France's prime minister announced on Friday that there would be no layoffs at a blast furnace site that has become a symbol for maintaining jobs in a tough economic climate. Instead, steel company ArcelorMittal has promised a €180 million ($233.75 million) investment and the government will modernize it with an eco-friendly project.
China has approved a proposal by auto parts conglomerate Wanxiang Group Corp. to purchase the assets of bankrupt U.S. battery maker A123 Systems. The Chinese Commerce Ministry's approval of the bid was announced by the official Xinhua News Agency on Sunday. Wanxiang, based in Zhejiang province, is interested in buying substantially all of the assets of A123, which is based in Waltham, Massachusetts.
The Drives & Motion Division of Yaskawa America, Inc. is pleased to announce that Yaskawa Electric Corporation has signed an agreement between its European subsidiary, YASKAWA Europe GmbH based in Eschborn, Germany, and VIPA Gesellschaft für Visualisierung und Prozessautomatisierung mbH, based in Herzogenaurach, Germany, whereby YEU will acquire a majority of the shares of VIPA.
Bangladeshi garment workers shout slogans as they participate in a protest to mourn the death of the victims of a fire in a garment factory in Dhaka, Bangladesh, Friday, Nov. 30, 2012. Hundreds of garment workers protested Friday outside the Bangladeshi factory where 112 people were killed by the fire.
A former General Motors engineer with access to the automaker's hybrid technology was convicted Friday along with her husband of stealing trade secrets for possible use in China. Shanshan Du won a transfer within GM in 2003 to be closer to the technology and then copied documents until she accepted a severance offer and left the company in 2005, prosecutors said.
Their ranks thinned by a 16-month lockout, American Crystal Sugar Co. workers on Saturday rejected a contract for the fourth time. Contract opponents say the sugar beet processor's five-year contract offer would cut health care benefits and weaken job security and seniority protections. The company says the offer would raise worker pay by 17 percent over five years when a $2,000 signing bonus is taken into account.
Ford Motor Co. said Friday that it is recalling more than 89,000 new Escape SUVs and Fusion sedans because the engines can overheat and cause fires. The recall affects vehicles from the 2013 model year with 1.6-liter turbocharged engines that were sold in the U.S. and Canada, the company said in a statement.
As 112 of her co-workers died in a garment-factory fire, Dipa Akter got out by jumping from the third floor through a hole made by breaking apart an exhaust fan. Her left leg is wrapped in bandages and she has trouble walking. Now she wants back in.
News that manufacturing activity in China, the world's second largest economy, grew for the first time in 13 months helped push global stocks higher on Monday. HSBC's Purchasing Managers' Index rose to 50.5 in November from October's 49.5 on a 100-point scale on which numbers above 50 indicate activity is expanding.
Diversified manufacturer Eaton Corp. said Friday that it has completed its acquisition of electrical equipment supplier Cooper Industries PLC. Eaton said in May it was buying the Dublin, Ireland-based electrical components maker in a cash-and-stock deal valued at about $11.46B. With the acquisition, Cleveland-based Eaton is seeking to expand its reach in the global electrical power and distribution business.
The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade in the final months of the year because of the impact of Superstorm Sandy and uncertainty about looming tax increases and government spending cuts.
State officials in Georgia are reaching out to over 500 people who lost their jobs in the recent Hostess company liquidation. Officials say 558 people in Georgia were impacted by the closure of Hostess Brands Inc. earlier this month. The Governor's Office of Workplace Development and the Georgia Department of Labor are asking job seekers to visit their local department of labor career center for information on unemployment insurance.
Honda has made a quick U-turn. Just 19 months after its Civic compact hit showrooms and was slammed by critics, the company has revamped the car, giving it a sportier look and upgrading the interior. It's an unusual and costly do-over. But Honda — among the auto industry's most highly-regarded brands — was worried the car's flaws would hurt sales and market share, analysts say.
Apple Inc. on Friday said its latest iPad models will go on sale in China on Dec. 7, followed by the iPhone 5 a week later. China is one of Apple's largest and fastest-growing markets. Analyst Brian White at Topeka Capital Markets said iPhone 5 is launching roughly when he expected it, but he hadn't expected the iPad mini and the fourth-generation, full-size iPad to go on sale in China this year.
The German automotive supplier iwis is planning to open a manufacturing plant in Murray, creating 75 jobs in the western Kentucky city. Gov. Steve Beshear joined company officials to make that announcement on Friday. It will be the firm's first manufacturing plant in the U.S. Beshear said the $12.5 million investment was the result of an economic mission he made to Germany earlier this year.
Internet networking gear maker Cisco Systems Inc. is buying software maker Cariden Technologies Inc. for $141 million as part of its effort to provide more tools for managing increasing online traffic from mobile devices. The all-cash deal announced Thursday is expected to be completed sometime during Cisco's current fiscal quarter, which ends in late January.
Boeing expects its new tanker for the U.S. Air Force to be untouched by cuts in defense spending next year, its top defense executive said Thursday. Defense contractors have been getting ready for automatic defense cuts that are a part of the so-called fiscal cliff that starts in January if Washington lawmakers can't strike a budget deal. Those cuts total $55 billion for next year and about $500 billion over 10 years.
Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners — even as 18,000 jobs will be wiped out. The company said in court that it's in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos.
German industrial conglomerate Siemens AG's light bulb unit, Osram, says it is cutting 4,700 additional jobs in its drive to save costs and phase out older technologies. Company spokesman Stefan Schmidt told The Associated Press on Friday the cuts come on top of others previously announced, for a total of at least 7,300 reductions through 2014.
Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies. The California-based solar technology firm is liquidating and a company that bought Twin Creeks' assets won't take over its agreement with Mississippi. Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for loans, tax breaks and other aid.