Boeing Co. is expanding in South Carolina and will invest another $1 billion, creating 2,000 new jobs during the next eight years, the aerospace giant announced Tuesday. Company spokeswoman Candy Eslinger said the company that operates a 787 assembly plant in North Charleston will expand its operations.
Car sales in India fell by 6.7 percent in the past year, the first decline in a decade for the country's once-booming auto industry as it grapples with a wider economic malaise. About 1.9 million passenger cars were sold domestically in the 2012-13 fiscal year that ended last month, compared with 2 million the previous year.
President Barack Obama is sending Congress a $3.77 trillion spending blueprint that seeks to achieve an elusive "grand bargain" to tame runaway deficits by raising taxes further on the wealthy and trimming popular benefit programs such as Social Security.
The Oshkosh-based company says it will begin laying off 700 hourly employees in mid-June, with 200 salaried employees to be laid off by the end of July. Company leaders say production is declining as the military continues to wind down from the wars in Iraq and Afghanistan.
Marchionne has jointly managed the two companies since buying a 20 percent stake in 2009. Fiat has since built up its holding in the U.S. company to 58.5 percent. However, his ambitions to fully merge the two companies have been stalled by a dispute between Chrysler's minority shareholder, the autoworkers union pension health trust.
Manufacturing makes America strong. It makes families and communities strong. It provides national security. It gives us energy security. And for the 12 million men and women who work in manufacturing, it gives us pride. Caterpillar, Inc. CEO & NAM Board Chairman Doug Oberhelman tells the story of manufacturing in America and the history of the National Association of Manufacturers.
German luxury automaker BMW AG says it had its best month ever in March, increasing global sales by 3 percent to 191,269 vehicles. For the first three months of the year, sales rose by 5.3 percent compared with a year earlier, to 448,200 units — even though sales slipped in the company's home market, Germany.
Boeing Co. said on Tuesday that Turkish Airlines plans to order 70 of its workhorse 737s. The airline has committed to order 20 737-800s, a version of the plane Boeing is making now. Turkish also plans to buy 40 737 Max 8s and 10 737 Max 9s, which is a planned new version of the plane which will have new engines.
Optimism among small business owners took a dive last month as their expectations for sales and the overall business climate fell. That's the finding of a survey released Tuesday by the National Federation of Independent Business. The advocacy group says its index of small business optimism, compiled from a survey of 759 of its members, fell 1.3 points to 89.5 after three months of gains.
The Commerce Department says stockpiles at the wholesale level declined 0.3 percent in February from January, the biggest decline since September 2011.Farm products and gasoline led the drop. Agriculture stockpiles have fallen in recent months because of a drought in the Midwest.
February U.S. manufacturing technology orders totaled $385.89 million, was up 5.7 percent from January but down 10.6 percent when compared with the total of $431.63 million reported for February 2012. With a year-to-date total of $750.94 million, 2013 is down 11.9 percent compared with 2012.
French media company Lagardere says it has sold its entire 7.4 percent stake in European aerospace and defense giant EADS. EADS, the parent to plane maker Airbus, said it bought some of the shares sold, adding 1.61 percent to its holdings of its own stock.
Ford Motor Co. says its Focus small car was the best-selling vehicle nameplate in the world last year, with just over 1 million sold. More than a quarter of all Focuses were sold in China, its largest market. The U.S. was the car's second-largest market.
Fiat and Chrysler CEO Sergio Marchionne forecasts sales of between 4.3 million and 4.5 million cars in 2013, slightly higher than last year. Marchionne told shareholders Tuesday the company expects growth in the U.S., Latin America and Asia, while sales in Europe are forecast to decline for a sixth straight year.
Branstad on Monday released a study on the activities of the Demonstration Fund, which is managed by the Iowa Economic Development Authority. The fund was started in 2007 and offers funding to help grow manufacturing, science and information technology firms.
Slack industrial output was one of the main reasons behind the fourth quarter drop. Germany's dip was particularly alarming because the economy of the 17-country eurozone remains in recession due to its crisis over too much government debt and needs all the growth it can get.
A Kentucky-based business that supplies boots, uniforms and tactical gear to law enforcement and the military has filed for federal bankruptcy protection.U.S. Cavalry Store Inc. President James Leonard says the company has been approached by ERMC Property Management about buying its assets out of Chapter 11 bankruptcy.
The indictment, which followed an FBI investigation, accuses the former BizJet executives of bribing government officials in Brazil, Mexico and Panama to secure maintenance contracts. BizJet cooperated with authorities and entered into a deferred prosecution agreement that had the company pay a penalty of $11.8 million.
The White House says Friday's unemployment report provides more proof that the economic recovery is continuing. At the same time, Alan Krueger, chairman of the White House Council of Economic Advisers, is warning that $85 billion in spending cuts that went into effect on March 1 will be, in his words, a "headwind in the months to come."
An impact fee from drilling for natural gas in Pennsylvania generated $198 million in 2012, about the same it raised the prior year. The figures released Thursday were announced a few days after the annual deadline for companies to pay the fee to the state.
The Commerce Department says the gap between exports and imports shrank to $43 billion in February, down 3.4 percent from January's revised $44.5 billion. It was the smallest trade imbalance since December when the gap had declined to $38.1 billion, the lowest point in nearly three years.
Lagardere has confirmed its intention to sell its stake in European aerospace and defense giant EADS by the end of July. The French multinational company has made no secret of its wish to get rid of its 7.5 percent stake in EADS, the parent company of plane maker Airbus.
Daimler AG says its mainstay Mercedes-Benz luxury brand recorded the best monthly sales figures in its history in March despite weak car markets in western Europe. The company, based in Stuttgart, said Friday it delivered 139,920 Mercedes vehicles, up 6.5 percent from the same month a year earlier.
Shares of Toyota, Honda and Nissan all rose more than 4 percent as some analysts predicted a drop in Japanese car prices. But they also say the effect of the weaker yen will be blunted because those companies have previously moved so much of their production to North America.
Home foreclosures and layoffs have dropped to pre-recession levels. Economic output has rebounded. And the Dow Jones industrial average is in record territory. So is the economy back to full health? Not quite. Not with unemployment at 7.7 percent and with 3 million fewer jobs than when the recession began.