Oil industry faces short-term hurricane impact
While it’s too early to know the full economic and human toll of Hurricane Harvey, we expect a relatively short-term impact on the U.S. energy industry.
The Wall Street Journal reports that Foxconn Technology Group, which assembles Apple iPhones in China, is looking at seven states in the American heartland where it would invest $10 billion or more to manufacture flat-panel screens and related equipment.
“Over the years, manufacturing of consumer goods has shifted out of the U.S. We will bring our advanced technology there to revive American manufacturing,” said Terry Gou, chairman Foxconn, formally known as Hon Hai Precision Industry Co.
Foxconn’s U.S. ambition, which Mr. Gou flagged in January, comes amid a flurry of U.S. investments announced by Asian companies as President Donald Trump seeks to stimulate American manufacturing. According to a Foxconn company executive, the candidate states are: Illinois, Indiana, Michigan, Ohio, Pennsylvania, Texas and Wisconsin. (Source: The Wall Street Journal)
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