Shift work Sep 7, 2018 (WiC 423)
“While China will remain an important part of our global manufacturing platform for the next decade, we have accelerated the ramp-up in other low cost countries and the US”
Techtronic’s CEO Joseph Galli comments on the impact of the Sino-US trade war. The firm currently makes the majority of its power tools in China but generates three quarters of its sales in the US. A shift to production in Vietnam will help the manufacturer of Hoovers offset the impact of US tariffs on China.
Set to sparkle? Aug 31, 2018 (WiC 422)
“It is still less than 5% of Alrosa’s global sales but it’s just the beginning”
Sergey Ivanov, CEO of Russian diamond firm Alrosa tells the Financial Times that he is increasing his marketing spend in China to catch up with rival De Beers. Alrosa sold $180 million worth of diamonds in China last year and is the world’s largest diamond producer, the FT says.
Not so Chinese after all Aug 24, 2018 (WiC 421)
“We don’t deny building on Chrome’s browser engine”
An embarrassing climb-down for Redcore CEO Chen Benfeng after its website had claimed to have “broken the American monopoly” with a ‘100% China-developed web browser’. Chen said what his firm had done was a bit like the way Google built Android “on the foundations of Linux” but said he had learned his lesson. When Redcore promotes its products in future: “No more ideological or US monopoly stuff. We will be more down-to-earth and focused solely on technology.”
About to take charge Aug 17, 2018 (WiC 420)
“Production is going to be in China and they are going to control the world through energy”
Doron Myersdorf, the CEO of Israeli battery company StoreDot, tells the Financial Times that Washington’s policies are stopping the US from becoming a leader in battery making. Backed by BP and Daimler, StoreDot wants to build a factory in the US but said that tariffs and President Trump’s threat to block fuel economy standards for vehicles were not helping the local industry.