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The world as a whole has been jolted by the war in Ukraine, according to the OECD, which cut almost all growth forecasts for the Group of 20 next year while anticipating further interest-rate hikes too. The global economy will expand just 2.2% in 2023, the Paris-based organization said Monday. The new projection for the …
Mediterranean Shipping Co., the world’s largest container line, will expand into air cargo using four leased Boeing Co. wide-body freighters after missing out in a bid for Italy’s flag-carrier airline. The new business will led by Jannie Davel, a former managing director of cargo at Delta Air Lines Inc. who has also worked at Emirates …
FRANKFURT: As Europe heads into winter in the throes of an energy crisis, offices are getting chillier. Statues and historic buildings are going dark. Bakers who can’t afford to heat their ovens are talking about giving up, while fruit and vegetable growers face letting greenhouses stand idle. In poorer eastern Europe, people are stocking up …
FRANKFURT: Europe’s largest economy is sending recession signals. Germany’s key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses. The index compiled by the Munich-based Ifo institute dropped …
The Department for Promotion of Industry and Internal Trade (DPIIT) will hold a series of workshops and deliberations in the coming months with all stakeholders on the recently launched National Logistics Policy, an official said. On September 17, Prime Minister Narendra Modi unveiled the National Logistics Policy that seeks to address challenges facing the transport …
Hero Electric, India’s largest zero-emission two-wheeler maker, will set up a greenfield manufacturing unit in Rajasthan entailing an expenditure of Rs 1,200 crore, its managing director, Naveen Munjal, told ET. The facility, to be set up in the Salarpur industrial region, will be spread over 170 acres and have an annual capacity of 2 million …
Apple’s newest phone iPhone 14 will be made in India as the global tech titan bets big on the manufacturing prowess of the world’s second-biggest smartphone market after China. Cupertino, California-headquartered Apple started manufacturing iPhones in India in 2017 with iPhone SE. Today, Apple manufactures some of its most advanced iPhones in the country including …
TAMWORTH (ENGLAND): The auto industry’s drive to a greener and cleaner future is a treacherous road for companies in its beleaguered supply chain. Only the strong and the shrewd may survive. Many auto suppliers, already squeezed by rampant inflation and energy prices, say they have little choice but to shoulder the extra costs of making …
Ever since American manufacturing entered a long stretch of automation and outsourcing in the late 1970s, every recession has led to the loss of factory jobs that never returned. But the recovery from the pandemic recession has been different: American manufacturers have now added enough jobs to regain all that they shed — and then …
The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic. A 40-foot shipping box from the world’s largest port of Shanghai to Los Angeles fetched $3,779 last week, the …