Manufacturing

According to figures released by the Federal Reserve, US factory output grew in July at its fastest rate for nearly a year, suggesting that the recovery from recession might not be stagnating as had been feared after June figures had shown a slight decline.

Industrial production from the country’s factories, mines and utilities increased an overall 1.0 percent, with factory output, the largest single component, rising 1.1 percent.

After reporting profits for two consecutive quarters, General Motors Co. has announced that its CEO Edward E. Whitacre Jr. is to be replaced by Daniel Akerson from 1 September. Mr. Whitacre will remain chairman until December, when he will hand over that title to Mr. Akerson as well.

The announcement was made after GM reported its best results since 2004, with net income of $1.3 billion for the second quarter improving on the $865 million profit made in the first quarter.

General Motors Co. has reported profits for the second successive quarter, and is widely expected to be on the brink of a landmark IPO which could raise as much as $16 billion to begin the process of releasing it from government ownership.

GM reported second quarter profits of $1.3 billion today, on revenues of $33.2 billion, bringing its half-yearly profits to a total of $2.2 billion on revenues of $64.7 billion. GM reported a first-quarter profit $1.07 billion in May, compared with a $5.98 billion loss a year earlier.

Russian state-owned nanotechnology corporation Rusnano is in advanced talks to take over the UK display screen maker Plastic Logic—a deal that would assist Russia in bringing Western know-how to its fledgling tech industry.

According to the Financial Times, Rusnano is considering the purchase of a significant stake in Plastic Logic—on the condition it relocates the next phase of its development to Russia.

As Indian overground commuter transport is expanded and upgraded and metro systems start to take off, Jane Bordenave talks to Rajeev Jyoti, president and managing director of Bombardier Transportation India, about his company’s key role in these developments and how the market is changing.

Toyota is investing considerable resources in developing its South African supply chain. VP of purchasing and engineering Nigel Ward explains to Gay Sutton the value of collaborative supplier relations and Toyota’s philosophy of respect for people and mutual trust.

Sales of new automobiles in the United States rose to their highest level of the year in July, as improved access to credit and leasing allowed motorists to replace their ageing cars and rental operators and fleet owners to upgrade their fleets.

Summer promotions, which usually begin in August but were pulled ahead this year, also had an effect, tempting buyers even though the price of the automobile was no cheaper than in previous months.

10. Kia: reliability score 81.0 per cent

Kia Motors is South Korea's second largest automobile manufacturer, having sold over 1.6 million cars in 2009.

Founded in June 1944 and headquartered in Seoul, the company is 38.67 per cent owned by the Hyundai Kia Automotive Group. North American and European arms are operated by Kia Motors America and Kia Motors Europe respectively.

For the first time, Kia posted KRW10 trillion in revenue for the first half of this fiscal year.

Caterpillar has chosen Winston-Salem, North Carolina as the site of its new powertrain components manufacturing and assembly facility to provide extra capacity for its expanding business in global mining operations. Sites in South Carolina and Alabama had also been under consideration for the plant.

Defence group BAE Systems and engine supplier Rolls-Royce have signed a £700 million deal to supply products and services for 57 Hawk training jets to India’s Hindustan Aeronautics Limited.

Over £500 million will go to BAE and £200 million to Rolls-Royce, who will build the engines for the jets. BAE will be supplying products and services to enable the aircraft to be built under licence at Hindustan Aeronautics Limited (HAL)’s facilities in Bangalore, India.