DETROIT (AP) — Moody's Investors Service is considering upgrading General Motors Co.'s credit ratings based on improvements in its finances and the expected ratification of a new contract with the United Auto Workers union. GM currently has a Ba2 corporate family rating and a Baa3 secured credit rating from Moody's.
NEW YORK (AP) — United Technologies Corp. said it will buy Goodrich Corp. for about $16.4 billion in cash, calling the aerospace and defense company a perfect addition that will allow it to take advantage of rapidly growing demand for aircraft components. The Hartford, Connecticut-based industrial conglomerate already owns jet engine manufacturer Pratt & Whitney as well as Carrier heating and cooling, Otis elevator and other businesses.
WASHINGTON (AP) — Young adults are the recession's lost generation. In record numbers, they're struggling to find work, shunning long-distance moves to live with mom and dad, delaying marriage and raising kids out of wedlock, if they're becoming parents at all. The unemployment rate for them is the highest since World War II and risk living in poverty more than others.
WASHINGTON (AP) — Federal regulators want to fine the Cessna Aircraft Co. $2.4 million, saying the company's failure to follow quality-control procedures caused a 7-foot composite section of the wing of small, high-performance plane to detach during a test flight. The Federal Aviation Administration said Thursday that one of the agency's pilots was conducting a test flight of the Cessna Corvalis last December when a portion of the wing skin separated from the forward spar and damaged a fuel tank.
BEIJING (AP) -- China's fast growing demand for aircraft has become a strong influence on how Boeing Co. designs and markets its newest planes, one of the company's executives said Wednesday. Ihssane Mounir also said Boeing welcomes future competition from China's state-owned COMAC, which is developing a pair of passenger jets, but warned the commercial aircraft business could be punishing.
DETROIT (AP) — Now that the United Auto Workers union has a tentative contract with General Motors, its negotiators will focus on getting a labor agreement from Chrysler. But smaller, less profitable Chrysler may not have the resources to match the bonuses and profit-sharing that GM offered workers last week, people brief on the talks say.
WASHINGTON (AP) -- The Senate on Tuesday rejected a Republican-led attempt to revive a law, last in force four years ago, that made it easier for the president to move free-trade deals through Congress. The vote was 55-45 to defeat a proposal by Senate GOP leader Mitch McConnell to authorize trade promotion authority, also known as "fast track," through 2013.
SAN FRANCISCO (AP) — Hewlett-Packard Co. shares jumped Wednesday after reports that the technology company's board is mulling the removal of CEO Leo Apotheker, who has been on the job for less than a year. THE SPARK: Citing two unnamed people "familiar with the matter," Bloomberg reported Wednesday that HP's board intends to hold a meeting to discuss getting rid of Apotheker, 58.
HAYWOOD, W.Va. (AP) — The worker killed at a Harrison County power plant has been identified, and a federal investigation is under way. The Exponent Telegram (http://bit.ly/pYyoyu) says the victim was 63-year-old Ned Johnson of Rivesville. He died Sunday when he was pinned between a machine and a wall at the Harrison Power Station in Haywood.
WASHINGTON (AP) — The Internal Revenue Service is offering a break to employers who come clean about wrongly classifying workers as independent contractors to avoid paying federal payroll taxes. What happens when workers are considered independent contractors? Employers don't have to pay various taxes, including unemployment insurance taxes, workers' compensation premiums or the employer's share of Social Security and Medicare taxes.
WASHINGTON (AP) — The world economy has entered a "dangerous new phase," according to the chief economist of the International Monetary Fund. As a result, the international lending organization has sharply downgraded its economic outlook for the United States and Europe through the end of next year.
WASHINGTON (AP) — The Federal Reserve is running out of options to try to boost a slumping economy and lower unemployment. So policymakers are expected to reach 50 years back into their playbook for their next move. Most economists expect the Fed to announce a plan Wednesday to shift money in its $1.
STOCKHOLM (AP) — A Swedish appeals court tossed a lifeline Wednesday to cash-strapped car maker Saab, approving its application for bankruptcy protection as it awaits funding from Chinese investors. The ruling by the Court of Appeal for Western Sweden, overturning a lower court's decision, gives Saab three months to reorganize while being protected from creditors, some of whom have already filed bankruptcy petitions against the company.
SHANGHAI (AP) — General Motors Co. says it is seeking to buy back a 1 percent stake sold to its main Chinese joint venture partner, as it expands its technology investments in a market where it is maneuvering to keep its edge. The Detroit company opened an advanced technology center in Shanghai on Wednesday meant to help it design lighter, safer and more efficient cars for China, a market that has proved crucial to its survival.
WASHINGTON (AP) — Two top executives at a bankrupt California solar energy company say they will invoke their Fifth Amendment rights and refuse to answer questions when they appear at a House hearing on Friday. Solyndra Inc. Chief Executive Officer Brian Harrison and Chief Financial Officer W.
DETROIT (AP) — A new four-year contract deal between the United Auto Workers and General Motors Co. will add or keep 6,400 jobs in the U.S. with a $2.5 billion investment, the union said Tuesday. Union leaders from around the country were briefed on the deal in Detroit in a morning meeting, and they voted to recommend that GM's 48,500 factory workers ratify it in voting that will take place in the next week.
CANTON, S.D. (AP) — Electronics manufacturer Legacy Electronics cut the ribbon on a 40,000 square foot plant in Canton, S.D. on Monday. Legacy Electronics builds, designs and tests of high-speed, high-density memory modules, printed circuit boards and other computer products. It chose Canton for its manufacturing operations in March.
COLUMBIA, S.C. (AP) — A Denmark-based machining supplier says it will open a facility in Easley that will create at least 50 jobs. KP Components Inc. plans to spend at least $10 million to begin operations in an existing building that will make hydraulic components. Their parts are used in farm and heavy equipment as well as in wind turbines.
TOKYO, Sept. 20 (Kyodo) — Nissan Motor Co. President Carlos Ghosn indicated Tuesday the automaker will expand procurement of overseas components for its Kyushu plant in Fukuoka Prefecture, southwestern Japan, to help cope with the yen's appreciation. Under the strategy, the Kyushu plant will increase the ratio of vehicle components to be procured in other Asian countries as well as the Kyushu region to 80 to 90 percent from 70 percent at present, taking advantage of its proximity to Asia, Ghosn said in Kitakyushu in Fukuoka.
WASHINGTON, PRNewswire-USNewswire -- NASA has selected The Boeing Company of Huntington Beach, Calif., for the Composite Cryotank Technologies Demonstration effort. Under the contract, Boeing will design, manufacture and test two lightweight composite cryogenic propellant tanks. The demonstration effort will use advanced composite materials to develop new technologies that could be applied to multiple future NASA missions, including human space exploration beyond low Earth orbit.