Friday, January 30, 2004
Alliance Hires Law Firm For Chinese Currency Case
The Fair Currency Alliance, a Washington, D.C.-based coalition of trade associations and unions that includes the AFL-CIO and the National Association of Manufacturers (NAM), has selected the law firm Collier Shannon Scott to prepare a Section 301 petition challenging alleged Chinese currency manipulation. Section 301 is a part of the Trade Act of 1974 allowing the U.S. to take action against foreign nations for violating U.S. rights under trade agreements or engaging in practices that harm U.S. trade.
"We believe that the Chinese practice of intervening heavily to control its currency at a significantly undervalued level -- as much as 40% -- against the [U.S.] dollar conveys an artificial trade advantage that is affecting U.S. production and jobs," says Patricia Mears, the alliance's executive director.
A "reasonable estimate" of the date for filing the Section 301 petition with the U.S. Trade Representative's office is four to six weeks from now, says Franklin J. Vargo, NAM's vice president for international economic policy. - John S. McClenahen
"We believe that the Chinese practice of intervening heavily to control its currency at a significantly undervalued level -- as much as 40% -- against the [U.S.] dollar conveys an artificial trade advantage that is affecting U.S. production and jobs," says Patricia Mears, the alliance's executive director.
A "reasonable estimate" of the date for filing the Section 301 petition with the U.S. Trade Representative's office is four to six weeks from now, says Franklin J. Vargo, NAM's vice president for international economic policy. - John S. McClenahen
Thursday, January 29, 2004
Steel Imports Fall By Nearly A Third
Tariffs and a weaker dollar dampened steel imports last year, according to preliminary Census Bureau data reported by the American Iron and Steel Institute (AISI).
Imports of steel totaled 23,013,000 net tons, down 29.6% from 2002. Finished steel imports were down 23.7%.
AISI reported that President Bush's steel tariff program, which he stopped in the fall; a decline in the U.S. dollar value; a more consolidated and stronger U.S. steel industry; and rising steel prices elsewhere made imports less attractive in 2003.
Steel prices are on the rise, with a ton of hot-rolled steel inching toward $400. In the early winter, prices were closer to $320 a ton. AISI states, however, that prices remain below the 20-year average of $449 per ton.
Imports of steel totaled 23,013,000 net tons, down 29.6% from 2002. Finished steel imports were down 23.7%.
AISI reported that President Bush's steel tariff program, which he stopped in the fall; a decline in the U.S. dollar value; a more consolidated and stronger U.S. steel industry; and rising steel prices elsewhere made imports less attractive in 2003.
Steel prices are on the rise, with a ton of hot-rolled steel inching toward $400. In the early winter, prices were closer to $320 a ton. AISI states, however, that prices remain below the 20-year average of $449 per ton.
Tuesday, January 27, 2004
Existing Home Sales Set Annual Record
Strong sales of existing single-family homes in December helped produce an annual sales record in 2003, the Chicago-based National Association of Realtors (NAR) reported on Jan. 26.
December sales were at a seasonally adjusted annual rate of 6.47 million, up from November's rate of 6.05 million. "We've been expecting the pace of home sales to ease, and a decline in November seemed to indicate a more sustainable pace, but the rebound in December -- the second highest monthly pace on record -- shows there's still a lot of life in this market," says David Lereah, NAR's chief economist. "The biggest factor is a resumed decline in mortgage interest rates, which have been much lower than most analysts expected."
For all of 2003, existing homes sales totaled a record 6.1 million, nearly 10% higher than the previous record of 5.566 million in 2002. NAR has been keeping track of the numbers since 1968. - John S. McClenahen
December sales were at a seasonally adjusted annual rate of 6.47 million, up from November's rate of 6.05 million. "We've been expecting the pace of home sales to ease, and a decline in November seemed to indicate a more sustainable pace, but the rebound in December -- the second highest monthly pace on record -- shows there's still a lot of life in this market," says David Lereah, NAR's chief economist. "The biggest factor is a resumed decline in mortgage interest rates, which have been much lower than most analysts expected."
For all of 2003, existing homes sales totaled a record 6.1 million, nearly 10% higher than the previous record of 5.566 million in 2002. NAR has been keeping track of the numbers since 1968. - John S. McClenahen
Monday, January 26, 2004
Fed Expected To Hold Funds Rate At 1%
Chairman Alan Greenspan and the 11 other voting members of the Federal Open Market Committee, the Federal Reserve panel that sets interest rates, hold a two-day meeting this week. The expected result: The target for federal funds rate will remain at 1%, its level since June 25, 2003. The announcement should come about 2:15 p.m. Washington time on Wednesday, Jan. 28. - John S. McClenahen
Sunday, January 25, 2004
Toyota Overtakes Ford as No. 2 Auto Maker
Yahoo! News - Toyota Overtakes Ford as No. 2 Auto Maker: "Toyota Overtakes Ford as No. 2 Auto Maker"
Friday, January 23, 2004
Merrill: Permanent Extension Of Tax Cuts 'Not Certain'
Constraints on the federal budget, including the cost of Medicare reform, mean "it is not certain that President Bush will be able to get even a Republican-dominated Congress" to make permanent a variety of tax cuts set to expire during the next six years, opines Merrill Lynch & Co., New York.
The cuts include a reduction in the dividend tax and a cut in the capital gains tax -- as well as the reduction in marginal tax rates and an increase in the individual alternative minimum tax exemption.
The Congressional Budget Office puts the cost of extending the tax cuts at $1.564 trillion during the next decade. - John S. McClenahen
The cuts include a reduction in the dividend tax and a cut in the capital gains tax -- as well as the reduction in marginal tax rates and an increase in the individual alternative minimum tax exemption.
The Congressional Budget Office puts the cost of extending the tax cuts at $1.564 trillion during the next decade. - John S. McClenahen
Thursday, January 22, 2004
OECD: Flow Of Cross-Border Jobseekers Increasing
The flow of job-seeking immigrants to rich countries keeps rising despite a recent economic slump in many of the world's wealthiest nations, the Organization for Economic Cooperation and Development (OECD) said Jan. 21 in its latest study on the issue.
Foreign workers, especially women, the young and the elderly, nonetheless remain vulnerable to poor working conditions, the OECD noted in its annual Trends in International Migration.
"The economic downturn in some OECD countries has not affected the upward trend in international migration which began in the mid-1990s," the report said. "Record numbers of people are moving to many OECD countries in search of jobs and to join their families," it added, identifying the United States, Austria, France and Switzerland as nations that had admitted between 15% to 25% more migrants in 2001-2002 than in 2000.
"The United States admitted more than a million permanent immigrants in 2001 and 2002," the report said. "Southern European countries, Canada and New Zealand also saw sharp increases in their immigration flows following recent regularization programs. Only Japan, Korea and Northern Europe saw smaller increases."
Labor-related migration increased across all categories, including skilled workers, seasonal employees, trainees, working vacationers, multinational corporate staff transfers and cross-border workers. - Agence France-Presse
Foreign workers, especially women, the young and the elderly, nonetheless remain vulnerable to poor working conditions, the OECD noted in its annual Trends in International Migration.
"The economic downturn in some OECD countries has not affected the upward trend in international migration which began in the mid-1990s," the report said. "Record numbers of people are moving to many OECD countries in search of jobs and to join their families," it added, identifying the United States, Austria, France and Switzerland as nations that had admitted between 15% to 25% more migrants in 2001-2002 than in 2000.
"The United States admitted more than a million permanent immigrants in 2001 and 2002," the report said. "Southern European countries, Canada and New Zealand also saw sharp increases in their immigration flows following recent regularization programs. Only Japan, Korea and Northern Europe saw smaller increases."
Labor-related migration increased across all categories, including skilled workers, seasonal employees, trainees, working vacationers, multinational corporate staff transfers and cross-border workers. - Agence France-Presse
Tuesday, January 20, 2004
U.S. Consumer Sentiment Soars To Three-Year High
U.S. consumers' spirits soared to the highest level in more than three years in early January, a survey by the University of Michigan showed Jan. 16. A consumer sentiment index, based on the survey, surged to 103.2 points -- the highest since November 2000 -- from 92.6 points in late December, the university said.
The leap surprised Wall Street economists, who had forecast a reading of 93.6 points. The financial markets closely watch consumer sentiment because it can affect consumer spending, which accounts for two-thirds of U.S. economic activity. American shoppers have proven during the past three years, however, that they can spend even when things look grim.
The two key components of the Michigan index improved. An index of people's feelings about current conditions rose to 108.9 from 97.0 in December. An expectations index rose to 99.5 from 89.8. - Agence France-Presse
The leap surprised Wall Street economists, who had forecast a reading of 93.6 points. The financial markets closely watch consumer sentiment because it can affect consumer spending, which accounts for two-thirds of U.S. economic activity. American shoppers have proven during the past three years, however, that they can spend even when things look grim.
The two key components of the Michigan index improved. An index of people's feelings about current conditions rose to 108.9 from 97.0 in December. An expectations index rose to 99.5 from 89.8. - Agence France-Presse
Friday, January 16, 2004
Eight WTO Members Seek Sanctions Against U.S. In Dumping Dispute
Eight WTO members, including the European Union, Japan and India, asked the World Trade Organization on Jan. 15 for approval to slap sanctions on US products in response to US anti-dumping rules that were ruled illegal. But Australia, Indonesia and Thailand, the other countries that lodged a complaint with the global trade body in 2002 over the so-called Byrd amendment, have reached a separate agreement with the United States, a World Trade Organization source said.
"All eight have requested a special meeting of the dispute settlement body on Jan. 26," said the source, referring to the WTO's judicial arm.
The five other states involved are Brazil, Canada, Chile, South Korea and Mexico.
The disputed U.S. legislation -- named after its author, Democratic Sen. Robert Byrd of West Virginia -- allows the U.S. government to distribute proceeds from anti-dumping tariffs to American firms that complain of damage from foreign imports. The WTO made a final ruling in January 2003 that the provision violates its rules and set a deadline of Dec. 27 for its revision, but Washington has so far failed to comply.
Although the amount of compensation being sought by the eight WTO members was not revealed, the EU suggested that it should be linked to the amount of duties paid by the countries under the Byrd amendment during the previous year. In 2002, total duties came to around $330 million, it noted.
If Washington contests the request to apply sanctions, the matter will be referred to arbitration, which is normally finished in 60 days, the EU said.
Aside from the escalating trade row, three unhappy countries managed to reach an agreement with Washington, said the WTO source. "They have agreed to give the U.S. one more year to implement [the WTO ruling to revise the Byrd amendment]," said the source. - Agence France-Presse
"All eight have requested a special meeting of the dispute settlement body on Jan. 26," said the source, referring to the WTO's judicial arm.
The five other states involved are Brazil, Canada, Chile, South Korea and Mexico.
The disputed U.S. legislation -- named after its author, Democratic Sen. Robert Byrd of West Virginia -- allows the U.S. government to distribute proceeds from anti-dumping tariffs to American firms that complain of damage from foreign imports. The WTO made a final ruling in January 2003 that the provision violates its rules and set a deadline of Dec. 27 for its revision, but Washington has so far failed to comply.
Although the amount of compensation being sought by the eight WTO members was not revealed, the EU suggested that it should be linked to the amount of duties paid by the countries under the Byrd amendment during the previous year. In 2002, total duties came to around $330 million, it noted.
If Washington contests the request to apply sanctions, the matter will be referred to arbitration, which is normally finished in 60 days, the EU said.
Aside from the escalating trade row, three unhappy countries managed to reach an agreement with Washington, said the WTO source. "They have agreed to give the U.S. one more year to implement [the WTO ruling to revise the Byrd amendment]," said the source. - Agence France-Presse
Wednesday, January 14, 2004
U.S. Tech Firms Sign $2.3 Billion In China Contracts
U.S. technology firms announced Jan. 13 they had secured contracts with Chinese firms worth a total $2.3 billion, nearly half going to Motorola Inc.
"This is a monumental event that represents further strengthening of U.S.-China trade relations," U.S. Commerce Secretary Donald Evans said. "Our trade with China is very important to the United States. The $2.3 billion in purchases underscores the importance of China's high-tech market to our U.S. companies."
U.S.-based firms Motorola, Lucent Technologies, Nortel Networks, Ericsson, Intel and Cisco shared in the deals. Under one contract valued at $556 million with wireless operator China Unicom, Motorola is to expand and upgrade the mobile telephone network in Beijing and 12 provinces. The other contract with China Mobile Communication Corp., worth $510 million dollars, calls on Motorola to expand its Global System for Mobile (GSM) network in Beijing and 13 provinces of China, the company said.
Telecommunications equipment maker Lucent Technologies also announced a series of agreements with China Unicom and China Telecom with total contract values of more than $350 million. The deals coincide with rising tensions over trade with China. The U.S. trade deficit with China ballooned to a record $13.57 billion in October and is expected to hit $130 billion in 2003. - Agence France-Presse
"This is a monumental event that represents further strengthening of U.S.-China trade relations," U.S. Commerce Secretary Donald Evans said. "Our trade with China is very important to the United States. The $2.3 billion in purchases underscores the importance of China's high-tech market to our U.S. companies."
U.S.-based firms Motorola, Lucent Technologies, Nortel Networks, Ericsson, Intel and Cisco shared in the deals. Under one contract valued at $556 million with wireless operator China Unicom, Motorola is to expand and upgrade the mobile telephone network in Beijing and 12 provinces. The other contract with China Mobile Communication Corp., worth $510 million dollars, calls on Motorola to expand its Global System for Mobile (GSM) network in Beijing and 13 provinces of China, the company said.
Telecommunications equipment maker Lucent Technologies also announced a series of agreements with China Unicom and China Telecom with total contract values of more than $350 million. The deals coincide with rising tensions over trade with China. The U.S. trade deficit with China ballooned to a record $13.57 billion in October and is expected to hit $130 billion in 2003. - Agence France-Presse
U.S. Import Prices Rise Less Than Expected
Led by a continued increase in petroleum prices, the U.S. Import Price Index rose 0.2% in December, its third consecutive monthly rise, the U.S. Labor Department's Bureau of Labor Statistics reported on Jan. 13. However, December's rise was far less than the 0.5% economists and analysts had generally expected.
Prices for petroleum imports rose 1.8% in December, following a 2.1% increase in November and a 1.5% rise in October. From December 2002 through December 2003, import prices for petroleum rose 9.1%, but that figure was a relatively small fraction of the previous year's 56.9% increase. Prices for nonpetroleum imports were up 0.1% in December 2003, one-tenth of a percentage point less than November's 0.2% increase.
Prices for U.S. imports rose 1.9% during 2003, less than half their 4.2% increase in 2002.
On the other side of the trade ledger, U.S. export prices rose 0.2% in December, less than half their 0.5% increase in November. During 2003, U.S. export prices rose 2.2%, a little more than twice the 1% increase in 2002. - John S. McClenahen
Prices for petroleum imports rose 1.8% in December, following a 2.1% increase in November and a 1.5% rise in October. From December 2002 through December 2003, import prices for petroleum rose 9.1%, but that figure was a relatively small fraction of the previous year's 56.9% increase. Prices for nonpetroleum imports were up 0.1% in December 2003, one-tenth of a percentage point less than November's 0.2% increase.
Prices for U.S. imports rose 1.9% during 2003, less than half their 4.2% increase in 2002.
On the other side of the trade ledger, U.S. export prices rose 0.2% in December, less than half their 0.5% increase in November. During 2003, U.S. export prices rose 2.2%, a little more than twice the 1% increase in 2002. - John S. McClenahen
Tuesday, January 13, 2004
Manufacturers Urge Senate Action On Duty-Suspension Measure
A coalition of 60 U.S. manufacturing companies and associations is urging the Senate to act now on a bill (S. 671) that would selectively eliminate tariffs on components that aren't made in the U.S.
"On Jan. 1, 2004, all duty suspensions that had been in place expired," notes Scott Otteman, director of trade policy at the Washington, D.C.-based National Association of Manufacturers, a coalition member. "What this means, quite simply, is that the cost of doing business for U.S. manufacturing operations all across the United States just went up. [And] this makes it that much harder for these companies to stay competitive."
The House of Representatives has already passed similar legislation. - John S. McClenahen
"On Jan. 1, 2004, all duty suspensions that had been in place expired," notes Scott Otteman, director of trade policy at the Washington, D.C.-based National Association of Manufacturers, a coalition member. "What this means, quite simply, is that the cost of doing business for U.S. manufacturing operations all across the United States just went up. [And] this makes it that much harder for these companies to stay competitive."
The House of Representatives has already passed similar legislation. - John S. McClenahen
Monday, January 12, 2004
U.S. Panel Accepts Antidumping Petition On Chinese Furniture
A U.S. trade panel ruled Jan. 9 that Chinese manufacturers are "dumping" bedroom furniture in the U.S. market at unfairly low prices and damaging U.S. producers, setting the stage for stiff duties. The decision by the International Trade Commission (ITC), a quasi-judicial agency that hears trade disputes, opened a new front in the row between the U.S. and China after Washington imposed duties on Chinese imports including television sets and textiles.
The ITC ruled on a petition from some 30 U.S. manufacturers of wood bedroom furniture, seeking duties as high as 440%, claiming the artificially low prices on Chinese imports were hurting the companies. The decision sparked an immediate reaction from U.S. retailers, who formed their own coalition aimed at averting the tariffs.
The newly formed Furniture Retailers of America called the new trade action "ill-conceived and damaging" for the United States. "This petition is a brazen and hypocritical attempt by some domestic furniture companies to use the U.S. government to manipulate the bedroom furniture market in their favor, at the expense of American consumers and independent furniture retail stores," said Mike Veitenheimer, spokesman for the retailers group. "Claiming that the petition against China will 'save American jobs' is simply not true. Instead, the short-term price disruptions and product shortages are almost certain to adversely affect sales of bedroom furniture leading to job losses for retail company employees."
The petition covers some $1 billion worth of furniture from China, including wooden beds, headboards, night tables, dressers, bureaus, hutches, armoires, bookcases and writing tables. - Agence France-Presse
The ITC ruled on a petition from some 30 U.S. manufacturers of wood bedroom furniture, seeking duties as high as 440%, claiming the artificially low prices on Chinese imports were hurting the companies. The decision sparked an immediate reaction from U.S. retailers, who formed their own coalition aimed at averting the tariffs.
The newly formed Furniture Retailers of America called the new trade action "ill-conceived and damaging" for the United States. "This petition is a brazen and hypocritical attempt by some domestic furniture companies to use the U.S. government to manipulate the bedroom furniture market in their favor, at the expense of American consumers and independent furniture retail stores," said Mike Veitenheimer, spokesman for the retailers group. "Claiming that the petition against China will 'save American jobs' is simply not true. Instead, the short-term price disruptions and product shortages are almost certain to adversely affect sales of bedroom furniture leading to job losses for retail company employees."
The petition covers some $1 billion worth of furniture from China, including wooden beds, headboards, night tables, dressers, bureaus, hutches, armoires, bookcases and writing tables. - Agence France-Presse
Friday, January 09, 2004
Bush's Immigration Plan Draws Mixed Reaction
Although neither the National Association of Manufacturers nor the Business Roundtable, two powerful Washington, D.C., business lobbying groups, reacted immediately to U.S. President George W. Bush plans to alter immigration policy for guest workers, two other groups had predictably mixed responses.
The U.S. Chamber of Commerce strongly welcomed the proposal, with Randel Johnson, its vice president for labor, immigration and employee benefits, saying, "Our immigration and visa policy must ensure employers are able to fill jobs critical to our economy when American workers are not available."
The AFL-CIO had a decidedly different take on the proposal. The proposed changes are "a hollow promise for hardworking, undocumented workers, people seeking to immigrate to the U.S. and U.S. workers alike," said John Sweeney, the labor federation's president.
As outlined by the White House, the administration's plan would allow foreign workers, included undocumented workers currently employed in the U.S., to take jobs when no American workers were available and willing to take the jobs. It would require that workers under temporary status pay a one-time program registration fee and return to their home countries after their work periods expire. Legal status under the program would last for three years and be renewable for an additional limited period.
The Bush proposal is subject to Congressional approval. - John S. McClenahen
The U.S. Chamber of Commerce strongly welcomed the proposal, with Randel Johnson, its vice president for labor, immigration and employee benefits, saying, "Our immigration and visa policy must ensure employers are able to fill jobs critical to our economy when American workers are not available."
The AFL-CIO had a decidedly different take on the proposal. The proposed changes are "a hollow promise for hardworking, undocumented workers, people seeking to immigrate to the U.S. and U.S. workers alike," said John Sweeney, the labor federation's president.
As outlined by the White House, the administration's plan would allow foreign workers, included undocumented workers currently employed in the U.S., to take jobs when no American workers were available and willing to take the jobs. It would require that workers under temporary status pay a one-time program registration fee and return to their home countries after their work periods expire. Legal status under the program would last for three years and be renewable for an additional limited period.
The Bush proposal is subject to Congressional approval. - John S. McClenahen
Thursday, January 08, 2004
Chile, Singapore Free-Trade Pacts Take Effect
Free-trade agreements between the U.S. and Chile and Singapore took effect on Jan. 1, 2004, the 10th anniversary date of NAFTA's implementation.
Bilateral trade with Chile totaled $5.3 billion for the first 10 months of 2003; bilateral trade with Singapore was $26.7 billion for the same period.
Meanwhile, the White House is getting ready to send to Congress notice of its intent to sign a free-trade agreement with four Central American nations: El Salvador, Guatemala, Honduras and Nicaragua.
Still being negotiated is a pact establishing a Free Trade Area of the Americas (FTAA), extending (with the exception of Cuba) from the Arctic to the southern tip of Argentina. The working deadline for the U.S. and 33 other Western Hemisphere nations to reach agreement is Jan. 1, 2005. However, it's widely believed that FTAA negotiations could take as much as an additional year. - John S. McClenahen
Bilateral trade with Chile totaled $5.3 billion for the first 10 months of 2003; bilateral trade with Singapore was $26.7 billion for the same period.
Meanwhile, the White House is getting ready to send to Congress notice of its intent to sign a free-trade agreement with four Central American nations: El Salvador, Guatemala, Honduras and Nicaragua.
Still being negotiated is a pact establishing a Free Trade Area of the Americas (FTAA), extending (with the exception of Cuba) from the Arctic to the southern tip of Argentina. The working deadline for the U.S. and 33 other Western Hemisphere nations to reach agreement is Jan. 1, 2005. However, it's widely believed that FTAA negotiations could take as much as an additional year. - John S. McClenahen
Wednesday, January 07, 2004
Merrill: Fed Unlikely To Raise Rates Until Mid-2005
Chairman Alan Greenspan and the 11 other voting members of the Federal Open Market Committee (FOMC) are slated to hold their first meeting of 2004 at month's end. But don't look for the FOMC to raise the influential federal funds rate then, says Merrill Lynch & Co. The New York-based securities firm believes the FOMC is unlikely to raise the rate, now at 1%, until mid-2005, much later than analysts who believe a boost could come as soon as this June.
"In our view, the Fed will probably not begin to tighten until core inflation approaches the 2% threshold or what is widely perceived to be the level that is consistent with price stability," says Merrill. - John S. McClenahen
"In our view, the Fed will probably not begin to tighten until core inflation approaches the 2% threshold or what is widely perceived to be the level that is consistent with price stability," says Merrill. - John S. McClenahen
Tuesday, January 06, 2004
Construction Exceeds Economists' Expectations
Construction spending in the U.S. during November 2003 was at a seasonally adjusted annual rate of $934.5 billion, the U.S. Commerce Department reported on Jan. 5.
The November rate was 1.2% higher than October's revised rate of $923.8 billion, a percentage increase more than twice the 0.5% economists generally expected.
Private construction, which includes residential housing starts, last November was at a seasonally adjusted annual rate of $710.8 billion, up 1.2% from October's rate. Public construction, which includes schools and highways, was at a seasonally adjusted annual rate of $223.7 billion in November, up 1% from October's rate. - John S. McClenahen
The November rate was 1.2% higher than October's revised rate of $923.8 billion, a percentage increase more than twice the 0.5% economists generally expected.
Private construction, which includes residential housing starts, last November was at a seasonally adjusted annual rate of $710.8 billion, up 1.2% from October's rate. Public construction, which includes schools and highways, was at a seasonally adjusted annual rate of $223.7 billion in November, up 1% from October's rate. - John S. McClenahen
Monday, January 05, 2004
Up-Sizing Your Tires? Some Things to Consider
Toyota To Develop Workman Humanoid Robot By 2005
Japan's top carmaker Toyota will develop a humanoid robot designed to help factory workers and provide assistance in nursing care and rescue operations, a Japanese newspaper reported late December. Toyota will announce details of the project this month and plans to unveil the as-yet-unnamed robot at the 2005 World Exposition in Japan, the business daily Nihon Keizai Shimbun said. The expo will be held in Aichi Prefecture, central Japan, where Toyota's headquarters are located, from March through September.
Unlike Honda's ASIMO, the world's first two-legged walking robot unveiled in 2000, and Sony's QRIO, the world's first jogging robot revealed in December 2003, Toyota's robot will be used for "practical" purposes, the daily said.
While Honda and Sony have said they are not considering selling their models in the foreseeable future, the daily said Toyota plans to market its workman robot.
Toyota aims to develop motion and sound sensor technology for the robot and then apply it to automobiles as a device to avoid collisions, the report said. The company hopes the new robot can help factory workers conduct physically demanding work and provide assistance in nursing care and rescue operations, the daily said but gave no financial figures involved in the project.
To develop the robot, Toyota will work with Nachi-Fujikoshi Corp., a major maker of bearings and precision tools, and Yasukawa Electric Corp., a medium-sized electric motor maker. The robot market in Japan is estimated at some 500 billion yen (US$4.7 billion). - Agence France-Presse
Unlike Honda's ASIMO, the world's first two-legged walking robot unveiled in 2000, and Sony's QRIO, the world's first jogging robot revealed in December 2003, Toyota's robot will be used for "practical" purposes, the daily said.
While Honda and Sony have said they are not considering selling their models in the foreseeable future, the daily said Toyota plans to market its workman robot.
Toyota aims to develop motion and sound sensor technology for the robot and then apply it to automobiles as a device to avoid collisions, the report said. The company hopes the new robot can help factory workers conduct physically demanding work and provide assistance in nursing care and rescue operations, the daily said but gave no financial figures involved in the project.
To develop the robot, Toyota will work with Nachi-Fujikoshi Corp., a major maker of bearings and precision tools, and Yasukawa Electric Corp., a medium-sized electric motor maker. The robot market in Japan is estimated at some 500 billion yen (US$4.7 billion). - Agence France-Presse
Sunday, January 04, 2004
Despite Volume Increases, Ohio Steelmakers Struggle with Supply Costs
