Terry Gou, chairman of Foxconn, announced Thursday that the company may spend of $10 billion developing factories in the United States. Gou told shareholders that Foxconn will create manufacturing and software development operations in artificial intelligence and automation.
The chairman of China’s Alibaba Group, Jack Ma, says he does not think the U.S. will have a trade war with the U.S. Ma said U.S. president-elect Donald Trump should be given time. Trump has been highly critical of China’s trade policies.
China has named a U.S. clearing center for its currency, the renminbi or RMB. A bank in New York has offered to work with buyers and sellers of the RMB. The move comes days before the International Monetary Fund adds China’s money to four other currencies with Special Drawing Rights.
Many people cannot meet bank lending requirements for a loan. That is where Kiva, a non-profit California group, comes in. Kiva has loaned money to people in 83 countries for small projects -- such as buying more products for a store or helping to pay for a college education.
The African continent is home to some of the fastest growing economies in the world. During the U.S. - Africa Business Forum in New York City, President Barack Obama told business leaders that the direction of the continent wants trade not only aid.
The U.S. Department of Transportation has released new guidelines for driverless cars. A list of 15 safety standards cover the design and development of the vehicles. The policies are meant as suggestions to the industry, rather than rules backed by legal enforcement.
Recently, 30 business leaders competed for the chance to present their ideas to Nigerian President Muhammadu Buhari. The government hopes startup companies can help fuel the economy, which recently entered a recession for the first time in 20 years.
Several reports about the American workforce were released recently. One report said 15 million Americans work for themselves. Another report said many Americans are not taking off all the time they earned. And another suggested it is easier to start a business than to keep it open for many years.