After 18 years of negotiation, Russia on Wednesday entered the World Trade Organization, which restricts import duties and subsidies in an attempt to create a level playing field for international trade. Analysts and politicians hope that Russia, which has long proven a formidable market to foreign investors because of its byzantine bureaucracy and protectionist tariffs, would be transformed by its entry into the WTO.
German carmaker Volkswagen AG says sales rose 11.9 percent in July as demand in Asia and the United States outweighed slacker sales in crisis-hit western Europe. The company sold 468,300 vehicles worldwide during the month, up from 418,600 a year ago.
Michigan Gov. Rick Snyder is expected to join Detroit Mayor Dave Bing on Wednesday morning at the grand opening of an auto parts supply company expected to employ about 500 people. Detroit Manufacturing Systems on Southfield Road is expected to bring hundreds of high-tech, automotive interior component assembly jobs to the city.
A National Transportation Safety Board investigator said long time frames for fixes are not uncommon, because of the inconvenience involved in grounding planes for repairs. And an FAA spokeswoman said the four-year window was determined by the estimated 46 hours required to fix each jet. Safety regulators put the cost at $6,000 per plane.
The labor group hired by Apple Inc. to assess working conditions at three manufacturing plants in China said Tuesday that the improvements it recommended in March are being implemented ahead of schedule. The Fair Labor Association said in a progress report that Apple Inc.'s largest supplier, Foxconn, had made all 195 improvements to working conditions that were due by the end of May.
China on Wednesday slightly increased this year's quota for rare earths exports under controversial controls on the exotic minerals needed by manufacturers of mobile phones and other high-tech products. The Commerce Ministry announced an export quota of 9,770 tons for the second half of the year.
Vestas Wind Systems A/S, the world's biggest maker of wind turbines, says it is slashing 7 percent of its workforce in its second round of lay-offs this year. The western Denmark-based group says the job cuts of 1,400 workers will help it reduce fixed costs by more than €250 million ($310 million) as it deals with stiff competition and a market slowdown.
Nippon Thermostat of America is planning to expand its Putnam County facility, creating 30 jobs. West Virginia Gov. Earl Ray Tomblin says the company is expected to invest $4 million in the expansion that will more than double the current workforce at the plant.
Nissan is recalling about 7,800 Infiniti SUVs because the fuel gauges can show gas in the tank when there isn't any. The recall affects the JX35 from the 2013 model year. A tube inside the gas tank could be in the wrong place. That could prevent a float from dropping as fuel is used, causing an inaccurate reading on the dashboard fuel gauge.
Authorities in central Illinois are working to determine what led to the death of a 48-year-old Heyworth man after a fall last week at a Cargill Inc. soybean-processing plant. Cargill spokesman Mark Klein says Burleson was in the elevator area where the soybeans are stored and apparently fell onto a lower level.
In a few weeks, about 2,800 cars, trucks and buses will start talking to each other on the streets of Ann Arbor, Mich., in a giant experiment that government officials are hoping will lead to safer roads. Wireless devices will allow the vehicles to send signals to each other, warning their drivers of potential dangers such as stopped traffic or cars that might be blowing through a red light.
After three weeks of listening to technology experts, patent professionals and company executives debate the complicated legal claims of Apple Corp. and Samsung Electronics Co., a jury of nine men and women are set to decide one of the biggest technology disputes in history.
A major Chinese city has announced plans for $240 billion in industrial investments, adding to a series of local spending initiatives that analysts say should help to boost China's slowing economic growth. The city government of Chongqing, said it will invest in seven areas including petrochemicals, electronics and auto manufacturing over the next three years.
Georgia-Pacific will permanently close its plant in Duluth at the end of the month, company officials said. Workers at the plant, which employs 140, were notified of the decision Tuesday morning. "The employees are welcome to apply for any other jobs we have" at other facilities, said Eric Abercrombie, Georgia-Pacific spokesman in Atlanta.
Sturm, Ruger & Co. Inc. said late Monday that it has made its one millionth gun this month, putting it on track to produce a record number this year. The Southport, Conn.-based company said it reached the milestone on last Wednesday. It expects to beat its own record of 1,114,700 firearms produced in one year, set in 2011.