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WASHINGTON – A group of businessmen Monday launched a coalition to urge the federal government to make a major investment in electric transportation, pointing to electric cars as the best way to confront the nation’s dependence on imported oil.
Top executives with more than a dozen companies, including Nissan Motor Co., Fedex Corp., electric utility PG&E Corp. and battery developers A123 Systems Inc. and Johnson Controls-Saft, announced the formation of the Electrification Coalition to lay the groundwork for millions of electric cars to reach U.S. highways.
The coalition wants Congress to pass a series of tax credits and loan guarantees to bring 14 million electric cars to the road by 2020 and more than 100 million by 2030. The group’s blueprint would cost more than $120 billion over eight years.
Profit fell 30 percent at Lowe’s Cos. in the third quarter as customers continued to delay large purchases amid a weak economy. But the home-improvement retailer says some of the hardest-hit home markets are stabilizing.
Profit in the quarter ended Oct. 30 was $344 million, or 23 cents per share, down from $488 million, or 33 cents per share, in the same quarter last year. Results in the latest quarter included one-time costs related to closing some stores and no longer pursuing some future stores, as well as a tax benefit. Excluding those items, profit was 24 cents per share, matching analyst expectations.
PNC Financial Services Group Inc. on Monday released a schedule for converting National City Bank branches acquired last year to PNC Bank branches.
National City branches in northeast Indiana will change names in June, PNC said in a written statement. PNC begins mailing conversion information to customers four to five months before it takes place, the company said.
About 240 branches and 1.8 million customers have been converted. An additional 1,100 branches and 3 million customers remain for the coming three conversion phrases. Northern Ohio branches will be converted in April.
The completed acquisition makes PNC the nation’s fifth-largest bank based on deposits and branches.
A Bryan, Ohio, candy manufacturer will be included Dec. 4 on a Food Network series.
Spangler Candy Canes, the country’s leading candy cane producer, will be featured on an episode of “Unwrapped,” a series that goes inside food manufacturers’ factories and shows viewers how various foods are made. The segment will also include interviews with Spangler executives.
The show includes new footage shot in August and historical trivia about Spangler, which also makes Dum Dum Pops, Saf-T-Pops, Circus Peanuts and other candies. Additional air dates are Dec. 12, 13 and 21.
Troubled auto and home lender GMAC Financial Services said Monday that CEO Alvaro de Molina is stepping down.
Michael A. Carpenter, a member of the company’s board of directors, has been named his successor.
