News

Tesla Losses Continue To On High R&D Costs

November 10, 2010 3:37 am | Comments

PALO ALTO, Calif. (AP) — Electric car maker Tesla Motors Inc. said Tuesday that its third-quarter loss widened to $34.9 million as it sold fewer cars than a year earlier and it spent significantly more on research and development for its upcoming Model S sedan. Tesla lost $34.9 million in the third quarter, compared to a loss of $4.

One Dead, Another Injured After DuPont Tank Explodes

November 10, 2010 3:34 am | by Carolyn Thompson, Associated Press | Comments

TONAWANDA, New York (AP) — A 10,000-gallon (38,000-liter) tank undergoing maintenance exploded at a DuPont plant Tuesday, killing one worker and injuring another. Workers were welding equipment connected to the empty tank outside the facility when the explosion occurred at about 10:45 a.

Raytheon's Layoffs Gets Muddied With Politics

November 10, 2010 3:33 am | by Glen Johnson, GAP Political Writer | Comments

BOSTON (AP) — U.S. defense contractor Raytheon announced a series of layoffs Tuesday just days after Gov. Deval Patrick denied asking it to delay terminations until after the state elections. The announcement follows three other rounds of layoffs announced by Massachusetts employers in the immediate aftermath of last week's elections.

Rolls-Royce Under Fire For More Faulty Jet Engines

November 10, 2010 3:32 am | by Kristen Gelineau, Associated Press | Comments

SYDNEY (AP) — Tests uncovered oil stains in three Rolls-Royce engines on Singapore Airlines' A380 superjumbos, prompting the airline to yank the planes from service Wednesday just two days after Qantas announced troubling oil leaks on its A380s. The oil on the Qantas and Singapore planes was discovered during tests prompted by the explosion of a Rolls-Royce engine on a Qantas A380 during a flight from Singapore to Sydney last week.

GM's Revival Solidified With $2 Billion In 3Q Earnings

November 10, 2010 3:31 am | by Dee-Ann Durbin and Tom Krisher, AP Auto Writers | Comments

DETROIT (AP) — Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering. The third-quarter earnings of $1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said Wednesday.

Is The FDA Failing To Regulate Puerto Rico?

November 9, 2010 4:09 am | by David McFadden, Associated Press Writer | Comments

SAN JUAN, Puerto Rico (AP) — Congressional investigators announced Monday they will probe whether the U.S. Food and Drug Administration's office in Puerto Rico has failed to adequately oversee pharmaceutical plants that dot the U.S. island. House Oversight and Government Reform Committee Chairman Edolphus Towns, a New York Democrat, and Darrell Issa, a California Republican who is in line to head the panel, questioned whether FDA staff are up to the regulatory job on an island with one of the world's highest concentrations of drug makers.

Sara Lee Sells Bakery Unit To Mexico-Based Grupo Bimbo

November 9, 2010 3:49 am | by Michelle Chapman, AP Business Writer | Comments

NEW YORK (AP) — Sara Lee Corp. is selling its North American Fresh Bakery unit to baking company Grupo Bimbo for $959 million as it looks to concentrate more on its coffee and meat businesses. The maker of Jimmy Dean sausages and Sara Lee breads said Tuesday that the sale will allow it to aggressively expand other businesses through acquisitions and other means.

GM Tells Mr. Goodwrench To Pack Up His Toolbox

November 9, 2010 3:48 am | Comments

DETROIT (AP) — General Motors is asking Mr. Goodwrench to pack up his toolbox. The mechanic who served as the symbol of GM's dealer service brand for 37 years will be scrapped as of Feb. 1 in favor of "certified service" brands for each of GM's remaining four remaining nameplates, the company said Tuesday.

Tyco Earnings Beat Expectations, Rise 30 Percent

November 9, 2010 3:47 am | Comments

NEW YORK (AP) — Swiss manufacturer Tyco International Ltd. said Tuesday its fourth-quarter earnings jumped 30 percent on improving revenue and higher margins. The company also agreed to sell a 51 percent stake in its electrical and metal products business to private equity firm Clayton Dubilier & Rice for about $720 million.

Nation's Economic Stress Falls To 16-Month Low

November 9, 2010 3:46 am | by Martin Crutsinger and Mike Schneider, Associated Press | Comments

The nation's economic stress fell in September to a 16-month low, thanks to more hiring in New England, fewer foreclosures in the mid-Atlantic and declining bankruptcy filings in the Southeast, according to The Associated Press' monthly analysis of conditions around the country. Eighty percent of the nation's 3,141 counties enjoyed some month-over-month easing of economic pain, the AP's Economic Stress Index shows.

GE To Sink $2 Billion Into Chinese Partnerships

November 9, 2010 3:45 am | Comments

NEW YORK (AP) — General Electric Co. plans to sink more than $2 billion into its efforts in China through 2012 as the conglomerate looks to build partnerships there. GE said Tuesday that it will likely spend $500 million on research and development and new customer innovation centers, adding more than 1,000 new jobs.

Gulf Spill Panel: No Evidence Of Savings Over Safety

November 9, 2010 3:45 am | by Dina Cappiello and Seth Borenstein, Associated Press | Comments

WASHINGTON (AP) — The BP oil rig explosion and spill was not about anyone purposely trading money for safety, investigators on a special presidential commission said Monday. Instead it was more about seemingly acceptable risks adding up to disaster. Investigators at the commission's hearing outlined more than a dozen decisions that at the time seemed questionable but also explainable.

NMHG Hires 401 New Employees Across The Country

November 8, 2010 3:43 am | Comments

GREENVILLE, N.C. — NACCO Materials Handling Group, Inc. (NMHG), the makers of Yale® and Hyster® lift trucks, has announced the addition of 401 workers for the company’s Sulligent, Ala., Berea, Ky., Ramos Arizpe, Mexico, and Greenville, N.C., lift truck manufacturing facilities.

Finding Fault In Tainted Egg Cases Difficult, At Best

November 8, 2010 3:39 am | by Michael J. Crumb, Associated Press Writer | Comments

DES MOINES, Iowa (AP) — Thousands of people likely were sickened by salmonella-contaminated eggs from two Iowa companies last summer, but lawyers said far fewer have the proof needed for a successful lawsuit and most cases filed will be settled out of court. So far, attorneys in Seattle, Houston, Chicago and Minneapolis have filed at least 10 cases related to recalls by Wright County Egg and Hillandale Farms of Iowa.

China's Diesel Shortage Brings Industry To A Halt

November 8, 2010 3:33 am | by Joe McDonald, AP Business Writer | Comments

BEIJING (AP) — Aggravated Chinese truck drivers parked for hours to buy rationed diesel Monday as shortages blamed on a government conservation campaign and possible hoarding by state oil companies disrupted industry and trade. Supplies ran low after thousands of factories bought diesel generators to cope with power cuts imposed by authorities to meet energy-saving goals.