WASHINGTON (AP) — The eventual cost to taxpayers for the government's $700 billion financial bailout will be less than the $25 billion price tag put on it in the latest estimate, Treasury Secretary Timothy Geithner said Thursday. The Congressional Budget Office's most recent estimate is that taxpayers will lose $25 billion on the rescue of automakers, banks and other financial institutions undertaken at the peak of the crisis in the fall of 2008.
BOCA RATON, Fla. (AP) — Shoppers who are looking for something sparkly to put under the Christmas tree can skip the jewelry and go straight to the source: an ATM that dispenses shiny 24-carat gold bars and coins. A German company planned to install the machine Friday at an upscale mall in Boca Raton, a South Florida paradise of palm trees, pink buildings and wealthy retirees.
CHAMPAIGN, Ill. (AP) — United Auto Workers members at Mitsubishi Motors North America's plant in Normal ratified a new contract Thursday that includes wage cuts the union has said could determine the fate of the facility and its 1,300 jobs. Seventy-seven percent of the union workers who voted on the deal approved it, UAW local President Ralph Timan said.
LOUISVILLE, Ky. (AP) — Ford Motor Co.'s Louisville Assembly Plant saw its last Explorer SUV come off the line on Thursday. The plant is shutting down for a $600 million renovation. The Courier-Journal reports it will reopen late next year with new body, paint, and trim assembly lines equipped to produce multiple fuel efficient models.
BOSTON (AP) — A tobacco company that had tried to hook black children on cigarettes was ordered Thursday to pay $81 million in punitive damages to the estate and son of a Boston woman who started smoking at age 13, in what an attorney said is one of the largest jury awards of its kind in the United States.
SHANGHAI — Fisker Automotive, the California manufacturer of premium electric vehicles with extended range, has partnered with the China Grand Automotive Group, the number one passenger car trader in China, to have its vehicles distributed, marketed and serviced in the region. Executives from Fisker and China Grand Auto (CGA) formalized the non-exclusive agreement during a ceremony near CGA headquarters in Shanghai today.
LOS ANGELES (AP) — Low gas prices, weak batteries and a lack of cooperation between carmakers and utilities caused past efforts to introduce electric vehicles to fizzle. But this time, advocates say, an alliance of automakers, utilities and regulators are squarely behind an ambitious project to make California a national leader in accommodating electric vehicles for the mainstream car market.
WASHINGTON (AP) — Hiring is anemic but corporate profits are up, and President Barack Obama is having 20 CEOs over to talk about how to tap that cash to boost jobs. But don't count on the president to reprise the "fat cat" scolding he gave bankers a year ago. No, this is not a woodshed moment.
WASHINGTON (AP) — U.S. factory output grew for the fifth straight month, adding to evidence thatmanufacturing remains an engine of economic growth. The Federal Reserve says output by the nation's factories, utilities and mines increased 0.4 percent in November, after falling 0.2 percent in October.
NEW YORK (AP) — General Electric Chief Executive Officer Jeff Immelt said Tuesday he expects the company to deliver "substantially" higher profits in 2011, driven by growth in its industrial division and in China. Revenue in GE's industrial division, which makes everything from windmill turbines to ventilation fans, is expected to grow after being flat in 2010, Immelt said.
BEIJING (AP) — Authorities have rescued a group of mentally ill workers enslaved in a factory after being sold by a man who purportedly ran a beggars' shelter, state media reported Wednesday. Police on Tuesday nabbed Li Xinglin, the boss of the building materials factory in the far-western Xinjiang region who had fled Sunday after Chinese media reports exposed the plant's working conditions, the official Xinhua News Agency said.
FLINT, Mich. (AP) — The winter storm pushing through the Midwest forced General Motors Co. to temporarily halt production at its Flint Truck Assembly plant. GM says it sent workers home at 10:30 a.m. Tuesday because of a parts shortage. Hazardous roads in Ontario have closed the Blue Water Bridge between Port Huron, Mich.
BEIJING (AP) — China plans to raise tariffs on some rare earth exports starting next year in a move to limit shipments of the precious metals out of the country, state media said Wednesday. The Ministry of Finance issued a statement saying some rare earth products will have export duties increased beginning Jan.
BEIJING (AP) — A Chinese official said Tuesday that authorities were on their way to rescue a group of mentally ill workers who state media reports said were enslaved in a factory and given dog food to eat. The official with the civil affairs bureau in Qu county in the southwestern province of Sichuan said authorities took a flight early Tuesday to the western region of Xinjiang.
WASHINGTON (AP) — Toyota Motor Corp. said Monday it will recall nearly 100,000 Sienna minivans from the 2011 model year to replace a switch bracket on the brake lamp that could cause the brake lights to stay on. The Japanese automaker, which has grappled with several safety recalls during the past year, said a driver's foot could hit the switch bracket and deform it while applying the parking brake pedal.
DHAKA, Bangladesh (AP) — A devastating blaze raced through a multistory garment factory near Bangladesh's capital on Tuesday, killing as many as 25 people and injuring more than 100, witnesses and news reports said. Fire official Golam Mostafa said the fire started in a 10-story factory owned by local business giant Hameem Group in the Ashulia industrial zone, just outside Dhaka.
ST. PETERSBURG, Florida (AP) — Dozens of helicopters are whirring above Florida's valuable and sensitive veggie crops, an unusual approach by farmers worried that an uncommon freeze could wipe out their harvests. The choppers hover low over green bean and sweet corn fields, moving back and forth in the early morning hours to push warmer air closer to the plants — and, the farmers hope, save the plants from a deadly frost.
CARTHAGE, Mo. (AP) — A judge has ruled that a lawsuit against the owners of a southwest Missouri plant that caused odor complaints will be allowed to proceed. The lawsuit filed in 2007 by Carthage residents against Renewable Environmental Solutions had been stayed since 2009, when the parent company of RES declared bankruptcy, closed the plant and laid off its employees.
TOKYO (AP) — Nissan Motor Co. and smaller rival Mitsubishi Motors Corp. will deepen business ties to get ahead in the fiercely competitive global car industry, including establishing a minicar joint venture in Japan that could eventually expand to other countries. In the agreement announced Tuesday, the two Japanese automakers will also make more cars for each other under what is known as an "original equipment manufacture" or OEM partnership.
DETROIT (AP) — General Motors Co. is offering buyouts to several thousand skilled trades workers at 14plants around the U.S. The company estimates it has 2,000 more skilled trades workers than it needs right now. Skilled trades workers do jobs that need special training, like electrical work and welding.