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HANOI, March 22, 2024 (AFP) – Vietnam’s leading electric car manufacturer VinFast has recalled almost 6,000 vehicles after a fault in their indicator system was discovered, the government has confirmed, in a fresh blow to the firm. The communist state’s first homegrown auto maker is hoping to compete with electric vehicle (EV) giants such as Tesla, and is trying to crack the global market. But VinFast has struggled to convince international drivers its EVs are […]
PARIS, Oct 5, 2023 (AFP) – Russian mercenary group Wagner in 2022 signed a contract with a Chinese firm to acquire two satellites and use their images, aiding its intelligence work as the organisation sought to push Russia’s invasion of Ukraine, according to a document seen by AFP. The contract was signed in November 2022, over half a year into Moscow’s invasion of Ukraine in which the Wagner group under its founder Yevgeny Prigozhin was […]
NEW YORK, Sept 11, 2023 (AFP) – RTX, parent company of aerospace manufacturer Pratt & Whitney, said Monday that its profit could take a hit of up to $3.5 billion over the removal of hundreds of engines powering Airbus A320neo jets as it conducts quality checks. The aviation and defense giant RTX, formerly known as Raytheon, added in a statement that about 600 to 700 engines will be removed for inspection over three years. The […]
BEIJING, China (AFP) — China’s factory activity expanded in January after four months of contraction, official data showed Tuesday, as its economy rebounded following the relaxation of strict Covid-19 curbs. The world’s second-largest economy is roaring back to life after Beijing’s decision last month to abruptly drop its strict zero-Covid policy, which mandated strict lockdowns, sparking protests and hammering businesses. The official manufacturing purchasing managers’ index (PMI) — a key gauge of Chinese factory output […]
by Joshua Melvin Agence France-Presse GOFFSTOWN, United States (AFP) — Tony Hook flipped through cell phone pictures of finished work by his New Hampshire shop, explaining how one customer wanted mementos of major life events: a gun to mark each of his children’s births. Smaller gun makers like him are booming in the United States, thanks to ravenous and sometimes specialized demand for pricey limited-production pistols and custom rifles, engraved with bible passages or the […]
BEIJING, China (AFP) — China’s retail sales slumped to its lowest in two years while factory output plunged, official data showed Monday, capturing the dismal economic fallout from Beijing’s zero-Covid policy. The world’s second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities — including key business hub Shanghai — grapple with restrictions. Officials have vowed to support growth, lowering the mortgage rate for first-time homebuyers. […]
by Francois PICARD with Glenn CHAPMAN in San Francisco © Agence France-Presse AUSTIN, United States (AFP) — Tesla welcomed throngs of electric car lovers to Texas Thursday for a huge party dubbed a “cyber rodeo” to inaugurate a manufacturing plant the size of 100 soccer fields. Photos and videos flooded Twitter as guests explored the cavernous factory plant decked out in a distinctive nightclub look. Visitors mingled under red and blue lights while production […]
by Beiyi SEOW BEIJING, China (AFP) — A diaper manufacturer in eastern China was closed for the Lunar New Year holiday when it heard from officials — China needed vast amounts of masks to fight a deadly virus epidemic and factories needed to chip in. In just over two days, New Yifa Group converted a manufacturing line in Fujian province to make face masks, tapping some of its materials that would have gone into hygiene […]
TOKYO, Japan (AFP) — Japan’s closely watched factory output rose modestly in February with unemployment staying at record low levels, official data showed Friday, underscoring the patchy recovery of the world’s third largest economy. Factory output for February rose 1.4 percent month-on-month after a 3.4 percent dip in January, the trade and industry ministry said Friday. The reading compares with market expectations of a 1.0 percent rise. “The recovery in output is not strong, reflecting […]
BEIJING, China (AFP) — Factory and consumer price inflation in China rose at a slower rate than expected in January as global growth cools and the US trade war drags on, official data showed Friday. The producer price index (PPI) — an important barometer of the industrial sector that measures the cost of goods at the factory gate — rose 0.1 percent on-year in January, compared with a 0.9 percent rise the previous month. The […]
BEIJING, China (AFP) — China’s manufacturing activity contracted for a second consecutive month in January, official data showed Thursday, another sign of the country’s economic slowdown. The Purchasing Managers’ Index (PMI), a gauge of factory conditions, came in at 49.5 for the month, up slightly from 49.4 in December, according to the National Bureau of Statistics (NBS). Although this marks the first uptick in four months, it remained below the 50.0 mark separating expansion from […]
by Dan Martin Agence France-Presse SHANGHAI, China (AFP)–Tesla unveiled plans on Tuesday to build a factory in Shanghai to dramatically increase its production capacity, with boss Elon Musk making his electric-car company’s biggest overseas move yet just as a US-China trade battle heats up. Musk said the plant, which has been in the works for a year, would eventually have an annual production capacity of 500,000 cars, and he hoped it would be “completed very soon.” […]
