MEMPHIS, Tenn. (AP) — International Paper, the world's biggest wood products company, said Wednesday its third-quarter profit more than doubled as a huge federal tax credit more than offset falling sales of cardboard box materials. The 13 percent sales decline shows retailers who depend on consumer spending for their profits have yet to resume large-scale purchases of the cardboard boxes that are made from materials made by IP.
AMSTERDAM (AP) — Dutch brewer Heineken NV on Wednesday raised its forecast for full-year operating profit, citing cost savings, better prices and higher sales of its most profitable brands, even though overall sales volumes were down. The company raised its forecast for full year "organic" operating profit -- a nonstandard measure -- to low double digit growth from high single digit growth.
CLEVELAND (AP) — Goodyear Tire & Rubber Co. says its profit more than doubled in the third quarter, helped by new products and lower raw-material costs. The performance marked a reversal by Goodyear, which had reported $554 million in losses in the first six months of the year as the recession staggered the automotive industry.
STOCKHOLM (AP) — A group led by China's Geely Group is the preferred bidder for Ford Motor Co.'s Volvo Cars unit, the U.S. automaker said Wednesday. Ford said the selection signals that it is conducting "more detailed and focused negotiations" with Zhejiang Geely Group Holding Co.
COLUMBIA, S.C. (AP) — An economic incentive package that appears tailored to bring a massive Boeing assembly facility to North Charleston easily received key approval Tuesday in the South Carolina Senate. The full Senate voted 44-0 on low-interest construction bonds and incentives that include a sales tax exemption on fuel used in test flights.
DETROIT (AP) — Asian automakers are still building the most reliable cars and trucks, with eight of the top 10 brands from Japanese and Korean companies, according to an annual survey by Consumer Reports. But several models from Ford Motor Co. are now consistently scoring above Honda and Toyota, the perennial leaders.
BAY MINETTE, Ala. (AP) — The governors of Alabama, Louisiana and Mississippi have announced the launch of an alliance designed to create an aerospace and aviation corridor from Panama City, Fla., to Louisiana. Alabama Gov. Bob Riley, Mississippi Gov. Haley Barbour and Louisiana Gov.
BARRE, Vt. (AP) — A Barre electronics manufacturer is poised to begin construction on a 52,000-square-foot manufacturing facility, which is expected to create 150 new jobs. On Monday, the District 5 Environmental Commission issued a land-use permit for SBE Inc., to build the plant in the Wilson Industrial Park.
FREEPORT, Texas (AP) — A leak in a Dow Chemical underground pipeline is prompting the evacuation of more than 60 homes in Freeport. Dow Chemical spokeswoman Trish Rithaller says crews on Wednesday are expected to begin digging in an area around the pipeline, in a field, to repair the leak.
WASHINGTON (AP) — It's about to become official: The recession is over — but not the pain. The government will release figures this week expected to show that the economy has awakened from its deepest slump since the 1930s and is in the early stages of a recovery. But the following week, the government will issue another set of figures expected to show unemployment continuing to rise toward and possibly above a clearly recessionary 10 percent.
GEORGETOWN, S.C. (AP) — A union leader says he doesn't think a South Carolina steel mill will reopen before 2011. United Steelworkers Union local president James Sanderson told The Sun News of Myrtle Beach a company official told him that ArcelorMittal's Georgetown steel mill may not reopen until 2011.
DETROIT (AP) — Autoworkers in Missouri and Michigan overwhelmingly rejected a new contract with Ford Motor Co., a sign that the automaker and the United Auto Workers union are having trouble convincing some workers to accept changes that would lower Ford's labor costs. Ninety-two percent of workers at the Kansas City Assembly Plant voted against changes to their contract Sunday.
PITTSBURGH (AP) — United States Steel Corp. said Tuesday it lost money for a third straight quarter as the global economic downturn continued to dampen demand for the metal. But the company said its production and shipments rose significantly from the previous quarter, and that it expects a narrower loss in the October-December period as North American automakers order more steel for vehicles.
GULFPORT, Miss. (AP) -- It's hard to come up with an example that better shows the dual nature of awarding a project to a company with foreign roots than the ongoing controversy over a $40 billion Air Force aerial tanker. Boeing Co. supporters say a win by European Aeronautic Defense and Space Co.
WASHINGTON (AP) — Vice President Joe Biden is expected to announce Tuesday that a California luxury automaker will build plug-in hybrid electric vehicles at a former General Motors plant in Delaware. The White House said Sunday that Biden, a former senator from Delaware, will make a major announcement about the future of the former GM plant in Wilmington, Delaware, along with Delaware Gov.
CHICAGO (AP) — Results from a new economic survey may ease concerns about rising unemployment and its effect on consumer spending, as forecasters say more employers appear willing to hire in the coming months. The latest quarterly survey from the National Association for Business Economics, set for release on Monday, shows that unemployment is moderating.
WASHINGTON (AP) — The Food and Drug Administration has allowed drugs for cancer and other diseases to stay on the market even when follow-up studies showed they didn't extend patients' lives, say congressional investigators. A report due out Monday from the Government Accountability Office also shows that the FDA has never pulled a drug off the market due to a lack of required follow-up about its actual benefits — even when such information is more than a decade overdue.
WASHINGTON (AP) — Health and Human Services Secretary Kathleen Sebelius said Monday the swine flu vaccine "is coming out the door as fast as it comes off the production line." But at the same time, she acknowledged delays in getting a sufficient supply for all those demanding it.
BEIJING (AP) — China is helping American officials investigate reports of contaminated Chinese drywall after thousands of American homeowners complained the building material made them sick or damaged their houses, a top U.S. safety official said Monday. Consumer Products Safety Commission Chairman Inez Tenenbaum said that her Chinese counterparts have provided technical help and are working with the U.
NEW ORLEANS (AP) — The head of steelmaker Nucor Corp. indicated Thursday that the possible cost of any carbon legislation that emerges from Congress is still a key concern as the company decides whether to build a pig iron plant in Louisiana or South America. The Charlotte, N.C.-based company is considering a site near Convent in St.