Financial
GM gets about $343 million for PSA stake PDF  | Print |  E-mail
Written by Associated Press   
Friday, 13 December 2013 11:10

DETROIT (AP) — General Motors Co. got about $343 million for its 7 percent stake in French automaker PSA Peugeot Citroen.

The Detroit company on Friday said that it completed the private placement sale of 24.8 million PSA shares for 250 million euros.

GM bought the PSA stake in March 2012 for $402 million when the companies announced a car-building and purchasing alliance. That means the company will lose about $59 million on the deal.

GM said earlier that the alliance with PSA will continue and will focus on jointly developing vehicles, joint manufacturing, purchasing and logistics.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
GE electrical R&D center opens in southwest Ohio PDF  | Print |  E-mail
Written by Associated Press   
Friday, 13 December 2013 10:45

DAYTON, Ohio (AP) — GE Aviation and the University of Dayton are marking the grand opening of a $53 million electrical power research and development center in southwest Ohio.

State and local officials gathered with leaders of the General Electric Co. unit and the university for Friday's events. First announced in 2010, the Electrical Power Integrated Systems Center is a 138,000-square-foot facility on the UD campus along the Great Miami River. It's expected to potentially employ 150 to 200 researchers over the next five years.

The center will work to develop advanced electrical systems, and can analyze, simulate and test power systems in planes.

GE Aviation in based in the northern Cincinnati suburb of Evendale. The new center is near Wright-Patterson Air Force Base, as well as the University of Dayton Research Institute.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
U.S. wholesale costs fall for third month on cheap gas PDF  | Print |  E-mail
Written by JOSH BOAK, AP Economics Writer   
Friday, 13 December 2013 10:46
WASHINGTON (AP) — U.S. wholesale prices dropped in November for the third consecutive month, pushed down again by cheaper gasoline and lower home heating oil costs. But excluding volatile energy costs, inflation was mostly stable.

The producer price index, which measures prices before they reach the consumer, declined 0.1 percent last month, the Labor Department said Friday. This comes after similar decreases in October and September.

Overall wholesale prices have risen just 0.7 percent in the past 12 months.

Excluding energy and food prices, so-called core wholesale prices increased 0.1 percent in November and 1.3 percent over the past 12 months.

"If you are worried about upside inflation risks, you need to look elsewhere," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Both consumer and wholesale inflation have been running extremely low in the past year. High unemployment and weak wage increases have made it difficult for businesses to raise prices.

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Boeing to shift research jobs to South, Midwest PDF  | Print |  E-mail
Written by DAVID A. LIEB, Associated Press   
Friday, 13 December 2013 07:00

JEFFERSON CITY, Mo. (AP) — Boeing announced Thursday that it is shifting hundreds of jobs to Alabama, Missouri and South Carolina as part of a restructuring of its U.S. research operations over the next two years.

The Chicago-based aerospace company said the reorganization will result in fewer research jobs in Washington state and California and is being undertaken to better meet the needs of its commercial airplane, military and space and security units.

The announcement comes as those same states, and several others, are competing to assemble Boeing's 777X passenger plane — a much-sought-after facility that could generate thousands of jobs.

Boeing spokesman Daryl Stephenson said the restructuring of the company's research operations has been in the works for several years and is unrelated to the new airplane or Boeing's contract negotiations with a Seattle area machinists union.

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