China"s factory output rises in sign of recovery

Business

By APWednesday, September 11, 2013

BEIJING, China — CHINA’S factory output expanded in August at its fastest rate this year in a new sign the world’s second-largest economy is recovering from its deepest slump since the 2008 global crisis.Industrial production rose 10.4 per cent, accelerating from July’s 9.7 per cent, government data showed yesterday.The signs of economic revival will ease pressure on Chinese leaders who want to focus on longer-term structural reforms analysts say are needed to keep economic growth strong.“We have got a picture of a broad-based recovery from external demand to domestic demand, and from consumption to investment,” said Bank of America economists Xiaojia Zhi and Ting Lu in a report.Economic growth declined to a two-decade low of 7.5 per cent in the second quarter but trade, factory output, auto sales and other indicators suggest the slowdown is levelling out.Communist leaders want to nurture more self-sustaining growth driven by domestic consumption instead of trade and investment. They responded to the unexpectedly sharp decline in growth this year with higher spending on railway construction and a small business tax cut, but have resisted pressure for a more ambitious stimulus.Export growth accelerated to 7.2 per cent in August from July’s 5.1 per cent.Also in August, consumer inflation edged down to 2.6 per cent from July’s 2.7 per cent. Wholesale prices that have declined steadily for more than a year fell less sharply in another sign of growing demand.“With a number of other emerging markets mired in turmoil as the US Fed prepares to taper its QE programme, we believe China stands out as a relatively safer haven with its resilient growth, stable currency and strong balance of payments,” said Bank of America’s Zhi and Lu.A woman begs money from passersby at a pathway in Shanghai. China’s economy appears to be gradually rebounding from its deepest slump since the 2008 crisis, but analysts say improvement will depend on the strength of global demand for Chinese exports. (PHOTO: AP)

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China"s factory output rises in sign of recovery

GM to invest US$167m more at US factory

Business

Wednesday, August 07, 2013

Tennessee, USA — GENERAL Motors plans to spend another US$167 million at its Tennessee factory so it can build two new midsize vehicles.The investment disclosed yesterday is on top of a previously announced US$183 million investment. The spending is expected to create or keep 1,800 jobs, but GM wouldn’t say how many new people would be hired.The company also wouldn’t identify the new vehicles. They could be new versions of the Chevrolet Equinox and GMC Terrain crossover SUVs.The assembly plant in Spring Hill, about 30 miles (50 kilometres) south of Nashville, now makes the Equinox along with a factory in Canada. Although they’re selling well, they were last reworked in 2009. They compete against newer vehicles like the Honda CR-V, Ford Escape and Toyota RAV-4.The assembly plant was idled amid the economic downturn in 2009. But production was restarted following a 2011 contract agreement with the United Auto Workers that included salary concessions for entry-level workers.GM announced in 2011 that it would add 700 jobs to build the Equinox, and that it would add 1,200 jobs to build two more midsized vehicles for the 2015 model year.The Spring Hill plant produced more than 3.7 million Saturns between 1990 and 2007. Most of the facility’s workers were then furloughed while the plant underwent a US$600-million overhaul to build the Traverse crossover.The changes included retooling to build vehicles made of sheet metal panels, as most Saturns built at the plant were plastic body cars.At its peak, the facility employed nearly 8,000 workers. By 2009, that number was down to about 630. The plant, which also makes four-cylinder engines, currently employs 2,000 people.

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GM to invest US$167m more at US factory

VIDEO: US factory aerials show balls of flame

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VIDEO: US factory aerials show balls of flame

Final Longbridge factory Mini sold

28 July 2013 Last updated at 09:29 ET The Mini Clubman was recovered last year The last Mini to leave the Longbridge factory has sold for £1,400 after being hidden in tunnels for more than 30 years.

Workers used the Mini Clubman 1275 GT to travel around the car plant in Birmingham, but it was dumped in the late 1970s after being damaged.

It was recovered last year ahead of the tunnels being filled in.

The car has been auctioned by Silverstone Auctions at the Silverstone racing circuit in Northamptonshire.

It was part of its Classic Car, Motorcycle, Automobilia and Lifestyle sale.

The car was left in the tunnels after being damaged when a storage container fell on it.

The Mini was saved last year by a former factory worker, who recovered it before the tunnels were filled in for development work due to take place on the site, making it the last Mini to leave Longbridge.

Silverstone Auctions has said the vehicle was missing its engine and gearbox.

The last original Mini rolled off the production line at the plant in October 2000.

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Final Longbridge factory Mini sold