News

China To U.S.: Back Off Our Currency

March 19, 2010 4:17 am | by Joe McDonald, AP Business Writer | Comments

BEIJING (AP) — China is sending a Cabinet official to Washington in a bid to defuse trade tensions, the government said Friday, as it called on U.S. leaders to cool the "politicization and emotionalization" of a currency dispute. A deputy commerce minister, Zhong Shan, will go to Washington on Wednesday to meet with American trade, commerce and Treasury officials and members of Congress, the Commerce Ministry said.

'Runaway' NY Prius Driver Never Used Brakes

March 19, 2010 4:16 am | by Jim Fitzgerald and Ken Thomas, Associated Press Writers | Comments

HARRISON, N.Y. (AP) — Computer data from a Toyota Prius that crashed in suburban New York City show that at the time of the accident the throttle was open and the driver was not applying the brakes, U.S. safety officials said Thursday. The disclosure prompted an angry response from the police captain investigating the cause of the accident.

Biden: Manufacturing Is Essential To Middle Class

March 18, 2010 12:05 pm | by Emery P. Dalesio, AP Business Writer | Comments

DURHAM, N.C. (AP) — Manufacturing jobs are essential to support a vibrant middle class and the Obama Administration is working to boost U.S. manufacturing of growing technologies, Vice President Joe Biden said Thursday. "We're going to make sure that we don't just build the same old economy on top of the one that just collapsed," Biden said during a visit with Energy Secretary Steven Chu to Cree Inc.

Chemical Maker Violates U.S.-Cuba Embargo

March 18, 2010 12:04 pm | by Marcy Gordon, AP Business Writer | Comments

WASHINGTON (AP) — Specialty chemicals maker Innospec Inc. pleaded guilty Thursday to federal charges of bribery, defrauding the United Nations and violating the U.S. embargo against Cuba, U.S. authorities said. The Justice Department said Innospec entered a guilty plea before a federal judge in Washington to charges of wire fraud in connection with kickbacks it paid to the former Iraqi government under the UN oil-for-food program and bribes to officials in the Iraqi Oil Ministry.

Ford Shares Reach Five-Year High

March 17, 2010 10:37 am | by Tom Krisher, AP Auto Writer | Comments

DETROIT (AP) — Shares of Ford Motor Co. surged to a five-year high Wednesday after a ratings agency upgraded the automaker's debt and said Ford has the potential to improve its finances even further. The Dearborn, Mich., automaker's stock hit $14.11 per share in afternoon trading, a 4 percent surge to levels not seen since January 2005.

Senators Rally To 'Confront' Chinese Currency Manipulation

March 17, 2010 4:58 am | by Martin Crutsinger, AP Economics Writer | Comments

WASHINGTON (AP) — A group of 14 U.S. senators unveiled legislation Tuesday that seeks to increase pressure on China to let its currency to rise in value against the dollar, saying Chinese "currency manipulation" is hurting the U.S. economy. The bill calls for stiff trade sanctions if China does not act.

China Set To Begin Rio Tinto Bribery Trials

March 17, 2010 4:47 am | by Elaine Kurtenbach, AP Business Writer | Comments

SHANGHAI (AP) — A Shanghai court will Monday begin hearing China's case against four employees of mining giant Rio Tinto, including one Australian, on charges of stealing commercial secrets and bribe-taking. Stern Hu, the Australian national, will be among the four defendants appearing at the Shanghai No.

BP PLC Saved From $100 Million Lawsuit

March 17, 2010 4:43 am | Comments

HOUSTON (AP) — A $100 million jury award against BP PLC over a 2007 refinery leak at its Texas City plant has been rejected. A federal judge in Houston on Tuesday set aside the punitive judgment of $10 million apiece for 10 contract workers who said they were injured. U.S. District Judge Kenneth M.

BP Saved From $100 Million Lawsuit

March 17, 2010 4:43 am | Comments

N.C. Has 'Clear' Vision Of Automotive's Electric Future

March 17, 2010 4:35 am | by Daniel Jackson, AP Writer | Comments

GASTONIA, N.C. (AP) — Forty miles ... 100 miles ... 200 miles ... A new generation of fully electric vehicles claims the ability to cover that much ground on a single charge, which would easily get most Americans to work and back without having to plug in. But so far, the batteries powering EVs haven't gone the distance at a cost that most U.

Biofuels To Power Airlines Within A Decade

March 17, 2010 4:30 am | Comments

AMSTERDAM (AP) — Aviation experts say recent test flights have proved the viability of plant-based fuels for jet aircraft and that they may largely power airline traffic within a decade. They say the focus now is on finding plants that can be used without taking land from food crops or causing deforestation.

CAT Adding 500 Jobs To S.C. Generator Plant

March 17, 2010 4:25 am | Comments

COLUMBIA, S.C. (AP) — A diesel generator plant in South Carolina plans to add up to 500 jobs in the next four years. The State newspaper reported Caterpillar plans to more than triple employment at its plant in Newberry. Caterpillar spokesman Jim Dugan says the company has 190 workers now.

Analysts Weigh In On Cost Of Toyota's Recall Fiasco

March 16, 2010 9:33 am | by Tomoko A. Hosaka, Associated Press Writer | Comments

TOKYO (AP) — A massive global recall, mounting legal bills and a battered reputation add up to a very expensive problem for Toyota. How expensive? Depends who you ask. With new developments emerging almost daily, predicting a final pricetag for the Japanese automaker is a daunting calculation that only some analysts have attempted.

Unions Bash Kraft CEO On Cadbury Takeover

March 16, 2010 9:32 am | by Jane Wardell, AP Business Writer | Comments

LONDON (AP) — British union leaders and lawmakers lashed out at Kraft Inc. Chief Executive Irene Rosenfeld for failing to appear before an inquiry on the U.S. company's takeover of British confectioner Cadbury on Tuesday. The Unite union also criticized Rosenfeld for failing to meet directly with workers at Cadbury sites across the country to reassure them about the company's plans after it backtracked on a promise to keep open a local factory.

US Steel CEO Takes 83 Percent Salary Cut

March 16, 2010 9:31 am | by Sandy Shore, AP Business Writer | Comments

DENVER (AP) — United States Steel Corp. CEO John Surma's compensation package plummeted more than 83 percent last year as he took a salary cut and refused stock awards. The reduction came in a year the company struggled with withering demand for steel. Surma, who also is board chairman, received total compensation of $1.