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Toyota ups orders for hydrogen-powered car in U.S. PDF  | Print |  E-mail
Written by RYAN NAKASHIMA, AP Business Writer   
Tuesday, 07 January 2014 07:17

LAS VEGAS (AP) — Toyota said Monday that it expects to sell more hydrogen-powered electric cars in the U.S. than previously planned.

The car, which Toyota calls FCV for now, uses hydrogen as fuel for a battery and emits only water vapor as exhaust. Toyota said the car will go on sale in the U.S. in 2015. Rival automakers Hyundai and Honda have also said they'd start selling cars with that technology in the U.S. that year.

At the International CES, the technology industry's annual gadget show in Las Vegas, the Japanese automaker said it will focus on selling cars in California at first.

Bob Carter, senior vice president of automotive operations for Toyota Motor Sales U.S.A. Inc., said the U.S. branch of Toyota had recently increased its request for vehicles to sell in the U.S. market. He said that a 95 percent cut in production costs from the initial prototype would help Toyota make fuel cell cars that are "a reasonable price for a lot of people."

Toyota Motor Corp. has promised to sell its fuel cell cars for $50,000 to $100,000, aiming for the lower end of the range.

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Verso Paper buying NewPage in $1.4 billion deal PDF  | Print |  E-mail
Written by Associated Press   
Monday, 06 January 2014 11:56

NEW YORK (AP) — Coated papers maker Verso Paper is buying NewPage Holdings Inc. in a deal valued at $1.4 billion including debt.

Privately held NewPage produces printing and specialty papers.

Verso President and CEO David Paterson said in a statement on Monday that the buyout will put it in a better position to face increased competition. Paterson will lead the combined company, which will have 11 manufacturing plants in six states and sales of about $4.5 billion.

The deal includes $250 million in cash and $650 million of new Verso first lien notes that will be issued at closing. NewPage will also receive Verso shares representing 20 percent of the outstanding stock immediately prior to closing. This amount may be adjusted to up to 25 percent under certain circumstances. The deal also includes the refinancing of NewPage's $500 million term loan.

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Global tech spending seen slipping one pct. in 2014 PDF  | Print |  E-mail
Written by RYAN NAKASHIMA, AP Business Writer   
Monday, 06 January 2014 11:58

LAS VEGAS (AP) — The Consumer Electronics Association estimates that global spending on technology will slip 1 percent in 2014 to $1.06 trillion as the lower average selling price of smartphones and tablets offsets unit growth in markets like China.

The decline is off the peak of $1.07 trillion estimated for 2013.

Steve Koenig, the association's director of industry analysis, issued the forecast at the opening of the annual International CES gadget show on Sunday.

The retreat doesn't reflect less consumer appetite for what Koenig called the "dynamic duo" of tech gadgets. Spending on smartphones and tablets is still expected to account for some 43 cents of every dollar spent on technology this year.

But the average price of smartphones, for example, will fall from $444 in 2010 to an estimated $297 this year, despite the number of smartphones sold rising to 1.21 billion up from 1.01 billion.

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Growing number of seniors caring for other seniors PDF  | Print |  E-mail
Written by MATT SEDENSKY, Associated Press   
Monday, 06 January 2014 07:13

NOBLESVILLE, Ind. (AP) — Paul Gregoline lies in bed, awaiting the helper who will get him up, bathed and groomed. He is 92 years old, has Alzheimer's disease and needs a hand with nearly every task the day brings. When the aide arrives, though, he doesn't look so different from the client himself — bald and bespectacled.

"Just a couple of old geezers," jokes Warren Manchess, the 74-year-old caregiver.

As demand for senior services provided by nurses' aides, home health aides and other such workers grows with the aging of baby boomers, so are those professions' employment of other seniors. The new face of America's network of caregivers is increasingly wrinkled.

Among the overall population of direct-care workers, 29 percent are projected to be 55 or older by 2018, up from 22 percent a decade earlier, according to an analysis by the Paraprofessional Healthcare Institute, or PHI, a New York-based nonprofit advocating for workers caring for the country's elderly and disabled. In some segments of the workforce, including personal and home care aides, those 55 and older are the largest single age demographic.

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