A fire that broke out in a factory in eastern Pakistan on Tuesday killed 25 people when sparks from a generator hit chemicals used to make shoes, a Pakistani police officer said. The fire erupted when people in the building were trying to start their generator after the electricity went out.
Many companies including Nokia and Research in Motion have been struggling to compete with Apple and manufacturers of devices running Google's Android software. That shows in some of the earnings reports released so far for the latest quarter.
Royal Philips Electronics NV says it plans to cut 2,200 jobs by 2014 to save $383 million per year. Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting" said CEO Frans van Houten.
U.S. exports fell 1 percent to $183.3 billion, lowered by weaker sales of autos, telecommunications equipment and heavy machinery. Imports declined 0.8 percent to $225.3 billion — oil imports fell 6.5 percent. A wider trade deficit acts as a drag on growth because the U.S. is typically spending more on imports while taking in less from the sales of American-made goods.
Rich, 59, began his career with Dorner in October 2005, when he was hired as its COO. He held that position until this past June, when he was appointed President and CEO following the company’s acquisition by Pittsburgh-based Incline Equity Partners.
MNI reports West Virginia lost 1,113 industrial jobs or 1.3% between July 2011 and July 2012, a greater decline than the half percent loss reported over the 2010-2011 survey period. Manufacturers' News reports West Virginia is now home to 1,947 manufacturers employing 83,225 workers.
A Japan-based company is expected to announce plans to open a manufacturing facility in Alabama. TASUS Corp. produces plastic automotive parts and has clients that include most major North American automobile manufacturers.
The Sun News of Myrtle Beach reports the trial starting Monday involves David and Steve Nance's claims that contamination from AVX killed their planned condominium project. The lawsuit seeks damages for the inability to build and sell the condos.
Eastman Kodak Co. said it cut approximately 2,700 employees worldwide since the beginning of the year, and plans to eliminate roughly 1,000 more by 2012's end
Thirteen defense executives are complaining that the threat of automatic, across-the-board cuts to military spending is creating uncertainty that's already affected their industry.
A security guard at a Philadelphia food plant says he opened the gate for an armed employee before a shooting that left two people dead. Guard Mark Bentley is testifying at Yvonne Hiller's double-murder trial about the night Hiller was suspended from Kraft Foods in September 2010.
One of five bidders for the contract, the company with about 60 employees is under agreement to complete the job by July 30, 2013. It already has built about half of the 41 trailers ordered under a previous deal. The trailers will be delivered to more than 20 locations around the world.
Solyndra disclosed in court papers filed this week that Argonaut Ventures I LLC and Madrone Partners LP could reap hundreds of millions of dollars in tax breaks after Solyndra emerges from bankruptcy. Under the proposed plan, the federal government stands to recover little, if any, of the $528 million loan, while creditors will see tax breaks.
Data released Monday showed China's imports shrank unexpectedly in August, and the Chinese president warned growth could slow further. Factory output is now at a three-year low. It's troubling news from the world's second-largest economy, especially when growth in the world's No. 1 economy — the U.S. — has also slowed.
The compact R50 hatchback will sell for as little as 67,800 yuan ($10,760), Nissan announced Saturday. It is part of a wave of new models by Japanese, U.S. and European automakers that are aimed at China's growing low-priced market outside major cities.
In a regulatory filing Monday, the computer and printer maker said it will cut 29,000 jobs by October 2014, up from the 27,000 cuts it announced in May. It didn't explain why it had raised the number. As before, it expects some of the job cuts to come through an early retirement program.
The Society of Indian Automobile Manufacturers blamed high interest rates, a vehicle tax hike and rising fuel prices for dampening demand. The government, however, has been under intense pressure to reduce its fiscal deficit by cutting spending for subsidies, particularly on fuel.
Imports declined 2.6 percent from a year earlier, below analysts' expectations of growth in low single digits, data showed Monday. That came on top of August's decline in factory output to a three-year low and other signs growth is still decelerating despite repeated stimulus efforts.
The plant opened in the 1930s as a market for crude oil producers in Kentucky and Tennessee. It went into bankruptcy in 2007. Haseotes recently announced a deal for Sunoco to supply crude oil to the plant. The refinery is one of only two in Kentucky can process 5,500 barrels of oil a day. Marathon Petroleum Corp. operates the other facility at Catlettsburg.
Patriot Bioenergy Corp., which has an office in Williamsburg, wants to locate the facility in Whitley County if the infrastructure is built and the Kentucky Economic Development or Energy Incentives boards approve of the project. Patriot's CEO Roger Ford told The Times-Tribune that the company would use natural gas to spark the process in a similar fashion to a distillery getting alcohol from sugar.