The turnaround expert who represented Chrysler during its successful restructuring is taking on one of the toughest fiscal tasks anywhere in the country: Fixing Detroit. Kevyn Orr, hired Thursday as Detroit's emergency manager, brings expertise from his work at one of the world's largest law firms plus the threat of Chapter 9 bankruptcy, which he says favors cities like Detroit when it comes to erasing debt.
Obama proposed the idea of an energy security trust last month in his State of the Union address, but he was putting a price tag on the idea during a trip Friday to the Argonne National Laboratory outside Chicago — $2 billion over 10 years. The White House said the research would be paid for with revenue from federal oil and gas leases on offshore drilling and would not add to the deficit.
About 250 employees of a Bridgestone group company demonstrated Thursday in front of the Italian Ministry of Economic Development against the planned closure of the company's factory in Bari, southern Italy. The employees called for continued operation of the passenger car tire-making factory, which Bridgestone Corp. said will close in the first half of 2014.
The president of one of the nation's oldest gun manufacturers closed down his Connecticut factory Thursday morning and bused 400 of his workers to the state Capitol so they could personally urge lawmakers not to pass gun control legislation that they say could risk their livelihoods.
Teva Pharmaceuticals USA Inc. will pay a $2.25 million penalty for violations that included allowing fluorescent green discharge into a river at its plant in northeast Missouri, state and federal officials said Thursday. Teva makes antibiotics at a plant outside of Mexico, Mo., about 120 miles northwest of St. Louis.
Toyota Motor Corp. held a ceremony Friday to mark the opening of its second plant in Karawang, Indonesia, to produce the Etios Valco compact hatchback for sale in the country. Built with an investment of about 33 billion yen, Plant 2 Karawang is creating about 1,100 new jobs and will have an annual production capacity of about 70,000 vehicles initially.
Volkswagen's chief executive Martin Winterkorn said Thursday the company faces a challenging year particularly in Europe where many countries are in recession. Winterkorn told the company's annual news and analyst conference that "Volkswagen is feeling the headwinds — especially in Europe."
Solar panel installations in the U.S. grew 76 percent in 2012 as the cost of panels and the surrounding equipment continued to fall, according to an annual report by a solar trade group. The U.S. installed panels capable of producing 3,313 megawatts of peak electricity, up from 1,887 megawatts in 2011, the report said.
Honda Motor Co. reported to the transport ministry Thursday it is recalling a total of 56,839 units of its Odyssey, Legend, Elysion and Step WGN passenger cars because of problems with the system designed to control vehicle stability. Subject to the recall are the four models made between April 2004 and May 2006, according to the Ministry of Land, Infrastructure, Transport and Tourism.
Thousands of workers protested in Brussels on Thursday to demand that EU leaders gathering for a summit bring an end to austerity measures and instead focus on boosting growth and reducing unemployment. The demonstration vented frustration over years of austerity imposed by EU leaders that unions and many economists say is worsening the recession and driving ever more people into unemployment and poverty.
There are three jobs open at Rodon Group, a plastic parts manufacturer near Philadelphia. But despite the reports of a shortage of skilled workers nationwide, CEO Michael Araten isn't sweating it. Rodon, located in Hatfield, Pa., works with local community colleges to make sure prospective employees get the skills they need to work at the company.
Recent trends suggest a reason for optimism for the U.S. economy and its manufacturing sector, according to the quarterly Manufacturers Alliance for Productivity and Innovation U.S. Industrial Outlook (EO-121), a report that analyzes 27 major industries.
French carmaker Renault SA reached a potentially groundbreaking deal with leading unions Wednesday that allows it to reduce its workforce and cut costs in exchange for keeping jobs and production in France. Renault and other European carmakers have been struggling to stay competitive globally as Europe's car market flails.
A co-founder of the Fisker electric car company is stepping down because of a dispute with the company's management. Executive Chairman Henrik Fisker told the trade publication Automotive News in a statement that he left after several major disagreements on business strategy. The statement didn't give details.
Chief executives at the largest U.S. companies are much more optimistic about their sales prospects than they were three months ago, though many remain cautious about hiring. The Business Roundtable said Wednesday that 72 percent of its members expect sales will increase in the next six months.
Vestas Wind Systems is putting some of its factories up for sale, but officials said Wednesday their converted tower factory in Pueblo is still part of their recovery plan. Vestas spokesman Andrew Longeteig said the Pueblo tower factory is still ramping up to meet market demand and hiring more than 100 people by the end of March.
A worker who survived the deadly explosion on the Deepwater Horizon testified Wednesday that a flurry of activity on the drilling rig hindered his ability to monitor BP's well for signs of trouble before the April 2010 blowout. Joseph Keith, the second rig worker to testify in person at a federal trial over the disaster, said he never saw any indications that a blowout was brewing.
January U.S. manufacturing technology orders totaled $370.62 million according to AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTO program, was down 26.5 percent from December and down 12.2 percent when compared with the total of $422.33 million reported for January 2012.
Meggitt has announced that Bivin Mathew has accepted the position of India Accounts Manager for Meggitt (Maryland), Inc. Working from Meggitt’s Bangalore facility, Mr. Mathew will focus on strengthening existing customer relationships and developing new business in India, a large and increasingly important market for the company’s Wilcoxon Research product lines.
A Boeing plan to redesign the 787 Dreamliner's fire-plagued lithium-ion batteries won approval Tuesday from the Federal Aviation Administration, moving the cutting-edge planes a step closer to flying passengers again. The plan includes changes to the internal battery components to minimize the possibility of short-circuiting, which can lead to overheating and cause a fire.