Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday. China’s recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound. Industrial firm profits grew 19.1% year-on-year […]
Tesla is acquiring more land in Austin, Texas for future expansions – potentially a battery factory? After months of going through the process to secure approval from the local government, Tesla announced in July that it selected a site outside of Austin to build its next Gigafactory in the US. Much has been said about the […]
NASA released Friday the results of its first-ever agencywide economic impact report. The report shows that, through all NASA activities, the agency generated more than $64.3 billion in total economic output during fiscal year 2019, supported more than 312,000 jobs nationwide, and generated an estimated $7 billion in federal, state, and local taxes throughout the […]
New orders for key U.S.-made capital goods increased more than expected in August and demand for the prior month was stronger than previously estimated, suggesting a rebound in business spending on equipment was underway after a prolonged slump. The upbeat report from the Commerce Department on Friday, however, did not change views that the economy’s […]
U.S. stocks rose on Friday, recovering some of their losses for the week, as tech shares clawed back some of their big September declines. The Dow Jones Industrial Average closed 358.52 points higher, or 1.3%, at 27,173.96. The S&P 500 climbed 1.6% to 3,298.46. The Nasdaq Composite popped 2.26% to 10,913.56. It was the best […]
The iconic US motorcycle brand is stopping manufacturing and massively scaling back its sales operations. Harley’s decision comes weeks after Toyota said it wouldn’t expand further in India due to the country’s high tax regime. The exit is a blow for Indian Prime Minister Narendra Modi’s efforts to lure or retain foreign manufacturers. Harley’s departure […]
U.S. stock futures rose slightly early Friday as the market indexes tried to avoid a fourth consecutive week of losses. Futures for the Dow Jones Industrial Average implied an opening gain of more than 50 points. Contracts tied to the S&P 500 and the Nasdaq Composite also traded in positive territory. The rise in futures […]
The British government, battling a second wave of coronavirus cases, on Thursday announced a slew of new and extended economic measures to support jobs and businesses. But the centerpiece, a wage-support program, is less generous to workers and employers than the furlough program it is replacing, which expires next month. And that appears to be […]
When 32-year-old photographer Jaco Xu needed a run-around car for work in the eastern city of Hangzhou, the price tag on the latest micro EV from GM’s GM.N China joint venture overcame his qualms about electric vehicles. Xu paid 38,800 yuan ($5,735) for his tiny two-door Wuling Hong Guang MINI EV, while the basic model […]
Federal Reserve officials hit the lecture circuit on Wednesday with the aim of convincing investors that their new policy strategy would be helpful for the economy over the longer term. Last week, the Fed said it expected to leave rates near zero until inflation has risen to 2% and is on track to moderately exceed […]
Tesla’s business model depends on continuous improvements in the cost and energy density of batteries. When Tesla was founded in 2003, it was barely possible to build a battery-powered sports car with a six-figure price tag. Over the next 15 years, cheaper and more powerful batteries enabled Tesla to build roomier cars with longer ranges […]
Federal Reserve Chairman Jerome Powell urged Congress on Wednesday to provide the U.S. economy with more fiscal support to combat the coronavirus pandemic’s ongoing impact. “Many borrowers will benefit from these programs, as will the overall economy,” Powell said. “But for others, a loan that could be difficult to repay might not be the answer, […]
