A trader from New York has been charged in a scheme that involved the unauthorized purchase of about $1 billion of Apple stock that wound up costing his Connecticut-based employer $5 million, federal prosecutors said Tuesday. As a result of the scheme, Rochdale was left holding more than 1.6 million shares of Apple stock, authorities said. It promptly traded out of the position but suffered losses of about $5 million.
A former worker told state media Wednesday he set the fire that killed 14 young workers at a Chinese undergarment factory because he was angry about less than $500 in unpaid wages. The suspect, Liu Shuangyun, told the Guangdong TV broadcaster in a jailhouse interview that he started the fire "because I couldn't get my salary," which he had been owed since quitting the factory three years ago.
If Washington really does fail to avert the looming series of tax hikes and spending cuts, the White House will portray Republicans as the culprits for insisting on protecting tax cuts for the wealthy, an effort the administration is laying the groundwork for now.
The company said Tuesday that it has had seven reports of fires in 1.6-liter EcoBoost engines sold in Europe. The engines are used in the Focus and Mondeo sedans and Galaxy minivan. Last week Ford recalled more than 89,000 new Escape SUVs and Fusion sedans in North America because the 1.6-liter engine can overheat and catch fire.
Banks and finance companies are writing more auto loans to subprime buyers, approaching prerecession levels. Experian Automotive said Tuesday that 42 percent of new and used car loans written in the third quarter went to subprime buyers, up from 40 percent in the same quarter a year ago. That's still slightly below the 43 percent that went to subprime buyers in the third quarter of 2007, before the recession began.
The price of oil inched up closer to $89 a barrel on Wednesday on expectations U.S. political leaders will reach a budget deal before a year-end deadline and growing confidence that the Chinese government would introduce new stimulus measures to strengthen the world's second-largest economy.
An Oklahoma City-based company says it will build a $120 million nitric acid plant at a chemical facility in El Dorado, Ark., that was the site of an explosion in May. LSB says that insurance will pay for much of the construction, though the full amount of the ultimate insurance payment isn't known.
Alcoa Inc. has decided to shut down a northeastern Indiana factory after cutting hundreds of jobs there over the past decade. The company announced Tuesday that the Auburn factory will end operations in March. The factory has 25 hourly and 18 salaried workers. The Pittsburgh-based company says the closing decision is part of its efforts to streamline operations.
The northern South Dakota city of Aberdeen has reduced the number of cattle that a new processing plant is allowed to slaughter because Northern Beef Packers has fallen behind on installing wastewater equipment. The American News reports that the plant is restricted to 125 cattle per day. It had been allowed to slaughter up to 500 animals daily.
Canadian auto sales are on the road to besting their 2011 performance, with sales for the first 11 months of the year up 6.5 per cent to nearly 1.6 million vehicles, according to an industry watcher. DesRosiers Automotive Consultants said Monday year-to-date vehicle sales in Canada rose to 1.57 million with one month left in the year.
Highway officials in at least nine states are using a sophisticated simulator to give plow drivers a chance to practice snow removal in any weather. It works like a video game, recreating slick pavement, poor visibility and even children or animals bolting across the road. In a virtual collision, drivers hear crashing noises and see a cracked windshield.
Emerson's proposal to the city says the company would bring 400 new jobs and about 100 transfers to a facility built by ADC Telecommunications, but never occupied. Emerson Process Management Rosemount says about 300 of the positions would be salaried and 200 would be hourly wage jobs.
The Advanced Manufacturing Technician Program gives students the chance to take two days of classroom instruction in Belden and three days of hands-on experience at Toyota's Blue Springs plant. Participants will take classes their home college two days a week and will have a paid internship at Toyota three days a week. The internship will pay $16.50 per hour.
Manufacturers of all sizes use the vital tariff suspensions contained in the MTB to obtain raw materials, proprietary inputs and other products that are not available domestically. Without the MTB, these companies’ production costs will substantially increase, damaging their competitiveness and forcing them to pass on these higher costs to consumers.
A high school student from Texas has won a $100,000 scholarship for a developing a computer algorithm that helps robots navigate around obstacles, an algorithm that could be used in applications like driverless cars.The Siemens Foundation announced the winners of its annual science competition for high school students during a ceremony in Washington on Tuesday.