Economic News
Detroit Gets Boost From Truck Sales
May 1, 2013 2:09 pm | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers | News | CommentsFord's sales increased 18 percent, with the F-Series pickup gaining 24 percent. At Chrysler, sales rose 11 percent, led by the Ram pickup, with a 49 percent sales increase. GM also saw an 11 percent sales jump, with Chevrolet Silverado pickup sales rising 28 percent for the month.
Abused Iowa Plant Workers Awarded $240M
May 1, 2013 1:53 pm | by Ryan J. Foley, Associated Press | News | CommentsAn Iowa jury on Wednesday awarded a total of $240 million to 32 mentally disabled Iowa turkey processing plant workers for what government lawyers described as years of around-the-clock abuse and discrimination by the Texas company that oversaw their care, work and lodging.
Manufacturing Grows At Slower Pace In April
May 1, 2013 11:19 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsU.S. factory activity expanded at a slower pace in April compared with March as manufacturers pulled back sharply on hiring and cut their stockpiles. The Institute for Supply Management said Wednesday that its index of manufacturing activity slipped to 50.7, down from 51.3 in March and the slowest pace this year.
SE Mich. Index: Sharp Increase In Orders On Strong Regional Economy
May 1, 2013 10:32 am | by The Institute for Supply Management - Southeast Michigan | News | CommentsThe April index value is 55.3 — a slight decline from the March index of 55.7. Southeast Michigan PMI values have maintained a value above 50 for 37 of the past 38 months, indicating a steadily expanding economy. A PMI value above 50 generally suggests economic growth.
Sony Execs To Give Up Bonuses
May 1, 2013 8:11 am | News | CommentsAround 40 executives of Sony Corp. and its group companies in charge of the mainstay electronics business have decided to give up their bonuses for fiscal 2012 ending March, taking responsibility for poor business performance, company officials said Wednesday.
Nissan Cuts Prices On 7 Models
May 1, 2013 7:56 am | by Tom Krisher, AP Auto Writer | News | CommentsJose Munoz, Nissan senior vice president of sales and marketing for the Americas, said the vehicles getting the price cuts account for 65 percent of Nissan's U.S. sales. The sticker prices, he said, were higher than some competitors for similar models, and that kept Nissan vehicles out of some Internet searches.
Russia Charging NASA $70M Per Rocket Seat
April 30, 2013 1:49 pm | by Marcia Dunn, AP Aerospace Writer | News | CommentsNASA is blaming Congress for the need to pay $424 million more to Russia to get U.S. astronauts into space. NASA announced its latest contract with the Russian Space Agency on Tuesday. The $424 million represents flights to and from the International Space Station aboard Russian Soyuz spacecraft, as well as training, for six astronauts in 2016 and 2017.
U.S. Employment Compensation Up In 1Q
April 30, 2013 1:38 pm | by Martin Crutsinger, AP Economics Writer | News | CommentsAmericans' wages increased at a faster rate from January through March than the previous quarter, a trend that helped boost economic growth. But their benefits barely grew. The Labor Department says an index that measures wages and benefits rose 0.3 percent during the first quarter.
Japan Manufacturing, Hiring Rise In March
April 30, 2013 7:48 am | by Elaine Kurtenbach, AP Business Writer | News | CommentsJapan manufacturing and employment showed slight improvements in March, buttressing hopes that the economy may be headed for a moderate recovery. Factory output rose 0.2 percent, the Ministry of Economy, Trade and Industry said Tuesday, in the fourth straight monthly increase.
Embraer Inks Jet Deal With United
April 29, 2013 7:17 pm | News | CommentsBrazilian plane maker Embraer says it's signed a firm order with United Airlines for 30 regional jets. With the option for United to buy an additional 40 jets, Embraer says the deal could eventually be worth nearly $4 billion. The first planes are to be delivered in the first quarter of 2014.
Yokohama: Higher Tire Demand Calls For U.S. Plant
April 29, 2013 7:15 pm | News | CommentsExecutives with Yokohama Rubber Co. Ltd. say they will build a new tire plant in Mississippi because they see a global supply shortage for tires. The company plans to invest $300 million, hiring 500 people, in a first phase, and could invest $1.2 billion, hiring 2,000 people, over time.
Obama: U.S. Could Lose Years Of Research
April 29, 2013 1:46 pm | News | CommentsPresident Barack Obama says the U.S. could lose years of scientific research as a result of automatic spending cuts that have hit federal agencies. He says instead of racing ahead to the next cutting edge, American scientists are wondering whether they'll be able to develop any new products at all.
Kodak Selling 2 Businesses To UK Pension Plan
April 29, 2013 12:16 pm | News | CommentsEastman Kodak Co. has agreed to sell its personalized and document imaging businesses to its U.K. pension plan as part of an agreement that settles $2.8 billion of claims that the retirement fund had sought from the photography pioneer.
Consumers Keep Spending Despite Reduced Pay
April 29, 2013 12:09 pm | by Christopher S. Rugaber, AP Economics Writer | News | CommentsThis year got off to a sour start for U.S. workers: Their pay, already gasping to keep pace with inflation, was suddenly shrunk by a Social Security tax increase. Which raised a worrisome question: Would consumers stop spending and further slow the economy? Nope. Not yet, anyway.
Chrysler Profit Falls 65 Percent
April 29, 2013 9:30 am | by Tom Krisher, AP Auto Writer | News | CommentsChrysler says its first-quarter net profit fell 65 percent as it shipped fewer older vehicles in preparation for several key product launches. The company earned $166 million in the January-March quarter, compared with $473 million a year ago. Revenue fell 6 percent to $15.4 billion.
Army Says No To More Tanks, But Congress Insists
April 29, 2013 8:07 am | by Richard Lardner, Associated Press | News | CommentsBuilt to dominate the enemy in combat, the Army's hulking Abrams tank is proving equally hard to beat in a budget battle. Lawmakers from both parties have devoted nearly half a billion dollars in taxpayer money over the past two years to build improved versions of the 70-ton Abrams. But senior Army officials have said repeatedly, "No thanks."
Chrysler Putting $20M Into Ohio Plant
April 29, 2013 7:57 am | News | CommentsAutomaker Chrysler plans to put close to $20 million into one of its northwest Ohio plants. Chrysler says the work at the machining plant just outside Toledo will go toward new equipment and tooling. The investment won't bring any new permanent jobs though.
NYC Sues BP Over Pension Fund Losses
April 26, 2013 2:02 pm | News | CommentsNew York City is suing BP over the drop in its stock price after the 2010 Gulf of Mexico oil spill, saying its pension funds lost $39 million. The lawsuit in federal court in New York claims BP failed to tell shareholders about the risks of its offshore drilling, and that after the spill it tried to minimize the cost to shareholders.
Orders For U.S. Durable Goods Fall 5.7 Pct. In March
April 26, 2013 12:01 pm | News | CommentsOrders for long-lasting U.S. factory goods fell in March by the most in seven months. The drop reflected a steep decline in commercial aircraft demand and little growth in orders that signal future business investment. That followed a 4.3 percent gain in February, which was revised lower.
CareFusion To Pay $41M To Settle Investigation
April 26, 2013 11:33 am | News | CommentsCareFusion Corp. said Thursday it will pay about $41 million to resolve a government investigation into marketing practices for its antiseptic ChloraPrep. The investigation also covered CareFusion's relationships with health care professionals. The company said it agreed to the settlement in principle and is also entering into a non-prosecution agreement.
Ford Fund To Boost College For Creative Studies
April 26, 2013 11:29 am | News | CommentsThe Ford Motor Co. Fund plans to donate $1 million over five years for efforts involving the College for Creative Studies. The Detroit school and the Dearborn-based automaker announced the donation Friday to establish the Henry Ford Academy: School for Creative Studies' College and Career Transitions Office.
Economy Accelerates In 1Q
April 26, 2013 8:39 am | by Martin Crutsinger, AP Economics Writer | News | CommentsU.S. economic growth accelerated from January through March, buoyed by the strongest consumer spending in more than two years. The strength offset further declines in government spending that are expected to drag on growth throughout the year.
Pfizer Aims To Cut Generics Impact With New Drugs
April 26, 2013 7:57 am | by Linda A. Johnson, AP Business Writer | News | CommentsPfizer Inc. CEO Ian Read said Thursday that continuing expirations of drug patents through 2015 will restrain revenue growth, but the world's largest drugmaker is trying to offset that with launches of several medicines and research to create new ones.
GE Capital Cuts Lending Ties With Gun Stores
April 25, 2013 7:05 pm | by Joseph Pisani, AP Business Writer | News | CommentsGeneral Electric's finance arm is cutting ties with gun dealers, halting financing offers at about 75 gun shops across the U.S. in the wake of the Newtown, Conn., massacre that took the lives of 20 schoolchildren and six teachers and administrators.
Survey: Americans Felt More Secure In Jobs In 2012
April 25, 2013 2:24 pm | by Christopher S. Rugaber, AP Economics Writer | News | CommentsConfidence in the U.S. job market has rebounded to roughly a normal level from its record low after the Great Recession, a trend that could help boost the economy. Americans increasingly feel they could find a new job if necessary, according to the results of the 2012 General Social Survey.
