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Manufacturing

US factory orders post biggest drop in nearly three years

WASHINGTON: New orders for U.S.-made goods recorded their biggest drop in nearly three years in July, but orders for capital goods were stronger than previously reported, pointing to robust business spending at the start of the third quarter. Factory goods orders tumbled 3.3 percent amid a slump in demand for transportation equipment, the Commerce Department said on Tuesday. That was the biggest drop since August 2014. June’s data was revised to show orders rising 3.2 percent instead of the previously reported 3.0…

Apple to create $1 billion US advanced manufacturing fund

SAN FRANCISCO: Apple Inc plans to create a $1 billion fund to invest in US companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said on Wednesday, the iPhone maker's latest effort to show how it is creating US jobs. The Cupertino, California company will announce the fund's first investment later in May, Cook said during an interview on CNBC. Cook also said Apple plans to fund programs that could include teaching people how to write computer code to create apps, and will release more details…

Apple to build iPhone in India this year: official

NEW DELHI: Apple is to start making iPhones in India this year, a local government official said Friday, as the firm looks to tap a booming middle class as sales in China slow. The US giant has not confirmed the move, but chief executive Tim Cook said this week the company intended to "invest significantly" in India, where a pick-up in the economy provides ample opportunity for growth. "We have an understanding with Apple and we expect them to start manufacturing in Karnataka by the end of April," Priyank Kharge,…

Intelligent robots threaten millions of jobs

WASHINGTON: Advances in artificial intelligence will soon lead to robots that are capable of nearly everything humans do, threatening tens of millions of jobs in the coming 30 years, experts warned Saturday.