Report: Outlook better for auto suppliers

Washington — After a big rebound among auto suppliers since the collapse of auto sales in late 2008 and 2009, the outlook is favorable through next year, a new report says.

In a report released Wednesday, Standard & Poor's said many suppliers are more profitable than before the downturn, thanks to rising automotive production volumes and the significant cost cuts they implemented during the recession.

The report comes as a number of auto suppliers have been adding jobs in the United States this year and several new auto plants are coming on line.

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Economy gets lift: Layoffs ease, home building up

By DEREK KRAVITZ and CHRISTOPHER S. RUGABER, AP Economics Writers  – Thu Jun 16, 1:48 pm ET

WASHINGTON – Fewer Americans applied for unemployment benefits last week and builders broke ground on more homes in May. The latest data offered some hope that the economy may be improving after hitting a slump in late spring.

Unemployment benefit applications fell to a seasonally adjusted 414,000, the Labor Department said. It was the second drop in three weeks and a positive sign that layoffs are slowing.

Home construction rose last month to a seasonally adjusted annual rate of 560,000 units per year, the Commerce Department said. Economists say the pace of construction is far below the 1.2 million homes per year that must be built to sustain a healthy housing market. Many credit-strapped builders are struggling to compete with low-priced foreclosures.

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Anthem Blue Cross reconsiders fee for credit card payments

By David Lazarus - June 14, 2011
Anthem Blue Cross is backing away from its decision to impose a $15 "convenience fee" on credit card payments.

The move had drawn complaints from customers — and the scrutiny of the California attorney general's office, which looked into whether Anthem may be violating state law after my column on the controversy ran last week.

The fee may violate a state law forbidding businesses from charging a higher price for use of a credit card. Discounts for paying by cash or check are permissible, but not higher rates for plastic.

"We're concerned about this," said Lynda Gledhill, a spokeswoman for Atty. Gen. Kamala D. Harris. "We are going to monitor the situation and make sure health consumers are protected."

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Enterprise Rent-A-Car to recycle motor oil

Enterprise Rent-A-Car and its sister companies have announced a partnership with Universal Lubricants to recycle used motor oil and put it back into action.

Universal will collect the spent motor oil from Enterprise, Alamo Rent a Car and National Car Rental locations, starting with airport service centers in five states. The motor oil company will then re-refine the waste fluid, using it to make Eco Ultra high performance motor oil, which is certified by the American Petroleum Institute.

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