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DETROIT (AP) — Tesla Motors, which makes a highly acclaimed $70,000 electric car, has paid off a startup loan from the U.S. government nine years early. The Palo Alto, Calif., company said it wired in a $451.8 million payment to the government on Wednesday.
When Martin Rawls-Meehan started making adjustable beds in 2004, it was a foregone conclusion that key parts would be made overseas. But this year, his company, Reverie, began making some of its beds entirely in a factory in New York.
It pays to be in TV. On the list of 10-best paid CEOs of 2012 — the exclusive club inside an already-exclusive club — half are in the entertainment and media industry, according to executive pay research firm Equilar.
Student activists at more than 200 colleges are trying a new tactic in hopes of slowing the pace of climate change: They are asking their schools to stop investing in fossil fuel companies. It is far from certain that the campaign will help change the behavior of fossil fuel companies or public attitudes about climate change.
Several Federal Reserve policymakers this month favored slowing the Fed’s efforts to maintain record-low long-term interest rates as early as June — if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.
Sales of previously occupied U.S. homes ticked up last month to the highest level in three and a half years, helped by a jump in the number of houses for sale.
It was the customer service disaster heard around the Internet. An Arizona restaurateur, fed up after years of negative online reviews and an embarrassing appearance on a reality television show, posted a social media rant laced with salty language and angry, uppercase letters that quickly went viral last week, to the delight of people who love a good Internet meltdown.
Target Corp. reported a 26 percent drop in first-quarter profit as cool temperatures and financial pressures limited customers’ appetite for spending. The company, based in Minneapolis, also cut its annual profit outlook, sending its stock down in premarket trading.
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. Ford Motor Co. said Wednesday that 21 of its North American factories, including its Chicago plant, will shut for only one week this summer.
Stocks closed lower on news that several Federal Reserve policymakers favored cutting back on stimulus programs as early as June if the economy continues to improve. The release of minutes of the Fed’s April 30-May 1 meeting reversed a surge earlier in the day.
DETROIT (AP) — 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.
WASHINGTON (AP) — The White House says President Barack Obama opposes a House of Representatives bill that would speed approval of the proposed Keystone XL oil pipeline from Canada to Texas.
It’s one thing to say tech geniuses don’t need degrees. After all, Bill Gates, Steve Jobs and Mark Zuckerberg all dropped out of college. But now we’ve got David Karp, who doesn’t even have a high school diploma. Karp, 26, founded Tumblr, the online blogging forum, and sold it to Yahoo for $1.1 billion.
Microsoft thinks it has the one. The company revealed the Xbox One, its next-generation entertainment console Tuesday. The console was demonstrated using voice control to switch among watching live TV, listening to music and browsing the Internet, as well as simultaneously running apps.
Apple’s CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.