NEW YORK (AP) — The founder of Vitesse Semiconductor Corp. and a former executive vice president of the company have been indicted on securities fraud charges. Authorities said Friday that Vitesse founder Louis Tomasetta (Tahm-ah-SEHT-uh) and Eugene Hovanec (HOH-vah-nehk) were charged in federal court in Manhattan with making false filings to federal regulators and conspiring to manipulate the public company's financial statements.
SANTA ANA, Calif. (AP) — A federal judge who said he's inclined to let personal injury and wrongful deathlawsuits against Toyota Motor Corp. move forward heard arguments Thursday from Toyota attorneys hoping to dissuade him. U.S. District Judge James V. Selna issued a preliminary opinion Wednesday denying the automaker's motion to dismiss key causes of action in 51 lawsuits.
WASHINGTON (AP) — The largest U.S. labor federation said Thursday it will oppose the free trade deal between the Obama administration and South Korea, which could complicate efforts to get the support of organized labor's Democratic backers in Congress. The decision announced by AFL-CIO president Richard Trumka marks a break with the United Auto Workers union, an AFL-CIO affiliate, which agreed to support the deal after negotiators acted to deal with South Korea's big trade surplus in automobiles.
HARTFORD, Conn. (AP) — The chief executive of Connecticut-based United Technologies Corp. says workers at jet engine manufacturing subsidiary Pratt & Whitney are happy to have a new labor contract. A union official disagrees. Chief Executive Officer Louis Chenevert told investor analysts Thursday he's pleased members of the Machinists union on Sunday approved an agreement allowing the company to shut two engine repair plants in Connecticut.
NEW CUMBERLAND, W.Va. (AP) — Investigators planned to search Friday for answers to what caused an explosion at a West Virginia chemical plant that killed two brothers in the third fatal blast at the site in 15 years. The blast happened around 1:30 p.m. at the AL Solutions Inc. plant in New Cumberland, a small town in West Virginia's northern Panhandle about 33 miles west of Pittsburgh.
WASHINGTON (AP) — The top executive at General Motors says the company was humbled by its "near-death experience" and hopes to rebound from its bankruptcy two years ago. GM CEO Dan Akerson says in a speech to the Economic Club of Washington, D.C., that the automaker is making strides after its large initial public offering in November.
PEORIA, Ill. (AP) — Three people who pleaded guilty earlier this year to fraudulently borrowing $213 million from 85 lenders for a now-bankrupt Bloomington, Ill. company have been sentenced to prison. Former Wildwood Industries plant manager Dominic F. Propersi of Bloomington was sentenced to seven years in federal prison for conspiracy to commit money laundering.
NEW YORK (AP) — Research in Motion Ltd.'s stock could fall over 3 percent over the next 12 months, said one analyst, as the company's line of BlackBerry smart phones continue to lose market share to phones running Google Inc.'s popular Android software. Kaufman Bros. analyst Shaw Wu maintained his "Hold" rating on the company, which suggests it will perform in line with similar companies over the coming year.
NEW YORK (AP) — Consumer products maker Fortune Brands Inc. plans to split into three separate companies, keeping its liquor business led by Jim Beam bourbon while shedding the businesses that make Titleist golf balls, Moen faucets and Master Locks. Fortune Brands said Wednesday it will focus on its spirits business which generates annual revenue of $2.
DES MOINES, Iowa (AP) — The president of an Iowa ready-mix concrete company has pleaded guilty in a price fixing case. The Justice Department says Chad Van Zee pleaded guilty on Monday in U.S District Court in Sioux City, and agreed to cooperate with the department's ongoing antitrust investigation.
LAGOS, Nigeria (AP) — Nigeria's anti-corruption agency on Tuesday charged former U.S. Vice President Dick Cheney over a bribery scheme involving oil services firm Halliburton Co. during the time he served as its top executive, a spokesman said. The charges stem from a case involving as much as $180 million allegedly paid in bribes to Nigerian officials, said Femi Babafemi, a spokesman for the Economic and Financial Crimes Commission.
COFFEEN, Ill. (AP) — A worksite in central Illinois has been cited by the federal government for willfully exposing workers to dangerous levels of hazardous dust without providing protective breathing equipment. The U.S. Occupational Safety and Health Administration said Tuesday it has cited U.
SAN FRANCISCO (AP) — The FBI says it recently issued an alert about a popular Barbie doll with a hidden video camera that could be used to produce child pornography, but stressed that the toy has not been linked with any reported crimes. FBI spokesman Steve Dupre said Tuesday the alert last month was meant only for law enforcement agencies to advise them not to overlook Mattel's "Barbie Video Girl" during any searches.
NEW YORK (AP) — Few companies were clobbered harder than Starbucks in the recession. The coffee chain with outposts on every corner came to represent all that was wrong with American businesses and shoppers: unchecked expansion, self-indulgence and mindless credit-card swiping. But now customers who swore off frivolous spending during the recession are lining up again for their $4 caffeine fix.
SAN FRANCISCO (AP) — The head of Google's Android mobile operating software says the search company "bit off a little more than we could chew" with the sale of the Nexus One, a smart phone Google began selling online early this year but then stopped offering after similar devices powered by Android hit the market.
LOUISVILLE, Kentucky (AP) — American families are ready to hitch up their trailers and tow the RV industry out of its worst stretch in nearly two decades. The industry was driven into the ditch last year by the Great Recession. Sales plunged, plants closed and thousands of jobs were cut as orders for recreational vehicles dropped to their worse level since 1991.
Sterling Heights, Mich. — Chrysler Group LLC celebrated the extension of production, the addition of a second shift and an $850 million investment at an event today at its Sterling Heights (Mich.) Assembly Plant. The celebration also marked the start of production of the all-new 2011 Chrysler 200 and Dodge Avenger.
CHICAGO (AP) — Boeing Co. puts a three-week hold on assembling new 787s. Boeing said on Monday that the hold began late last month. It says it is not asking the companies that make parts for the 787 to slow or stop production. The latest delay comes as Boeing deals with the aftermath of an electrical fire during a test flight last month.
DEARBORN, Mich. (AP) — Ford Motor Co. on Monday started high-volume production of its new Focus compact at its Saarlouis factory in Germany, the company said. Early U.S. production of the car is now under way at a factory near Detroit, with the Focus due in U.S. showrooms early next year. The car, designed in Europe for sale in 120 markets around the globe, will be built in mid-2011 in St.
NORTHFIELD, Illinois (AP) — Kraft Foods is seeking a preliminary injunction against Starbucks, saying Monday that the coffee chain violated terms of a distribution deal. The two businesses began arbitration proceedings late last month as Kraft tried to prevent Starbucks from ending an agreement to distribute and promote its packaged coffee in stores.