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SANTA CLARA, CA -- Intel Corp. today announced plans to build a state-of-the-art $3 billion semiconductor production plant in Arizona.

The world's largest maker of microprocessers plans to construct a 300-mm silicon wafer fab at the company's Chandler, AZ, manufacturing site.

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ANGLETON, TX -- Benchmark Electronics, a leading contract manufacturing provider, reported June quarter sales of $561 million, up 14% from $491 million last year. Second-quarter net income was $18.7 million, up from $17.6 million a year ago.

The results were driven by "significant" new program production, said president and chief executive Cary T. Fu, in a statement. "We expect strong growth and opportunities in the second half of 2005."

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BANNOCKBURN, IL – IPC today balked at China’s revaluation of its currency, saying the move will have “little or no impact” on trade imbalances or domestic manufacturing in the short term.

 

Last week, in response to increasing demands for currency reform, the Peoples Bank of China stopped tying the value of its currency, the yuan, to the U.S. dollar. However, in breaking its 10-years-long practice, the central bank restricted trades of the yuan to a 0.3% band. 

 

In a press statement, IPC announced its disappointment with China’s recent currency reforms.

 

Dan Feinberg, chairman of IPC’s government relations committee, said, “In the short term, these changes will have little or no impact on the balance of trade and the U.S. electronics manufacturing market sector. However, China’s reforms could open the door for progress toward the GR committee’s ultimate goal of a 40% revaluation against the dollar.”

 

John Kania, IPC government relations director, said, “China’s new system is a small step in the right direction, but more needs to be done. IPC will continue to support the China Currency Coalition and the Ryan-Hunter bill that more aggressively fixes the currency problem for IPC members.”

 

IPC is a member of the China Currency Coalition, an assembly of trade groups who seek currency reform. H.R. 1498, sponsored by U.S. Representatives Tim Ryan (D-OH) and Duncan Hunter (R-CA) and also known as the Chinese Currency Act of 2005, states that China’s manipulation of its currency violates U.S. trade laws and reiterates the country’s right to penalize the PRC.

 

The statements echoed those of other trade groups, which hailed the move as a step forward but put China on notice that continued reform is a must. Last week, National Association of Manufacturers president John Engler said “We are pleased that China has now moved away from a fixed dollar peg to what could be described as a ‘crawling peg’ based on a basket of currencies.

China’s new currency system offers the possibility for continued upward movement of the yuan in the coming weeks and months, and that is what we will be looking for,” Engler said.

Also last week, Dave McCurdy, president and CEO of the Electronic Industries Alliance (eia.org), and a former U.S. Congressman, said, “We have long encouraged the idea that the yuan should be allowed to float and have advocated the approach of tying the yuan to a broader basket of international currencies, as they have chosen to do. We believe this pragmatic approach will allow the yuan’s value to rise against the dollar in a way that will allow U.S. manufacturers to compete more fairly in the world market and will not destabilize China's domestic economy.”

 

ATLANTAPBR Seminars announced today the debut broadcast of a free two-hour Webinar featuring renowned industry analyst Walt Custer.

The event, Business Outlook: Global Electronics Industry, will be held Aug. 9, at 1 pm Eastern/10 am Pacfic.

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SHANGHAI -- China yesterday assented to longstanding calls to revalue its currency, a decision that could have major repercussions for manufacturing and other industries elsewhere.

Critics of the former fiscal policy hailed the move.

With the yuan now in play, most feel that its value will rise relative to the dollar, thus raising the value of China's goods and services abroad. The effect: the price advantage companies have in making products in China will dissipate.

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WASHINGTON, D.C. — The National Association of Manufacturers today said that China’s shift toward greater flexibility of its currency is potentially of enormous significance, but much depends on how China’s new system is allowed to work.

“The NAM has almost single-handedly put this issue on the front burner and has been pressuring for greater Chinese currency flexibility for almost two years,” said NAM president John Engler. “We are pleased that China has now moved away from a fixed dollar peg to what could be described as a ‘crawling peg’ based on a basket of currencies.

“China’s new currency system offers the possibility for continued upward movement of the yuan in the coming weeks and months, and that is what we will be looking for,” Engler said.

“While the initial 2.1% revaluation is inadequate, we view it as the beginning of what should be a significant revaluation” Engler said. “China’s new system appears to allow re-valuing the yuan as much as three-tenths of a percent each day — meaning it could move a much as one percent every three days.

“By October, when the next Treasury Department report on currency manipulation is due, we hope to see that China’s currency has moved significantly enough to begin correcting long-standing trade distortions.

“Today’s announcement by the Chinese authorities has the potential for beginning to correct the huge trade imbalances that have been created by distorted currencies – or it fall short if the crawling peg is operated too cautiously,” said Engler. “But for now, we are pleased that the fixed peg is gone and that a new system has been created. We hope everyone will join us in urging China to use it in a manner that truly reflects market pressures.

“China’s move will also help address our larger trade deficit with all Asia. The Chinese yuan has been holding down other Asian currencies, and the NAM has believed that Chinese action would result in upward movement of the other currencies as well,” Engler said. “Malaysia’s announcement that it will also break its peg to the dollar is, we hope, just the first of many similar announcements to come.”

“I commend President Bush and Treasury Secretary John Snow for their resolution and strong leadership,” Engler said. “Their steadfastness made this day possible.”

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