CHICAGO (AP) — Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks: A deal's a deal. As the recession drags on, municipalities struggling to fix roads, fund schools and pay bills increasingly are rescinding tax abatements to companies that don't hire enough workers, lay them off or close up shop.
BASEL, Switzerland (AP) — Drug maker Novartis AG said Monday it plans to take over Alcon Inc. by paying $38.5 billion for the 77 percent stake it does not already own in a deal that would make it one of the biggest players in the global market for eye-care products. The Swiss pharmaceutical company will purchase Nestle SA's 52 percent stake for $28 billion before carrying out a merger with Alcon that would give it control of the remaining 23 percent held by minority shareholders.
SEATTLE (AP) — Boeing Co. said Tuesday that it has purchased Alenia North America's 50 percent stake in a fuselage subassembly plant for its 787 Dreamliner. The transaction occurred through a Boeing subsidiary, making Boeing the sole owner of Global Aeronautica LLC. Further terms of the deal were not disclosed.
CHENGDU, China (AP) — Minivan salesman Zhu Yi has a problem that most auto dealers elsewhere would happily swap for their own — he doesn't have enough vehicles to satisfy customer demand. "Sales are exploding," says Zhu, a 32-year-old manager at a General Motors Co. joint venture dealership in Chengdu, pointing to charts on his laptop that vividly plot the steep incline.
EVERETT, Wash. (AP) — Boeing says its second 787 will take to the skies on Tuesday. The company has scheduled a test flight for the second jetliner at 8:45 a.m. The aircraft will take off from Paine Field in Everett, Wash., as long as flight conditions cooperate. About 25,000 people turned out for the first test flight last Tuesday.
SARAH LARIMER,Associated Press Writer MIAMI (AP) — U.S. Customs and Border Protection officials warned holiday shoppers Monday to stay away from toys that might be dangerous for children or break copyright, patent or trademark laws. Authorities last year seized more than 1,500 shipments of products that either failed to meet consumer safety standards or violated intellectual property laws, said Harold Woodward, director of the agency's field operations in Miami.
ELKHART, Ind. (AP) — Indiana's attorney general is suing a northern Indiana lumber recycling plant with a history of environmental and worker-safety violations. The lawsuit filed Monday in Elkhart County seeks preliminary and permanent injunctions to halt open dumping of wood wastes at VIM Recycling Inc.
KETTLEMAN CITY, Calif. (AP) — Maricela Mares-Alatorre was well aware of the industrial and agricultural pollutants that surrounded her as she grew up in this tiny farm town just three miles from the largest toxic waste dump in the West. Her parents had founded People for Clean Air and Water two decades ago to successfully fight a proposed incinerator at the dump.
DETROIT (AP) — Ford Motor Co. has offered buyout or retirement incentive packages to all of its 41,000 U.S. hourly workers as it tries to further reduce its factory work force. Ford, the healthiest of Detroit's three automakers and the only one to avoid government aid and bankruptcy protection, still has more workers than it needs to produce cars and trucks at current sales levels, said company spokesman Mark Truby.
TOKYO (AP) — Panasonic Corp. said Monday that it had taken majority control of Sanyo Electric Co., officially forming one of the world's largest electronics makers. Panasonic said it had converted preferred shares to give it a 50.27 percent stake in Sanyo. It acquired the shares in a previously announced $4.
LITTLE ROCK, Ark. (AP) — The fate of a promised wind-turbine factory with 400 jobs near Fort Smith remains uncertain after a decision in a patent fight between two conglomerates was delayed until next month. Hoping to grab a larger share of the growing U.S.wind-power industry, Mitsubishi Power Systems Americas Inc.
STOCKHOLM (AP) — In a final attempt to rescue Saab Automobile AB, Dutch auto maker Spyker Cars on Sunday submitted a new offer to buy the Swedish brand from General Motors Co. Spyker said it has submitted a new 11-point proposal to GM, addressing the issues that made talks collapse earlier this week.
HARTFORD, Conn. (AP) — A federal judge will begin hearing arguments in a lawsuit challenging jet engine maker Pratt & Whitney's plans to move 1,000 jobs out of Connecticut. U.S. District Judge Janet Hall is set to take up the lawsuit filed by the International Association of Machinists on Monday.
SOUTH MILWAUKEE, Wis. (AP) — Bucyrus International Inc. said it will buy Terex Corp.'s mining equipment division for $1.3 billion in cash, adding complementary services to its business and broadening its geographic reach. The Terex unit makes hydraulic excavators, electric drive mining trucks, track and rotary blasthole drills and highwall mining systems.
COPENHAGEN (AP) — President Barack Obama and other world leaders took stalled climate talks into their own hands Friday, holding an emergency meeting to come up with a political agreement to salvage a conference marked by deep divisions between rich and poor countries. But neither Obama nor Chinese Premier Wen Jiabao offered any new commitments to cut greenhouse gas emissions as they addressed the U.
TORONTO (CP) — Honda Motor Co. Ltd., tempering some of the optimism wafting through the North American auto industry, will scale back production at three of its plants in January, including trimming output of Civic compacts at its plant in Alliston, Ont., the Globe and Mail newspaper reports.
WASHINGTON (AP) — Despite several recalls and warnings, the number of reported baby deaths linked to defective Simplicity cribs has risen to 11. The most recent death occurred in September when a 7-month-old child from Princeton, Ky., became entrapped in the crib when a part of it broke, the Consumer Product Safety Commission said Thursday.
WASHINGTON (AP) — Makers of toys and other children's products won a reprieve Thursday from federal regulators trying to implement legislation Congress passed more than a year ago after a holiday season marred by scores of lead-tainted toy recalls. The Consumer Product Safety Commission voted to delay for another year — until February 2011 — the certification and independent third-party testing rules on the amount of lead allowed in children's products.
TONAWANDA, N.Y. (AP) — General Motors' Buffalo-area engine plant is marking the end of the line for a class of V-8 engine that's been produced there for 50 years. On Friday, the Tonawanda (ton-uh-WAN-duh) plant will stop production of the latest variation of the "big block" V-8 engines.
DETROIT (AP) — General Motors Co. will wind down Saab after talks to sell the brand to Dutch carmaker Spyker Cars collapsed. GM says issues arose during the sale talks that could not be resolved. GM says it will continue to honor Saabcustomer warranties. GM previously tried to sell the brand to Koenigsegg Group AB, but the Swedish carmaker withdrew from the talks last month.