WASHINGTON (AP) — The recovery lost momentum in the second quarter as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment. Weaker spending by consumers, less growth coming from companies restocking shrunken stockpiles and a bigger drag from the nation's trade deficits were the main factors behind the second quarter's slowdown.
WINSTON-SALEM, N.C. (AP) — North Carolina hopes to be picked as the site for a new plant planned by heavy-equipment manufacturer Caterpillar Inc. that will employ about 500 employees and contract workers. An official announcement on the company's decision is expected Friday afternoon. Sites in Forsyth County, Spartanburg, S.
WASHINGTON (AP) — President Barack Obama is going to the heart of the U.S. auto industry to push an important election-year claim: his administration's unpopular auto industry bailout has turned into an economic good-news story. With Americans facing a still-limping economy and potentially pivotal congressional elections in three months, the White House sees progress in the auto industry as a concrete area of improvement — and one with direct ties to the president's own actions.
SEOUL, South Korea (AP) — Kia Motors posted a 61 percent surge in quarterly profit, boosted by sales of popular new models in South Korea and increased demand overseas. Kia, an affiliate of Hyundai Motor Co., earned 557.8 billion won ($471 million) in the April-to-June quarter, it said Friday.
SEWICKLEY, Pa. (AP) — A sewage plant employee became faint and died Thursday while working in a 30-foot hole, and three other people who tried to rescue him were overcome by an unknown gas and had to be hospitalized, officials said. Jack Hogan, 31, of Baden, was the worker who died, said Sewickley Borough Manager Kevin Flannery.
DETROIT (AP) — General Motors Co. will file paperwork in mid-August to start the process of selling stock to the public, the head of the United Auto Workers union said Thursday. President Bob King said GM would file the paperwork, called a registration statement, along with its second-quarter earnings.
WASHINGTON (AP) — Congress has passed legislation that temporarily reduces or suspends tariffs on 639 items, mostly components that American manufacturers use in their production processes. The Miscellaneous Tariff Bill comes up periodically. On Tuesday it passed the Senate without opposition or a recorded vote.
NEW YORK (AP) — Stocks traded in a tight range Wednesday after another disappointing economic report added to investors' doubts about the recovery. The Commerce Department's durable goods orders report for June indicated manufacturing growth is slowing. Orders for goods expected to last at least three years fell 1 percent last month, well short of the 1 percent gain that economists polled by Thomson Reuters had forecast.
MINNEAPOLIS (AP) — Boeing Co.'s second-quarter profit fell 21 percent, as revenue dropped in both its commercial airplane and defense units. Boeing also said on Wednesday that the first delivery of its new 747-8 may slip into early next year. It's in flight testing now, and Boeing is still working toward delivering it by the end of this year, but "there is increasing pressure on that schedule," it said.
BEIJING (AP) — A powerful blast caused by a suspected gas leak rocked a plastics factory in eastern China on Wednesday, killing at least 12 people and seriously injuring more than a dozen others. An initial investigation showed the explosion occurred after workers accidentally breached a propylene pipeline beneath the factory in downtown Nanjing, the capital of Jiangsu province in eastern China, state broadcaster CCTV reported.
CLEVELAND, OH (July 27, 2010) — Applied Industrial Technologies (NYSE: AIT) has announced the publication of its 2010 / 2011 Applied® Product Catalog with more than 3,000 new products. The full-line catalog, with 38,000 products overall, includes the industry’s best selection of bearings, motors, drives, belts, fluid power products, tools, welding supplies, safety items and more.
Fundamental Changes Are Necessary to Meet Goal of National Export Initiative WASHINGTON, D.C., July 26, 2010 — The American Farm Bureau Federation (AFBF), the Coalition of Service Industries (CSI) and the National Association of Manufacturers (NAM) put forth a comprehensive approach today to double U.
LONDON (AP) — BP's much-criticized CEO Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday as it reported a record quarterly loss and set aside $32.2 billion to cover costs of the devastating Gulf of Mexico oil spill. BP said the decision to replace Hayward, 53, with the company's first ever non-British chief executive was made by mutual agreement.
NEW YORK (AP) — Chemical maker DuPont Co. said Tuesday its net income nearly tripled in the second quarter as revenue surged in most of its businesses and it raised prices. The Wilmington, Del., company also raised its earnings forecast for the year, saying it expects to continue to benefit from higher prices, growing sales and better efficiency.
NEW YORK (AP) — United States Steel Corp. on Tuesday posted a second-quarter loss, although it was far smaller than a year ago as sales more than doubled. The company said the results indicate "a sharp turnaround" from last year, but it sees some hurdles ahead. US Steel expects to post a third-quarter profit, but the Pittsburgh company said operating results will fall from the second quarter because of declines in orders from spot market customers.
TAIPEI, Taiwan (AP) — Foxconn Technology Group temporarily shut down a plant in India on Monday after some 250 workers became sick, possibly from a pesticide sprayed at the facility. The Chennai, India, plant could end up suspending operations for about a week to address whatever caused the sickness, the company said in a statement.
CENTRAL ISLIP, N.Y. (AP) — Two former top executives of the nation's leading supplier of body armor to the U.S. military shared a limitless appetite to steal from the company and cover up their wrongdoing, a federal prosecutor said Monday in closing arguments at the pair's fraud and insider trading trial.
WEBSTER CITY, Iowa (AP) — A manufacturing company said Monday it plans to build electric cars in Webster City, a project that officials said will create up to 300 new jobs in the north-central Iowa community. Webster City and AMS Inc., a new division of Eagle Manufacturing, jointly announced the signing of a contract with Envision Motor Company, of Ames.
LENOX, Mass. (AP) — Once a dumping ground for chemicals, a stretch of the Housatonic River that winds near this Berkshires hamlet is being scoured in a lengthy, expensive cleanup. Now, dredging other parts of the riverbed is under consideration, but the fishers, bird watchers and swimmers who would benefit are wondering how much effort is too much.
NEW YORK (AP) — The auto industry calls it range anxiety: Drivers want electric cars but worry they won't have enough juice to make long trips. After all, what good is going green if you get stranded with a dead battery? It's a fear that automakers must overcome as they push to sell more battery-powered cars.