News
Arraignment Set In Kevlar Trade Secrets Case
June 7, 2013 8:15 am | CommentsKolon Industries will be arraigned Friday morning in U.S. District Court in Richmond. Kolon is charged in a six-count federal indictment with theft of trade secrets, conspiracy to convert trade secrets and obstruction of justice. Five Kolon employees also face conspiracy and obstruction charges.
Safety At Deadly China Plant 'Extremely Chaotic'
June 7, 2013 8:14 am | by Christopher Bodeen, Associated Press | CommentsSafety exits were blocked at the Jilin Baoyuanfeng Poultry Co. plant and managers neglected to hold required safety drills or worker education, State Administration of Work Safety head Yang Dongliang said in a statement posted Friday on the administration's website, confirming workers' accounts.
Sporty New Corolla Aimed At Youthful Buyers
June 7, 2013 8:11 am | by Tom Krisher, AP Auto Writer | CommentsThe Toyota Corolla, an aging, stodgy but reliable economy car, is getting a radical new look. The world's largest automaker was rolling out a new version of the compact Thursday night at a splashy event in Santa Monica, Calif., hoping to shed the old version's low-cost image and attract new, younger buyers to its brand.
Texas Site Begins Taking Federal Nuclear Waste
June 7, 2013 8:09 am | by Betsy Blaney, Associated Press | CommentsRepublican mega-donor Harold Simmons' remote hazardous waste dump in West Texas began accepting low-level radioactive material Thursday from a federal lab in New Mexico — the latest step in Simmons' vision of a site that accepts all types of waste.
FDA Panel Favors Easing Safety Limits On Avandia
June 7, 2013 8:06 am | by Matthew Perrone, AP Health Writer | CommentsA majority on a Food and Drug Administration advisory panel voted Thursday to modify or remove measures that currently limit patient access to GlaxoSmithKline's Avandia. Among those requirements, patients must sign a waiver before getting a prescription that they understand the drug's risks.
Feds: NY's 2012 Economic Growth Ranked 37th
June 7, 2013 8:04 am | by Michael Gormley, Associated Press | CommentsNew York's economy grew at a slower pace than the national rate in 2012, ranking 37th among all states, according to a federal report released Thursday. The state's economic growth rate was 1.3 percent compared with the national rate of 2.5 percent, according to a U.S. Department of Commerce report released Thursday that is based on gross domestic product.
IKEA Recalls Coffee And Tea Cups Due To Burn Risk
June 7, 2013 8:02 am | CommentsIKEA is recalling its "LYDA" jumbo coffee and tea cups due a burn hazard. The Consumer Product Safety Commission said Thursday that the cups can break when hot liquid is poured into them. No injuries have been reported in the U.S., but 20 incidents have been reported worldwide, including 10 scalding injuries.
Canada Charges Nestle, Mars With Price Fixing
June 7, 2013 8:01 am | CommentsThe accused in a chocolate price-fixing case could face a bitter fate if convicted — millions of dollars in fines for the companies and potential jail time for the individuals.Canada's Competition Bureau said Thursday it is laying criminal charges against Nestle SA's Canada arm, Mars Inc.'s Canada division and ITWAL Ltd., a network of independent wholesale distributors.
Icahn And Southeastern Push Against Dell Buyout
June 7, 2013 7:56 am | CommentsActivist investor Carl Icahn and Southeastern Asset Management Inc. are formally urging Dell shareholders to reject a buyout offer from the struggling PC maker's founder and investment firm Silver Lake Partners. Dell Inc. has agreed to sell itself to founder and CEO Michael Dell and Silver Lake for $24.4 billion, or $13.65 per share.
U.S. Labor Department Accused Of Bias
June 6, 2013 2:01 pm | CommentsThe Florida agency in charge of job creation on Wednesday accused the U.S. Department of Labor of conducting a politicized investigation against it. An attorney for the Florida Department of Economic Opportunity sent a letter to federal lawmakers and the federal Department of Labor's Inspector General, asking for an inquiry of the federal agency's probe of the state agency.
Endo Will Explore Options For 2 Businesses, Cut Jobs
June 6, 2013 1:59 pm | CommentsThe company said it will consider options for its HealthTronics urology business and for its branded drug development platform. It also plans to eliminate about 15 percent of its staff positions and reduce annual spending by about $325 million.
R.J. Reynolds Ordered To Pay Vt. $8.3M
June 6, 2013 1:57 pm | CommentsThe attorney general's office has sued the company for advertising its Eclipse cigarettes as a "risk reduction" product. Judge Dennis Pearson ruled in March 2010 that R.J. Reynolds Tobacco Co. had violated consumer protection law and another order by not having adequate scientific studies to back up its advertising claims.
Chinese-Americans Hope Summit Boosts Sino-U.S. Ties
June 6, 2013 1:50 pm | by Amy Taxin, Associated Press | CommentsMany Chinese-Americans hope that the high-level visit of the Chinese leader to meet with Obama on Friday and Saturday at the secluded Sunnylands estate in the desert near Palm Springs will enhance rapport between the two men and pave the way for closer ties between the two nations.
GM To Offer Free Oil Changes On Most 2014 Models
June 6, 2013 1:48 pm | CommentsGeneral Motors says it will offer free oil changes, tire rotations and inspections for two years on most of its 2014 models in an effort to boost customer loyalty. The company announced the offer at its annual stockholders meeting in Detroit on Thursday.
Gov't Proposes Safety Labels For Tenderized Beef
June 6, 2013 1:41 pm | by Mary Clare Jalonick, Associated Press | CommentsBeef tenderized by machines before it is sold in grocery stores could soon carry labels warning customers to cook the meat thoroughly. The Agriculture Department is proposing to require the new labels and cooking instructions for the meat, which is poked with needles or blades to increase tenderness.
AP: Economists See No Stock Market Bubble
June 6, 2013 1:39 pm | by Christopher S. Rugaber, AP Economics Writer | CommentsThree-quarters of the economists say stocks, which are at their lowest point in a month but are up 19 percent since November, aren't overvalued. Many point to strong corporate profits as justifying the surge in stock prices, which have more than doubled since bottoming in 2009.
MAPI Forecast: Sluggish Pace, Volatility, Optimism
June 6, 2013 1:37 pm | CommentsThe Manufacturers Alliance for Productivity and Innovation (MAPI) Quarterly Economic Forecast predicts that inflation-adjusted gross domestic product (GDP) will expand 1.8 percent in 2013 and 2.8 percent in 2014, showing no change from MAPI’s February 2013 report.
Senators Seek Bangladesh Action On Labor Rights
June 6, 2013 11:51 am | CommentsAn influential Democratic senator is calling for the Obama administration to consider suspending Bangladesh's duty-free privileges unless it takes significant action to improve labor conditions following the global garment industry's worst accident.
Retailers Report Modest Gains For May
June 6, 2013 10:46 am | CommentsIn the latest sign that Americans are feeling better about the job market and overall economy, stores across the country had a pickup in revenue in May. According to a preliminary tally of 12 retailers by the International Council of Shopping Centers, released Thursday, revenue at stores open at least a year rose 3.2 percent in May from last year.
Procter & Gamble Reorganizes Business Units
June 6, 2013 10:43 am | by Mae Anderson, Associated Press | CommentsProcter & Gamble has reorganized its business into four new divisions, the first big change at the world's largest consumer products maker since A.G. Lafley returned as CEO nearly two weeks ago.Each of the four divisions will be headed by a group president, expanding the responsibilities for four current executives.
