ASIA FACTORIES
China's BYD opens EV factory in Thailand, first in Southeast Asia
The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.
Kazakhstan’s strategic investment plan aims to boost economic growth
Kazakhstan, Central Asia’s largest state rich in resources, is actively seeking foreign investments and global brands. Gabidulla Ospankulov, Chairman of the Investment Committee of the Kazakh Ministry of Foreign Affairs, outlined strategies to attract $150 billion in investments by 2029, aiming to elevate the national economy to $450 billion. Measures include state preferences, anti-corruption efforts, and reducing bureaucratic barriers.
China’s plastics boom is set to create another trade headache
China's petrochemical sector grapples with overcapacity as polyester products exports increase, straining global trade relations.
Record upturn in job creation drives India's manufacturing PMI to 58.3 in June
Activity in India's manufacturing sector rebounded last month with an increase in output driven by robust demand, leading to the fastest rate of hiring in over 19 years despite ongoing inflationary pressures, according to a survey.
Asia's factory activity expands in June on solid global demand
The surveys show how Chinese firms are ramping up production despite weak domestic demand, which Beijing has failed to reverse with a rescue package for an ailing property sector.
In China's backyard, America has become a humbler superpower
Far from Ukraine and the Gaza Strip, as the Group of 7 wealthy democracies gathered in Italy to discuss a range of old, entrenched challenges, the nature of American power is being transformed across the region that Washington sees as crucial for the century to come: the Asia-Pacific.
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Asian shares mostly lower as China reports factory output slowed
Factory output fell 5.6% in China in May, the government reported, below analysts' forecasts and slowing from 6.7% the month before. Retail sales rose just 4.1% in the first five months of the year.
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world’s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
US risks a ‘Forever’ trade war with China, says Economist Stephen Roach
The US is erecting new trade barriers that will hold back China’s sales of key products like electric vehicles, accusing Beijing of building excess capacity using state subsidies and flooding global markets with cheap products.
Asian factory activity expands in May on robust global demand
Manufacturing activity in Asia showed growth in May according to private surveys released on Monday, fueled by increasing global demand. This development adds to optimism for a continued economic recovery in the region, particularly with China displaying initial signs of resurgence.
Asia stocks gain, dollar drifts as inflation tests await
Asian stocks rose for the fourth month, while the dollar drifted lower. Investors await inflation readings from Europe and the U.S. for interest rate guidance.
Capital goods train delay hits India Inc's capex plans as manufacturers in China & Southeast Asia embark on their own expansion plans
Geopolitical tensions and the Red Sea crisis have increased delivery times for machinery, affecting production lines and capital goods planning for Indian companies like Amber Group and Havells India.
US efforts to reshape global supply chains gather pace in Asia
President Joe Biden's tariff hikes on Chinese imports are reshaping Asian trade routes, with Taiwan's exports to the US surging over 80% in April.
US stocks drift higher; S&P 500 pulls back within 1% of its record
The Dow Jones Industrial Average was up 189 points, or 0.5%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.2% higher.
China’s factory glut alarms the world but there’s no quick fix
Complaints about China's factory overcapacity are growing, but Beijing is hesitant to make changes that could harm its fragile economy. The EU criticized China for overproduction, urging action in the short term. China announced plans to slow expansion in the battery industry, but they are not binding. The country insists its industries are competitive due to innovation, not subsidies, and will continue supporting high-tech sectors despite international pressure. China's surplus production, stemming from a real estate slump, poses challenges.
Tesla sends top executive back to China amid weak sales
Tom Zhu, one of the company's three named executive officers, was promoted to senior vice president of automotive in April 2023, a role in which he oversaw global production, sales, deliveries, service and the company's factories from Tesla's Austin headquarters. He previously had been based in China, heading the carmaker's Asia Pacific operations.
Rockwell plans to expand in India with more factories, tech workers
Rockwell Automation considers expanding its technology workforce and establishing additional factories in India to bolster manufacturing. The industrial automation equipment maker, celebrating 40 years in India, aims to leverage the country as a technology hub for product development. Plans include hiring for technology centers and opening more factories, following its recent announcement of a plant in Tamil Nadu.
MS Dhoni-backed EMotorad’s e-cycle gigafactory almost ready
The e-cycle maker's gigafactory is being built in four phases. It will manufacture a range of components including batteries, motors, displays and chargers. The 2,40,000-sq.ft. facility is scheduled to be inaugurated on August 15. The factory, which will become South Asia's biggest integrated e-cycle unit, is set to employ more than 300 people.
Asia shares rise on rate cut bets; RBA seen turning hawkish
Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.
RITES to undertake safety assessment of Vande Bharat trains
With this contract, RITES, the only ISA-certified central public sector enterprise, has ventured into a new business stream and it said it is committed to advancing ISA works by leveraging its expertise in the Quality Assurance segment.
China’s EV and solar exports are powering ahead as prices slide
All these numbers show why China’s factory capacity has quickly become the key faultline in a polarizing global economy.
'It is desolate': China's glut of unused car factories
The facility, a former assembly plant and engine factory, had been a joint venture of a Chinese company and Hyundai, the South Korean giant. The complex opened in 2017 with robots and other equipment to make gasoline-powered cars. Hyundai sold the campus late last year for a fraction of the $1.1 billion it took to build and equip it. Unmown grass at the site has grown knee high.
Honda announces new engine assembly line at its Global Resource Factory in Haryana
Honda Motorcycle & Scooter India unveiled a new engine line in Haryana for CKD exports, emphasizing innovation and efficiency. The assembly line, capable of producing 600 engines daily, caters to diverse customer needs and plays a vital role in the company's global expansion.
Factories around the world are slowly cranking into gear again
The nascent industrial recovery is led by the world’s two biggest economies. Chinese manufacturing has made a strong start to the year, boosting the economic outlook, and US factory activity unexpectedly expanded last month for the first time since September 2022, buoyed by rising new orders and a jump in production.
Global Economy: Weak Asian factories take shine off China's rebound
Asia's factory activity weakened in March despite China's rebound. Japan, South Korea, Taiwan, Malaysia, and Vietnam saw shrinkage. China's PMI rose, posing challenges for emerging markets economist amid global growth uncertainties.
India’s rising factory activity boosts economy, flash PMIs show
Asia’s third-largest economy logged a blowout growth rate of 8.4% in the final three months of last year, although the figures were boosted by one-off items.
We transformed Hindustan Aeronautics into a record profit-making company: PM Modi
In a scathing attack on Congress, Prime Minister Narendra Modi said on Tuesday that earlier governments destroyed the ordinance factories and Hindustan Aeronautics Limited (HAL) but his government revived them and made them profitable.
China manufacturing slump weighs on Asia factory activity
Japan’s PMI also fell to 47.2 from 48, dragged down by its sharpest decline in exports in 11 months, according to data published by au Jibun Bank.
Asian factories still under pressure on mixed demand rebound
While manufacturing purchasing managers’ indexes for South Korea and Taiwan showed signs of stabilisation in activity, the mood in Japan was downbeat, according to surveys published Friday by S&P Global and au Jibun Bank.
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