Auto sector urges U.S. Congress to help fund its computer chip needs
By David Shepardson
Reuters
WASHINGTON (Reuters) -The U.S. auto industry and United Auto Workers union on Friday urged Congress to tie billions of dollars in government funding to boost semiconductor production to help fill the needs of automakers forced to slash production because of chip shortages.
Congress should prioritize production of the semiconductors necessary to assemble vehicles here in the United States. This will ensure that motor vehicle manufacturers have a fair share of chips needed to meet consumer demand, said the American Automotive Policy Council, Motor & Equipment Manufacturers Association and UAW on Friday in a joint statement.
U S lawmakers should prioritize automotive chips needs -- industry reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Synopsis
The fast-moving consumer goods (FMCG) market shrank 16%, according to Bizom, which transacts with 7.5 million retail stores. Sales of refrigerators, air-conditioners, televisions and washing machines fell about 65%, as per estimates by the Consumer Electronics and Appliances Manufacturers Association (CEAMA).
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Sales of daily groceries, essentials, electronics and automobiles declined sharply in April compared with last month, indicating faltering demand amid surging Covid infection cases and ensuing restrictions.
The fast-moving consumer goods (FMCG) market shrank 16%, according to Bizom, which transacts with 7.5 million retail stores. Sales of refrigerators, air-conditioners, televisions and washing machines fell about 65%, as per estimates by the Consumer Electronics and Appliances Manufacturers Association (CEAMA). Passenger vehicle sales declined more than 10% in April over March on account of disruptions in the retail sales channel with a third of the m
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A strong surge in Covid cases past the 4 lakh daily mark after a drop for three straight days and persistent foreign outflows are not a positive sign for Dalal Street. But RBI s reassurance on policy support and a positive start to Asian markets may lift sentiment. Technical charts suggest choppy trading ahead.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 31 points higher at 14,724.50 in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty charts suggest choppy trade ahead