Date
22 November 2019

Industrials

  • United Auto Workers president Gary Jones has been accused of making “false, misleading and inaccurate expense records”. Photo: AFP

    UAW president resigns amid corruption probe

    Nov 21, 2019 9:05am
    United Auto Workers president Gary Jones resigned on Wednesday shortly after the union moved to remove him from office amid a widening corruption probe from US prosecutors, a union source told Reuters. Jones’ lawyer Bruce Maffeo...
  • Chinese authorities are preparing to a launch a new round of inspections on facilities involved in production of hazardous chemicals. Photo: Bloomberg

    China to launch new safety crackdown on chemical industry

    Nov 14, 2019 10:20am
    China has unveiled plans for a nationwide safety crackdown on its chemical industry following an investigation into a deadly factory blast that killed 78 people and injured dozens more in March, Reuters reports. The explosion, at...
  • Slowing economic growth suggests a dim outlook for housing starts. Photo: Reuters

    Don’t be overly excited about cement plays

    - Nov 13, 2019 8:00am
    Hong Kong has dipped into recession but the housing market remains firm; this is probably one of the biggest anomalies in the market. Similarly in China, though economic growth is slowing, the real estate climate index compiled...
  • A deal to buy British Steel is estimated to be worth 70 million pounds (US$90 million). Photo: Reuters

    China’s Jingye Group in talks to buy British Steel

    Nov 11, 2019 4:11pm
    China’s Jingye Group said on Monday it is in talks to buy British Steel in a deal estimated to be worth about 70 million pounds (US$90 million) that could help protect thousands of British jobs and...
  • Siemens CEO Joe Kaeser: "When a pot smoking colleague in the United States talks about Peterchen’s moon ride, he is an admired visionary.” Photo: Bloomberg

    Siemens CEO derides ‘pot smoker’ after deputy praises Musk

    Nov 11, 2019 7:54am
    Siemens chief executive Joe Kaeser lamented Germans who fail to recognize true visionaries and instead admire pot smokers who talk about space travel, only days after his deputy praised Tesla CEO Elon Musk. “Amusing opinions in...
  • New export orders for Chinese manufacturers bounced back into expansionary territory for the first time in five months despite the US-China trade war. Photo: Bloomberg

    China factory activity expanded in October: Caixin PMI

    Nov 1, 2019 9:24am
    China’s factory activity unexpectedly expanded at the fastest pace in well over two years in October as new export orders rose and plants ramped up production, a private business survey showed on Friday. The Caixin/Markit Manufacturing...
  • Striking United Auto Workers members rally in front of General Motors World headquarters in Detroit on Thursday. Photo: Reuters

    GM strike will continue while union members vote on new contract

    Oct 18, 2019 8:02am
    The United Auto Workers (UAW) union said workers at General Motors Co. will stay off the job while they vote on a proposed contract that delivers higher pay for full-time workers and better terms for temporary...
  • China has been accused of flooding the European market with cheap, subsidized steel. Photo: Reuters

    EU opens anti-dumping probe on China, Indonesia hot-rolled steel

    Oct 11, 2019 10:26am
    The European Commission has opened an anti-dumping probe into hot-rolled stainless steel from China and Indonesia following complaints that the two Asian nations are flooding the European market with cheap, subsidized steel. Separately, the Commission said...
  • NIO's flagship model ES8 has received a lot of quality complaints from customers, and multiple cases of battery fires have been reported. Photo: Sina

    NIO’s decline from a China EV icon to a struggling startup

    - Oct 2, 2019 8:53am
    Chinese electric-vehicle maker NIO has seen its share price plunge by nearly 80 percent year-to-date after it was listed on the New York Stock Exchange in September last year. Once dubbed as China’s Tesla challenger, the...
  • General Motors workers carry strike signs outside the United Auto Workers local office in Westland, Michigan, on Sunday. Photo: AFP

    General Motors workers call first nationwide strike in 12 years

    Sep 16, 2019 7:51am
    The United Auto Workers (UAW) said its roughly 48,000 hourly workers at General Motors facilities would go on strike as of midnight on Sunday after US labor contract talks reached an impasse, the first nationwide strike...
  • Employees work on a robot vacuum cleaner production line at a factory of Matsutek in Shenzhen. Photo: Reuters

    Chinese firms hit hard by US tariffs build up domestic brands

    Sep 6, 2019 10:36am
    For over a decade, manufacturer Matsutek plied away at building its business with big Western brands, supplying firms such as Philips and Honeywell with products made in its Chinese factories for the US and other overseas...
  • Investors are nervous about General Electric because the conglomerate is expected to lose as much as US$1 billion in cash this year and has slashed its dividend and profit forecast. Photo: Reuters

    GE fortifies defense against charges of bogus accounting

    Aug 20, 2019 9:03am
    General Electric Co. reinforced its defense of its accounting practices after investors asked more questions about an unusual research report last week that accused the jet engine and power plant maker of financial fraud, Reuters reports....
  • Earnings at China’s key manufacturing sector have been declining since November last year, with the exception of March. Photo: Xinhua

    China industrial profits shrink in April amid trade war

    May 27, 2019 12:20pm
    Profits for China’s industrial firms shrank in April as slowing manufacturing activity halted the previous month’s surge, putting more pressure on policymakers to step up support for an economy hit by a bitter trade war with...
  • Chinese companies are increasingly seizing opportunities in the United Arab Emirates in line with the Belt and Road initiative. Photo: Bloomberg

    China’s East Hope eyes US$10 billion investment in UAE

    May 27, 2019 8:06am
    China’s East Hope Group is evaluating plans to invest US$10 billion in an industrial zone in the United Arab Emirates, Reuters reports. Chinese companies are increasingly seizing opportunities in the Gulf, expanding overseas in line with...
  • Neodymium mined in Baotou, China. The country dominates global production of rare earths. Photo: Bloomberg

    Rare earths are no weapon in a trade war

    - May 24, 2019 11:10am
    Rare earth reserves are not a trade war game-changer. Here’s why: 1. There are abundant reserves. The US has several years of its annual consumption in domestic reserves and can also use alternative sources. 2. Most...
  • German Economy Minister Peter Altmaier has called for the development of European battery production for electric cars. Photo: AFP

    The case for intelligent industrial policy

    - May 10, 2019 12:34pm
    Earlier this year, German Economy Minister Peter Altmaier unveiled his “National Industrial Strategy 2030”, which aims to protect German firms against state-subsidized Chinese competitors. The strategy identifies key industrial sectors that will receive special government support,...
  • SK Innovation has been accused of misappropriation of LG Chem's trade secrets pertaining to Lithium-ion batteries for electric vehicles. Photo: Reuters

    LG Chem sues SK Innovation for alleged trade secret theft

    Apr 30, 2019 3:35pm
    Electric vehicle (EV) battery maker LG Chem has sued its South Korean peer SK Innovation in the United States for alleged theft of trade secrets, Reuters reports. LG Chem and its American unit have filed a...
  • Former Nissan Motor chairman Carlos Ghosn is accused of enriching himself at a cost of US$5 million to the company from July 2017 through July 2018. Photo: Bloomberg

    Ex-Nissan boss Ghosn allowed to post US$4.5 million bail

    Apr 25, 2019 11:47am
    Former Nissan Motor chairman Carlos Ghosn looked set to walk out of a Japanese detention center for the second time since his arrest last year on financial misconduct charges, after a Tokyo court on Thursday set...
  • The former GE engineer allegedly stole proprietary data on GE’s turbine technology by secretly embedding the encrypted files into a digital photograph of a sunset before emailing the photograph to his personal email. Photo: AFP

    US accuses pair of stealing secrets, spying on GE to aid China

    Apr 24, 2019 8:26am
    A former engineer and a Chinese businessman have been charged with economic espionage and conspiring to steal trade secrets from General Electric Co to benefit China, Reuters reports, citing an indictment unsealed by the US Justice...
  • Miao Wei, minister of industry and information technology, said China will gradually reduce the government’s micro-management and direct intervention in the manufacturing sector. Photo: CNSA

    China vows to reduce state intervention in industrial sector

    Mar 25, 2019 1:56pm
    China will reduce direct government intervention in its vast industrial sector, the industry minister said on Monday, as Beijing seeks to ease concerns about its industrial policy, core to Washington’s complaints in the Sino-US trade war....