Falling U.S. factory orders reflect economic slowdown
New orders for U.S. manufactured goods fell in November, the latest government data showed, consistent with a broader economic slowdown observed at the end of the year. According to a report from Yahoo Finance, factory orders fell 0.4% after rising 0.5% in October. The decline in factory orders highlights ongoing challenges facing the manufacturing industry. Also read: Post-Christmas rejection surge in U.S. truckload market The manufacturing sector, which accounts for 10.3% of the U.S. economy, continues to deal with the impact of the Federal Reserve's sharp tightening of monetary policy over the past two years. Aggressive strategies aimed at controlling inflation had a significant impact on production levels. IndexBox data further showed that broader economic pressures affected business spending, as evidenced by a 0.9% decline in orders for non-defense capital goods. Despite these challenges, there are optimistic signs of recovery. The Institute for Supply Management recently reported that its purchasing managers' index rose to a nine-month high, pointing to a…
U.S. core capital goods orders surge in November
New orders for key U.S. manufacturing capital goods rose significantly in November, driven by strong demand for machinery and signaling a strong economy at the end of the year. Shipments of these items also increased for the second consecutive month, following encouraging consumer spending data last week, according to a Commerce Department report. Also read: U.S. shipping container imports to drop to $999 million in 2023 The economy's resilience prompted the Federal Reserve to adjust its expectations for an interest rate cut in 2025. Core capital goods orders, excluding defense and aircraft, climbed 0.7% after a slight 0.1% decline in October, beating Reuters economists' forecasts for a 0.1% rise. Meanwhile, shipments of these goods increased 0.5% after rising 0.4% the previous month, underscoring continued business investment trends. While machinery orders surged 1.0%, industries such as computers and electronics saw opposite declines. Specifically, transportation equipment orders fell 2.9%, mainly affected by a 7.0% decline in commercial aircraft orders, with Boeing's orders…
Court orders Carolus Ghosn to return super luxury yacht
Carlos Ghosn remains in Lebanon while facing an Interpol red notice and legal troubles. A British Virgin Islands court ruled that Ghosn misappropriated $32 million from Nissan. Nissan has vowed to pursue legal action to hold Ghosn accountable for alleged misconduct. Former auto executive Carlos Ghosn has been ordered to return a luxury yacht and pay Nissan $32 million in damages after a British Virgin Islands court ruled that the businessman had stolen money from the carmaker. Millions of dollars were embezzled to purchase the yacht. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); The 121-foot custom Line Navetta 37 built by Ferretti has seven bathrooms, five master cabins and four crew cabins. The British Virgin Islands High Court ruled that $32 million from Nissan's CEO reserve fund flowed through multiple intermediaries, including Nissan Middle East, to various entities controlled by Ghosn or his family members. READ: Carlos Ghosn…
Dodge opens orders for new Charger Daytona
Dodge is now accepting orders for the 2024 electric Charger Daytona. The Charger Daytona Scat Pack starts at $59,595 and tops out at $73,190. Customers who act before October 31 will receive the First Call package which includes exclusive perks. The electric muscle car era has arrived as dealers begin taking orders for the Dodge Charger Daytona. Customers who act fast can expect to receive their car in the fourth quarter of this year. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); The company is directing customers to use the Horsepower Locator tool on DodgeGarage.com to find “dealers that have the new Dodge Charger Daytona coming soon or can help place an order.” The disastrous tool, which still hasn’t been updated to accommodate the 2025 Durango SRT Hellcat Hammerhead unveiled last week, shows most dealers have only one or two “available orders.” MORE: 2024 Dodge Charger Daytona…
The electric revolution begins: Porsche stops taking orders for existing
Porsche is about to start a new chapter in its storied history as it prepares to cease production of its beloved 718 Boxster and Cayman combustion models by mid-2025. The decision, announced by Porsche production manager Albrecht Reimold, is in line with the automaker’s global electrification strategy. India will also be witnessing the end of an era as Porsche has stopped taking bookings for the combustion engine version of the 718. While existing orders will be fulfilled, the iconic sports car will soon be replaced by an all-electric successor. The fifth-generation Cayman and Boxster, due for release in 2025, will be fully electric, a departure from the gasoline-powered models that have enticed enthusiasts for years. Built on a bespoke electric sports car platform, the new EVs will be produced at Porsche’s Zuffenhausen plant and are designed to retain the coveted mid-engine feel of their predecessors. The platform is also expected to form the basis for future electric models from Audi…
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