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Daily news and top headlines for manufacturing professionals

Delphi Judge Moves Forward With Fraud Case

October 8, 2008 10:30 am | by Vinnee Tong, AP Business Writer | News | Comments

Bankruptcy judge said he may let Delphi pursue wider fraud claims against Appaloosa Management, which led a failed effort to invest $2.55 billion in the auto supplier.

Automakers Welcome Fed's Rate Cut

October 8, 2008 10:22 am | News | Comments

Two automakers welcomed 0.5 percent cut in target fed funds rate, but GM and Ford said lack of available credit and shattered consumer confidence are still weighing on auto sales.

Alliant Techsystems Wins $94M For Ammunition Plant

October 8, 2008 8:50 am | News | Comments

U.S. Army has given defense contractor Alliant Techsystems Inc. an additional $94 million for modernization projects at a Virginia ammunition plant.

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Yo-Yo Rides Recalled

October 8, 2008 8:01 am | by Natasha T. Metzler, Associated Press Writer | News | Comments

Chance Rides Manufacturing recalled about 85 Yo-Yo rides to repair defects involved in two accidents and will provide kits to help inspect and repair defective rides.

New York To Subsidize AMD Plant

October 8, 2008 5:30 am | by Michael Gormley, Associated Press Writer | News | Comments

Despite the state's fiscal crisis, Gov. David Paterson said the $1.2 billion subsidy for the AMD spinoff Foundry Co. is a sound investment that will employ nearly 1,500 people.

China Sets Melamine Standard

October 8, 2008 5:30 am | by Audra Ang, Associated Press Writer | News | Comments

Beijing introduced standards for levels of the industrial chemical melamine permitted in milk and food products as it seeks to rein in a festering safety scare.

Fed To Buy Up Short-Term Debt

October 7, 2008 11:15 am | by Jeannine Aversa, AP Economics Writer | News | Comments

Federal Reserve announced Tuesday a radical plan to buy massive amounts of short-term debts in a dramatic effort to break through a credit clog imperiling the economy.

Retirement Savings Hit Hard By Financial Crisis

October 7, 2008 10:53 am | by Julie Hirschfeld Davis, Associated Press Writer | News | Comments

Financial industry upheaval sent the stock market plummeting, with retirement plans losing as much as $2 trillion in the past 15 months, forcing some to consider delaying retirement.

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Chinese Lawyers Pressured To Drop Milk Cases

October 7, 2008 10:35 am | by Gillian Wong, Associated Press Writer | News | Comments

Lawyers advising the families of children sickened in China's tainted milk scandal said Tuesday they are facing growing official pressure to withdraw from the cases.

Stocks Tumble Amid Worries Over Financials

October 7, 2008 10:25 am | by Tim Paradis, AP Business Writer | News | Comments

Wall Street extended its declines Tuesday as the Fed's efforts to inject frozen credit markets with a dose of confidence gave way to concerns about financial companies' balance sheets.

Armor Holdings Settles Federal Probe

October 7, 2008 10:07 am | by Donna Borak, AP Business Writer | BAE Systems | News | Comments

Subsidiary of BAE Systems will pay $30 million to resolve allegations that it knowingly made and then sold defective bulletproof vests to law enforcement personnel.

Bernanke: Economic 'Pain' To Continue

October 7, 2008 10:00 am | by Jeannine Aversa, AP Economics Writer | News | Comments

Federal Reserve Chairman warned that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain.

Wall Street Struggles To Rebound

October 7, 2008 7:27 am | by Joe Bel Bruno, AP Business Writer | News | Comments

Stock market fluctuated sharply Tuesday, with investors getting some encouragement that the Fed Reserve's plan to buy corporate debt will help unclog the credit markets.

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EADS Delivers U.S. Army Helicopter

October 7, 2008 6:39 am | by Edited by Manufacturing.net Staff | News | Comments

Company's North American unit delivered its first final assembly line aircraft for the U.S. Army's UH-72A as it works to establish full production of the helicopter in the U.S.

Survey: Most Japanese Firms Extend Employment To 65

October 7, 2008 6:00 am | News | Comments

Japan's employment stabilization law for senior workers requires companies to adopt measures to keep such employees on the payroll until they become 65 years old.

China Overhauling 'Chaotic' Dairy Industry

October 7, 2008 5:33 am | by Gillian Wong and Henry Sanderson, Associated Press Writers | News | Comments

Beijing pledges to inspect every link from the farm to the dinner table to try to restore public trust in Chinese-made food products.

Wall Street Tumbles In Global Sell-Off

October 6, 2008 1:52 pm | by Joe Bel Bruno and Tim Paradis, AP Business Writers | News | Comments

Investors around the world have come to the realization that Washington’s $700 billion rescue plan won't work quickly to unfreeze the credit markets.

Treasury, Fed Scramble To Restore Financial Stability

October 6, 2008 11:53 am | by Martin Crutsinger and Jeannine Aversa, AP Economics Writer | News | Comments

President's top economic advisers pledge to work with their counterparts around the world to restore confidence to financial markets.

Congress Begins Hearings On Financial Crisis

October 6, 2008 10:40 am | by Julie Hirschfeld Davis, Associated Press Writer | News | Comments

First hearing into what caused the nation's financial markets to collapse opened with finger-pointing and glimpses into internal documents from Lehman's chaotic last hours.

Man Charged With Espionage Against Saab

October 6, 2008 7:57 am | News | Comments

Swedish prosecutors said the man allegedly obtained confidential documents belonging to Saab's radar systems unit, Saab Microwave Systems.

China Promises Safety Amid Tainted Milk Probe

October 6, 2008 7:07 am | by Gillian Wong, Associated Press Writer | News | Comments

Head of China's quality watchdog is stepping up checks on its exports as the government tries to restore public trust in Chinese-made food products.

Congress Approves $700 Billion Bailout

October 3, 2008 1:00 pm | by Julie Hirschfeld Davis and David Espo, Associated Press Writers | News | Comments

Final vote of 263-171 capped two weeks of tumult for Congress and Wall Street, with warnings the U.S. faced the gravest economic crisis since the Great Depression.

Labor Report Indicates Tech Sector In Squeeze

October 3, 2008 12:10 pm | by Barbara Ortutay, AP Technology Writer | News | Comments

Computer and electronics manufacturers did not grow their work forces at all in September, according to data released Friday by the Labor Department.

Manufacturing, Jobs Hit By Tighter Credit

October 3, 2008 12:00 pm | by Christopher S. Rugaber, AP Business Writer | News | Comments

Large manufacturers starting to see their customers pull back 'just in the past few weeks,' due to difficulties with credit, said MAPI chief economist.

Credit Still Tight After Bailout

October 3, 2008 11:30 am | by Madlen Read, AP Business Writer | News | Comments

Credit markets remained tight Friday after the $700B bailout was approved, with investors still dubious about the plan's ability to boost the faltering U.S. economy.

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