Fundamental Changes Are Necessary to Meet Goal of National Export Initiative WASHINGTON, D.C., July 26, 2010 — The American Farm Bureau Federation (AFBF), the Coalition of Service Industries (CSI) and the National Association of Manufacturers (NAM) put forth a comprehensive approach today to double U.
LONDON (AP) — BP's much-criticized CEO Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday as it reported a record quarterly loss and set aside $32.2 billion to cover costs of the devastating Gulf of Mexico oil spill. BP said the decision to replace Hayward, 53, with the company's first ever non-British chief executive was made by mutual agreement.
NEW YORK (AP) — Chemical maker DuPont Co. said Tuesday its net income nearly tripled in the second quarter as revenue surged in most of its businesses and it raised prices. The Wilmington, Del., company also raised its earnings forecast for the year, saying it expects to continue to benefit from higher prices, growing sales and better efficiency.
NEW YORK (AP) — United States Steel Corp. on Tuesday posted a second-quarter loss, although it was far smaller than a year ago as sales more than doubled. The company said the results indicate "a sharp turnaround" from last year, but it sees some hurdles ahead. US Steel expects to post a third-quarter profit, but the Pittsburgh company said operating results will fall from the second quarter because of declines in orders from spot market customers.
TAIPEI, Taiwan (AP) — Foxconn Technology Group temporarily shut down a plant in India on Monday after some 250 workers became sick, possibly from a pesticide sprayed at the facility. The Chennai, India, plant could end up suspending operations for about a week to address whatever caused the sickness, the company said in a statement.
CENTRAL ISLIP, N.Y. (AP) — Two former top executives of the nation's leading supplier of body armor to the U.S. military shared a limitless appetite to steal from the company and cover up their wrongdoing, a federal prosecutor said Monday in closing arguments at the pair's fraud and insider trading trial.
WEBSTER CITY, Iowa (AP) — A manufacturing company said Monday it plans to build electric cars in Webster City, a project that officials said will create up to 300 new jobs in the north-central Iowa community. Webster City and AMS Inc., a new division of Eagle Manufacturing, jointly announced the signing of a contract with Envision Motor Company, of Ames.
LENOX, Mass. (AP) — Once a dumping ground for chemicals, a stretch of the Housatonic River that winds near this Berkshires hamlet is being scoured in a lengthy, expensive cleanup. Now, dredging other parts of the riverbed is under consideration, but the fishers, bird watchers and swimmers who would benefit are wondering how much effort is too much.
NEW YORK (AP) — The auto industry calls it range anxiety: Drivers want electric cars but worry they won't have enough juice to make long trips. After all, what good is going green if you get stranded with a dead battery? It's a fear that automakers must overcome as they push to sell more battery-powered cars.
CONSHOHOKEN, Pa. (AP) — As the region stumbles around in a recession hangover, Dean Jerrehian is an odd assemblage of calm, cheerfulness, and optimism for a guy making a living in one of the economy's hardest-hit sectors — manufacturing. He credits yoga. No, not his practice of it, though he does an impressive downward dog.
NASHWAUK, Minn. (AP) — For the first time in nearly 25 years, the Itasca County town of Nashwauk has been rattled by explosions this summer. That's not unusual in northeast Minnesota's iron mining country, but in Nashwauk, the sound has been a long time in coming. After more than a decade of planning, blasting is a first step toward Essar Steel's huge project that will combine an iron mine, taconite pellet plant and steel mill.
NEW YORK (AP) — Does that smart phone in your pocket contribute to rape and murder in the depths of Africa? Soon, you'll know: A new U.S. law requires companies to certify whether their products contain minerals from rebel-controlled mines in Congo and surrounding countries. It's a move aimed at starving the rebels of funds and encouraging them to lay down their arms.
DEARBORN, Mich. (AP) — The Ford Explorer, the hulking family-hauler that helped launch the SUV boom in the early 1990s, is back. And it hopes to define a new generation of more streamlined, fuel-efficient sport utility vehicles. Ford begins a marketing campaign Monday for the 2011 Ford Explorer, which will be in dealerships this winter.
CALHOUN, Ga. (AP) — Employees of Mohawk Industries who sued claiming the carpet manufacturer hired illegal immigrants to keep wages low could be getting settlement checks this fall. Judge Harold Murphy issued an administrative closure in the six-year-old case in U.S. District Court in Rome on Thursday.
AUGUSTA, Maine (AP) — A company plans to bring a manufacturing operation to Maine's former Brunswick Naval Air Station after the base closes, creating up to 250 jobs. Gov. John Baldacci says Kestrel aircraft company will start with 50 to 75 jobs, and then expand. U.S. Rep. Chellie Pingree said Friday at the announcement in the Augusta State Airport that "any time you talk about new jobs coming to Maine — that's good news.
DETROIT (AP) — General Motors is getting into the subprime lending business. And that means taxpayers are, too. But these car loans aren't as risky as you might think. GM, majority owned by taxpayers, is buying a company that makes car loans to shoppers with poor credit. Unlike home loans, though, the risk in subprime auto lending is relatively low and may reward GM.
WASHINGTON (AP) — Computer maker Dell Inc. is paying $100 million to settle civil charges that it fraudulently used payments from Intel to pump up its profits to meet Wall Street targets over five years, the government announced Thursday. Under the settlement with the Securities and Exchange Commission, company Chairman and CEO Michael Dell also agreed to pay a separate $4 million civil penalty.
MONACA, Pa. (AP) — An explosion Thursday at a zinc smelting plant in western Pennsylvania killed two people and injured at least one, authorities said. A worker who initially had been reported missing was among the dead, Beaver County emergency dispatcher Kevin Joy said. The rest of the work force at the Horsehead Corp.
DEARBORN, Mich. (AP) — Ford Motor Co. posted a strong second-quarter profit Friday but trimmed its U.S. sales forecast and predicted weaker results in the second half as the economy slowly recovers. The automaker surprised Wall Street, making $2.6 billion in the quarter as it continued to grab sales from rivals.
WASHINGTON (AP) — For jobless Americans struggling to pay their bills and keep their homes, the restoration of unemployment benefits could keep their crisis from getting worse. The same might be said of the broader economy. The Senate is expected to vote Wednesday to keep providing unemployment benefits for up to 99 weeks to more than 5 million long-term unemployed.