manufacturing
Germany’s factory orders were up 0.2% in February, a monthly increase that fell short of experts’ forecasts. A Reuters poll of analysts had estimated an increase of 0.8%, whilst Bloomberg had predicted a jump of 0.7%. According to Germany's official statistics agency, this marginal uptick was driven by increased demand in the machinery and equipment sector (+10.7% on the previous month), and more orders within the chemical (+3.1%) and pharmaceutical (+6.6%) industries. Experts slash economic growth forecast for 'ailing' Germany February’s growth figure comes after a dramatic monthly fall of -1...
Euronews (English)
France's industrial production fell further than expected at the beginning of the year, as the country's economy struggles to return to full strength amid the cost of living crisis. Total production across industries slumped by 1.1% in January compared to the previous month, according to new figures from Insee, France's statistical office. This is after economists surveyed by Bloomberg and the Wall Street Journal had forecast a drop of just 0.1%, as reported by both news outlets. Bogof! No more 'Buy one, get one free': France forbids supermarket mega sales Slower-than-expected inflation declin...
Euronews (English)
Toyota recently issued a recall for about 280,000 vehicles in the US. This was primarily due to a transmission issue which could potentially cause cars to keep moving forwards even when in neutral. The move mainly concerns 2023 and 2024 Toyota Sequoia SUVs, as well as certain Lexus LX 600 SUVs and Toyota Tundra pickups. The owners of the vehicles involved will receive notification of the recall by the end of April this year. According to the company, some parts of the transmission in these models are not instantly disengaging when the vehicles go into neutral gear. This means that engine power...
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Two of Europe’s largest car makers Stellantis and Mercedes-Benz have raised about €4.4 billion to set up three new electric vehicle (EV) gigafactories across the European Union (EU) in the coming years. The companies said in a press release on Monday that the total funds needed for these factories is expected to be about €7 billion. Factories will be set up in Kaiserslautern in Germany, Termoli in Italy and another undisclosed location in France. Around 6,000 people are expected to be employed in total. BNP Paribas, ING, Deutsche Bank and Intesa Sanpaolo are among the banks that have financed ...
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Emirates is planning to send engineers to monitor Boeing's production lines, Sir Tim Clark, the airline's president has revealed. The decision comes after a major incident on one of Boeing's 737 MAX 9 planes last month, when a cabin panel blew out during an Alaska Airlines flight. He had seen a "progressive decline" in Boeing's performance, the Emirates boss told the Financial Times. "They have got to instil this safety culture which is second to none. They've got to get their manufacturing processes under review so there are no corners cut," he added. "I’m sure Dave Calhoun and Stan Deal are ...
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In the picturesque Yayladağ district of Türkiye, an environmentally conscious business owner, Ayşegül Taşkıran, manufactures sustainable fuel from the remnants of the laurel tree. Meet the team crafting pencils out of recycled newspapers in KenyaMeet the team turning marine trash into cash in FranceMeet the Indian eco-trailblazer who threw shade at corporate lifeHer company, Defne Pelet, uses discarded branches to form pellets that can be utilised as an energy source. Ayşegül tells SCENES, “No trees need to be cut down for pellet fuel production. We collect flammable forest waste, contributing...
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The Turkish Business Confidence numbers for January 2024 were released on Thursday morning, clocking in at 100.9 this month, above the one-year low of 99.1 seen in December. This was mainly due to finished goods stocks rising from 95.2 in the previous month, to 95.3 in January. Total orders also inched up to 85.1 from 83.8. To note, a score above 100 indicates an optimistic outlook to the economic activities while below 100 points to a pessimistic outlook. Furthermore, production expectations for the next three months are also looking up, coming in at 108.6, a step up from December’s 102.5. In...
Euronews (English)
Major European economies expect improvement in their manufacturing sector, according to the latest flash purchasing managers’ indices (PMI) from Germany, France the UK and the Eurozone for January, which register sentiment among businesses. Although most of the data was fairly optimistic and showed advances from December, the majority of the numbers were still in contraction territory, sitting below 50. The services sector PMIs, however, suggested further deterioration across the bloc. Germany manufacturing PMI hits 11-month highThe German HCOB manufacturing PMI rose to 45.4 in January 2024, a...
Euronews (English)
Washington (AFP) - Activity in the US manufacturing sector shrank for a third straight month in January, hovering at the lowest levels since May 2020 as new orders and production slumped, according to survey data released Wednesday. The gloomy figure comes as demand softens on the back of the central bank's rapid interest rate hikes. The Institute for Supply Management's (ISM) manufacturing index slipped one percentage point to 47.4 percent in January, from 48.4 percent in December. This was a touch below analyst expectations and also lower than the 50 percent threshold indicating growth in th...
AFP
Washington (AFP) - US manufacturing activity contracted for a second month in December, remaining at the lowest levels since May 2020 as new orders and production slipped, survey data showed Wednesday. The world's biggest economy has been squeezed by decades-high inflation, prompting the central bank to raise interest rates multiple times in an all-out campaign to ease demand and rein in cost increases. While the domestic economy has largely held up, there are growing signs the Federal Reserve's policy moves are rippling through sectors -- adding to broader factors like slowing global activity...
AFP
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