General Motors says it will invest $220 million at two Ohio factories to build the next-generation Chevrolet Cruze.
The company says the investment in new equipment will preserve more than 5,000 jobs at factories in Lordstown, near Youngstown, and Parma near Cleveland.
GM says the new Cruze will get fresh styling, a nicer interior and better gas mileage than the version on sale now. The compact car now gets 35 to 42 miles a gallon on the highway depending on engine and transmission.
GM wouldnt say when production of the new Cruze will start. The compact is GMs second-best selling car with almost 129,000 sold so far this year. The Lordstown factory has built 500,000 Cruzes since production began in September 2010.
Facebook speeds poky iPhone app
Whats the worst insult you can throw at a fast-moving company like Facebook? Call its iPhone app slow and poky.
On Thursday, Facebook Inc. addressed users who had gripes with its app for iPhones and iPads with the launch of a faster version. Rather than add a slew of new features, the company said it rebuilt the application from scratch to make it speedier and less clunky.
In a recent demonstration at the companys Menlo Park, Calif., headquarters, the new iPhone app opened about twice as fast as the older version. Photos and comments also load faster. Users can now like comments on photos, which wasnt possible with the previous mobile app.
New York Fed sells last AIG securities
The Federal Reserve Bank of New York sold the remainder of the securities that it had bought as part of the rescue of beleaguered insurance giant American International Group during the financial crisis.
On Thursday, the New York Fed said the sale of the securities will result in a net gain to the American taxpayers of $6.6 billion. During the financial crisis, AIG was brought to its knees when it couldnt meet obligations tied to securities that had plummeted in value.
The Fed and the U.S. Treasury stepped in with a package of loans and guarantees totaling $182.5 billion to rescue the New York-based insurance giant from collapse in 2008 and 2009.
As part of the package, the Fed gave out loans and also bought some of the most toxic securities from AIG and its counterparties, which included some of the largest financial firms in the country.
Vietnam bank leader resigns amid probe
The head of one of Vietnams largest banks resigned Thursday amid a police investigation into allegations of illegal trading by its cofounder, igniting fresh fears about the stability of the countrys debt-ridden banking sector.
As banking stocks in the country slumped for a third day, Asia Commercial Bank earlier said some jumpy depositors were withdrawing funds from the institution, but stressed that it had enough money to repay the cash.
The troubles at the ACB began Monday with the arrest of Nguyen Duc Kien, the co-founder of the bank and one of the countrys richest and most well connected tycoons. The news sent stock prices tumbling and the central bank promised emergency funds. It also issued a statement saying that Kiens alleged crimes were not related to the bank, which he longer manages.
The bank announced its chief, Ly Xuan Hai, is cooperating with a police and has resigned.