NEW YORK (AP) — It's not easy being the most optimistic guy in the room. Most companies are hoarding cash after two-plus years of cost-cutting. The members of the benchmark Standard & Poor's 500 index are sitting on a record $960 billion in cash on their balance sheets. All told, companies now have more than 10 percent more cash than the previous peak in 2004.
FRANKFURT, Germany (AP) — Germany's Daimler AG and Britain's Rolls-Royce have won control of Tognum AG after their joint takeover offer gave them control of a 59.87 percent stake in the German-based maker of heavy-duty engines. Daimler said Tuesday there are still two more weeks for remaining shares to be tendered under the euro26 per share offer.
RICHMOND, Va. (AP) — That's not smoke coming out of Cliff Phillips' mouth. But that hasn't stopped others from cringing, making remarks, waving their hands in their faces and coughing at the sight of the vapor from his electronic cigarette. "They're just conditioned if they see you inhale and exhale something, it's got to be smoke and it's going to stink.
NEW YORK (AP) — News last week that an arm of the World Health Organization said cellphones might raise the risk of brain cancer has been greeted by Americans mostly with a shrug of the shoulder — one that's pinning a cellphone to the ear. Google searches for "cancer" and "cellphones" spiked this week.
HONOLULU (AP) — Korean electric car company CT&T made a splash in three states when it rolled shiny, tiny vehicles off big rigs and announced with smiling governors that it would hire hundreds of Americans to build them in new factories. But those plans have stalled in Hawaii, Pennsylvania and South Carolina without anyone hired, any plantsconstructed or any electric cars assembled.
MIAMI (AP) — A federal judge refused Friday to dismiss lawsuits filed by thousands of Colombians against produce seller Chiquita Brands International over its payments to a right-wing paramilitary group responsible for killing and terrorizing civilians during Colombia's lengthy civil conflict.
NASHVILLE, Tenn. (AP) — A federal agency investigating a fatal fire at a Middle Tennessee chemical plant said a corroded pipe leaking hydrogen gas caused an explosion that ignited combustible iron dust there. A total of four workers have died this year after being critically burned in fires at the Hoeganaes (HAY'-gan-eez) plant in Gallatin, with the latest one occurring last week.
BIG FLATS, N.Y. (AP) — Sikorsky Aircraft Corp. is laying off nearly 400 workers at its factory in upstate New York because of what the company says is a lull in orders for military helicopters. The announcement Thursday by the Stratford, Conn.-based subsidiary of United Technologies Corp. didn't divulge the number of jobs being cut, but a notice filed with the state Department of Labor lists the number of layoffs as 386.
HAMMOND, Ind. (AP) — A former manager at a northwestern Indiana aluminum plant has pleaded guilty to charges that he knew about employees lying on reports in order to cover up air pollution violations. Charles Woodworth of Crown Point made the plea Thursday in federal court in Hammond.
DETROIT (AP) — The Chevrolet Volt electric car has won a five-star safety rating from the U.S. government. The five-star rating is the top one given by the National Highway Traffic Safety Administration. General Motors, the car's maker, says the Volt was judged under tougher standards for 2011 models that include a simulated 20 mile-per-hour side crash into a pole.
TOLEDO, Ohio (AP) — President Barack Obama says the U.S. economy is still facing challenges and it is going to take more time to mend the wounds inflicted by the recession. Obama spoke at a Chrysler plant in Ohio against the backdrop of a dismal jobs report released Friday that shows the unemployment rate ticked up to 9.
COLUMBIA, S.C. (AP) — Three employees at Boeing Co.'s plant in North Charleston, S.C. want roles in a lawsuit filed by the National Labor Relations Board, claiming they are sure to lose their jobs if the federal agency is successful and work on the 787 passenger jet returns to Washington state.
WASHINGTON (AP) — The nasty form of E. coli hitting Europe points out gaps in the U.S. food safety system that raise concern that similar outbreaks might happen here. It's impossible to test for every illness-causing form of E. coli, even the kinds we already know about. Today, the food industry and health authorities focus mostly on a single strain of the bacteria that until now was considered the most dangerous.
WASHINGTON (AP) — President Barack Obama is drawing attention to the auto industry's rebound, visiting a Chrysler plant in politically important Ohio as he seeks to highlight a rare bright spot in the sluggish economic recovery. Obama was to travel to Toledo on Friday, making the latest in a string of domestic trips to promote his economic agenda and defend the much maligned government bailouts to Chrysler and General Motors.
TOKYO (AP) — Mazda Motor Corp. plans to leave its joint venture with Ford Motor Co. and stop building cars in the U.S., the Nikkei financial daily reported Friday. Mazda and Ford operate the AutoAlliance International plant in Michigan as a 50-50 partnership. Citing unnamed company sources, the Nikkei said Mazda is considering selling its stake to Ford as the Japanese automaker tries to restructure its global production.
WASHINGTON (AP) — American employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1 percent. The Labor Department report offered startling evidence that the U.S. economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt U.
DETROIT (AP) — Chrysler Group LLC, newly profitable and confident in its revamped products, will soon sever its ties with the U.S. government after most — but not all — of the bailout loans it got two years ago are repaid. Italian automaker Fiat SpA agreed late Thursday to buy the U.
NORCROSS, Ga. (AP) — RockTenn Co. will close three corrugated container plants that it picked up in its acquisition of Smurfit-Stone, the packaging manufacturer said Thursday, as it eliminates redundant operations to cut costs The plants in Birmingham, Ala., Jonesboro, Ark., and Santa Fe Springs, Calif.
COLUMBUS, Ohio (AP) — Hal Shimp didn't want a traditional send-off after death. He didn't want a big, somber service, and he certainly didn't want to be buried. When the 91-year-old World War II veteran died in February after a cancer battle, his body tissue was dissolved using heat and lye, turning it into a liquid that could be poured down a drain and a dry bone residue given to relatives, who plan to scatter it when they plant a tree in his honor.
DEARBORN, Mich. (AP) — Ford Motor Co. plans to introduce its smallest engine ever by 2013, part of the race to improve fuel economy across the industry. Ford said Thursday it's working on a one-liter, three-cylinder engine that will be available in small cars globally. Ford didn't say which cars will get the engine, but it plans to release more details this fall.