NEW IBERIA, La. (AP) — A fire at a southern Louisiana plant where chemicals are blended and stored for oilfield operations is being allowed to burn itself out before investigators enter the facility to search for a cause. Tuesday afternoon's explosion and fire at the Multi-Chem Corp.
DENVER (AP) — Aerospace and defense contractor Lockheed Martin Corp. plans to cut 1,200 employees in its space systems equipment division. The company said Tuesday that the cuts will be nationwide in America and trim the division's 16,000-person work force by nearly 8 percent. The company said middle management will be reduced by 25 percent.
SEATTLE (AP) — Boeing on Tuesday asked a judge in Seattle to dismiss a case brought by the National Labor Relations Board that accuses the plane maker of breaking the law when it built a non-union production line in South Carolina. The complaint by NLRB acting general counsel Lafe Solomon accused Boeing Co.
WASHINGTON (AP) — Defense cuts sought by House Republicans in fiscal 2012 are unlikely to hurt "modernization, readiness" or the bottom lines of top aerospace contractors, an analyst said Tuesday. In a plan released Monday, the GOP-controlled panel that approves defense budgets barely touched major programs and cut modestly from others compared to the president's budget request, Jeffries analyst Howard Rubel said in a research note.
NEW YORK (AP) — Stocks are shaking off a two-week slump after retailers had better sales in May than analysts had predicted. The Dow Jones industrial average climbed back above 12,000, and all three major indexes are on track to have their best day so far in June. The government reported Tuesday that retail sales edged down 0.
LANSING, Mich. (AP) — A state board has approved tax incentives for projects connected to General Motors and other companies in Michigan. The Michigan Economic Growth Authority on Tuesday approved an amended brownfield tax credit valued at $10 million for GM's Van Slyke complex in Flint. The new project is expected to retain up to 185 jobs.
MADRID (AP) — U.S. automaker Ford has announced an €812 million ($1.2 billion) investment for its plant in the Valencia region of eastern Spain. Ford Europe chief executive officer Stephen Odell said at an event in Valencia Tuesday the investment will create hundreds of jobs in a country with a 21 percent unemployment rate.
ATLANTA (AP) — The Food and Drug Administration found traces of listeria at a Kellogg Co. bakery in Augusta, Ga., during an inspection earlier this year. In a letter released Tuesday, regulators say that the pathogen was found in several spots along the production line that comes in direct contact with food.
Ex-Siemens manager charged in bribery case BERLIN (AP) — German prosecutors said Tuesday they have filed charges against a former member of Siemens AG's board over millions of dollars in alleged bribe payments in Argentina. Munich prosecutors said the former manager is charged with three counts of breach of trust.
WASHINGTON (AP) — The best cure for the economy now is time. That's the overwhelming opinion of leading economists in a new Associated Press survey. They say the Federal Reserve shouldn't bother trying to stimulate the economy — and could actually do damage if it did. The economists are lowering their forecasts for job creation and economic growth for the rest of this year, mainly because of high oil prices.
BERLIN (AP) — The pilot of a Goodyear blimp screamed "I crashed the airship" before it burst into flames, a passenger who leapt to safety says. Photographer Joachim Storch told media that the blimp — The Spirit of Safety — missed its designated landing spot at Reichelsheim airfield in central Germany on Sunday evening, causing its engine to slam into the ground.
PALO ALTO, California (AP) — Hewlett-Packard Co. is streamlining its executive ranks to improve its focus on customers rather than administration and put more operations directly under CEO Leo Apotheker's control. The world's largest maker of personal computers said Monday that it is eliminating its chief administrative officer position, meaning that Pete Bocian is leaving HP immediately.
HELSINKI, Finland (AP) — Nokia Corp. on Tuesday notched a valuable win against rival Apple Inc., with the U.S. company agreeing to pay the Finnish handset maker a one-time sum to settle long-standing patent disputes as well as royalties for current licenses. Espoo-based Nokia said that the deal "will result in settlement of all patent litigation between the companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission.
DURHAM, N.C. (AP) — Beset by a grim employment picture, President Barack Obama on Monday pledged to ease the way for businesses to expand hiring and offered assurances to an anxious public that he is focused on creating jobs — the top political issue heading into the 2012 election and the Achilles heel of his presidency.
TOKYO (AP) — Honda's profit for the fiscal year through March 2012 is expected to plunge 63.5 percent as vehicles sales slipped amid a parts shortage caused by the quake and tsunami in northeastern Japan. Honda Motor Co. gave the forecast Tuesday, more than a month later than usual. Like other Japanese automakers, the maker of the Odyssey minivan and the Fit compact needed more time to assess the aftermath of the March 11 disaster.
NEW YORK (AP) — Solar shares rose Monday, with one analyst saying that demand is accelerating and that the sector is ripe for mergers and acquisitions. Rather than fewer orders for solar panels as has been feared because of declining subsidies and a poor economy, Brean Murray Carret & Co.
LOS ANGELES (AP) — Ford Motor Co. shares sank Monday after an Ohio judge said the automaker had to pay nearly $2 billion in damages to thousands of dealerships who participated in a 2002 class-action lawsuit. Ford has said it would appeal. THE SPARK: Cuyahoga County Common Pleas Judge Peter Corrigan in Cleveland issued the ruling based on a Feb.
NEW YORK (AP) — Clothing and footwear maker VF Corp., whose brands include Wrangler, Nautica and The North Face, said Monday it will buy boot and clothing maker Timberland Co. for more than $2.2 billion as it seeks to expand its outdoor offerings. VF plans to make Timberland part of its outdoor and actions sports business, and it said Timberland's headquarters will remain in Stratham, New Hampshire.
MORRIS TOWNSHIP, N.J. (AP) — Honeywell International Inc. said Monday that it had agreed to buy EMS Technologies Inc., which supplies communications equipment to the aerospace, defense and trucking industries, for about $506 million. Honeywell, the industrial conglomerate, is paying $33 per share in cash, a 33 percent premium to EMS's Friday closing price.
DURHAM, N.C. (AP) — President Barack Obama pledged Monday to push business-friendly policies on issues including free-trade agreements and worker pension funds as he sought to make good on promises to grow the economy and jobs by boosting competitiveness. "We know this is something we're going to have to work with everyone on, labor and business," Obama said as he sat with his jobs and competitiveness council, which met at an energy-efficient lighting plant in Durham, N.