Panasonic Corp. started manufacturing solar panels Thursday at a newly built plant in Malaysia, boosting the global production capacity of its cutting-edge solar batteries to 900 megawatts per year from the current 600 megawatts. The factory is the electronics giant's first overseas base for handling the entire battery production process, from making wafers to cells and panels.
Mitsubishi Heavy Industries Ltd. said Thursday it will buy the small- and medium-size gas turbine business of U.S. aeroengine maker Pratt & Whitney to further strengthen its energy business. The move comes after Mitsubishi Heavy recently announced a merger of its thermal power generation business with that of Hitachi Ltd. to increase its international competitiveness.
A union official representing steelworkers at the shuttered Sparrows Point steel mill is reacting angrily to reports key mill equipment has been sold. Joe Rosel, president of a United Steelworkers local in Sparrows Point, says no one will want to buy the plant without the cold mill equipment.
It's the scenario that's been spooking employers and investors and slowing the U.S. economy: Congress and the White House fail to strike a budget deal by New Year's Day. Their stalemate triggers sharp tax increases and spending cuts. Those measures shrink consumer spending, stifle job growth, topple stock prices and push the economy off a "fiscal cliff" and into recession.
A survey of U.S. chief executives shows the number of large companies that plan to add jobs or hire more workers is essentially unchanged versus three months ago, although fewer expect hiring to decrease. The Business Roundtable said Wednesday that 29 percent of its member CEOs plan to increase hiring over the next six months, the same as in September when the group released its previous quarterly survey.
A strike by United Natural Foods workers in Washington will likely lead to higher costs for the food distributor for replacement workers, an analyst said Wednesday. Employees at United Natural Foods' distribution plant in Auburn, Wash., went on strike Monday, in part because of wage issues. The workers are represented by the Teamsters Union.
Pratt & Whitney is selling its turbine business in order to better focus more on its core aerospace and commercial businesses. Terms of the sale of the Power Systems segment to Mitsubishi Heavy Industries were not disclosed Wednesday, but the deal is expected to close in the second quarter of 2013.
Indianapolis wants to become the first major city to replace its entire fleet with electric and plug-in hybrid vehicles in a move the mayor says is designed to reduce U.S. reliance on foreign-produced fuels, city officials said Wednesday.
Shares of JinkoSolar jumped 21 percent Wednesday after the company received a contract from WBHO-Building Energy Ltd. to supply 81 megawatts of solar modules for a power project in South Africa. JinkoSolar will deliver a total of 344,540 photovoltaic solar panels for the project, which is expected to generate about 146 gigawatt hour of power equivalent.
Americans are buying new vehicles at the fastest pace since January 2008. But they're also looking to spend less time at the pump. And as CBS News' John Blackstone reports, automakers are finally getting the message and turned this year's LA Auto Show bolder - and greener- than ever before.
A company in Washington state is developing wireless technology that delivers electricity via laser beams. The scientists and engineers who run the company, Lasermotive, are using the lasers to power aerial drones but say their technology could also replace conventional power lines to deliver electricity to homes.
Volvo Car Corporation is ramping up production of the new Volvo V60 Plug-in Hybrid ahead of first customer deliveries in early 2013. After the initial batch of 1,000 model year 2013 cars, production will increase to 4,000-6,000 cars from model year 2014.
The brand new Vanquish comes with some good news and some bad news: Though the 2014 Aston Martin Vanquish will run you $280,000, its speed, handling, and refinement make it totally worth it, says CNN Money senior writer Peter Valdes-Dapena.
GE CEO and Obama administration jobs czar Jeffrey Immelt spoke with CBS News' Charlie Rose and says one thing that never goes away in the United States is an incredible set of entrepreneurs. Given that, he stresses that manufacturing will continue to come back to a certain extent and the American workforce can make the new technology of today right here in the U.S.
Honda is recalling more than 870,000 minivans and SUVs worldwide because they can roll away even though drivers have removed the keys from the ignition. The recall affects older-model vehicles sold mainly in the U.S. Problems with the ignition switches have plagued Honda for years. It has recalled nearly 2.3 million vehicles for the problem since 2003.