May 22
US auto factories cutting back on summer downtime
Detroit auto factories are forgoing their traditional two-week summer break and speeding up production to meet buyers' growing demand for new cars and trucks.
Thursday, May 23, 2013
Detroit auto factories are forgoing their traditional two-week summer break and speeding up production to meet buyers' growing demand for new cars and trucks.
The International Monetary Fund has called on Britain to do more to support the economic recovery, urging the government Wednesday to speed up investment in infrastructure and come up with a plan to privatize its bailed out banks.

The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and trucks.
Detroit auto factories are forgoing their traditional two-week summer break and speeding up production to meet buyers' growing demand for new cars and trucks.

Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs.

Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people accountable.

Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

Home Depot Inc.'s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring.
Merck & Co Inc. said it will repurchase $5 billion worth of its common stock under an accelerated share repurchase agreement with Goldman Sachs & Co.
Gold prices sank Wednesday as traders weighed the possibility that the Federal Reserve will start paring back its support for the economy in the coming months.
The price of oil fell Tuesday as investors waited for the Federal Reserve's latest views on the U.S. economy.
Japan's trade deficit widened to a larger-than-expected 879.9 billion yen ($8.6 billion) in April as its weakening currency accentuated surging import costs.
Shareholders at JPMorgan Chase voted to let Jamie Dimon, the chairman and CEO of the nation's largest bank, keep both his jobs Tuesday. Dimon also received strong support to be re-elected to the bank's board.
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Herbalife Ltd. says it has hired PricewaterhouseCoopers to be its new auditor.
Revel, a brand new but struggling Atlantic City casino, has formally emerged from bankruptcy.
General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs.
The chief executive of aerospace giant United Technologies Corp. is optimistic about an improving economy and airline industry.

Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve.

Stocks are moving higher after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its massive economic stimulus programs.
Volkswagen is replacing the fuel tank covers on more than 200,000 of its diesel vehicles sold in the U.S. and Canada to remind owners to fill their tanks with diesel - not gasoline.

The man charged with reviving France's shrinking economy and attracting businesses to invest here is gaining a reputation for doing the opposite.
U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations.

U.S. stock futures are rising with the nation's central bank seemingly committed to ushering along a financial rebound and the housing market nearing an important milestone.

Stocks are moving higher Wednesday morning after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its massive economic stimulus programs.