Under the deal announced Tuesday, Microsoft Corp. will license patents to a filing system called exFAT. Microsoft says it improves upon older storage systems in dealing with larger files — such as those used for photos and video. Devices that use flash memory — namely, smartphones and tablet computers — will be able to handle files that are five times as large as the limit on older systems.
Apple's stock reached $700 for the first time on Tuesday, setting a record for the company the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours. The stock traded as high as $701.44 in the morning, up a quarter of a percent from Monday's close.
The U.S. government has challenged Chinese policies it says improperly subsidize exports of auto parts in violation of World Trade Organization free trade rules. The issue is politically sensitive at a time when Western governments are trying to boost exports, especially of higher-value industrial goods, to cut high unemployment.
A German court has dismissed two investor lawsuits seeking damages from sportscar maker Porsche SE for alleged market manipulation during its failed bid to take over Volkswagen AG. Wednesday's ruling by Braunschweig state court in northern Germany appears to strengthen Porsche's position.
China has cut the number of permits for rare earths mining in a new move to tighten controls over the exotic minerals needed to manufacture mobile phones, electric cars and other high-tech goods. The Ministry of Land and Resources decided to cut the number of mining permits by 40 percent from 113 to 67, China Central Television said Wednesday.
The head of the Canadian Auto Workers said late Tuesday there has been significant progress toward a new labor deal with General Motors and said the Detroit automaker is waiting for a counter-proposal from the union. CAW President Ken Lewenza said they will make the offer Wednesday. He also said they've made progress with Chrysler, but not as much as they've made with GM.
General Electric Co.'s oil and gas division has signed a nearly $1.1 billion deal with Brazil's state-run oil company Petrobras to provide offshore drilling equipment. GE announced the contract at an industry conference in Rio de Janeiro on Tuesday.
The CEO of a failed artificial sweetener company was charged Tuesday with theft and securities fraud in Missouri for using bond revenues to avoid foreclosure on his Beverly Hills, Calif., home and for failing to tell the truth about the company's troubled operations. The charges announced by Attorney General Chris Koster cap a yearlong investigation into Bruce Cole, who was chairman and CEO of Mamtek U.S.
The U.S. current account trade deficit narrowed in the April-June period, pushed lower by an increase in American exports and cheaper oil imports. The Commerce Department said Tuesday that the deficit in the current account decreased 12.1 percent to $117.4 billion in the second quarter. That's down from a deficit of $133.6 billion in the January-March quarter, which had been the largest in three years.
Ford CEO Alan Mulally says he has not told the company's board when he plans to retire. In an interview Tuesday on CNBC, Mulally says there's no reason to give a date because he's committed to serving at Ford. Board members discussed a succession plan last week but no decision was announced. Many in the company expect Americas President Mark Fields to be named Chief Operating Officer as he prepares to take over for Mulally.
Shares of electric car maker Tesla Motors jumped almost 6 percent Monday after Morgan Stanley upgraded the stock. In a note sent Monday to investors, Morgan Stanley analyst Adam Jonas upgraded Tesla's stock rating to "overweight" from "underweight" and raised his target price from $45 to $50. He said investors shouldn't be worried about the slow ramp-up in production of Tesla's new Model S sedan.
Energizer Holdings Inc., which makes batteries, flashlights, and other consumer products, plans to cut jobs and lower its overhead spending as part of its efforts to reduce costs and improve its financials. The St. Louis company's stock rose $6.40, or 9.4 percent, to $74.32 in morning trading on Tuesday. The shares have traded in a 52-week range of $62.98 to $80.36.
The Canadian Auto Workers union decided late Monday to keep working past a midnight strike deadline after reaching a deal with Ford and extending its contracts with General Motors and Chrysler. Workers will stay on the job as talks continue, but can go on strike after giving GM and Chrysler 24 hours' notice, President Ken Lewenza said late Monday.
Ford hopes the redesigned 2013 Fusion will finally be its Camry killer. The Fusion has become Ford's best-selling car since it went on sale in 2005, and it's one of the top sellers in the country. Ford hopes the sexier styling, improved fuel economy, and features like automatic parallel parking on the new Fusion will help it trounce the Toyota Camry.
A federal safety agency has proposed fines of $79,200 for Omega Protein Inc. for 25 safety and health violations found after the death of a worker who got caught in a rotating screw conveyor. The Sun Herald reports the Occupational Safety and Health Administration released its findings Monday from an inspection in April after 24-year-old Christopher Hebert died from blood loss at the Moss Point plant.