The price tag for a South Carolina project intended to turn weapons-grade plutonium into fuel for nuclear reactors has gone up by $2B, according to a report. The assertion by the General Accountability Office means that the overall cost for the National Nuclear Security Administration project is now estimated at just under $7B, with still several more years to go before the facility is expected to open.
Japan's economy shrank in the last three months of 2012, its third straight quarter of contraction, giving the government ammunition to defend its "weak yen" strategy as necessary to getting growth back on track. The 0.4 percent contraction in annualized terms in October-December was worse than expected.
A future in which unmanned drones are as common in U.S. skies as helicopters and airliners has moved a step closer to reality with a government request for proposals to create six drone test sites around the country. The Federal Aviation Administration made the request Thursday, kicking off what is anticipated to be an intense competition between states hoping to win one of the sites.
Dow Chemical Co. announced stock buyback program Friday of as much as $1.5 billion. The Midland, Mich., company said the investment underscores its confidence in the ability to turn a profit, cash flow and growth potential. Shares of Dow Chemical Co. rose 11 cents to $32.60 in morning trading.
Welding equipment maker Lincoln Electric Holdings Inc. said on Friday that its net income rose 7.5 percent as higher prices helped offset a drop in volume. The company earned $62.1 million, or 74 cents per share, during the fourth quarter. That was up from $57.7 million, or 68 cents per share, during the same period a year earlier.
The Honda Civic is back as a smart-to-buy compact sedan, with a premium look inside and out, a more solid-feeling ride and a standard rearview camera on every model. The Civic's steering is revised for 2013, too, and new standard equipment includes Bluetooth hands-free connectivity, iPod interface, and Pandora Internet radio compatibility.
Auto parts maker TRW Automotive Holdings Corp. said on Friday that its fourth-quarter net income fell as vehicle production in Europe slowed and it absorbed higher pension expenses. But its adjusted earnings beat Wall Street expectations and its shares rose, briefly touching its highest level in more than two years.
A formal announcement could be made by month's end about plans for a $500 million plastics plant near Wheeling, the CEO of Texas-based Appalachian Resins said. James Cutler told the State Journal the plan includes a small ethane cracker, a plant that extracts some liquids from wet natural gas to make the chemical feedstock ethylene.
India's Defense Ministry said Friday that it has put a $750 million contract to purchase helicopters from Italian company Finmeccanica on hold amid allegations that bribes were paid to obtain it. The ministry said a formal notice has been sent to Finmeccanica's AgustaWestland helicopter division seeking cancellation of the contract. The company has a week to respond to the notice.
A company with its roots in a teenager selling bottles of horseradish is now as much a symbol of Pittsburgh as steel. That's part of the reason why the $28 billion sale of the ketchup-making food giant H.J. Heinz Co. resonates so profoundly with Pittsburghers.
December U.S. manufacturing technology orders totaled $499.43 million according to AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTO program, was up 17.8 percent from November but down 9.4 percent when compared with the total of $550.99 million reported for December 2011.
The New Jersey-based Campbell Soup Co. says it will close its plant in the town of Villagran in central Mexico. The move will eliminate about 260 positions. The company will continue to employ about 70 current Mexico staff members in research and development sales, supply, marketing and general management.
Airbus abandoned its plans to use lithium-ion batteries for its new A350 airplanes due to the uncertainty surrounding the technology following the grounding of Boeing's 787, the company said. The European aerospace group said Thursday it would revert to conventional nickel-cadmium batteries for the A350.
BMW is recalling more than 30,000 SUVs to fix an oil leak that can knock out the power-assisted braking. The German automaker says the recall covers X5 SUVs in the U.S. from the 2007 through 2010 model years. The vehicles were made between Sept. 12, 2006, and March 18, 2010. They have eight-cylinder engines.
The state Senate has approved two House-passed bills that codify a settlement over the company's Kemper County power plant. Meanwhile, state Supreme Court justices want parties to answer more questions about an appeal challenging the constitutionality of a 2008 state law that would allow Mississippi Power to collect money to pay for the Kemper plant before it starts generating electricity.
A top environmental official is warning lawmakers that automatic spending cuts due next month would jeopardize EPA's ability to protect against oil spills, air pollution, and hazardous waste. The cuts are outlined in a letter to the Senate Appropriations Committee obtained by the Associated Press.
An Entergy Corp. nuclear reactor in the New York suburbs has been shut down because two pumps that send water from a drain tank to the steam generators stopped working. Entergy said Wednesday the shutdown of Indian Point 2 went safely. They said there were no injuries and no release of radioactivity.
Billionaire Warren Buffett, the most closely watched investor in America, is putting his money in ketchup, agreeing Thursday to buy H.J. Heinz Co. for $23.3 billion in the richest deal ever in the food industry. For his money, the Oracle of Omaha gets one of the nation's oldest and most familiar brands, one that's in refrigerators and kitchen cupboards all over the U.S.
General Motors made money in North America and Asia and lost a bundle in Europe as it nearly doubled last year's fourth-quarter profit. But the numbers were complicated by a dizzying array of accounting gains and losses for tax credits and devaluation of European assets.
Chrysler said Thursday that it is recalling 278,000 pickup trucks and SUVs because their rear axles can lock up unexpectedly. The recall covers many Ram 1500 pickups from the 2009 through 2012 model years as well as Dodge Dakota pickups from 2009 through 2011. Also included are Chrysler Aspen and Dodge Durango SUVs from 2009.