An investigation into a lithium ion battery that overheated on a Boeing 787 flight in Japan last month found evidence of the same type of "thermal runaway" seen in a similar incident in Boston, officials said Tuesday. The Japan Transportation Safety Board said that CAT scans and other analysis found damage to all eight cells in the battery that overheated on the All Nippon Airways 787 on Jan. 16.
Oil and gas giant BP's profit fell nearly 80 percent in the fourth quarter in results released Tuesday, dragged down by payouts related to the Gulf of Mexico oil spill. BP said that net profit fell to $1.62 billion in the three months ending Dec. 31, down from $7.69 billion in the same period the year before. BP took a loss of $3.85 billion for its settlement of all federal criminal charges with the U.S. government.
Delphi Automotive saw its fourth-quarter net income cut in half as the auto parts retailer booked restructuring and acquisition costs. The company, formerly part of General Motors, made $136 million, or 43 cents per share, from October through December, compared with $290 million, or 88 cents per share, a year earlier. Revenue fell 3.3 percent to $3.8 billion.
Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers. The complex agreement announced Tuesday will allow Dell Inc.'s management, including founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
The Crown, Toyota's oldest sedan still in production is a symbol of proud tradition. It's conservative evolution over the years has been typical for a company known more for being reliable than racy. But it's newest version is a sign of changes to come.
Federal regulators say they are evaluating a Boeing request to conduct test flights of its 787 Dreamliners, which were grounded nearly three weeks ago after a battery fire in one plane and smoke in another. The Federal Aviation Administration confirmed the request, but officials declined to elaborate.
Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year, as the world's top automaker continued on a comeback roll as sales surged, especially in the U.S. Toyota's October-December profit jumped 23 percent to 99.91 billion yen ($1.09 billion), compared to the same period the previous year. Quarterly sales edged up 9 percent to 5.3 trillion yen ($58 billion).
Gov. Mike Beebe and state economic officials told Arkansas senators Monday that the state borrowing $125 million to help fund a planned $1 billion steel mill in Osceola is a good investment. Arkansas Teacher Retirement System trustees endorsed the project by agreeing to invest $60 million. Beebe said the prospect of a long-term economic boost in northeast Arkansas is worth the risk of the state investment in Big River Steel LLC.
Mitsubishi is recalling about 1,400 of its i-MiEV electric cars in the U.S. because a brake pump can fail. The automaker says the recall affects 2012 models made from Dec. 2, 2011 through Sept. 7, 2012. A defective vacuum pump can stop working. That can reduce braking power, increase stopping distances and raise the risk of a crash.
Jamaican and Japanese officials on Monday launched a pilot project designed to investigate whether rare-earth elements can be commercially extracted from the island's bauxite waste. Researchers with Japan's Nippon Light Metal Co. Ltd. believe they have found high concentrations of rare-earth elements in the island's red mud, a byproduct of bauxite refining into alumina, the basic material for manufacturing aluminum.
The chief executive of Research In Motion said he's disappointed the new BlackBerry won't be released in the United States until mid-March, but he said early data suggests sales in the U.K. are above expectations. Thorsten Heins said in an interview Monday with The Associated Press that he was disappointed in the mid-March U.S. release date. But he said the U.S. and its phone carriers have a rigid testing system.
If we were to change our education system, as well as put a higher value to those who serve the economy outside of cubicles and office space, we would see corporations bring their manufacturing back to the United States. They would create the jobs that so many are searching for. The price for manufacturing will drop domestically, which will in turn bring manufacturing jobs back home.
Just when Boeing really needs its engineers, they're voting on whether to strike. It's bad timing for Boeing. The aircraft maker is working around the clock to solve battery problems that have grounded its 787s around the world, and unionized engineers are a big part of that effort.
Taiwan-owned Foxconn Technology Group, a leading maker of Apple's iPhones and gadgets for other global brands, is widening the scope of union elections at its sprawling facilities in China. The move, confirmed by the company Monday, follows a series of recommendations from an international panel hired by Apple to audit conditions for the 1.2 million workers in Foxconn's mainland factories.
U.S. factory orders increased in December even though companies trimmed their orders for goods that signal investment plans. Factory orders rose 1.8 percent in December compared to November, when orders had fallen 0.3 percent, the Commerce Department said Monday.
The Alaskan Brewing Co. is going green, but instead of looking to solar and wind energy, it has turned to a very familiar source: beer. The Juneau-based beer maker has installed a unique boiler system in order to cut its fuel costs. It purchased a $1.8 million furnace that burns the company's spent grain — the waste accumulated from the brewing process — into steam which powers the majority of the brewery's operations.
United Technologies may buy back up to 60 million of its shares, replacing an approximately $4.3 billion stock buyback program which began almost three years ago and is nearly spent. The industrial conglomerate said Monday that the new program's value is $5.4 billion at today's stock prices. It expects its repurchases to total about $1 billion this year, unchanged from a previous estimate.
Oracle will buy Acme Packet Inc., which makes equipment for telecommunications companies, for about $2.1 billion. Acme's gear is used by more than 1,900 service providers and enterprises around the world. Its technology will complement Oracle's offerings for telecoms providers, said Citigroup analyst Walter Pritchard.
Air India continued to fly some of its 787 Dreamliner jets after the United States and other countries grounded the fleet as the probe into the aircraft's battery problems continues. Travel editor Peter Greenberg speaks to the "CBS This Morning" co-hosts about why some 787s are still allowed to fly.
According to several partners, this conference was considered the best yet. There was a feeling of alignment in strategic goals with IRISS. To close the event, IRISS recognized the best of the best in sales for 2012. Marty Wilkins of Southeast Reliability was honored with the first place award, followed by Darren Billings of Atlas Inspection Technologies, and Jeff Leake of IR Cameras.