DETROIT (AP) — General Motors is getting into the subprime lending business. And that means taxpayers are, too. But these car loans aren't as risky as you might think. GM, majority owned by taxpayers, is buying a company that makes car loans to shoppers with poor credit. Unlike home loans, though, the risk in subprime auto lending is relatively low and may reward GM.
WASHINGTON (AP) — Computer maker Dell Inc. is paying $100 million to settle civil charges that it fraudulently used payments from Intel to pump up its profits to meet Wall Street targets over five years, the government announced Thursday. Under the settlement with the Securities and Exchange Commission, company Chairman and CEO Michael Dell also agreed to pay a separate $4 million civil penalty.
MONACA, Pa. (AP) — An explosion Thursday at a zinc smelting plant in western Pennsylvania killed two people and injured at least one, authorities said. A worker who initially had been reported missing was among the dead, Beaver County emergency dispatcher Kevin Joy said. The rest of the work force at the Horsehead Corp.
DEARBORN, Mich. (AP) — Ford Motor Co. posted a strong second-quarter profit Friday but trimmed its U.S. sales forecast and predicted weaker results in the second half as the economy slowly recovers. The automaker surprised Wall Street, making $2.6 billion in the quarter as it continued to grab sales from rivals.
WASHINGTON (AP) — For jobless Americans struggling to pay their bills and keep their homes, the restoration of unemployment benefits could keep their crisis from getting worse. The same might be said of the broader economy. The Senate is expected to vote Wednesday to keep providing unemployment benefits for up to 99 weeks to more than 5 million long-term unemployed.
NEW YORK (AP) — Coca-Cola Co.'s second-quarter net income climbed 16 percent as the world's largest drink maker sold more soft drinks and juices in every part of the world except Europe. The Atlanta-based maker of Coke and Sprite left its 2010 guidance unchanged Wednesday but said it remains cautious about meeting its targets.
LITTLE ROCK, Ark. (AP) — A Gerber baby food plant in Fort Smith will get a $90 million upgrade and hire 50 more workers to operate a new infant cereal line, parent company Nestle Nutrition North America announced Tuesday. The plant already employs 650 people and plays an important role in the economy of the city of 84,000.
BRUNDIDGE, Ala. (AP) — The state fire marshal's office says a fire at a go-kart manufacturing plant in Pike County last week was caused by arson. Steve Holmes, a spokesman for the fire marshal's office, said Tuesday inviestigators have discovered the origin and cause of the blaze at the Carter Brothers manufacturing plant, located off U.
MILAN (AP) — The Italian automaker Fiat, which controls Chrysler, on Wednesday reported a return to second-quarter profits on improved sales of agriculture equipment and trucks, and said it may raise its 2010 forecasts. Fiat also said its board approved the plan to separate its industrial vehicle and auto businesses into two distinct companies in order to "give birth" to a global automotive company that will incorporate Chrysler LCC.
FARNBOROUGH, England (AP) — Plane makers notched up more orders on the third day of the Farnborough International Airshow on Wednesday — bringing the tally past $25 billion — as a resurgence in commercial aviation offset the gloom from governments' sharp cuts to defense programs.
by Linda A. Johnson, AP Business Writer TRENTON, N.J. (AP) — A second Johnson & Johnson medicine factory is under scrutiny from federal regulators, while the company struggles to deal with bad publicity and repeated recalls at another factory. The healthcare giant in April shut down a plant in Fort Washington, a Philadelphia suburb, that's now linked to eight recalls of Tylenol and other nonprescription drugs for children and adults.
TOKYO (AP) — Toyota Motor Corp. said Tuesday it has been subpoenaed by a federal grand jury in New York to submit documents related to problems with rods that connect a vehicle's steering system to its front wheels. The world's largest automaker, which is trying to repair a reputation damaged by recalls of millions of cars worldwide since October, said the federal grand jury issued the subpoena to its U.
NEW BRUNSWICK, N.J. (AP) — Healthcare giant Johnson & Johnson on Tuesday posted a 7.5 percent increase in second-quarter income despite ongoing recalls of popular nonprescription medicines keeping sales flat. Still, the maker of Band-Aids, birth control and biotech drugs reduced its profit forecast for the year by 15 cents a share.
MURRAY, Ky. (AP) — Outdoor power equipment maker Briggs & Stratton Corp. is renovating its western Kentucky plant, keeping 640 jobs in Murray. Gov. Steve Beshear was in Murray on Monday for the announcement and said the decision by the company will have tremendous economic impact across the state.
NEW YORK (AP) — A rebound at its financial services business and stabilizing sales of its high-end motorcycles sent Harley-Davidson's net income soaring in the second quarter, but the company cautioned that the market for its two-wheelers will remain challenging this year. Harley, which has been restructuring for more than a year, said worldwide retail sales of its motorcycles fell 5.
WAKO, Japan (AP) — Honda will start selling an electric vehicle as well as a plug-in hybrid in 2012 in the U.S. and Japan, joining the race to manufacture green cars in which rivals have already taken slight leads. The plans were disclosed by Honda Motor Co. President Takanobu Ito at the Japanese automaker's facility in a Tokyo suburb Tuesday.
PARIS (AP) — China has overtaken the United States as the world's largest energy consumer, the International Energy Agency said Tuesday. China immediately questioned the calculation. The Paris-based agency said China's 2009 consumption of energy sources ranging from oil and coal wind and solar power was equal to 2.
VIVIAN, La. (AP) — A new boat manufacturer is coming to the Caddo Manufacturing plant in Vivian. Epic Wake Boats has announced it will use the facility and the plant's workforce to produce its electric and hybrid boats. The Times of Shreveport reports that the company's plans also include producing two electric cars, which are built more for recreation than everyday commuting.
ST. CHARLES, Minn. (AP) — A state investigation into the fire that destroyed North Star Foods in St. Charles pinpointed where the blaze started, but does not answer what caused it to ignite in the first place. The April 2009 fire forced a citywide evacuation of the southeast Minnesota town and left more than 200 people without jobs.
FARNBOROUGH, England (AP) — Arch rivals Boeing Co. and Airbus announced new orders worth almost $13 billion at the start of the Farnborough International Airshow on Monday, raising hopes that the aviation industry is on the way back up after a dire two-year slump. The aerospace market "has come back faster than we expected" and Boeing has twice raised its internal forecasts for the number of orders at the biennial show, said Boeing Commercial Airplanes President Jim Abaugh.