Economic News
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.
GM CEO's 2012 Pay Package Up 44 Percent
April 25, 2013 2:14 pm | News | CommentsGeneral Motors Co. boosted CEO Dan Akerson's pay package by 44 percent last year, as the value of his stock awards significantly increased. Akerson earned $11.1 million in salary and stock awards last year, compared with $7.7 million in 2011.
China Signs Deal To Buy 60 Airbus Jetliners
April 25, 2013 9:14 am | News | CommentsChina has signed an agreement to purchase 60 Airbus jetliners during a visit to Beijing by French President Francois Hollande. Airbus said that Thursday's agreement covers the purchase of 42 A320s and 18 A330s. The announcement gave no details of price or when the aircraft would be delivered.
Crowdfunding May Be More Bust Than Windfall
April 25, 2013 8:02 am | by Joyce M. Rosenberg, AP Business Writer | News | CommentsSmall businesses looking for a windfall of investor money from crowdfunding may find that it's more of a bust. President Barack Obama and members of Congress have touted a law that makes crowdfunding, a method of soliciting money over the Internet, as a way for startups and other small companies to raise money and create jobs.
AP: Fiat Mulls IPO After Buying Chrysler
April 25, 2013 7:45 am | by Colleen Barry and Tom Krisher, Associated Press | News | CommentsA stock offering would raise much-needed money for research on new vehicles at both companies, and could help Fiat weather the economic downturn in Europe. Fiat now owns 58.5 percent of Chrysler, and wants to buy the remaining 41.5 percent from a health care trust fund for union retirees.
Google Pays CEO A Buck, 4 Other Execs Get $124M
April 25, 2013 7:37 am | by Michael Liedtke, AP Technology Writer | News | CommentsThe breakdown disclosed in a regulatory filing Wednesday consisted mostly of stock awards that could ultimately be worth more or less money, depending on how Google's stock price fares in the future. Google Inc. also paid all four of the executives besides Page and Brin their maximum bonuses.
SME: Canadian Manufacturers Optimistic About 2013 Business Growth
April 24, 2013 2:37 pm | by Society of Manufacturing Engineers (SME) | News | CommentsTwo-thirds of manufacturers surveyed by SME are optimistic about business growth over the next 12 to 18 months, with most anticipating a moderate to significant rise. At the same time, they are expecting to face some pressing challenges as they move forward, including a shortage of skilled workers and rising production costs.
European Recession Hits Major Automakers
April 24, 2013 1:37 pm | by David McHugh, AP Business Writer | News | CommentsGermany's Volkswagen AG said its first-quarter net profit fell 38 percent to 1.95 billion euros ($2.5 billion), while Daimler AG's was down 60 percent at 564 million euros. U.S.-based Ford Motor Co. lost $462 billion in Europe and called the outlook there "uncertain," although the company's global earnings rose 15 percent to $1.6 billion.
Orders For U.S. Durable Goods Fall In March
April 24, 2013 1:28 pm | by Christopher S. Rugaber, AP Economics Writer | 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. The Commerce Department said Wednesday that orders for durable goods declined 5.7 percent in March.
Israel To Make Wings For F-35 Warplanes
April 24, 2013 8:31 am | News | CommentsIsrael Aerospace Industries says it has signed a long-term contract with U.S. defense giant Lockheed Martin to produce wings for the F-35 next-generation fighter jet. The state-owned company said Tuesday the contract is for 10 to 15 years and could generate up to $2.5 billion in sales.
Toyota Top Selling Automaker Despite China Fall
April 24, 2013 8:11 am | by Yuri Kageyama, AP Business Writer | News | CommentsToyota held onto its status as the world's top-selling automaker in the first quarter of this year, although the three-way race with General Motors and Volkswagen is proving tight, as its sales fall in China and Japan. Toyota Motor Corp. reported Wednesday it sold 2.43 million vehicles during the January-March period.
Apple To Dole Out $100B To Shareholders
April 24, 2013 7:56 am | by Peter Svensson, AP Technology Writer | News | CommentsApple is opening the doors to its bank vault, saying it will distribute $100 billion in cash to its shareholders by the end of 2015. At the same time, the company said revenue for the current quarter could fall from the year before, which would be the first decline in many years.
Obama Administration Had Advance Warning On Fisker
April 24, 2013 2:26 am | by Matthew Daly, Associated Press | News | CommentsDespite that warning, Fisker continued to receive money until June 2011, when the DOE halted further funding. The agency did so after Fisker presented new information that called into question whether key milestones — including launch of the company's signature, $100,000 Karma hybrid — had been achieved.
Monsanto Plans $400M Expansion
April 23, 2013 2:10 pm | News | CommentsA $400 million expansion planned for the Monsanto Co.'s research center in suburban St. Louis could bring 675 new jobs to the region during the next three years, the company said Tuesday.The agricultural products company said it will add 36 new greenhouses, offices, laboratory space and "plant growth chambers."
Report: Richest Got Richer During Recovery
April 23, 2013 1:53 pm | by Pauline Jelinek, Associated Press | News | CommentsThe main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven't rebounded from the plunge in home values, the report said.
Qualcomm Founder Gives $133M To NYC Tech School
April 23, 2013 12:20 pm | by Jennifer Peltz, Associated Press | News | CommentsA burgeoning graduate school aimed at reinventing higher education's relationship with high tech is getting a $133 million gift from a professor-turned-entrepreneur who used his engineering background to help build a major telecommunications company, officials announced Monday.
ELFA: New Business Volume Flat YOY in March
April 23, 2013 9:10 am | News | CommentsThe Monthly Leasing and Finance Index (MLFI-25) showed their overall new business volume for March was $6.8 billion, flat compared to volume in March 2012. Month-over-month, new business volume was up 45 percent from February. Year to date, cumulative new business volume was up three percent compared to 2012.
