Stronger Yuan Prompts Chinese Companies To Set Up Shop In US

Chinese companies are starting to move manufacturing operations to the U.S., in an early sign that China's gradual appreciation of the yuan is having an impact. In the last two years, Chinese companies and government entities have invested $9.4 billion, more than double the prior seven years combined, according to the Rhodium Group, a New York-based advisory firm.

"It's a natural dollar hedging strategy to manufacture in the U.S.," said Jim Newsome, chief executive of the ports authority, which runs the Charleston port. "We think the Chinese are poised to invest in manufacturing in the U.S." Continue reading

PeopleMatter gets financial boost from Silicon Valley venture capital firm

A Silicon Valley venture capital firm is injecting $14 million into PeopleMatter, making a first-of-its-kind investment for a Lowcountry tech firm. Morgenthaler, the venture capital firm, manages funds totaling $3 billion and has funded more than 300 companies that focus on information technology and life sciences. Continue reading

South Carolina becoming an export star

Chrysler had a Superbowl ad about the recovery of the Detroit auto industry, but South Carolina was the nation's top car exporter in 2011. The Palmetto State was also the top exporter of tires, trade statistics show, and auto and tire manufacturing are set for more gains this year. Driven by high-value goods produced upstate, the value of South Carolina exports jumped more than 21 percent last year to nearly $24.7 billion. Continue reading

Charleston firms win SPAWAR contract

BAE Systems and SAIC each received a government contract that could be worth nearly $700 million for work to be performed at the companies’ Charleston locations. The two companies will engineer and integrate prototypes and software, while also inspecting, testing, evaluating and delivering prototype communications and command systems for military vehicles. Continue reading

Boeing breaks two world records with 787

The Boeing Co. received certificates Tuesday confirming two world records its 787 Dreamliner set in late 2011. The 787 broke the record for the longest flight of an airplane for its weight class and set an around-the-world speed record also for its weight class. Continue reading

BMW’s S.C. facility becomes lead U.S. auto exporter

BMW Manufacturing Co.’s Spartanburg County facility is now the leading U.S. automotive exporter. The German automaker announced that the export value of its passenger vehicles through the Port of Charleston in 2011 totaled $7.4 billion. The plant contributed more than $4.4 billion annually in 2010 and $3.1 billion in exports in 2009. Continue reading

Dreamliner wins aeronautics award

The 787 Dreamliner won a National Aeronautic Association award for excellence in the aerospace industry, the Boeing Co. announced Tuesday. The association awards the Robert J. Collier Trophy to the air or space vehicle that represents the greatest aeronautic achievement in America. Continue reading

GE-powered Dreamliner gets FAA certification

The Federal Aviation Administration has certified the Boeing 787 Dreamliner powered by General Electric engines, the aerospace company announced minutes ago. Boeing received initial type certification for the 787 with Rolls-Royce engines in August. The U.S. FAA has now granted the Dreamliner with the other engine option its amended type certificate. Continue reading

S.C. State Ports Authority awards contract for Navy Base Terminal

The S.C. State Ports Authority awarded a $42.7 million contract to a Massachusetts-based firm to begin filling the site of a future container terminal on the former Navy Base. Continue reading

Park gets 1st tenant

French-owned Nexans said Wednesday it will invest $85 million and create up to 200 jobs at a new plant to be built on the property near Goose Creek. Nexans expects to begin operations in Berkeley County in 2014. Its new plant will focus at first on making underground land cables that can handle 69 to 420 kilovolts. Continue reading