the world's biggest economy, making borrowing more expensive with policy effects rippling across sectors. Total...
AFP
Hanoi (AFP) - Vietnam's homegrown carmaker VinFast, which plans to sell the first ever Vietnamese car in the United States, said Wednesday it has filed for an initial public offering (IPO) in the country. Vinfast, which is part of conglomerate Vingroup, owned by Vietnam's richest man Pham Nhat Vuong, will deliver its first electric SUVs to Americans later this month. On Wednesday, the company said it "intends to list its ordinary shares on the Nasdaq Global Select Market under the symbol 'VFS'". No decision has been made on the number of shares to be offered and the price range for the propose...
AFP
Dayton (United States) (AFP) - In a US workshop echoing with the sound of steel girders clanging into each other, Zachary Williams is learning a trade. At this vocational training center in Ohio, the red-bearded apprentice is eyeing work that will be generated by two huge factories under construction in this one-time bellwether state that swung to the right as long-time heavy industries rusted out. But in next week's midterm elections, Williams is hoping for a change in leadership, even though President Joe Biden's Democrats helped engineer the building of Intel's chip plant and the Honda e-ve...
AFP
New York (AFP) - French cement giant Lafarge SA was slapped with a $778 million fine Tuesday for making millions in payments to the Islamic State and another jihadist group to build its business in Syria. The US Justice Department said the company and its Syrian subsidiary actively sought the Islamic State (IS) group's help to squeeze out competitors when the radical Islamists controlled large parts of Syria and Iraq in 2013-2014, operating an effective "revenue sharing agreement" with them. It also paid access and protection money to associates of IS and the similarly radical Al-Nusrah Front,...
AFP
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