Business Stories



 

Nov 8 2013 AT&T Selling Phone Records To CIA

NEW YORK - The CIA is paying AT&T more than $10 million a year to provide phone records for overseas counter-terrorism investigations, the New York Times reported, quoting government officials.
The No. 2 U.S. mobile service provider is cooperating under a voluntary contract, not under subpoenas or court orders compelling the company to participate, the paper […]

 
 

Jan 19 2012 Eastman Kodak Files For Bankruptcy

WASHINGTON - U.S.-based Eastman Kodak Company, synonymous with photography for more than a century, has declared bankruptcy, eclipsed by the very technology it helped create.
 
The 132-year-old company that once dominated the camera and film industry has not turned a profit since 2007. The appeal of its film and handheld cameras has been overtaken by that […]

 
 

Nov 29 2011 American Airlines Goes Bankrupt

WASHINGTON - American Airlines’ parent company has filed for bankruptcy after failing to secure a deal with pilots to cut labor costs.
 
The nation’s third largest airline said Tuesday it sought bankruptcy court protection to reduce its costs and debt to competitive levels. The airline said normal flight operations will continue during a reorganization.
 
American had been […]

 
 

Oct 26 2011 Boeing 787 Dreamliner Makes First Commercial Flight

HONG KONG - Boeing’s long-awaited 787 Dreamliner landed in Hong Kong Wednesday on its first commercial flight, more than three years after the revolutionary aircraft had been scheduled to go into service.
 
Passengers paid premium prices to be on board for the flight from Tokyo. The plane’s unique design, which uses lightweight composite materials to make […]

 
 

Aug 17 2011 US Tobacco Companies Sue Federal Government

WASHINGTON - Four major U.S. tobacco companies are suing the federal government, saying that forcing them to put graphic warning labels on cigarette packages is unconstitutional.
 
The companies say the new rules violate their right to free speech.
 
An attorney representing Lorillard Tobacco Co. says the government can engage in all the anti-smoking advocacy it wants in […]

 
 

Jan 6 2011 US Oil Industry Seeks To Expand Offshore Drilling

WASHINGTON - The U.S. oil industry is seeking to pressure the Obama administration into reconsidering its decision to limit offshore drilling along U.S. coasts - a decision made following the BP oil spill disaster last year. 
A new study commissioned by the American Petroleum Institute says oil demand in the U.S. will grow by 50 percent […]

 
 

Jun 17 2010 Gulf Oyster Industry Struggles On

NEW ORLEANS - It is a nearly cloudless early June morning on Caminada Bay, Louisiana, aboard a boat surrounded by marshlands and pelicans.
Dolphins appear alongside the boat as 72-year-old Wilbert Collins guides the way through the reefs.
Scanning the horizon, there is no apparent oil sheen. All the eye can see is what appears to be […]

 
 

Mar 31 2010 Boeing Boosts Production Of Airliners

WASHINGTON - U.S. aircraft manufacturer Boeing is boosting production of its large passenger jets to meet increasing demand as the airline industry recovers from recession.  Industry experts say demand will grow in 2010 after falling in 2008 and 2009.  But an aviation consultant says the optimism may be premature. 
After losing nearly $10 billion last year, […]

 
 

Mar 27 2010 Toyota Faces Major Legal Troubles

WASHINGTON - A panel of federal judges in San Diego, California is expected to rule on whether to consolidate a large number of lawsuits filed nationwide against Toyota.
Toyota has been inundated with lawsuits due to safety concerns that have led to the recall of more than eight-and-a-half million vehicles worldwide. Federal judges in California will […]

 
 

Mar 10 2010 Northrop Grumman Drops Bid For Refueling Tankers

WASHINGTON - Northrop-Grumman has given up a lengthy effort to win a huge contract to build the next generation of aerial refueling tankers for the U.S. Air Force.
The contract covers nearly 200 planes and is worth tens of billions of dollars over the next two decades.
Northrop had teamed up with Europe-based Airbus to compete for […]

 
 

Feb 25 2010 Toyota Apologizes For Safety Issues

WASHINGTON - Akio Toyoda entered a packed congressional hearing room to deliver a simple message:
“I am deeply sorry for any accidents that Toyota drivers have experienced,” said Akio Toyoda.
The Toyota CEO acknowledged that the public’s confidence in the company that bears his family name has been shaken, and said he takes “full responsibility” for the […]

 
 

Feb 24 2010 US Lawmakers Outraged At Toyota

WASHINGTON - Outraged U.S. lawmakers are questioning top Toyota executives about the recall of more than eight million vehicles over concerns the cars could accelerate suddenly, putting drivers and passengers in danger. Some even accuse the Japanese auto giant of ignoring the pleas of its customers to investigate problems with runaway cars.
Lawmakers wasted no time, […]

 
 

Feb 4 2010 Obama Touts Clean Energy For Job Creation

WASHINGTON - President Barack Obama wants the United States to move more quickly to increase its reliance on alternative fuels. A presidential panel advocates greater use of biofuels and clean coal technology.
President Obama says the U.S. should depend less on oil and more on so-called clean energy.
He says the country which builds a clean energy […]

 
 

Jan 19 2010 Japan Airlines Goes Bankrupt

TOKYO - Japan Airlines has filed for bankruptcy protection after struggling for years. The largest airline in Asia will continue operating flights but the Japanese government is acting quickly to pull JAL out of its economic mess.
Japan Airline’s bankruptcy filing is one of Japan’s largest corporate failures in decades.
The former state-owned carrier once symbolized the […]

 
 

Jan 13 2010 US Chamber Seeks To Create 20 Million New Jobs

WASHINGTON - The largest business federation in the United States is calling on leaders in government, business and labor to unite around an ambitious goal of creating 20 million jobs over the next decade. 
In his annual state of American business address Tuesday in Washington , U.S. Chamber of Commerce President Thomas Donohue noted encouraging signs […]

 
 

Dec 22 2009 US Retailers Suffer From Winter Weather

WASHINGTON - A massive storm that dumped about a half-meter of snow from Virginia to Maine did more than frustrate motorists.  It added to the woes of retailers that were already bracing for weak holiday sales as the United States struggles to emerge from the deepest and longest recession of the post-World War II era.
The […]

 
 

Dec 16 2009 Boeing 787 Dreamliner Makes First Test Flight

EVERETT - The new Boeing 787 took off for its first test flight Tuesday.
The long passenger plane with slender wings was painted blue and white.  Its engines made a low-pitched whine as it took off and rose quickly into cloudy skies. 
The plane is supposed to be more fuel-efficient, quieter and put out less pollution than […]

 
 

Dec 12 2009 Baghdad Awards Oil Contracts To Foreign Companies

BAGHDAD - Iraq awarded a contract Saturday to Russia’s Lukoil and Norway’s Statoil to develop its gigantic West Qurna Phase Two oil field.
The two companies’ joint bid said they would accept a fee of $1.15 per barrel of oil produced.  The companies proposed a projected output target of 1.8 million barrels per day.
Southern Iraq’s West […]

 
 

Nov 5 2009 Exxon Mobil Awarded Major Oil Contract

BAGHDAD - The Iraqi government has decided to award a contract to develop the prized West Qurna oil field to a consortium led by the U.S. oil company Exxon Mobil.
The Iraqi oil ministry Thursday announced an agreement to give the companies, which include Royal Dutch Shell, a 20-year contract to develop West Qurna. The field […]

 
 

Oct 29 2009 Obama Pay Czar Orders Salary Cuts

WASHINGTON - A top Treasury Department official has ordered pay cuts for the 25 highest-paid executives at seven companies that received government bail-outs.  But he says he doesn’t want broader powers to reduce salaries in the rest of the U.S. financial sector.
Call him the pay czar. That’s what some members of Congress did when lawyer […]

 
 

Oct 28 2009 Largest Solar Energy Plant Might Power 3000 Homes

MIAMI - President Barack Obama traveled to Florida on Tuesday to help unveil the nation’s largest solar power plant. Advocates of renewable energy hope the new plant will spur further development in the field.
Florida energy officials led President Obama through the maze of more than 90,000 solar panels that make up the new energy plant […]

 
 

Sep 11 2009 General Motors Sells Opel To Canadian Firm

PARIS - German Chancellor Angela Merkel hailed today the decision by US auto maker General Motors to sell its troubled German-based Opel unit to a Canadian auto firm.
Chancellor Angela Merkel saluted the decision of Detroit -based General Motors to sell its Opel unit to Magna International at a press conference in Berlin.
Ms. Merkel told reporters […]

 
 

Jul 28 2009 US Launches Cash For Clunkers To Lure Consumers

WASHINGTON - Automakers struggling to lure prospective car shoppers in the depressed U.S. market received a helping hand from the US government Monday. The Department of Transportation’s Car Allowance Rebate System or CARS made its official debut in Washington. Starting Monday, car buyers wishing to trade in their older vehicles for a newer model could […]

 
 

Jul 11 2009 General Motors Emerges From Bankruptcy

WASHINGTON - The U.S. auto giant General Motors emerged from bankruptcy Friday, and GM officials announced extensive changes designed to win back consumers and restore the luster of what has long been one of the country’s most prestigious corporations.  
After 40 days of bankruptcy, Chief Executive Fritz Henderson told a news conference in Detroit, Michigan, that […]

 
 

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