DETROIT (AP) — The top executive at General Motors Co. is having doubts about whether U.S. auto sales will recover this year as expected, even as the stock market rebounded a bit Tuesday from its huge losses. Speaking to industry analysts about GM's long-term financial plans Tuesday, GM Chairman and CEO Dan Akerson said the company is sticking with its U.
NEWARK, N.J. (AP) — Federal authorities in New Jersey have charged a citizen of the Netherlands with conspiring to ship aircraft parts and other items from the United States to Iran in violation of U.S. law. Fifty-year-old Ulrich Davis was arrested Saturday at Newark Liberty International Airport.
WALTHAM, Mass. (AP) — Scientific instrument maker Thermo Fisher Scientific Inc. said Tuesday that it will offer senior notes to help fund its $3.5 billion acquisition of the privately held Swedish company Phadia, which makes blood test systems for allergy and auto-immune diseases. Thermo Fisher, based in Waltham, Mass.
ST. LOUIS (AP) — Ralcorp, which announced it would buy Sara Lee's North American refrigerated dough business Tuesday, said its third-quarter net income fell 47 percent because of an impairment charge and higher expenses. The company earned $28.3 million or 50 cents per share, in the quarter.
NEW YORK (AP) — Apple has surpassed Exxon Mobil as the most valuable company in the U.S. Apple Inc.'s stock gained 3.4 percent to $365.10 Tuesday afternoon, bringing the iPhone and iPad maker's market capitalization to about $338 billion. Exxon Mobil Corp. shares, meanwhile, were trading at $69.
NATCHEZ, Miss. (AP) — An Ohio-based company says it's taking over a south Mississippi plant that makes storage tanks and other large steel products, and it's adding 75 jobs to the existing work force. Enerfab Inc., based in Cincinnati, is moving into the plant in Natchez that had been run by Dynasteel.
DETROIT (AP) — General Motors plans to be leaner in the future by cutting in half the number of car and truck frames its uses worldwide. The company also says it will increase factory capacity 45 percent in Brazil, Russia, India and China by 2014 to take advantage of growth. GM made the statements Tuesday in slide presentations for its annual global business conference for industry analysts.
TOKYO, Aug. 9 (Kyodo) — Mitsubishi Motors Corp. said Tuesday it has launched production of a new model of its Pajero Sport vehicle in Bangladesh to strengthen its lineup in the local market. Mitsubishi Motors said it aims to sell about 500 units per year of the sport utility vehicle, which is manufactured at its business partner Pragoti Industries Ltd.
DETROIT (AP) — Federal safety regulators are looking into a problem with BMW automatic transmission shifters that can allow cars to roll away after drivers have left the vehicles. The National Highway Traffic Safety Administration said Tuesday on its website that about 120,000 BMW 7-Series luxury sedans from the 2002 through 2008 model years could be affected.
SPRINGFIELD, Ill. (AP) — Illinois state employees injured while committing crimes no longer will be able to get workers' compensation under a new law signed by Gov. Pat Quinn. The law stems from a 2007 wreck involving former Illinois State Police Trooper Matt Mitchell. Mitchell was driving more than 100 mph and using his cell phone on Interstate 64 in southwestern Illinois when his cruiser crossed the median and slammed into a car.
YAKIMA, Wash. (AP) — Seven months before graduation, Alex Dimas toured aviation manufacturer GE Aviation Systems and applied for a job. Then, the company and his instructors at Perry Technical Institute worked with him to strengthen his skills until he graduated. Three years later, he's still at the company, working as a machinist building hydraulic fuses for 737s.
WASHINGTON (AP) — Fire trucks and concrete mixers, semis, heavy-duty pickups and all trucks in between will, for the first time, have to trim fuel consumption and emissions of heat-trapping gases under new efficiency standards being announced Tuesday by President Barack Obama. The White House says the standards the president was announcing will save businesses billions of dollars in fuel costs, help reduce oil consumption and cut air pollution.
WASHINGTON (AP) — U.S. workers were less productive in the spring for the second quarter in a row, a trend that may not bode well for future hiring. Productivity dropped 0.3 percent in the April-June quarter, following a decline of 0.6 percent in the first three months of the year, the Labor Department said Tuesday.
Tyson Foods Inc. said Monday that its profit fell 21 percent for its third fiscal quarter on higher grain costs and lagging results from its chicken business. An oversupply in the poultry industry has kept prices depressed. Poultry demand has remained stubbornly low as cash-strapped families cut back on restaurant dining and prepared meals that once underpinned chicken sales.
MELVILLE, N.Y. (AP) — Arrow Electronics announced a $2,857-per-share bid for Japanese electronic components supplier Chip One Stop on Monday. Arrow declined to disclose the total value of the deal. Chip One Stop is based in Yokohama, Japan. Arrow said its sales for the latest fiscal year were about $47 million.
TOKYO, Aug. 8 (Kyodo) — Bridgestone Corp. said Monday its group net profit in the January-June period increased 21.6 percent from a year earlier to 54.12 billion yen on brisk sales of tires, its mainline product, both in Japan and overseas. The tiremaker's consolidated operating profit in the first half of the business year rose 19.
SEATTLE, Aug. 5 (Kyodo) — Toyota Motor Corp. said Friday it will start mass-producing an electric version of the RAV4 sport-utility vehicle, which it is now jointly developing with U.S. EV venture Tesla Motors Inc., at its plant in Ontario, Canada, in 2012. Toyota currently manufactures gasoline-powered RAV4s at the Ontario plant, and will produce its EV version using motors and batteries made by Tesla at its California factory, the Japanese automaker said.
WASHINGTON (AP) — The Republican chairman of the House Oversight committee has subpoenaed documents from the National Labor Relations Board's lawsuit against Boeing Co., increasing the political pressure over a case that has the GOP fuming. Rep. Darrell Issa of California, a leading critic of the dispute, claims the lawsuit interferes with the company's ability to decide where to do its work.
WASHINGTON (AP) — Anger at the nation's leaders for taking so long to strike a debt-ceiling deal has turned into high anxiety over jobs and the economy amid growing fears of a new recession. The news that credit rating agency Standard & Poor's downgraded the nation's credit rating a notch for the first time ever only added to the tension.
SAN JOSE, Calif. (AP) — Solar cell maker SunPower Corp. said Friday it plans to own and operate a panel-manufacturing plants in Mexicali, Mexico to serve the North American market. The company said it will lease an existing building with up to 320,000 square feet. SunPower said it will use the plant to make several models of solar panels for homes, commercial buildings and power plants.