Standard & Poor's (S&P) has downgraded credit rating of Tata Steel's bonds. S&P cited reasons such as the poor operating performance and high leverage at Tata Steel for downgrading. Indian steel industry is suffering from glut in production and surging imports.
Manufacturing
Drugs: India's Anti-Narcotics Agencies Busted 8 Illicit Drug Factories Manufacturing Party Drugs
The raiding of the party drug factories unravels that the drugs didn't come from foreign countries but instead being manufactured in India. The factories already have the license to manufacture drugs but were misusing the license to produce party drugs. Next, the agencies will trace back where the basic chemicals for the mass production of the party drug are originated.
Boeing is Reporting $569 Million Loss and Scaling Down Its 747 Production
Boeing will report a $569 million after-tax accounting loss in its fourth quarter. The company will also reduce production of its 747 airplane starting September this year..
Cheaper Chinese imports, sluggish demand force Tata Steel to slash 1,050 jobs in UK
India-based Tata Steel is reducing manpower by 1,050 in the UK operations. Tata Steel is among other steel producers suffering from falling steel prices and cheaper imports from China. The UK steel industry is urging European Commission to take necessary action against unfair trade imports.
Chinese economy at slowest in 25 years
China grew 6.9 percent in 2015 indicating the slowest growth rate in 25 years. The growth rate was 6.8 for the fourth quarter of 2015. The world's second largest country recorded 7.3 percent growth rate in 2014. Investors are cautious about the impact of slowdown in China's economy. IMF forecasts China's economy growth rate at 6.3 percent in 2016 and six percent in 2017. Chinese government has set a target of seven percent growth for 2016.
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On Wednesday, China revealed its export in December 2015 showed a 2.3% raise from November. Data from China's General Administration of Customs shows the nation's trade surplus, and the report has lifted the market a bit.
Megabots’ Mk. II showcases capabilities at Zappos and Consumer Electronic Show (CES) 2016 to hopefully win the Extreme Tech Challenge (XTC) grand prize to further enhance their robot and fight Japan’s Kuratas, by Suidobashi Heavy Industry.
The weakening business confidence coupled with global economic challenges is impacting the UK manufacturing sector in more negative way. Despite odds forecast for 2016, majority of manufacturing firms in the UK are going ahead with their investment plan for technology and innovation. About 44 percent of UK companies participated in a survey expressed their concerns about challenging 2016 year.
Alcoa Inc. announced that it will shut down one of the U.S.’s biggest aluminum smelters, Warrick Operations in Evansville, IN. The closure is expected to result in the loss of 1,270 jobs.
General Electric Aviation launches its all-new turboprop engines following its selection by Textron Aviation Inc. to power the company's single-engine turboprop aircraft. GE and Textron announced the aircraft pairing at the National Business Aviation Association's annual trade show on Monday.
Toyota decides to drop Takata as their airbag supplier last week. Previously, other automakers have ditched Takata as their airbag suppliers as well. This gives a devastating blow to Takata, whose shares drop 25% after series of incidents related to airbags defect.
Indicating the prolonged sluggishness in the economy, China's factory activity dropped further again in October.
However, the marginal recovery in export orders has slowed down the drop in the manufacturing production. The PMI edged up in the previous month.
UK's performance in the third quarter further slowed down. The gross domestic product (GDP) growth rate in July-September quarter was at 0.6 percent lower than 0.7 percent in the previous quarter.
Feeling the heat over the China's economy slowing down, Kobe Steel Ltd has reduced its profit target by 58 percent for its construction machinery unit Kobelco Construction Machinery.
