DETROIT (AP) — General Motors Co. took another step toward cleaning up its balance sheet on Thursday when it pumped $4 billion in cash into its underfunded U.S. pension plans. The company made the payment two weeks after a historic initial public stock offering that was worth a total of $23 billion, and it comes just 17 months after the automaker exited a government-funded bankruptcy restructuring.
SEOUL, South Korea (AP) — A scion of the family that founded the sprawling Samsung conglomerate has been promoted to president at the flagship electronics business, sending its shares to a record high. The elevation of Lee Jae-yong, 42, from executive vice president at Samsung Electronics Co.
NEW YORK (AP) — An unexpected increase in the U.S. unemployment rate and slower than expected job growth has darkened the mood ahead of Friday's opening on Wall Street. The unemployment rate climbed to a seven month high in November as employers added only 39,000 jobs. Economists had expected that 145,000 were added last month.
HOWARD, Wis. (AP) — One worker was killed and another injured when they fell from scaffolding at a Green Bay area paper company Thursday. Officials say the two men were employed by Faith Technologies, a contractor at Hattiesburg Paper Co. in Howard. The Brown County medical examiner's office identifies the worker who died as 41-year-old Michael Leroy of Appleton.
WASHINGTON (AP) — Rearview cameras could become more common in future cars and trucks under new rules the government was proposing Friday to address concerns about drivers unintentionally backing over children. The Transportation Department was offering new requirements to improve rear visibility in cars by the 2014 model year.
NEW ORLEANS (AP) — A pilot program to fix homes that were built with tainted drywall made by a major Chinese manufacturer is progressing well and will likely expand, a federal judge said Thursday. U.S. District Judge Eldon Fallon said a test program to repair up to 300 homes in Florida, Louisiana, Alabama and Mississippi made with drywall made by Knauf Plasterboard Tianjin Co.
SUVA, Fiji (AP) — Fiji Water reopened its operations in the South Pacific nation of Fiji on Wednesday — just two days after closing its bottling plant and laying off 400 workers in a row over a major government tax increase. The U.S.-owned company said after meeting with Fiji's leaders it has agreed to "comply" with the hefty tax hike imposed on it by Fiji's military-led regime.
WASHINGTON (AP) — The work force was more productive in the summer than originally thought, reflecting the fact that the economy produced more goods and services than first estimated. Despite the revision, the efficiency of U.S. workers is increasing at a much slower pace than last year and economists say that could signal more hiring in the near future.
ANDERSON, Ind. (AP) — An Indianapolis electronics company says it will buy a former General Motors plant in Anderson as part of an expansion that will create up to 100 jobs by 2013. Northwind Electronics LLC makes electrical systems for work vehicles. CEO Phillip Berry says the company currently employs 10 people in Indianapolis and had been looking for possible locations for expansion.
WASHINGTON (AP) — The manufacturing sector likely grew in November for the 16th straight month, though at a slightly slower pace than the previous month. Still, the continued expansion of manufacturing is a good sign for the economy. The factory sector led the nation out of recession late last year, but many economists have feared that its growth would end when companies finish replenishing their stockpiles of goods.
TOKYO (AP) — Toyota is suing the company handling bankrupt General Motors' assets, demanding $73 million in damages from the shuttering of a joint-venture California plant. Toyota Motor Corp. spokesman Paul Nolasco said Tuesday the lawsuit was filed Nov. 24 for research and development costs that weren't recouped because of the shuttering of New United Motor Manufacturing Inc.
Steve Zemantic, a carpenter at Pratt & Whitney East Hartford holds up a sign at a rally near headquarters in East Hartford, Conn., Tuesday, Nov. 30, 2010. The jet engine maker says it will shut two plants when its labor contract expires Sunday. The last strike against Pratt & Whitney was an 11-day walkout in December 2001.
SEOUL, South Korea (AP) — Applied Materials Inc. has settled industrial theft claims from Samsung Electronics Co., agreeing to give the South Korean electronics company discounts on purchases of semiconductor manufacturing equipment for three years. Applied, a U.S. company which makes equipment for chip manufacturers, says the settlement announced Tuesday resolves claims and potential litigation over the "alleged acquisition, misappropriation and misuse" of Samsung computer chip technology.
TOKYO (AP) — Japan's factories cut production for the fifth straight month in October, the government said Tuesday, but the decrease wasn't as bad as expected and a turnaround may be on the horizon. Meanwhile, unemployment worsened slightly and consumer spending fell in October, showing improvements for average households may still take time.
DETROIT (AP) — General Motors Co. has added 700 workers to its Oshawa, Ontario, factory near Toronto to make the 2011 Chevrolet Camaro convertible muscle car and the new Buick Regal midsize car, the company said Monday. Camaro convertible production is scheduled to start in January, while the plant will start making Regals early in the spring.
ZURICH, Switerland and FORT SMITH, Ark. — ABB, the leading power and automation technology group, and Baldor Electric Company, a North American leader in industrial motors, have agreed that ABB will acquire Baldor in an all-cash transaction valued at approximately $4.2 billion, including $1.
HARTFORD, Conn. (AP) — Workers at jet engine maker Pratt & Whitney in Connecticut fear they may be running out of time to prevent job losses. The Machinists union beat the subsidiary of United Technologies Corp. in federal court earlier this year, preventing it from shutting two engine repair shops and shipping 1,000 jobs to Columbus, Ga.
TOKYO (AP) — Toyota is replacing the pumps that cool the hybrid system in 650,000 Prius cars — the Japanese automaker's prized green vehicle — in a new blow to the automaker's reputation for quality. Toyota Motor Corp. spokesman Paul Nolasco said Tuesday the fix is needed in Prius cars for model years 2004 through to 2007.
Despite the continuing recession, The Garland Company, Inc., a mid-sized roofing manufacturer headquartered in Cleveland, Ohio, has been the recipient of several achievement awards in 2010. In May, the company was honored with a Manny Award from Ohio’s Inside Business magazine.
SAN FRANCISCO (AP) — On the losing end of a $1.3 billion jury verdict for stealing a rival's intellectual property, SAP AG is facing the difficult decision about whether to double down — by appealing — or folding. Either route is going to cost the German company dearly, and will have implications for how other technology companies approach copyrights.