Top Manufacturing News
Here's a snapshot of what Democratic leaders of the House and Senate said in a press conference after several days of testimony on Capitol Hill by U.S. automakers GM, Ford and Chrysler. The auto industry in the U.S. is severally hampered by financial strains, unionized labor costs and the general lack of spending and borrowing in the U.S. economy and consumers. A new deadline has been set for bailout plan that would get the approval needed to have it approved by the Congress, Senate and the President.
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While talk of dealmaking dominated the hallways of Congress, the auto executives at hearings continued to face withering criticism. Connecticut Democrat Christopher Dodd, chairman of the Senate Banking Committee, said it looked unlikely that Congress will come to agreement this week on an assistance package for the auto industry. Automakers across Europe were looking to get their share of government handouts, as industry leaders in Britain, Germany and Italy all made cases for their piece of the pie.
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Scheduled to testify are GM's Rick Wagoner; Robert Nardelli, head of Chrysler; Alan Mulally, CEO of Ford Motor; Ron Gettelfinger, head of the United Auto Workers union; Annette Sykora, chairman of the National Automobile Dealers Association; James McElya, CEO of Cooper-Standard Automotive; Jeffrey Sachs, professor at Columbia University, and Matthew Slaughter, professor at Dartmouth's Tuck School of Business.
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Senate Democrats submitted a $25 billion loan program plan to bailout the automakers. With the year's congressional calendar down to a few days, lawmakers and the Bush administration sparred over the best way to extend help to General Motors, Ford and Chrysler. The senate automaker bailout bill does have conditions attached to it.
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The number of workers still on the benefit rolls after drawing an initial week of aid hit 3.9 million in the week to November 1, the highest since January 1983. The number of U.S. workers filing new claims for jobless benefits rose by an unexpectedly steep 32,000 to 516,000, the highest level since the weeks following the September 11, 2001 attacks, the Labor Department said.
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Learn how innovation and knowledge management is leveling the playing field of the knowledge economy. Examples include: Daiichi Sankyo Group, Ranbaxy Laboratories, Boeing and its 787 Dreamliner, InnoCentive, the Linux operating system, Cementos Mexicanos, China’s Haier Group and changes in global Internet use.
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Hydrogen fuel cell cars from automakers completed a 13-day cross-country trip this weekend powered by a zero-emission technology. The effort happened in part to raise awareness for the lack of hydrogen filling stations available to potential buyers of hydrogen cars.
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Economists polled by Reuters had expected producer prices to rise just 0.6 percent in July, and had forecast that core prices would be up only 0.2 percent. A sharp decline in oil prices since mid-July led many investors to conclude that inflation pressures were subsiding. The steep jump in core prices rattled financial markets, driving stock futures down. The dollar gained in value on the prospect of higher rates.
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Washington's move marks an escalation in an increasingly rancorous dispute over the WTO's Information Technology Agreement (ITA) which eliminated duties on a range of high-tech goods from July 1997 to encourage trade.
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Lyle Dennis, a New York neurologist who has emerged as a prominent enthusiast for the battery-powered car from General Motors, has been assembling a list of prospective Chevrolet Volt buyers for over a year through his Web site.
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Nearly 60 percent of 146 institutions surveyed in North America and Europe expect another major financial services firm to collapse in the next six months, and another 15 percent think it will happen in six to 12 months, according to a recent evaluation survey.
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While sales in China, Russia and the Middle East are growing faster than anticipated, Toyota and other automakers face a downward sales spiral in North America, Western Europe and Japan, a weaker dollar that drags on earnings, and dearer raw materials.
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With funding from the National Science Foundation and the U.S. Department of Energy, scientists built a digital camera that has the size, shape and layout of a human eye.
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The 10-1 decision by the U.S. Federal Reserve leaves the benchmark federal funds rate target at a low 2 percent, where it has been since April.
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The cost of insuring the debt of General Motors against default hit a record high after a $15.5 billion quarterly loss reported.
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