Tag: Manufacturing

Drive a Lada, Putin tells Russian business chiefs – POLITICO

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Foreign cars are out; Russian motors are in.

That was the message from Russian President Vladimir Putin to officials Thursday during a meeting with the heads of manufacturing businesses, reported state-run news agency TASS.

“Ministries, agencies, and the administration of affairs have asked to continue [purchases], to emphasize, in fact, foreign-made cars, to continue this practise,” Putin said. “I said that this should be absolutely excluded and all officials of the country should drive domestic cars.”

Russia’s car market has

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LG Energy Solution: Expand North America EV battery manufacturing

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LG Energy Solution is also working with existing suppliers to add operations in North America, he said. The strategy is part of a broader plan to add reliable suppliers in the region. It aligns with a provision in the Inflation Reduction Act that provides credits for certain products, including key battery components domestically produced and sold by a manufacturer.

Lee, who led Continental’s North America business for two years before joining LG Energy Solution in 2022, said the semiconductor shortage

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Nemco shows how electronics manufacturing works a treat in UK | City & Business | Finance

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Its technical expertise helps keep the UK safe and functioning, yet due to its low-profile work few are aware of the vital contribution made by Nemco, a leading electronics producer, based not overseas but close to hand in Hertfordshire.

But as part of the Manufacturing Assembly Network (MAN), a group of firms that’s now lobbying the Government to provide support for reshoring (returning production to the UK) and supply chain security, Nemco’s growth plans could soon increase its visibility.

The

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Britain ‘on the brink’ as manufacturing shrinks at fastest rate in three years | UK | News

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Manufacturers are battening down the hatches and cutting activity amid expectations of weaker market conditions with a union boss warning the UK is on the brink of recession, an industry expert has said.

Britain’s manufacturing sector shrank at its fastest rate for three years last month after a year-long decline, according to an influential survey.

The S&P Global/CIPS UK Manufacturing PMI survey returned a reading of 45.3 in July compared to 46.5 in June.

It marks the joint-worst performance for

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Germany learns to be a team player – POLITICO

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Benjamin Tallis is a senior research fellow at the German Council on Foreign Relations, where he heads the “Action Group Zeitenwende.”

With Germany under pressure to deliver on its stuttering Zeitenwende — the promised sea change in its defense policy — any progress is now welcome. And this is the view not just in Berlin, but in all allied capitals where policymakers understand what such a change could mean for NATO and European defense.

It’s true that Germany has come

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Billionaire rethinking new UK green investment after Sunak backs ‘failed tech’ carbon capture – POLITICO

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LONDON — An Australian billionaire says he may step back from investing in U.K. green technologies after the government announced new backing for carbon capture and storage (CCS) technology.

Andrew Forrest, an international investor and climate philanthropist, said U.K. government plans to put billions of pounds into CCS meant “putting Britain’s hopes [on] failed technology.”

Prime Minister Rishi Sunak confirmed on Monday that the government would be investing in CCS projects in Northeast Scotland and the Humber. 

The government has

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After summer heat, economic chill – POLITICO

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BRUSSELS — While Europe counts the cost of wildfires and record high temperatures, governments are facing up to a decidedly frosty fall and winter.

Buffeted by rising borrowing costs and a decline in business and consumer confidence, the eurozone economy is weakening rapidly. Interest rates this week were increased to record-equaling levels, inflation is falling but remains stubbornly high, and, on Friday, there came a fresh warning from the

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Dana Q2 earnings: Profits improve on lower manufacturing costs

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Dana’s revenue rose 6 percent to $2.75 billion, a gain attributed to higher market demand, cost-recovery actions and conversion of the company’s sales backlog. Free cash flow was down 19.8 percent to $134 million as a result of higher capital spending for new business backlog.

Adjusted earnings before interest, taxes, depreciation and amortization rose $81 million to $243 million.

Executives reaffirmed Dana’s commitment to evolving the electrified side of the company. Organic sales growth from EV products was $36 million,

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The bellwether of globalization – POLITICO

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Elisabeth Braw is a senior fellow at the American Enterprise Institute and adviser at Gallos Technologies and a regular columnist for POLITICO.

Siemens is the quintessential representative of the globalized economy.

As soon as world leaders agreed on the Iran Nuclear Deal, it signed a €1.5-billion contract to modernize the country’s railways, only leaving after America’s withdrawal made it impossible for Western companies to stay. It remained in Russia

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Is Kemi Badenoch still the future? UK Tories aren’t so sure – POLITICO

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LONDON — It’s been quite a year for Kemi Badenoch, propelled from little-known minister to Tory leadership hopeful, to Cabinet big-hitter and beyond.

The U.K. business and trade secretary used last July’s Conservative Party leadership contest to launch herself from relative obscurity to political stardom, and 12 months later finds herself firmly seated within the top tier of Rishi Sunak’s ministers.

For many, Badenoch is now the next great hope for British conservatism, her right-wing sensibilities, dry sense of humor

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