PITTSBURGH (AP) — Two men have admitted taking part in a massive scheme to defraud banks and investors out of hundreds of millions of dollars through a now-defunct western Pennsylvania soft-drink company. Jonathan Podlucky and Donald Pollinger pleaded guilty Thursday to charges stemming from a scheme that cost investors in Latrobe-based Le-Nature's Inc.
NEW YORK (AP) — Auto parts supplier Delphi Automotive PLC filed for a $100 million initial public offering, following former owner General Motors Co. back to public ownership. It's the latest auto-industry company to seek out an IPO as auto sales recover from their plunge during the recession.
RICHMOND, Virginia (AP) — Cigarette maker Philip Morris International Inc. has purchased the rights to a technology that lets users inhale nicotine without smoking. The world's largest nongovernmental cigarette seller told The Associated Press on Thursday it has bought the patent for an aerosol nicotine-delivery system developed by Jed Rose, director of the Center for Nicotine and Smoking Cessation Research at Duke University in Durham, North Carolina.
DETROIT (AP) — Honda's North American factories will return to near-normal production in August, the company said Thursday, much faster than expected following supply disruptions. The flow of auto parts was interrupted after Japanese factories were damaged by a huge earthquake and tsunami on March 11, or stricken by the power outages that followed.
ARLINGTON, Texas (AP) — General Motors Co. is adding 110 jobs to a Texas factory and investing $331 million to expand the plant to make full-size sport utility vehicles. The Arlington, Texas, factory will make Chevrolet Tahoes and Suburbans, GMC Yukons and Cadillac Escalades. The plant, which currently has 2,400 employees, opened in 1954 and was expanded in 2001 to 3.
H.J. Heinz Co.'s global expansion efforts are paying off, driving its fourth-quarter net income up 16 percent. But the world's biggest ketchup maker said it needs to raise prices and cut jobs to continue its profitable path. The company, based in Pittburgh, announced Thursday that it will shed up to 1,000 jobs globally in fiscal 2012 as it closes five factories.
PALO ALTO, California (AP) — Electric car maker Tesla Motors Inc. says it plans to raise up to $214.3 million by selling common stock. A portion of the proceeds will be used to develop a crossover vehicle. Tesla plans to sell 5.3 million shares to the public, and up to 795,000 more to the underwriter, at $26 each, according to a regulatory filing.
MIDDLETON, Mass. (AP) — An internal investigation has determined that an explosion at a Middleton chemical plant that sent four workers to the hospital was caused when two valves were left open, allowing a building to fill with flammable vapors that were ignited by an internal ignition source.
CAPE CANAVERAL, Fla. (AP) — A spacewalking astronaut got soap in his eye and almost had to retreat into the safety of the International Space Station on Wednesday. Andrew Feustel said it stung "like crazy." But several minutes later, he said he was feeling better and the third spacewalk of shuttle Endeavour's final voyage continued as planned for about seven hours.
MOUNTAIN VIEW, Calif. (AP) — Google Inc. is throwing another $55 million to the wind. The Mountain View, Calif.-based Internet search giant is partnering with Citigroup Inc. to help finance the Alta Wind Energy Center wind farm in California's Tehachapi Mountains. Google has been investing hundreds of millions in wind energy as it seeks reliable new ways to power its massive server farms, or data centers, which are notorious power hogs.
RICHMOND, Va. (AP) — First came organic, then free-range, then local. Now discerning diners with a penchant for spending a premium to know where food comes from are pushing DNA-traceable meat onto restaurant menus. The technology — which allows meat to be traced from the farm to the fridge — has been used in Europe and other countries for decades, but has been slow to catch on in America.
WASHINGTON (AP) — Whistleblowers who report corporate fraud or other misconduct to the government could receive sizable cash awards under new rules adopted Wednesday by federal regulators. Tipsters would be eligible if they give the Securities and Exchange Commission information that leads to an enforcement action resulting in more than $1 million in penalties.
NEW YORK (AP) — People are paying more to fuel up these days — on coffee. Coffee price increases have outpaced even the hike in gasoline prices the past year. A one-pound can of ground coffee sold for $5.10 in April, up 40 percent from $3.64 the year before, according to the Department of Labor.
WASHINGTON (AP) — U.S. businesses cut back on their orders for heavy machinery, computers, autos and airplanes in April, reducing demand for long-lasting manufactured goods by the largest amount in six months. Orders for durable goods fell 3.8 percent and a key category that serves as a proxy for business investment was down 2.
SANTA ANA, California (AP) — Attorneys from toy maker MGA Entertainment Inc. will try to persuade a federal judge Wednesday to award the company $177 million in punitive damages and more than $162 million in attorney fees and other costs after a jury found rival Mattel Inc. liable for misappropriation of trade secret in a closely watched trial.
WASHINGTON (AP) — For nearly a decade, Colt Defense went without a lobbyist. The legendary gun maker based in West Hartford, Conn., had an exclusive deal to provide combat rifles to the U.S. military and didn't need a hired gun looking out for the company's interests in Washington. Times have changed.
BEIJING (AP) — Beijing urged Foxconn Technology Group and other Taiwanese companies on Wednesday to ensure safety in their mainland China factories after a fatal blast at a facility that makes Apple iPads. Last Friday's explosion at the facility owned by Foxconn, Apple's main manufacturing contractor, killed three employees.
DETROIT (AP) — General Motors says it will add 2,500 jobs at a Detroit-area plant that now makes the Chevrolet Volt electric car. The company plans to invest $69 million in the Detroit-Hamtramck factory and add two shifts of workers so theplant can make the new Chevrolet Malibu midsize car and the Impala large sedan.
NEW YORK (AP) — A jury has found that a Minnesota airplane manufacturer was not responsible for the crash of a small plane into a Manhattan apartment building that killed New York Yankees pitcher Cory Lidle (LY'-duhl) and his flight instructor. The Manhattan jury returned its verdict Tuesday after a one-month federal trial.
WASHINGTON (AP) — In an effort boost use of electric vehicles, the Obama administration is installing charging stations for government vehicles in five cities, including Washington and Detroit. The General Services Administration plans to buy 116 plug-in electric vehicles, including 101 Chevrolet Volts, and will assign them to government agencies in five cities: Washington, Detroit, Los Angeles, San Diego and San Francisco.