DETROIT— Automakers and governments are releasing the models covered by a massive expansion of a Takata air bag recall announced last week. Millions of Takata air bag inflators can explode with too much force, spewing metal shrapnel into drivers or passengers. Last week the U.S. National Highway Traffic Safety Administration said that Takata agreed to double...» Read More
John Mica, R- Fla., chairman of the House Transportation and Infrastructure Committee, has accused Amtrak of "Soviet-style" inefficiency and held several hearings devoted to criticism of the railroad.
TOKYO-- China's central bank governor and finance minister won't be attending IMF and World Bank annual meetings in Tokyo this week, a Japanese official said Wednesday _ cancelations that come as the two Asian giants remain at odds over a cluster of tiny islands both claim.
TAIPEI, Taiwan-- Commemorating the founding of the Republic of China, Taiwan President Ma Ying- jeou has pledged greater efforts to fix the island's economy, now limping along at about a 2 percent annual growth rate. Over the past several months, Taiwan's high-tech economy has been battered by slowing demand in Europe, North America and China, its main export market.
BANGKOK-- Worries about Europe's debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent Asian stocks down on Wednesday. International Monetary Fund said Tuesday that Spain's economy _ already in double-dip recession _ will contract by 1.3 percent next year _ more than double its previous prediction.
WASHINGTON-- The Obama administration is preparing to warn car owners whose air bags have been replaced in the past three years that dangerous counterfeit bags may have been installed, according to auto industry officials who have been briefed by the government.
VARIETY SOLD: Penske Media Corp., the owner of the snarky entertainment website Deadline, has purchased venerable show business publication Variety for $25 million from Reed Elsevier Group PLC.
JACKSONVILLE, Fla.-- CSX Corp. will be the first major freight railroad to release third-quarter earnings when it reports next week, so investors will be looking for clues about the health of the industry and the economy.
SEATTLE-- A Michigan woman dying of leukemia says she hopes her embarrassment during a Seattle airport security pat-down might change the way the Transportation Security Administration treats travelers with medical conditions. Dunaj, 34, was making what she expects will be the last trip of her life on Oct. 2 as she traveled through Seattle en route to Hawaii.
WASHINGTON-- Auto industry officials say the government is preparing to warn car owners whose airbags have been replaced in the past three years that dangerous counterfeit bags may have been installed.
The soda company is partnering with the boy band and NFL star Drew Brees for an ad that will debut this week. PepsiCo Inc. increased its media spending in the United States by more than 40 percent during the second quarter compared with a year ago. In the past, Pepsi has filmed ads with Michael Jackson, Britney Spears and Beyonce.
Moody's Investors Service will scrutinize the ratings of various types of bonds in 30 California cities. "California cities operate under more rigid revenue raising constraints than cities in many other parts of the country," Eric Hoffmann, who heads Moody's California local government ratings team, said in a statement. "
There has been some speculation recently that Alcoa might better off if it were divided into separate, distinct businesses. Alcoa Chairman and CEO Klaus Kleinfeld discussed the idea Tuesday during a call with analysts to review the company's third-quarter results.
COLUMBUS, Ind.-- Indiana- based engine maker Cummins Inc. plans to cut as many as 1,500 jobs by the end of the year. The Columbus- based company has factories in Indiana, Minnesota, New Mexico and North Carolina, and several overseas.
STUTTGART, Ark.-- The nation's top agricultural negotiator said Tuesday that he expects farm exports to be down between $1 billion and $2 billion this year because of the drought. He added that he doesn't believe a one-year dip would lead to a lasting slowdown in sales to Asia, where China is a major buyer of U.S. dairy and meat, or elsewhere.
WASHINGTON-- President Barack Obama has signed an executive order that carries out new sanctions against Iran that Congress approved and that he signed this summer. The sanctions seek to deter Iran from pursuing a nuclear weapons program.
SLIDING: Oil giant Chevron Corp. said Tuesday that third-quarter earnings will be "substantially lower" than in the second quarter. In addition, results from refining and marketing dropped off as a fire damaged Chevron's refinery in Richmond, Calif., and Hurricane Isaac disrupted production at a refinery in Mississippi.
YUMMY: Third-quarter profit at Yum Brands Inc. rose 23 percent, thanks to rebounding profit growth in China and strong demand in the U.S. at its Taco Bell, Pizza Hut and KFC chains. CHINESE FOOD: Third-quarter operating profit rose 22 percent in China. Yum expects to open at least 750 new restaurants in China this year, up from its prior forecast of 700 new stores.
BY THE NUMBERS: Alcoa reported a third-quarter loss of $143 million, or 13 cents per share, largely on one-time charges. WHY IT MATTERS: Alcoa produces aluminum for a wide range of businesses. ECONOMIC EFFECT: Alcoa lowered its 2012 forecast for growth in global aluminum demand to 6 percent from 7 percent, citing China's economic slowdown.
Alcoa Inc. has slightly lowered its aluminum demand expectations for the rest of the year largely because of China's economic slowdown. Alcoa, which makes aluminum for a wide range of businesses, predicted aluminum demand would grow 6 percent this year, down from 7 percent in the previous quarter.