Thursday October 29 2009

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MAN gets $148 Mil Diesel Engine Order

FRANKFURT -- German machinery builder MAN SE said Wednesday it won a contract with Karadeniz Powership Co. Ltd. of Turkey to supply up to 24 engines to be used to generate power-grid electricity from aboard ships.

MAN, based in Munich, said the deal, worth more than euro100 million ($148 million), will also include electromechanical equipment necessary for electricity generation.

MAN to Build Volkswagen Branded Trucks and Buses in South Africa

FRANKFURT — German truck and bus maker MAN SE will build Volkswagen branded trucks and buses in South Africa, starting in November, to tap into the wider sub-Saharan market.

MAN, based in Munich, already has some operations in South Africa, but will now also build and market VW brands. The move comes after it recently bought the Latin American truck and bus operations of Volkswagen.

BAE Systems Names Linda Hudson President and CEO of US Subsidiary

BAE Systems PLC (BAESY) has tapped Linda Hudson as chief executive officer and president of its massive U.S. operations, a move that gives her a high-profile role as the first female chief executive of a major defense contractor.

BAE Systems Inc., which has about 56,000 employees and annual sales of approximately $20 billion in 2008, is the U.S. arm of the U.K.-based defense giant. She also was named to parent company BAE Systems PLC's board and as its chief operating officer.

Chinese Treasury to Make Efforts for 8% GDP Growth

SinoCast Macro & Breaking Economic News Beat

BEIJING, October 27, SinoCast -- China will try hard to realize its aim about GDP growth for 2009 while keeping its active fiscal policy, according to Wang Jun, vice finance minister of China.

Upon the vice minister's words, analysts estimated that a 8 percent growth in the country's 2009 economic growth had almost been out of doubt.

Paccar 3Q Profit Slumps 96% on Lower Worldwide Revenue

Paccar Inc.'s (PCAR) third-quarter profit tumbled 96 percent as the maker of heavy-duty trucks and aftermarket parts posted slumping revenue, especially in Europe.

Truck sales in the U.S. have been mired in a three-year-long slump. Paccar has said it expects some recovery in the market next year, but the ongoing recession is expected to continue to pressure demand through 2009. In August, Moody's Investors Service lowered its outlook on Paccar's long-term ratings to negative, citing the ongoing truck-demand slump in North America and Europe.

Report: 4-Fold Expansion in China’s Economy Required 6-Fold Hike in Energy Use

Energy usage is at the heart of China's growth prospects. Between 1980 and 2000, the country achieved a near miracle: The economy quadrupled in size while energy usage merely doubled. Beijing believed it had discovered a unique development model and pledged to continue in the same vein.

What the planners did not take into account was the radical shift toward heavy industry that moved into full gear at the start of the current decade. They were delighted when GDP growth far exceeded the 8 percent annual target between 2000 and 2005, but shocked at the enormous energy cost. Growth in energy use for the period had averaged more than 12 percent. On this basis, a four-fold expansion in the economy would require a six-fold hike in energy consumption.

Scania Sees Bumpy 2010 Recovery In Truck Market

Truck maker Scania AB on Monday cautioned that strengthening order books and a leveling off in the downturn in its key western European would not bring a quick rebound next year.

Beating forecasts for third-quarter operating profit provided more signs that truck makers, boosted by sweeping cost cuts, are slowly emerging from a virtual free-fall in demand on both sides of the Atlantic, but a recovery looks to be sluggish.

Hino Motors Studying India to Launch Dutro Range of Commercial Vehicles

Chennai, Oct. 25 Hino Motors of Japan, part of Toyota group, is studying the Indian market to introduce its ‘Dutro’ range of light commercial vehicles.

The Dutro range has vehicles from 3 tons gross vehicle weight to 8.9 ton GVW.

But that will be at a later date. For now, Hino Motors is focused on bringing into India its heavy commercial vehicles – mainly tippers and luxury buses, according to Mr. Amol J Sandil, Executive Vice-President, Hino Motors Sales India Pvt Ltd.

Commentary: China and India Quash Copenhagen Conference on Global Warming

"With less than two months to go before the big Copenhagen Conference on global warming, two major nations have said 'no thanks' to the no-growth agenda. For that reason alone, so should we. Following a deal signed late Thursday between China and India, anything we might agree to do in Copenhagen is likely moot anyway.

The two mega-nations -- which together account for nearly a third of the world's population -- said they won't go along with a new climate treaty being drafted in Copenhagen to replace the Kyoto Protocol that expires in 2012. They're basically saying no to anything that forces them to impose mandatory limits on their output of greenhouse gas emissions. Other developing nations, including Mexico, Brazil and South Africa, will likely reject any proposals as well. The deal was already in trouble.

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