PRINCE GEORGE, Va. (AP) — Rolls-Royce is opening a new advanced manufacturing and research facility in Prince George County. Gov. Bob McDonnell joined company executives, and local and state officials for the opening of the facility on Monday. The aircraft engine maker said the 180,000 square-foot facility will manufacture one of the most critical engine components.
STOCKHOLM (AP) — Spyker Cars NV said Monday it has secured $88 million (euro59.1 million) in short-term funding for Saab and aims to restart production at the troubled automaker's plant within a week. The company, which bought Saab out of liquidation from General Motors Corp. in January 2010, says it signed a euro30 million convertible loan with investment fund Gemini and will also make a drawdown request to the European Investment Bank for euro29.
LOS ANGELES (AP) — An Italian citizen who ran a California valve company has pleaded guilty to taking part in a conspiracy to bribe foreign government officials and businessmen. The U.S. attorney's office says in a statement that Control Components Inc. Vice President Flavio Ricotti of Bientina, Italy, pleaded guilty Friday to violating the Foreign Corrupt Practices Act and the Travel Act.
BEIJING (AP) — China's manufacturing sector eased in April, a survey showed Sunday, suggesting that the government's efforts to cool the economy may be having some effect. The state-affiliated China Federation of Logistics and Purchasing reported that its purchasing managers index, or PMI, fell to 52.
CAMBRIDGE, Massachusetts (AP) — The founder of audio technology company Bose Corp. is donating most of the privately held firm's stock to the Massachusetts Institute of Technology. MIT is the alma mater of Amar Bose, who at 81 remains the company's chairman and technical director. The Cambridge-based school said on Friday that it will receive annual cash dividends on the shares, when they're paid by Bose Corp.
WASHINGTON (AP) — Manufacturing activity probably increased in April for the 21st straight month, but at a slower pace than in March. Economists forecast that the Institute for Supply Management's index of manufacturing activity will drop to 59.6 in April from 61.2 in the previous month. That would be the second straight drop, a sign the manufacturing sector is cooling off after expanding in February at the fastest rate in nearly seven years.
WASHINGTON (AP) — A group of General Motors employees in Ohio is suing the company and the United Auto Workers, alleging that GM has unfairly denied them full pay and benefits and the union has not fought for them. Twenty-eight employees of GM's Lordstown, Ohio, factory say they have been improperly classified as temporary employees since being hired in October 2006.
DETROIT (AP) — Chrysler has turned its first profit since leaving bankruptcy two years ago. The company reported first-quarter net income of $116 million and revenue of $13.1 billion on Monday. The profit is a milestone in Chrysler's long road back to health after its 2009 bankruptcy. It last reported a net profit in 2006.
SHANGHAI (AP) — Chinese telecommunications equipment maker ZTE Corp. has countered accusations by rival Huawei Technologies of violations of its patent and trademark rights by suing Huawei for alleged infringements of its mobile phone technology. ZTE said in a statement Friday that it plans to use all legal means to protect its own intellectual property rights.
CLEVELAND (AP) — Goodyear Tire & Rubber Co. sold more tires at higher prices in the first quarter, helping it set a company sales record for any quarter and reverse a loss from the first quarter of 2010. Goodyear shares rose more than 10 percent to $17.87 after the opening bell, a new 52-week high.
SANTA ANA, California (AP) — A federal judge in California said Friday that he will deny another request from Toyota Motor Corp. to dismiss lawsuits filed by car owners who claim sudden-acceleration defects were responsible for the value of their vehicles to drop. U.S. District Judge James Selna said in a 30-page ruling that the lawsuits have enough merit to move forward.
COLUMBIA, S.C. (AP) — Several states have joined South Carolina's attorney general in objecting to a federal labor complaint filed against Boeing Corp. for opening a 787 Dreamliner assembly plant in North Charleston. Attorney General Alan Wilson and eight other attorneys general said in a letter Thursday that the National Labor Relations Board's complaint against Boeing hurts the states' ability to create jobs and recruit industry.
RICHMOND, Va. (AP) — Philip Morris USA and other major tobacco companies won a lawsuit Friday filed by 37 Missouri hospitals seeking more than $455 million for treating sick smokers. Philip Morris USA was one of six tobacco companies involved in the lawsuit. The case was filed as the City of St.
DETROIT (AP) — Kia Motors Corp. is recalling more than 58,000 Spectra compact cars registered in cold-weather states because the gas tanks could fall off and cause a fire. The recall affects Spectra LD models from the 2004 to 2007 model years in 20 states and Washington, D.C., the National Highway Traffic Safety Administration said on its website Friday.
PEORIA, Ill. (AP) — Heavy equipment maker Caterpillar Inc. said its first-quarter profit soared more than five-fold as a growing economic recovery boosted demand for the company's mining and construction equipment. The results blew past analysts' expectations and its boosted its outlook for the year.
WASHINGTON (AP) — Americans earned and spent more in March, but much of the extra money went toward more expensive gasoline. Personal incomes rose 0.5 percent last month and consumer spending increased 0.6 percent, the Commerce Department reported Friday. But after adjusting for inflation, spending rose a much more subdued 0.
SHANGHAI (AP) — Chinese manufacturers added workers but saw scant growth in orders in April amid delays in supplies resulting from Japan's earthquake and tsunami. London-based HSBC said Friday its China Manufacturing Purchasing Managers Index remained at 51.8 in April, matching its March level and just above a seven-month low of 51.
SAN FRANCISCO (AP) — Cisco Systems Inc. is giving some of its employees the option to retire early, a move that it hopes will reduce costs. Cisco, in the midst of a restructuring, is trying to re-focus on its core business of selling computer networking gear. Cisco spokeswoman Karen Tillman said Thursday that the networking equipment maker is offering voluntary retirement to some employees in the U.
Even as Microsoft Corp.'s earnings grow at a robust rate, investors can't seem to shake the feeling that the boom days are winding down for the world's largest software maker. The company's fiscal third-quarter results, released Thursday, provided little reassurance despite a 31 percent increase in earnings, exceeding analyst estimates.
WASHINGTON (AP) — The devastating tornadoes that swept across Alabama and other southern states Wednesday caused widespread power outages, shut down several large manufacturing plants and could disrupt the region's fragile economic recovery. Most economists say the setback will likely be temporary.