Banks and finance companies are writing more auto loans to subprime buyers, approaching prerecession levels. Experian Automotive said Tuesday that 42 percent of new and used car loans written in the third quarter went to subprime buyers, up from 40 percent in the same quarter a year ago. That's still slightly below the 43 percent that went to subprime buyers in the third quarter of 2007, before the recession began.
The price of oil inched up closer to $89 a barrel on Wednesday on expectations U.S. political leaders will reach a budget deal before a year-end deadline and growing confidence that the Chinese government would introduce new stimulus measures to strengthen the world's second-largest economy.
An Oklahoma City-based company says it will build a $120 million nitric acid plant at a chemical facility in El Dorado, Ark., that was the site of an explosion in May. LSB says that insurance will pay for much of the construction, though the full amount of the ultimate insurance payment isn't known.
Alcoa Inc. has decided to shut down a northeastern Indiana factory after cutting hundreds of jobs there over the past decade. The company announced Tuesday that the Auburn factory will end operations in March. The factory has 25 hourly and 18 salaried workers. The Pittsburgh-based company says the closing decision is part of its efforts to streamline operations.
The northern South Dakota city of Aberdeen has reduced the number of cattle that a new processing plant is allowed to slaughter because Northern Beef Packers has fallen behind on installing wastewater equipment. The American News reports that the plant is restricted to 125 cattle per day. It had been allowed to slaughter up to 500 animals daily.
Canadian auto sales are on the road to besting their 2011 performance, with sales for the first 11 months of the year up 6.5 per cent to nearly 1.6 million vehicles, according to an industry watcher. DesRosiers Automotive Consultants said Monday year-to-date vehicle sales in Canada rose to 1.57 million with one month left in the year.
Highway officials in at least nine states are using a sophisticated simulator to give plow drivers a chance to practice snow removal in any weather. It works like a video game, recreating slick pavement, poor visibility and even children or animals bolting across the road. In a virtual collision, drivers hear crashing noises and see a cracked windshield.
Emerson's proposal to the city says the company would bring 400 new jobs and about 100 transfers to a facility built by ADC Telecommunications, but never occupied. Emerson Process Management Rosemount says about 300 of the positions would be salaried and 200 would be hourly wage jobs.
The Advanced Manufacturing Technician Program gives students the chance to take two days of classroom instruction in Belden and three days of hands-on experience at Toyota's Blue Springs plant. Participants will take classes their home college two days a week and will have a paid internship at Toyota three days a week. The internship will pay $16.50 per hour.
Manufacturers of all sizes use the vital tariff suspensions contained in the MTB to obtain raw materials, proprietary inputs and other products that are not available domestically. Without the MTB, these companies’ production costs will substantially increase, damaging their competitiveness and forcing them to pass on these higher costs to consumers.
A high school student from Texas has won a $100,000 scholarship for a developing a computer algorithm that helps robots navigate around obstacles, an algorithm that could be used in applications like driverless cars.The Siemens Foundation announced the winners of its annual science competition for high school students during a ceremony in Washington on Tuesday.
Chinese state media say a fire in a clothing factory has killed 14 people in the southern part of the country. The official Xinhua News Agency said in a brief report that one other person was injured in the fire on Tuesday in Guangdong province.
Billionaire investor Carl Icahn is giving up his bid to buy truck maker Oshkosh after less than 25 percent of the company's shares were tendered before his offer expired. Last week Icahn made it clear that he would walk away from his bid that valued the company at about $3 billion if the threshold wasn't met. The tender offer expired on Monday, with about 22 percent of the shares tendered.
The plant was already scheduled to close from Dec. 21 in a predetermined contractual agreement with the United Autoworkers union. It will reopen Jan. 7. GM officials said Monday the move is to help curb Chevrolet Cruze inventory heading into a traditionally sluggish period for compact car sales.
The National Retail Federation today issued a statement from President and CEO Matthew Shay regarding the strike that has shut down most terminals at the Ports of Los Angeles and Long Beach. NRF last week sent President Obama a letter asking that he intervene in the strike.
The price of oil fell to near $88 a barrel on Wednesday amid worries over the U.S. economy, largely because a budget deal has yet to be agreed between the White House and Congress. By early afternoon in Europe, benchmark crude for January delivery was down 81 cents to $88.28 a barrel in electronic trading on the New York Mercantile Exchange. The contract finished up 18 cents at $89.09 a barrel on the Nymex on Monday.
Governments, hungry for money to prop up their struggling economies, are accusing the technology giants of incorporating themselves up in low-tax countries so they can avoid paying hundreds of millions of dollars to countries such as Germany, Britain and France — where most of their European income is derived.
U.S. manufacturing shrank in November to its weakest level since July 2009, the first month after the Great Recession ended. Worries about automatic tax increases in the New Year cut demand for factory orders and manufacturing jobs. The Institute for Supply Management said Monday that its index of manufacturing conditions fell to a reading of 49.5. That's down from 51.7 in October.
U.S. Steel Corp. is laying off 142 union workers at a Pittsburgh-area tube plant, citing unfairly traded imports as the reason. About 95 workers will keep their jobs at the McKeesport Tubular Operations plant about 10 miles southeast of Pittsburgh.
Some dolphins used by the Navy to track down mines will soon lose their jobs to robots — but they'll be reassigned, not retired. Starting in 2017, 24 of the Navy's 80 military-trained dolphins will be replaced by a 12-foot (3.6-meter) unmanned torpedo-shaped vehicle, according to the newspaper UT San Diego.