BEIJING (AP) — Government efforts to make China's fuel-guzzling economy more efficient suffered a setback this year as surging growth drove a boom in steelmaking and other energy-intensive industries. Beijing is in the final year of a five-year campaign to cut energy intensity, or energy consumed per unit of economic output, by 20 percent to curb pollution and dependence on foreign oil and gas.
PALO ALTO, Calif. (AP) — Hewlett-Packard Co. said Monday that it has agreed in principle to settle a lawsuit by the Department of Justice, which alleged that HP and other technology companies paid kickbacks to Accenture PLC in exchange for recommendations for government work. HP denied "engaging in any illegal conduct.
BEIJING (AP) — Expansion of Chinese manufacturing activity slowed for the third month in July, as production, new orders and purchasing prices all declined, a survey showed Sunday. The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, fell to 51.
NEW YORK (AP) — As fears build that the recovery from the recession is petering out, analysts expect the manufacturing sector grew more slowly in July. A swell of production in factories has helped lead the rebound for about a year as exports increased and companies rebuilt their stocks of supplies and goods.
WINSTON-SALEM, N.C. (AP) — Heavy-equipment manufacturer Caterpillar Inc. said Friday it will build a parts plant for large mining machines and it expects to employ about 510 full-time and contract workers in five years. Construction is scheduled to begin in November on the Winston-Salem factory where workers will machine, assemble, test and paint axle assemblies for large mining machines.
BEIJING (AP) — Geely Holding Group completed its acquisition of Ford Motor Co.'s Volvo unit Monday in a $1.5 billion deal that gives the small-but-ambitious Chinese automaker a global brand and huge management challenges. The legendary Swedish automaker is China's biggest foreign auto acquisition and an unusually large deal for a private Chinese company.
HUNTSVILLE, Ala. (AP) — There are eyes and brains on the table at Advanced Optical Systems, next to a big metal hand with a powerful grip. The rugged little cameras, black boxes of bristling circuit boards, LED beacons and the automatic cargo hook assembly housed in what looks like a desktop beer keg are part of the company's Hermes autonomous pickup and delivery system.
CORNING, N.Y. (AP) — An ultra-strong glass that has been looking for a purpose since its invention in 1962 is poised to become a multibillion-dollar bonanza for Corning Inc. The 159-year-old glass pioneer is ramping up production of what it calls Gorilla glass, expecting it to be the hot new face of touch-screen tablets and high-end TVs.
TOKYO (AP) — Honda's quarterly profit ballooned to a record $3.2 billion while Mazda reduced its losses, rounding out a tale of recovery among Japanese automakers. Nissan Motor Co. and Mitsubishi Motors Corp. have also reported stronger results but the prospect of a continued recovery for the Japanese automakers remains shaky.
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.