UPDATE: TikTok CEO grilled by skeptical lawmakers on safety, content
A nearly six-hour grilling of TikTok’s CEO by lawmakers brought the platform’s 150 million U.S. users no closer to an answer as to whether the app will be wiped from their devices.
International Business
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Holcomb to attend United Nations climate summit in Egypt
Gov. Eric Holcomb and other state officials plan to join global leaders next week at the United Nations Climate Change Conference in Egypt, marking the first time an Indiana governor has attended the summit.
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Cummins investing $24M in German battery startup
Cummins is investing in VoltStorage, a Munich, Germany-based company that develops and produces batteries based on redox flow technology, a more environmentally friendly alternative to lithium-ion batteries.
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Cummins: Suspending Russian operations cost it $158M in first quarter
Cummins made the disclosure in its first-quarter financial report. Profit dropped in the period, but sales hit a record high. The company also said interest in its emerging hydrogen business is growing.
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Allegion to acquire Stanley Black & Decker business for $900M
Security-products company Allegion, which has about 1,300 employees at its Americas headquarters in Carmel, expects to close the largest deal in its history in the third quarter.
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Articles
IMF chief warns of ‘tough year’ for world economy
International Monetary Fund Managing Director Kristalina Georgieva said one third of the world is expected to be in recession in 2023.
Workers protest, beaten at virus-hit Chinese iPhone factory
Employees at the world’s biggest Apple iPhone factory were beaten and detained in protests over pay amid anti-virus controls, according to witnesses and videos on social media Wednesday, as tensions mount over Chinese efforts to combat a renewed rise in infections.
Apple says iPhone supplies hurt by anti-virus curbs in China
Apple Inc. is warning customers they’ll have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor’s factory in central China.
World Trade Organization predicts trade growth to slow next year amid crises
The World Trade Organization is predicting global trade volumes will grow a lackluster 1% next year as challenges weigh on markets, including high energy prices, rising interest rates and uncertainties about Chinese manufacturing output amid the lingering COVID-19 pandemic.
Holcomb heads to Europe to discuss prospects in manufacturing, energy
The Indiana governor will lead a nine-person delegation to Germany and Switzerland next week. It will mark his 13th international trip for economic development opportunities.
U.S., Mexico to cooperate on semiconductors, electric vehicles
The countries seek to eat into Asia’s advantage in semiconductors and batteries needed for electric vehicles and promote North American production.
Dutch government ‘very concerned’ after soldier’s killing in Indianapolis
Defense Minister Kajsa Ollongren told reporters in Prague, where she met with her European Union counterparts, that the state of affairs in the Netherlands’ “most important ally” had become troubling.
China attacks U.S. chip handouts while warning of market slowdown
China lashed out at a $52 billion program to expand American chipmaking, saying the landmark blueprint contains elements that violate fair market principles and targets Beijing’s own efforts to build a semiconductor industry.
Even Amish furniture makers affected by international supply chain issues
Metal hardware has been in short supply the last couple of years, and one item in particular has bedeviled Amish craftsmen: drawer slides.
U.S.-China ties on precipice after Pelosi visit to Taiwan
House Speaker Nancy Pelosi’s visit to Taiwan, which has has enraged Beijing and Chinese nationalists, could further muddle Washington’s already complicated relationship with China as the two sides wrest with differences over trade, the war in Ukraine, human rights and more.
Cummins posts record quarterly revenue
The Columbus-based manufacturer says its strong second-quarter was due mostly to its North American market, where revenues grew 15%.
With U.S. dollar nearly equal to euro, impact is being felt
The U.S. Dollar Index, which measures the value of American money against six major foreign currencies, has jumped nearly 12% this year, to a two-decade high.
Mexico leader to end daylight saving, keep ‘God’s clock’
Mexico’s president has submitted a bill to end the practice of changing clocks twice a year. The change would mean central Mexican time, which covers most of the country, could be permanently two hours behind the east coast of the United States.
Canadian campaign aims to lure Hoosier tech companies
A campaign launched last week by a Windsor, Ontario-based economic development organization is targeting small- to medium-sized tech companies in Indiana and three other midwestern states. The goal is to get them to expand or relocate into Windsor.
Slovakian startup announces plans for Indiana battery plant
InoBat Auto, a Slovakian company that launched in 2019, said Thursday that it plans to open battery R&D and production sites in Indiana, in partnership with New York City-based Ideanomics Inc.
Biden signs shipping law expected to cut consumer costs
The Ocean Shipping Reform Act passed the Senate unanimously via voice vote and garnered bipartisan House support.
U.S. solar companies weigh challenge to Biden’s pause on tariffs
Some domestic producers say President Biden’s actions would help China’s state-subsidized solar companies at the expense of U.S. manufacturers.
Stage set for Indiana’s global summit on economic issues
The Indiana Economic Development Corp., which focuses on bringing new business to the state, originally planned to host the Indiana Global Economic Summit in 2020 before the pandemic curtailed travel and meetings.
McDonald’s selling all 850 of its restaurants in Russia
Last year, McDonald’s Russian operations contributed 9% of the company’s total annual sales, or around $2 billion.