Fans Getting Charged Up To See Ford's New Electric Mustang SUV - NPR

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Ford's Mustang Mach-E will be unveiled Sunday. It's part of the Detroit-based company's $11 billion investment in electric cars. Ford hide caption

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The Mustang — one of the most quintessentially American cars — is about to kick off a new chapter. After years of secrecy, Ford is unveiling the Mustang Mach-E, an electric SUV "inspired" by the classic car's key design elements.

The big reveal is happening Sunday in Los Angeles, days ahead of the annual auto show there.

The Detroit-based company's classic hush-hush marketing strategy has had fans of the iconic car scouring the Internet for clues about how it will look and drive. And, on Thursday night, they hit the mother lode. Or at least, it's possible they hit it.

For a brief window, someone at Ford published the SUV's reservations website, complete with photos, specs and pricing. But the site was quickly taken down and Ford has not confirmed any of the details that it contained, which seems top have fanned the flames for eager fans.

Among them, is Gary Hankins, who said he's been trying to piece together bits of information about the car for the last two years — an admirable feat considering he didn't even know the name of the car until this week.

All Ford is officially saying for now is that the SUV will be on the market in late 2020 — part of the company's $11 billion investment in electric cars. The automaker also says the estimated range of the SUV will be a whopping 300 miles on a single charge.

That was enough to make Hankins, a retired D.C. cop, "go absolutely gaga," according to his friends. For Hankins, the fact that it'll look a little like a Mustang is "really icing on the cake."

Finally owning a car with the Mustang named attached would be the fulfillment of a teenage dream.

"I was in high school in the '60s when the Mustang came out," he recalled wistfully. "I would love to have had a Mustang. [I] couldn't afford one."

More than five decades later, Hankins is thrilled he's got a lot more money in the bank. "Here I am, now 71 years old, I'm finally getting my Mustang," he said.

Hankins is angling to get on a pre-order list for the teched-out pony car, which Ford says he'll be able to do as early as Sunday night.

The only official peek of what the SUV will look like, is a vague swooping blue drawing on Ford's website. But, Thursday's leaked photos along with others captured by eagle-eyed enthusiasts last week, show it's a fairly compact and sporty version of an SUV.

Car designer Camilo Pardo is a skeptical of attaching the Mustang name to an SUV. "If an SUV could speak, the first thing it would say is, I want to be a Mustang," he said and laughed.

Pardo, the former head of Ford's Living Legends studio and the chief designer of Ford's GT, says hardcore Mustang fans should manage expectations when it comes to any family friendly crossover. But he suspects the reimagined version will possess three essential iconic elements.

First, it's got to have the big grill, which "is supposed to look intimidating."

"Like it's out to get you," he said.

Second, he said, the headlamps have to have the trademark "frowny" shape that give it "the personality of an angry animal."

Finally, it has to have the unmistakable taillights. Pardo said experimenting with those has always been a fun thing for designers. The challenge is figuring out how to modernize the three little bars the Mustang is known for.

Gail Wise is widely recognized as the first person to buy a Mustang in the U.S. She got hers on April 15, 1964, two days before it debuted at New York's World Fair. Courtesy of Gail Wise hide caption

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Courtesy of Gail Wise

Based on the sales track record of most electric cars, it's unlikely this Ford model will prove as popular as the 1964 original. That had one of the most successful product launches in American history.

Gail Wise remembers the frenzy around the campaign, which much like today's was shrouded in mystery. "Ford had not shown the car on TV. They only advertised the logo," she recalled.

Wise is widely recognized as the first person in the U.S. to buy the car. She was 22 and wanted a convertible. The salesman said he had just the car.

He walked Wise, and her parents, past all of the cars on the showroom floor saying he had something special to show her.

"And in the back room, under a tarp, was a skylight blue Mustang and I was like, wow, that's for me," she said.

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Gail Wise sits in her 1964 Mustang as Ford celebrates the production of the 10 millionth Mustang at in August 2018. Jeff Kowalsky/AFP via Getty Images hide caption

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Jeff Kowalsky/AFP via Getty Images

It was April 15, 1964, two days before the car debuted at the New York World's Fair. The salesman wasn't supposed to sell it. But he did. It cost $3,447.50.

Fifty-five years later, Wise still has the skylight blue beauty. (Her husband Tom fully restored the car as a retirement project.)

Wise says she knows she's biased, but she wonders if being Mustang "inspired" will be enough to make Ford's new venture an icon, too.

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https://www.npr.org/2019/11/16/779773223/fans-getting-charged-up-to-see-fords-new-electric-mustang-suv

2019-11-16 13:01:00Z
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Dubai Air Show: Aerospace industry meets for deals and displays - BBC News

The eyes of the world's aerospace and defence industries will be on Dubai this weekend as one of the industry's biggest air shows takes off.

While the larger Farnborough and Paris events may attract more visitors and exhibitors, Dubai has in recent years been where most of the biggest deals have been done.

Like its European rivals, the Gulf emirate's five-day show will be a battleground for commercial aircraft sales between Airbus, Boeing, and the second-tier manufacturers.

But Dubai is also a key venue for arms deals. The sensitivity of defence contracts means many are negotiated below the radar. Given the scale of Middle East defence budgets few arms manufacturers can afford not to have a presence at Dubai.

All the major names will be among the 1,300 exhibitors showing up this week, including Britain's BAE Systems, France's Dassault, and the biggest defence firm of all, America's Lockheed Martin, will all be out in force.

Regional insecurity

The latest Military Balance report from the Institute of Strategic Studies says that as a proportion of gross domestic product - the size of the economy - seven of the top 10 biggest spenders are countries in the Middle East or North Africa.

Oman is top of the rankings, committing 11% of GDP to defence spending, followed by Saudi Arabia with 10.8%. Last year the US defence budget was 3.1% of GDP, while in Europe - as President Donald Trump has often critically noted - many NATO members fail to hit the 2% target.

Greater insecurity in the region means, inevitably, that defence spending will rise, says Charles Forrester, analyst at the information and intelligence group Jane's.

He says: "Events over the past year, as Iran has become increasingly aggressive, have shown that there is a strong need for surveillance capabilities to ensure that critical national infrastructure remains secure, and that governments have the right information to respond."

Britain's Royal Air Force has, without the usual fanfare that often accompanies such things, decided to send out a Typhoon fighter jet, made by BAE Systems and its European partners. And the French Air Force is displaying its rival Rafale jet, spurring speculation there could be contracts in the offing for both fighters.

Dubai will, for the first time, see an appearance of America's F-35 Lighting II fighter, whose development costs are estimated to be $1.5tn (£1.2tn) over the lifetime of the decades-long programme.

Given the geo-political nature of the defence industry, the appearance of the F-35 may influence whether Russia sends its rival stealth fighter, the Sukhoi Su-57.

Boeing vs Airbus

In addition to this supersonic hardware there will be an array of surveillance and electronic warfare aircraft, missiles, drones, infrastructure and innovations - much of it of a highly classified.

For the United Arab Emirates' military, the biennial Dubai show is a chance to "discover new technology and equipment, and network with key industry players from around the world", says assistant undersecretary for defence Major General Abdulla Al Hashmi.

The show, though, is not just a chance to buy in equipment. Dubai and the larger emirate, Abu Dhabi, as well as Saudi Arabia, are increasingly developing their own capabilities in aerospace manufacturing, maintenance, and repair in both the civil and military spheres.

Major General Al Hashmi adds that the show is a chance "to demonstrate what the UAE is capable of".

The UAE's Tawazun Economic Programme, for example, includes ambitious plans to make the emirates a centre of 3D printing, blockchain, smart sensors and quantum computing. Last month 25 state-owned and independent companies in the UAE were consolidated under a defence company called Edge.

Mr Forrester says: "The UAE will be well-positioned as both and investor and manufacturer in the global aerospace industry."

The show is not all about defence, of course. Civil aircraft sales will make most of the headlines.

At the 2013 Dubai show there were $206bn worth of firm orders and options for passenger aircraft, most shared between Boeing and Airbus. In 2017 there were $114bn worth of sales.

This week's event won't scale those heights, partly because the finances of the major Middle East airlines are shakier, and partly because airlines already have so much on order that the production lines at Boeing and Airbus are committed for years ahead.

But Boeing's latest forecast for commercial jets estimates that the Middle East aircraft and services market will be worth $1.5tn over the next 20 years.

Last minute haggling

The Dubai show could be especially important for Boeing, given the sales and reputational damage of the 737 Max crashes and grounding of the aircraft. Boeing has so far this year logged more aircraft cancellations than orders.

There will be a focus on Dubai-based airline Emirates, which always likes to make a splash on its home turf.

Earlier this year Emirates cancelled orders for the Airbus A380 superjumbo, and said it would switch to A330s and A350s. The airline has also promised to buy Boeing 787 Dreamliners. However, neither the Airbus nor Boeing orders have been finalised.

It's thought that Turkish Airlines is in the market for aircraft, as is fast-growing Emirati budget carrier Air Arabia. Look out, too, for announcements from airlines in Asia, where air travel is growing apace.

Air shows are an ideal marketing venue to promote blockbuster deals if companies can agree contracts in time. Behind the closed doors of the chalets and meeting rooms set up near Dubai's Al Maktoum International Airport, executives are engaged in some intense last-minute haggling.

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https://www.bbc.com/news/business-50422795

2019-11-16 07:58:43Z
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U.S. industrial output falls by most in 17 months in October - MarketWatch

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A Ford Motor Company worker works on a new truck at a plant in Dearborn, Michigan.

The numbers: U.S. industrial production dropped 0.8% in October, the largest decline since May 2018, the Federal Reserve reported Friday. It was the third decline in output in the past four months. The drop was steeper than Wall Street expectations of a 0.5% fall.

The report was impacted by the United Auto Workers strike at General Motors GM, +0.22%  , which pushed down auto production by 7.1%.

The weakness was not limited to auto manufacturing though. Excluding autos, industrial production was down 0.5%.

Manufacturing output fell 0.6% in October. Manufacturing ex-autos in October was down 0.1%.

Industrial capacity in use slumped to 76.7 in October. That’s the lowest level in 25 months.

What happened: No sector showed a gain in output.

Mining output, which has been a driver for growth, fell 0.7% in October. That’s the third decline in the past four months. Utility production slumped 2.6% after a sharp rise in the prior month.

On a year-on-year basis, U.S. industrial production is down 1.1%.

Big picture: The manufacturing sector is being hit hard by several headwinds, including weak global demand, uncertainty over international trade policy and the woes at Boeing Co. Some economists had detected a trough in the manufacturing sector but this report belies that impression.

Fed Chairman Jerome Powell told lawmakers this week that his economists are watching closely to see if weakness in the manufacturing sector spills over into the consumer side of the economy. But the October retail sales data, released earlier Friday, was generally positive.

Market reaction: Stocks DJIA, +0.45%   were set to open higher on Friday as investors digested the retail sales data.

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https://www.marketwatch.com/story/industrial-output-falls-by-most-in-17-months-in-october-2019-11-15?mod=economy-politics

2019-11-15 14:24:00Z
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US retail sales rebound, but big-ticket purchases drop - CNBC

U.S. retail sales rebounded in October, but consumers cut back on purchases of big-ticket household items and clothing, which could temper expectations for a strong holiday shopping season.

The Commerce Department said on Friday retail sales increased 0.3% last month, lifted by motor vehicle purchases and higher gasoline prices, reversing September's unrevised 0.3% drop, which was the first decline in seven months.

Economists polled by Reuters had forecast retail sales gaining 0.2% in October. Compared to October last year, retail sales advanced 3.1%.

Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.3% last month. Data for September was revised lower to show the so-called core retail sales slipping 0.1% instead of being unchanged as previously reported. Core retail sales correspond most closely with the consumer spending component of gross domestic product.

The rebound in core retail sales added to reports this week showing firming inflation in supporting the Federal Reserve's signal that it will probably not cut interest rates again in the near term. Other reports this month have shown solid job growth in October and an acceleration in services sector activity.

The data and easing trade tensions between Washington and Beijing have diminished financial market fears of a recession. Fed Chair Jerome Powell told lawmakers on Thursday that "the U.S. economy is the star economy these days," compared to other advanced economies and "there's no reason that can't continue."

The U.S. central bank last month cut rates for the third time this year and signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008.

Consumer spending, which accounts for more than two-thirds of the economy, increased at a 2.9% annualized rate in the third quarter. The economy's engine is being powered by the lowest unemployment rate in nearly 50 years and has helped to blunt the hit on the economy from the White House's 16-month trade war with China, which had led to a decline in capital expenditure and a recession in manufacturing.

Auto sales increased 0.5% in October after declining 1.3% in September. Receipts at service stations surged 1.1%, reflecting higher gasoline prices, after dipping 0.1% in the prior month. Online and mail-order retail sales increased 0.9% after gaining 0.2% in September.

But sales at electronics and appliance stores fell 0.4%. Receipts at building material stores dropped 0.5% and sales at clothing stores declined 1.0%. Spending at furniture stores fell 0.9%, the largest decline since December 2018.

Americans also cut back on spending at restaurants and bars, with sales falling 0.3%, the most in nearly a year. Spending at hobby, musical instrument and book stores dropped 0.8%.

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https://www.cnbc.com/2019/11/15/retail-sales-october-2019.html

2019-11-15 13:31:00Z
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FDA issues warning to Dollar Tree about selling ‘potentially unsafe drugs’ - WJW FOX 8 News Cleveland

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FDA issues warning to Dollar Tree about selling ‘potentially unsafe drugs’  WJW FOX 8 News ClevelandView full coverage on Google News
https://fox8.com/2019/11/15/fda-issues-warning-to-dollar-tree-about-selling-potentially-unsafe-drugs/

2019-11-15 11:44:00Z
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FDA issues warning to Dollar Tree about selling 'potentially unsafe drugs' - WLKY Louisville

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FDA issues warning to Dollar Tree about selling 'potentially unsafe drugs'  WLKY LouisvilleView full coverage on Google News
https://www.wlky.com/article/fda-issues-warning-to-dollar-tree-about-selling-potentially-unsafe-drugs-1/29807340

2019-11-15 11:19:00Z
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The U.S. Natural Gas Boom Is Fueling A Global Plastics Boom - NPR

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Kevin Ross, president of the Scottish Plastic and Rubber Association, in front of the INEOS Grangemouth refinery and chemical plant. Reid Frazier/The Allegheny Front hide caption

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Reid Frazier/The Allegheny Front

On a quiet street overlooking Scotland's largest refinery and chemical plant, Kevin Ross surveys the newest outgrowth of the American oil and gas boom.

Since 2016, natural gas from the U.S. has been feeding the Grangemouth petrochemical plant, a vast complex of cooling towers, flaring towers and pipelines. The gas is originally harvested in Western Pennsylvania, sent through a pipeline to Philadelphia, and put on ships across the Atlantic.

"It comes here, is taken off the ships, put into large storage tanks," explains Ross, who's president of the Scottish Plastics and Rubber Association and runs a local plastics testing company.

Natural gas is mostly used for heating homes or fueling power plants. But when it comes out of the ground it contains another key ingredient — ethane, a building block of plastics — and that is now fueling another booming industry.

America is producing so much ethane that over 300 new petrochemical and plastics plants are either planned or under construction around the country. President Trump has touted the economic benefits of this, recently telling workers at a Shell ethane plant in Pennsylvania that "we are reclaiming our noble heritage as a nation of builders."

But there's more ethane than existing U.S. plants can use, so in short order the U.S. has also become the world's leading exporter of ethane. That's feeding growing plastics industries in India and China, as well as Europe — including the Grangemouth plant — and those exports are expected to keep growing.

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American shale gas is "driving investment decisions"

America's ethane boom was a lucky break for the European chemical company INEOS. In 2011, its own supplies from the North Sea were running low, says Warren Wilczewski, an economist with the U.S. Energy Information Administration.

"INEOS looked at the United States, where ethane supply was growing, and especially in the Appalachian region, that ethane had, like, no place to go," Wilczewski says. "And they recognized an opportunity."

INEOS commissioned a fleet of ships, the first ever to carry ethane by sea, to move the gas from a port near Philadelphia to plants in the U.K. and Norway.

It also signed a deal with Sunoco Logistics to ship that gas from Western Pennsylvania through the Mariner East pipeline. Sunoco's construction on that has been controversial because of its spotty environmental record and use of eminent domain. It's the subject of criminal investigations, including one by the FBI. But the pipeline has proved vital for INEOS' plan.

Ross, of the Scottish Plastics and Rubber Association, says the arrival of Pennsylvania shale gas has allowed the company to re-open a unit of the Grangemouth petrochemical plant that had been shut down for years; the plant is now operating at full production.

"I can't underestimate the importance of the American shale gas and the feedstock costs for INEOS," Ross says. "It is driving investment decisions into Grangemouth which wouldn't have been made if it wasn't for the availability of the shale gas."

INEOS did not agree to an interview for this story. But in a company video, CEO Jim Ratcliffe said the cost of ethane from Pennsylvania was about one-fourth of what he would have had to pay for it in Europe.

"I think for some of these [chemical plants] in Europe it's the only way they can survive, if we can bring some of the U.S. economics across to Europe," Ratcliffe said.

Pushback to fracking's "toxic element"

Plastics and petrochemicals are increasingly important to the oil and gas industry. They're expected to account for more than a third of growth in world oil demand by 2030, and half of all growth by 2050, according to the International Energy Agency. This worries environmentalists, who point out that the plastics industry accounts for around 4% of all carbon emissions, and that number is expected to increase.

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Much of the growth in plastics will be in Asia, where millions of people will be moving into the middle class in the next few decades, says Jennifer Van Dinter, an analyst at S&P Global Platts.

"If you're adding plumbing to a home, you're going to use PVC pipe," she says. "You might be using insulation, which is going to be derived from petrochemicals." She says more people also will be buying cars, and even if it's an electric model, "there's a lot of plastic components."

In Scotland, INEOS got over $350 million in loan guarantees from the U.K. to retrofit the Grangemouth plant for American shale gas. But the company also wants a local supply, and it's pushed for the U.K. to allow fracking. That's the controversial technology that breaks up rock deep underground to get hard-to-reach oil and natural gas, and which has made America's gas boom possible.

The idea was met by intense opposition.

Norman Philip, with Friends of the Earth Scotland, grew up in Grangemouth, where his father worked at the plant under a previous owner. But he opposes fracking because of what he's heard about it from communities in the U.S. and Australia.

"People were telling us of gas leaks. They were telling us of, like, children having headaches," he says. "There was a toxic element of it."

The pushback has resulted in an ironic twist: in 2015 Scotland put in place in moratorium on fracking, and the U.K. government recently did the same. And yet, it's still legal to import shale gas produced by fracking in the U.S.

Lee Sinclair is a railroad engineer at the Grangemouth petrochemical plant and has mixed feelings about that. "The only thing I don't like about it is, Scotland said, 'No you're not fracking here,' so they decided to go to America to get this gas," Sinclair says.

He'd rather the U.K. get its own local supply. But for now, he says, America's boom in gas and ethane is helping him keep his job.

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https://www.npr.org/2019/11/15/778665357/the-u-s-natural-gas-boom-is-fueling-a-global-plastics-boom

2019-11-15 10:00:00Z
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