News
Google Exec Defends Tax Strategy To Lawmakers
May 16, 2013 8:30 am | by Raphael Satter, Associated Press | CommentsA senior Google executive defended his company's complicated structure before Britain's Parliament, denying charges that it was misleading authorities to dodge paying tax. The U.S. Internet giant is accused that, even though it has drawn billions in revenue from Britain over the past few years, it pays less than 0.1 percent of that in tax to the British government.
Tiny Camera Offers Bug's Eye View
May 16, 2013 8:18 am | CommentsThe camera created by a research team at the University of Illinois at Urbana-Champaign is about the size of a penny and mimics insects' bulging eyes. It features 180 micro-lenses, giving it a panoramic field of view and the ability to focus simultaneously on objects at different depths.
Cambodian Shoe Factory Collapse Kills 2
May 16, 2013 8:12 am | by Sopheng Cheang, Associated Press | CommentsAbout 50 workers were inside the factory south of Phnom Penh, the capital, when the ceiling caved in, said police officer Khem Pannara. He said heavy iron equipment stored on the floor above appeared to have caused the collapse. Two bodies were pulled from the wreckage and seven people were injured, he said.
Daimler Unveils New Flagship Mercedes Model
May 16, 2013 8:07 am | by David McHugh, AP Business Writer | CommentsThe new S-class sedan was shown off Wednesday in Hamburg, Germany. It has a taller grille that changes its exterior appearance, but the major emphasis was on the technology added to increase driver comfort and safety — and underline Mercedes' image as a maker of advanced vehicles for the well-heeled.
Koch Nitrogen Building Plant In Oklahoma
May 16, 2013 8:05 am | CommentsKoch, based in Wichita, Kan., said it plans to invest about $1 billion in the project, with construction slated to begin in the fourth quarter of 2014 and the plant to become operational in 2016. The company said the project will increase fertilizer production by more than 1 million tons per year.
Buffett's Firm Reveals 2 New Stock Investments
May 16, 2013 8:03 am | by Josh Funk, Associated Press | CommentsBerkshire's investments are closely watched because many people try to copy Buffett's moves. But because many of the firm's latest investments are smaller than $500 million, they were likely the work of Berkshire's two other investment managers.
AB InBev Abandons Plans To Acquire Budvar
May 16, 2013 8:00 am | CommentsHellwig said Thursday that such an acquisition, which it had considered in the past, doesn't make commercial sense since AB InBev is doing well registering its Budweiser brand in new countries despite the dispute. Budvar has been fighting for over a century with Anheuser-Busch over use of the Budweiser brand, to which both companies claim a right.
2 Companies To Expand Operations In Puerto Rico
May 16, 2013 7:57 am | CommentsOne of the largest eye care companies in the U.S. is expanding its operations in Puerto Rico. Gov. Alejandro Garcia Padilla says CooperVision will invest $250 million to build 15 new production lines, a project that will create some 350 new jobs. The company currently employs 1,600 workers at a plant in the southern town of Juana Diaz.
Kobe Aluminum To Expand In Bowling Green, Ky., Create 100 Jobs
May 15, 2013 3:47 pm | by Bowling Green Area Chamber of Commerce | CommentsKentucky Governor Steve Beshear today joined company and local officials to break ground on an 87,000 square foot addition to Kobe Aluminum Automotive Products (KAAP), LLC advanced manufacturing facility in Bowling Green, representing $66 million of new capital investment and the addition of 100 new full-time employees.
Wholesale Prices Fall 0.7 Pct., Most In 3 Years
May 15, 2013 2:11 pm | by Christopher S. Rugaber, AP Economics Writer | CommentsSharp drops in fuel and food costs reduced a measure of wholesale prices last month by the most since February 2010, indicating inflation has slowed. The Labor Department says the producer price index, which measures price changes before they reach the consumer, fell a seasonally adjusted 0.7 percent in April from March. It was the second straight decline.
Foes Of S. Ind. Fertilizer Plant Cite Texas Blast
May 15, 2013 2:09 pm | CommentsOpponents of a proposed southern Indiana fertilizer plant are arguing that state officials should block the project because of dangers highlighted by last month's deadly explosion at a Texas fertilizer manufacturer. An Illinois businessman is seeking permission to build a fertilizer plant projected to cost $950 million near the Ohio River city of Rockport.
EU: China May Be Dumping Mobile Network Equipment
May 15, 2013 2:05 pm | CommentsA senior EU official says China may be illegally dumping and subsidizing the import into Europe of mobile telephone networks and their essential elements.The Commission said China's export of telecommunication network equipment to the EU market amounts to 1 billion euros ($1.3 billion) per year.
Senate Pushes Bill To Regulate Compound Pharmacies
May 15, 2013 2:02 pm | CommentsThe effort responds to last year's outbreak tied to contaminated compounded drugs that sickened more than 740 Americans and killed 55 others. The wave of fungal infections was identified in September and linked to a large Massachusetts compounding pharmacy, which regulators said was operating more like a manufacturer.
Exploring The Artsy Side Of 3-D Printing
May 15, 2013 1:55 pm | by Jennifer Forker, Associated Press | CommentsAlready, desktop 3-D printers can make doodads, such as plastic rings, figurines, and small gears and parts. Sarafan prints his own robotic parts. A colleague printed a record that plays music. There are umpteen projects for printing cell phone covers.
Eurozone's Struggling Economies Mired In Recession
May 15, 2013 1:51 pm | CommentsThe eurozone is stuck in recession — its longest since the euro was founded in 1999. The latest figures from the European Union's statistics office show that the economy of the 17 EU countries that use the euro shrank for a sixth straight quarter, slumping by 0.2 percent in the January-March period.
Experts: Smartphones Another Avenue For Hackers
May 15, 2013 1:46 pm | by Tony Winton, Associated Press | CommentsVast amounts of personal data are stored in emails, texts and other applications, and personal information is increasingly easily found on social media. Organized crime operations also see smartphones as the most vulnerable entry point into the electronic financial system, according to the Federal Reserve.
Students In Ghana Launch Mini-Satellite
May 15, 2013 1:42 pm | by Robbie Corey-Boulet, Associated Press | CommentsTheir project might not sound like much: The college students on Wednesday launched a tiny model of a satellite the size of a Coke can on a big yellow balloon. It went aloft to a height of 165 meters (yards) and then came back down on a red parachute.
U.S. Bank Equipment Finance To Sponsor The Reshoring Initiative
May 15, 2013 10:58 am | CommentsU.S. Bank Equipment Finance announced today that it will sponsor the Reshoring Initiative, a Chicago-based group established to educate manufacturers on the benefits of bringing their operations and corresponding jobs back to the United States.
Factory Output Falls 0.4 Percent In April
May 15, 2013 10:50 am | by Martin Crutsinger, AP Economics Writer | CommentsU.S. factories cut back sharply on production in April, as auto companies cranked out fewer cars and most other industries reduced output. The weakness in manufacturing suggests economy growth may be slowing this spring. The Federal Reserve said Wednesday that manufacturing output dropped 0.4 percent in April from March.
Vietnam Changes Law To Get Around EU Execution Ban
May 15, 2013 8:37 am | by Chris Brummitt, Associated Press | CommentsVietnam has issued a new law allowing domestically produced chemicals to be used in lethal injections, a change that should enable it to resume the currently stalled executions of more than 530 people on death row. The holdup was a result of an EU ban on its factories exporting chemicals used in lethal injections.
