DETROIT (AP) — A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33. The Detroit automaker, just 16 months out of bankruptcy protection, will now sell 80 million shares of preferred stock for $50 each when its offering takes place on Thursday.
DETROIT (AP) — Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC. Americans uncomfortable with U.S. government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China, one of China's four big central government banks.
ST. LOUIS (AP) — Belden Inc., an electronics components maker, said Thursday it agreed to buy Thomas & Betts Corp.'s communications products business for $78 million in cash. Memphis, Tenn.-based Thomas & Betts said the communications products business is part of its electric segment.
ALBANY, New York (AP) — A U.S. senator is seeking a federal investigation after a newspaper's report of lead content in some reusable grocery bags. Sen. Charles Schumer of New York told The Associated Press that many of the reusable grocery bags sold nationwide are manufactured in China.
DETROIT (AP) — General Motors executives are playing up three bright spots in the company's future as they try to persuade investors to buy GM stock: a better lineup of cars and trucks, potential for global growth and a new cost structure that enables the company to make money even when the economy dips.
WASHINGTON (AP) — U.S. retail sales, helped by strong demand for autos, increased in October by the largest amount in seven months. The Commerce Department reported Monday that retail sales rose 1.2 percent last month. That was nearly double the gain that had been expected and the largest increase since March.
NEW YORK (AP) — Caterpillar, the world's largest construction and mining equipment maker, moved aggressively to capitalize on demand for commodities in emerging markets Monday with a $7.6 billion buyout of Bucyrus International. Bucyrus makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals.
DETROIT (AP) — Nissan Motor Co. is recalling more than 600,000 vehicles in North and South America and Africa due to steering or battery cable problems. The Japanese automaker said Thursday that the steering recall affects 303,000 Frontier pickup trucks and 283,000 Xterra sport utility vehicles in the U.
JACKSON, Miss. (AP) — Making healthy choices at the supermarket may get a little easier next year when food makers and retailers start putting easier-to-read nutrition labels on the front of packages, Health and Human Services Secretary Kathleen Sebelius said Thursday during an obesity summit in Mississippi.
BOWLING GREEN, Ky. (AP) — A Bowling Green manufacturer has joined an elite group of Kentucky employers as it marked 5 million worker hours without a lost-time accident. Sun Products Corp. received two awards from the state Labor Cabinet on Wednesday. One is certification under the Safety and Health Achievement Recognition Program.
BERLIN (AP) — Volkswagen AG says it sold nearly 10 percent more cars in October than it did the previous year as demand remained strong in China and the U.S. The company said Friday that the Volkswagen group, which also includes brands such as Audi, Skoda and Seat, sold 612,200 vehicles in October — up from 557,400 a year earlier.
LONDON (AP) — An Airbus executive said Friday that Rolls-Royce has identified a faulty bearing box as the cause of the oil leak problem implicated in the midair disintegration of an engine on one of the world's largest airliners, an Australian newspaper reported. Airbus Chief Operating Officer John Leahy told reporters in Sydney that Rolls-Royce had at some point fixed the bearing box on newer versions of the massive Trent 900 engine, a model designed for the massive A380 superjumbo.
TOKYO (AP) — The usually grim-faced Toyota President Akio Toyoda was all smiles Friday, trumpeting a newfound friendship with U.S. luxury electric carmaker Tesla. Toyoda received as a gift from Tesla Motors Chief Executive Elon Musk a red roadster, that would sell for 19 million yen ($232,000) — 4 million yen ($49,000) more than usual because of a special paint job.
NEWPORT NEWS, Virginia (AP) — Northrop Grumman says it's cutting 380 salaried jobs at its Newport News shipbuilding facility. The company that builds ships for the U.S. military says the reduction was necessary to improve efficiency and costs. Northrop Grumman said Friday the cuts are driven, in part, by the completion of major milestones on existing contracts.
MISUMI USA , Inc., a subsidiary of MISUMI Corporation, part of MISUMI Group, Inc. , announced today it will immediately begin accepting online orders for the latest edition of its metric catalog. The 2011 MISUMI Metric Catalog of mechanical components for machine building and assembly automation features: Over 690 new pages, More than 1,600 new products, 12 new and expanded product sections, and Over 10,000 products added to local stock for faster shipping and delivery.
RICHMOND, Va. (AP) — The federal government hopes new larger, graphic warning labels for cigarettes that include images of corpses, cancer patients, and diseased lungs and teeth will help snuff out tobacco use. The images are part of a new push announced by the Food and Drug Administration and the Department of Health and Human Services on Wednesday to reduce tobacco use, which is responsible for about 443,000 deaths per year.
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.
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.
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.
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.