General Electric Co said it will move production of large, gas-powered engines to Canada from Waukesha, Wisconsin, along with 350 jobs, because the company cannot access financing from the U.S. Export-Import bank.
In its latest salvo aimed at persuading Congress to renew the trade bank’s expired charter, GE said it will invest $265 million in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined.
Export Development Canada will provide export financing support for products made in the new plant, GE said.
Xi rebuffs Scholz pressure to rein in Chinese manufacturing
Chinese leader Xi Jinping told the German chancellor that a surge in clean-technology exports from the Asian nation has helped the world tackle inflation, pushing back against European and US…
Swiss Parliament rejects joining Russia sanctions task force
Switzerland’s parliament rejected a proposal for the government to join a US-led sanctions task force against Russia, saying cooperation with the body as an independent party is sufficient.
China’s exports to Russia slump amid US threat of war sanctions
China’s exports to Russia slumped in March, the first year-on-year decline since mid-2022, amid growing US threats of reprisal against Beijing if goods aid Moscow’s invasion of Ukraine.
