Economic News
Amgen To Pay $25M To Resolve Kickback Case
April 17, 2013 8:24 am | News | CommentsThe Justice Department said Amgen paid kickbacks to Omnicare Inc. and PharMerica Corp., which sell drugs to long-term care providers like nursing homes and hospitals, and Kindred Healthcare Inc., which runs long-term acute care hospitals and nursing and rehabilitation centers.
China's LDK Solar Misses $23.8M Bond Payment
April 17, 2013 8:21 am | News | CommentsLDK Solar Co. said Tuesday that it failed to make a $23.8 million bond payment this week because of a "temporary cash-flow shortage" but negotiated to delay some of the obligation. Payment on the 4.75 percent convertible notes was due Monday. LDK said it agreed with two bondholders to delay $16.6 million in payments.
Toyota's Hybrid Sales Pass 5 Million
April 17, 2013 7:46 am | by Yuri Kageyama, AP Business Writer | News | CommentsToyota's global sales of gasoline-electric hybrid vehicles have surpassed 5 million in a milestone for a technology that was initially greeted with skepticism. The Japanese automaker, which said Wednesday it had sold 5.125 million hybrid vehicles as of the end of March, started selling the Prius, the world's first mass produced hybrid passenger car, in 1997.
Daimler Selling Rest Of EADS Stake
April 16, 2013 10:00 pm | News | CommentsAutomaker Daimler AG says it is selling its remaining 7.5 percent stake in EADS, the parent company of aircraft manufacturer Airbus. Daimler helped found EADS but now is cashing out to focus on its core business of making cars. It sold a 7.5 percent stake last year.
Brazilian Meat Packers Face Fines
April 16, 2013 9:59 pm | News | CommentsThe federal prosecutors' office says in a statement that prosecutors in the Amazon jungle states of Amazonas, Mato Grosso and Rondoni, want the companies to pay $278.5 million for producing beef products from cattle raised in environmentally sensitive regions, on indigenous reservations and at farms that have been blacklisted for using slave-like labor.
Arkansas Legislature Approves Steel Mill Funding
April 16, 2013 9:30 pm | by Michael Stratford, Associated Press | News | CommentsArkansas is set to provide a new steel company with $125 million in financing and a package of tax breaks to build a mill in the northeast part of the state after the Legislature gave final approval to the plan on Tuesday. By an 81-9 vote, House lawmakers passed a Senate-approved budget bill to fund Gov. Mike Beebe's proposal.
Cars, Utilities Lift U.S. Industrial Output
April 16, 2013 11:08 am | by Paul Wiseman, AP Economics Writer | News | CommentsU.S. industrial output rose in March as cold weather kept utilities busy generating heat and a surge in auto production helped offset broader weakness in manufacturing. Production at the nation's factories, mines and utilities rose 0.4 percent in March from February, the Federal Reserve said.
PwC Barometer: Prevailing Optimism In U.S. Economic Outlook
April 16, 2013 10:49 am | by PwC US, Industrial Products Practice | News | CommentsAccording to PwC’s Q1 2013 Manufacturing Barometer, 55 percent of respondents expressed optimism about the 12-month outlook for the U.S. economy during the first quarter of 2013, up seven points from the fourth quarter, and only five percent were pessimistic.
IMF Cuts Forecast For Global Economy In 2013
April 16, 2013 9:13 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsThe International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession. The global lending organization has cut its forecast for global growth to 3.3 percent this year.
GM 1Q Global Sales Rise To Beat VW
April 16, 2013 9:11 am | News | CommentsGeneral Motors edged out fast-growing Volkswagen in first-quarter sales as both companies try to close the gap with Toyota for the global world sales crown. Toyota, which is scheduled to release first-quarter numbers next week, dethroned GM to retake the top spot in 2012.
Consumer Prices Drop On Cheaper Gas
April 16, 2013 9:03 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsU.S. consumer prices declined last month as the cost of gas fell sharply and food prices were unchanged. The tame reading is the latest evidence that the sluggish economy is keeping inflation in check. The consumer price index declined a seasonally adjusted 0.2 percent in March, after jumping 0.7 percent in February, the Labor Department said.
Coca-Cola's Profit Comes In Above Expectations
April 16, 2013 8:38 am | by Candice Choi, AP Food Industry Writer | News | CommentsCoca-Cola Co.'s first-quarter results came in above expectations as the world's biggest beverage maker saw global sales volume grow. The Atlanta-based company says it earned $1.75 billion, or 39 cents per share, for the period ended March 29. That's down from $2.1 billion, or 45 cents per share, a year earlier.
Tobacco Cos. Make Payments Under State Settlement
April 16, 2013 8:02 am | by Michael Felberbaum, AP Tobacco Writer | News | CommentsThe nation's top cigarette companies have made their payments as part of the longstanding settlement in which some cigarette makers are paying states for smoking-related health care costs. Philip Morris USA said it made its full annual payment of about $3.1 billion as part of the 1998 Master Settlement Agreement.
Trader Pleads Guilty In $1B Apple Stock Scheme
April 16, 2013 7:52 am | News | CommentsA securities trader has pleaded guilty for his role in a scheme involving the unauthorized purchase of about $1 billion of Apple stock that wound up costing his employer $5 million. Federal prosecutors say 40-year-old David Miller pleaded guilty Monday in Hartford to conspiracy and fraud offenses.
Dutch Company Linked To Horse Meat Fraud Bankrupt
April 16, 2013 7:45 am | News | CommentsA meat processing plant and wholesaler suspected of mixing undeclared horse meat with beef has been declared bankrupt. A court in the eastern Dutch city of Den Bosch court declared the Willy Selten meat works bankrupt Tuesday. The company is at the center of a huge recall announced last week of suspect beef across the European Union.
China's Struggle To Measure Economy Clouds Outlook
April 16, 2013 7:41 am | by Joe McDonald, AP Business Writer | News | CommentsAfter China reported quarterly economic growth of 7.7 percent this week — far above anemic U.S. and European performance — global markets reacted by falling, wiping billions of dollars off stock prices. The reason? Growth came in under the 8 percent expected by private sector forecasters who relied on Chinese trade and other data.
U.S. Declines To Label China Currency Manipulator
April 15, 2013 8:43 am | by Martin Crutsinger, AP Economics Writer | News | CommentsThe Obama administration on Friday declined to label China a currency manipulator, although it said that China's currency remains significantly undervalued. The decision came in a twice-a-year Treasury report on whether any nations are manipulating their currencies to gain trade advantages.
EADS In Talks To Buy Part Of French Gov't Stake
April 15, 2013 8:07 am | News | CommentsEuropean aerospace giant EADS says in a statement Monday that the deal would see it buy back 1.56 percent of its shares from the French government's current 14.83 percent stake. The company will pay 37.35 euros per share — about the same as French media group Lagardere was paid when it sold its entire stake last week.
Woodside Shelves $47B Australian LNG Plant
April 12, 2013 2:10 pm | News | CommentsWoodside Petroleum's chief executive said he is confident that a major gas field off the northwest Australian coast will be exploited despite the energy company on Friday shelving plans for a 45 billion Australian dollar ($47 billion) plant to process the gas for export.
Hannover Messe 2013 Closing Report: Revving Up For 'Integrated Industry'
April 12, 2013 11:16 am | by Hannover Fairs USA | News | CommentsThis year’s HANNOVER MESSE attracted 6,550 exhibitors from 62 nations. As the strongest HANNOVER MESSE in the past 10 years, it fully met the high expectations placed on it by the industry, further consolidating its position as the world’s premium showcase for industrial technology.
U.S. Businesses Boosted Stockpiles Only 0.1 Percent
April 12, 2013 10:14 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsU.S. companies restocked their shelves at a much slower pace in February than January, a sign they expected consumer and business spending to weaken. The Commerce Department says business stockpiles increased only 0.1 percent in February. That's the smallest gain since June and down from a 0.9 percent increase in January, which was revised slightly lower.
MAPI Survey: Index Shows Slight Advance In March
April 12, 2013 9:39 am | by Manufacturers Alliance for Productivity and Innovation | News | CommentsThe survey’s composite index is a leading indicator for the manufacturing sector. The March 2013 composite index advanced to 56 from 55 in the December 2012 survey. That breaks a string of 10 consecutive quarterly declines. The index remains above the threshold of 50 for the 14th straight quarter, the dividing line that separates contraction and expansion.
Volkswagen March Sales Flat As Europe Struggles
April 12, 2013 8:53 am | News | CommentsGerman automaker Volkswagen AG says sales were flat in March and that global car markets outside North America and China "are becoming even more difficult." The Wolfsburg-based company delivered 864,400 vehicles during the month, 0.2 percent more than the same month a year ago.
U.S. Retail Sales Fall 0.4 Percent
April 12, 2013 8:43 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsU.S. retail sales fell in March from February by the most in nine months, indicating higher taxes and weak hiring have made consumers more cautious about spending. The Commerce Department says retail sales declined a seasonally adjusted 0.4 percent last month. That followed a 1 percent gain in February.
Wholesale Prices Drop In March
April 12, 2013 8:38 am | by Martin Crutsinger, AP Economics Writer | News | CommentsA measure of wholesale prices fell by the largest amount in 10 months in March, reflecting a big drop gasoline prices. The Labor Department says its producer price index fell 0.6 percent in March compared with February. In February, wholesale prices had jumped 0.7 percent.
