Gasoline fuels a rise in consumer prices Americans paid sharply higher prices for goods and services in September, the government said, mainly because of the elevated cost of gas. The consumer price index jumped 0.6 percent in September for the second month in a row, the Labor Department said. That's the biggest back-to-back increase in more than four years. Excluding food and gas, core consumer prices rose a much smaller 0.1 percent in September. Core CPI is viewed by the Federal Reserve as a better barometer of long-term inflationary trends because food and energy costs can jump sharply from month to month.
Apple confirms announcement for next week Apple sent out a media invitation to a Tuesday event expected to be the introduction of a new, smaller iPad to compete with Amazon's Kindle Fire and Google's Nexus 7. The invitation, brightly colored with the top of an Apple logo, simply says, "We've got a little more to show you." A smaller and less-expensive iPad would be a logical step by the company to thwart sales of similar tablets by Google, Microsoft and Amazon. Several news outlets reported earlier this month that Apple has already begun production of the device.
Electric-car battery maker files for Chapter 11 A123 Systems Inc., the Waltham, Mass., electric car battery maker that received a $249 million federal grant, filed for bankruptcy protection and said it would sell its assets to Johnson Controls Inc. Johnson Controls plans to acquire A123's automotive business assets in a deal valued at $125 million and will provide financing of $72.5 million to support A123's continued operations. The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed Tuesday in U.S. Bankruptcy Court in Wilmington, Del.
U.S. industrial production rose last month U.S. manufacturers churned out more appliances, clothing and construction supplies in September, indicating a mainstay of the early part of the economic expansion is regaining its footing. Output at factories, mines and utilities rose 0.4 percent, beating the median forecast of economists surveyed by Bloomberg, after a 1.4 percent drop in August that was the biggest since March 2009, according to data from the Federal Reserve. Manufacturing, which makes up 75 percent of total production, climbed 0.2 percent last month after falling 0.9 percent in August, the Fed report showed.
Microsoft reveals pricing for Surface tablet Microsoft Corp. will sell its first computer, a device called Surface RT, for as little as $499 as the software maker pushes into the tablet market dominated by Apple Inc.'s iPad. The first iteration of the device, powered by a chip with technology from ARM Holdings PLC, will be available as a 32- gigabyte model for $499, the company said. With a black cover, it will cost $599, and a 64-gigabyte version will be $699. The machine goes on sale Oct. 26, and Microsoft began taking a limited number of early online orders Tuesday.
Murphy Oil to spin off most of its business Murphy Oil Corp. plans to spin off its U.S. refined fuels business, which provided 85 percent of its 2011 revenue, after hedge fund Third Point LLC said the company should shed assets. The spinoff includes distribution terminals and ethanol plants, according to a statement. The El Dorado, Ark.-based company plans to complete the reorganization next year. Murphy will retain its British oil refinery, which has been on the block since since 2010, until it can sell the plant. After the spinoff, Murphy will become an oil and natural gas producer with operations concentrated in the U.S., Canada and Malaysia.
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