Indianapolis wants to become the first major city to replace its entire fleet with electric and plug-in hybrid vehicles in a move the mayor says is designed to reduce U.S. reliance on foreign-produced fuels, city officials said Wednesday.
Shares of JinkoSolar jumped 21 percent Wednesday after the company received a contract from WBHO-Building Energy Ltd. to supply 81 megawatts of solar modules for a power project in South Africa. JinkoSolar will deliver a total of 344,540 photovoltaic solar panels for the project, which is expected to generate about 146 gigawatt hour of power equivalent.
Honda is recalling more than 870,000 minivans and SUVs worldwide because they can roll away even though drivers have removed the keys from the ignition. The recall affects older-model vehicles sold mainly in the U.S. Problems with the ignition switches have plagued Honda for years. It has recalled nearly 2.3 million vehicles for the problem since 2003.
German sports car maker Porsche AG says it has already broken last year's record sales number with one month left in 2012. The company, which is now owned by Volkswagen, said Wednesday it delivered 128,978 vehicles through November, more than the total of 118,868 it sold in all of 2011 — at the time a new record.
About a year and a half before a fire at a clothing factory in Bangladesh killed 112 people in November, executives from Wal-Mart, Gap and other big retailers met nearby to discuss ways to prevent the unsafe working conditions that have made such tragedies common.
A bankruptcy judge on Tuesday approved the sale of most of the assets of failed battery maker A123 Systems Inc. to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for nearly $257 million. In asking Judge Kevin Carey to approve the sale, attorneys for A123 noted that the winning bid submitted by Wanxiang America Corp. last week was more than double an initial $125 million offer.
In a dizzyingly short time span, Republicans have converted Michigan from a seemingly impregnable fortress of organized labor into a right-to-work state, leaving outgunned Democrats and union activists with little recourse but to shake their fists and seek retribution at the ballot box.
Industrial production in India soared 8.2 percent in October, a sharp spike for Asia's third largest economy but industry viewed the data with some caution. The data from India's Central Statistics Office on Wednesday showed that manufacturing rose 9.6 percent and electricity output increased 5.5 percent from the year before.
The European Union has approved a common patent system to cut red tape and streamline patent procedures across much of Europe. The European Parliament on Tuesday concluded the drawn-out decision-making process, backing a cluster of packages by a wide majority to end nearly four decades of fighting and negotiating over the issue.
Chrysler Group is seeking tax incentives for a sprawling Indiana plant that was the heart of a deal with a German company that the automaker pulled out of in 2008. Chrysler spokeswoman Jodi Tinson confirmed that the automaker has filed for tax abatement on the plant, which was originally built as part of a partnership with German auto parts maker Getrag.
In exchange for the promise of 1,000 jobs, a group of labor unions is throwing its support behind Mississippi Power Co.'s Kemper County coal plant. The unions had most recently opposed the plant because contractors for Atlanta-based Southern Co. were excluding union members from the $2.8 billion project, which currently employs 2,600 construction workers.
U.S. wholesale businesses increased their stockpiles in October but their sales fell sharply, a mixed sign for economic growth. The Commerce Department said Tuesday that stockpiles grew 0.6 percent in October. That's slower than September's 1.1 percent increase, which was the biggest gain in nine months. Sales in October fell 1.2 percent, after rising 1.9 percent in September.
The Michigan House approved the first of two right-to-work bills Tuesday that would weaken union power in the historical labor stronghold as hundreds of protesters rallied at the Capitol. Democrats immediately sought to have the vote reconsidered but failed in that effort.
An automotive component company with a plant in Dayton, Tenn., will add about 50 manufacturing jobs. The announcement came Tuesday from officials of International Automotive Components and Tennessee Department of Economic and Community Development Commissioner Bill Hagerty.
The U.S. trade deficit increased in October because exports fell by a larger margin than imports, a sign that slower global growth could weigh on the U.S. economy. The Commerce Department said Tuesday that the trade deficit grew 4.8 percent in October from September to $42.2 billion. Exports dropped 3.6 percent to $180.5 billion. Sales of commercial aircraft, autos and farm products all declined.
Germany's vice chancellor has sharply criticized General Motors Co. over its decision to end car production at a German plant, arguing that the U.S. automaker was wrong to keep its European unit out of lucrative overseas markets. GM's Opel subsidiary said Monday it will stop making cars at Bochum, one of four German factories, in 2016 — though the plant may continue to make components.
After years of battling each other on trade issues, U.S. and European officials are contemplating a dramatic change in direction: joining together in what could be the world's largest free trade pact in an attempt to boost their struggling economies.
German steelmaker ThyssenKrupp AG says it is taking a €3.6 billion ($4.66 billion) hit on the value of its Steel Americas unit. The Essen-based company says the writedown follows a reassessment prompted by efforts to sell the unit's plants in the United States and Brazil.
Even with the outcome considered a foregone conclusion, the heated battle over right-to-work legislation in the traditional union bastion of Michigan showed no sign of cooling Tuesday as lawmakers prepared to cast final votes. Hundreds of protesters flooded the state Capitol hours before the House and Senate were scheduled to convene, chanting and whistling in the chilly darkness.
Intermec Inc., which makes barcode printers and radio frequency identification products, said Monday that it reached a deal to sell itself to Honeywell International Inc. for about $603.4 million in cash. Under the terms of the agreement, Morris Township, N.J.-based Honeywell, a technology and manufacturing company, will pay $10 per share for Intermec.