Cost cuts and an improved financial business helped General Electric Co. post its first increase in quarterly profit since 2007, but sales remained sluggish for the industrial giant. The second-quarter results showed that challenges remain for the economy and GE, one of the world's largestindustrial and financial companies.
WASHINGTON (AP) — The once-popular ethanol industry is scrambling to hold onto billions of dollars in government subsidies, fighting an increasing public skepticism of the corn-based fuel and wariness from lawmakers who may divert the money to other priorities. The industry itself can't agree on how to persuade Congress to keep the subsidies, which now come in the form of tax credits worth about $6 billion annually.
PALO ALTO, Calif. (AP) — Toyota Motor Corp. and electric vehicle upstart Tesla Motors Inc. will work together to develop an electric version of Toyota's RAV4 small crossover vehicle, with plans to begin selling it in the U.S. in 2012, the companies announced Friday. Tesla already is working on the electric power system for the RAV4, which looks like a small sport utility vehicle but is based on a car frame.
NEW ORLEANS (AP) — BP finally gained control over one of America's biggest environmental catastrophes by placing a carefully fitted cap over a runaway geyser that has been gushing crude into the Gulf of Mexico since early spring, though no one was declaring victory just yet. Engineers, politicians and Gulf residents will watch anxiously over the next day and a half to see if the cap holds.
TRENTON, N.J. (AP) — Johnson & Johnson said Thursday it will lay off most of the staff at a factory idled over repeated recalls of Tylenol and other popular nonprescription medicines. The healthcare giant said it has decided to make a significant investment in the manufacturing facilities, equipment and laboratories at its plant in Fort Washington, Pennsylvania.
PITTSBURGH (AP) — From the outside, a typical coke plant looks like something from a dystopian science-fiction movie: a maze of metal buildings, pipes, conveyer belts and tall smokestacks belching white puffs of smoke and steam into the air. Inside, there's danger seen and unseen: ovens that heat coal to more than 3,000 degrees, massive steel doors for loading the ovens, moving cars and chutes for coal, and gases that can cause cancer or ignite.
WASHINGTON (AP) — A new White House report says last year's $862 billion stimulus law has now "saved or created" between 2.5 million and 3.6 million jobs. That's up from 2.2 million to 2.8 million in the last quarterly report from the White House Council of Economic Advisers. Christina Romer, head of the council, says in congressional testimony prepared for Wednesday that every $1 from the stimulus bill is matched by $3 in private money.
DETROIT (AP) — The Ford Edge Sport is getting sportier with a new engine swiped from the Ford Mustang. Ford Motor Co. said Wednesday that the 2011 Ford Edge Sport — the high-performance version of the Edge, which is one of the country's top-selling mid-size crossovers — will have the same engine as the Mustang sports car.
NEW YORK (AP) — The Department of Transportation has analyzed dozens of black boxes in Toyota vehicles involved in accidents blamed on unintended acceleration, finding the throttles were open and the brakes were not engaged, the Wall Street Journal reported Tuesday. That suggests that drivers of the speeding cars were stepping on the accelerator rather than hitting the brakes.
DETROIT (AP) — To improve gas mileage, automakers are tweaking cars and trucks between model years, especially in the cost-conscious and popular market for midsize sedans. Honda Motor Co. recently announced changes in its Accord sedan that boosted highway mileage by almost 10 percent from the 2010 to 2011 model years.
DETROIT (AP) — General Motors Co. will guarantee the battery in the Chevrolet Volt electric car for a longer period than its conventional car warranties, according to a person briefed on the plans. GM guarantees conventional car engines and transmissions for five years or 100,000 miles, but will guarantee the Volt battery for longer, the person said, who did not want to be identified because an announcement was scheduled Wednesday afternoon at the company's battery pack assembly plant south of Detroit.
WICHITA, Kan. (AP) — Authorities say five men were taken to hospitals after being burned at an asphalt plant in Wichita. KFDI reports two of the men were flown to a hospital with critical burns following the accident Tuesday afternoon at Shilling Construction Co. The other three were taken to hospitals by ambulance.
ALBUQUERQUE, N.M. (AP) — A gunman storming through his former workplace fired without provocation or warning at his first victim, then moved on in a spree that left three dead and four injured, police said Tuesday. A day after the shooting that ended with Robert Reza turning the gun on himself, Chief Ray Schultz detailed the 37-year-old's rampage at solar manufacturer Emcore Corp.
ELKHART, Ind. (AP) — Officials of a northern Indiana city have asked that the "For Lease" sign be taken down from the property where a company announced six months ago that it planned to start making electric cars. Norwegian-based Think Global says it remains committed to opening a factory in Elkhart, although it's still waiting on a decision about a federal loan it has sought.
ST. PAUL, Minn. (AP) — The case of Koua Fong Lee, a Toyota driver imprisoned for a crash that killed three people, has spurred a grass roots movement among people who believe the St. Paul man is innocent. More than 5,500 people have signed up for a "Free Koua Fong Lee" page on Facebook, created by a Los Angeles man.
EDEN PRAIRIE, Minn. (AP) — Tyco Electronics Ltd. says it's acquiring ADC Communications in a deal valued at $1.24 billion. Switzerland-based Tyco, which was spun off from Tyco International, says it will pay $12.75 per share in cash for the networking equipment maker. Shares of ADC, based in Eden Prairie, Minn.
SAN FRANCISCO (AP) — Advanced Micro Devices Inc., the world's No. 2 maker of computer microprocessors, is scheduled to report its second-quarter results Thursday after the market closes. WHAT TO WATCH FOR: Many investors are worried about the strength of the personal computer market with economic troubles in Europe and concerns about slowing demand in China.
RAVENSWOOD, W.Va. (AP) — Union workers called off a planned strike at the Alcan Rolled Products aluminum rolling mill in Ravenswood on Monday. Some 700 members of the United Steelworkers had been scheduled to walk off the job Tuesday. But Local 5668 rescinded its strike notice in response to an offer Sunday by Alcan to continue talking, representative Randy Moore said.
WASHINGTON (AP) — The U.S. trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing. The trade deficit increased 4.8 percent to $42.3 billion, the largest imbalance since November 2008, the Commerce Department reported Tuesday.
DETROIT (AP) — Corvette owners could soon be revving up an engine they built with their own hands. General Motors Co. said Monday that buyers who order a 2011 Corvette Z06 or ZR1 can help assemble their cars' high-performance LS7 and LS9 engines. The automaker believes the program is the first of its kind in the industry.