Pittsburgh Reinvents Itself Through Green Economy
from The Associated Press via Philly.com
The city whose sprawling steel mills and smoky skies once symbolized America's industrial might has gone "green." Pittsburgh's emphasis on green recovery was one reason it was able to land the Group of 20 global economic summit next month. "Pittsburgh was a city that had some real dire necessity there because of the loss of old industrial jobs, and they were forced to reinvent themselves," said Glenn Croston, author of 75 Green Businesses. "We need a future, and this is something that will be around not just for tomorrow, but for many decades."
Rio Tinto's Spying Cost Steel Industry $102 Million, China Says
Rio Tinto Plc spied on China's steelmakers for six years, costing them $102 billion in excessive charges for iron ore, according to a report published on a Chinese government-run Web site. China, destination for half the $52 billion global seaborne trade in iron ore, has detained four members of Rio's Shanghai team, including Australian Stern Hu, on charges they stole state secrets.
ArcelorMittal Confirms Strike at Mexico Steel Plant
ArcelorMittal, the world’s largest steelmaker, confirmed that a strike began at its plant in Lazaro Cardenas, Mexico. Workers at the plant in the state of Michoacan were offered a 7 percent wage increase, company spokesman Ricardo Guzman said in an interview. The mining and metalworkers' union is asking for a 9 percent increase.
Firm Bets on U.S. Market, Will Bring Italian Style
from The Detroit Free Press
While much of the global auto industry focuses on China, Roland Martin is betting on America. "I believe in the American economy," the Austria-born Martin said. "You can't build a company's future only on Chinese customers." Martin left Italian car designer Stile Bertone and started his own company this year to put his money where his mouth is.
GM Chief Executive Promises 'a New Era'
from The Financial Post via The Vancouver Sun
General Motors roared out of bankruptcy protection with a new corporate structure, a stronger balance sheet, and a pledge by its short-spoken chief executive to break definitively with past blunders that turned what was once the world's biggest automaker into an industrial invalid. That includes a trial with Internet auction company eBay Inc. in California allowing people to bid on new vehicles and purchase them at a set "buy it now" price.
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Impact of Turbines: Financially, It's 'Enormous'
from The Indianapolis Star
From his dining room table, Bruce Buchanan can see three giant wind turbines looming above his Indiana corn and soybean fields a couple of thousand feet away. Among the first Indiana residents to experience life near industrial wind turbines, Buchanan has yet to arrive at a final judgment of his 260-foot-tall neighbors, which went operational in March.
Boeing 787 Dreamliner Schedule Still a Dream
The economic slowdown may mean that some companies waiting on Boeing's next-generation, long-range composite fuel miser, the 787, are happy to continue waiting -- but with the aircraft already two years behind schedule the company's late-stage wing redesign is adding complications.
Bidder for Eclipse Assets Makes Play
from Aviation Week
Eclipse Aerospace, Inc, a firm founded by Eclipse 500 owners Mason Holland and Mike Press, has filed a $40-million "stalking horse bid" for the assets of insolvent Eclipse Aviation Corporation. The proposed asset purchase agreement offers $20 million in cash and $20 million in new notes as a starting bid in an August 2009 asset auction, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware.
Banks, Autos Slide in Europe
European trading started the week on a muted note, wiping out gains made Friday after non-farm payrolls data for the U.S. in July rekindled recovery hopes for the world's biggest economy. Banks and automakers were especially feeling the heat.