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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

DETROIT - The U.S. automaker General Motors filed for bankruptcy Monday as part of a government-led plan to restructure the struggling 100 year-old company.
The company filed for court protection from creditors after spending months trying to restructure its business plan to become more profitable.
Despite receiving billions of dollars in government aid, GM has failed to […]

WASHINGTON - Struggling U.S. carmaker General Motors is reported to be planning to close most of its factories for as long as nine weeks during the upcoming summer season in the middle of this year.
Various news reports say the decision was made because the company is facing low demand and a growing inventory of unsold […]

WASHINGTON - The worst global slump in auto sales in 50 years has led to car makers in Europe, Japan and the United States to seek assistance from their governments. 
Car sales have not declined this sharply since the recession year of 1958.  In the United States, sales in February were down 41 percent from the […]

NEW YORK - U.S. officials have authorized China’s second-largest bank to open its first branch in the United States.
The Federal Reserve - the U.S. central bank - on Monday approved an application by China Construction Bank to set up a branch in New York city. The Federal Reserve issued a statement saying the branch is […]

WASHINGTON - Some long-promised help is finally available to the so-called “Big Three” U.S. automakers. 
U.S. government officials said Thursday General Motors, Ford Motor Company and Chrysler can now apply for $25 billion in loans.
Congress approved the program last month, but the U.S. Energy Department only set out rules for participation late Wednesday night. The loans […]

WASHINGTON - The biggest U.S. automaker says it will eliminate another 1,500 jobs because of sagging demand for new cars.
General Motors made the announcement Thursday, saying the cuts will come at plants that build trucks, large cars and a plant that produces a two-seat roadster.
U.S. auto sales fell by almost one-third in September with the […]

HOUSTON - The price of oil has dropped around 20 percent in recent weeks, but remains more than double what it was just a couple of years ago. The high price has given oil companies the incentive to revisit old fields long ago abandoned as unprofitable. New technology has made it possible to extract more […]

WASHINGTON - Oil prices have plummeted for a second day in a row, following a report on U.S. oil inventories.
The price of crude oil in New York dropped more than $6 in trading Wednesday, falling below $133 a barrel.
The movement followed a U.S. Energy Department report saying the country’s supplies of crude oil rose by […]

WASHINGTON - U.S. Energy Secretary Samuel Bodman says fuel price subsidies are not the remedy for rising oil prices.Bodman told reporters in Aomori Japan Saturday that although global demand for oil is increasing, oil production has been capped at 85 million barrels a day for the last three years. He called for an increase in […]