Business News

GM Accused of Cover-up

U.S. manufacturing output fell in February for the third straight month as automobile production tumbled, pointing to slower economic growth in the first quarter.

Factory production slipped 0.2% last month. Mining output dropped 0.2% and utilities production jumped 7.3%as a cold snap boosted demand for heating. Manufacturing capacity slipped to 77.3% last month from 77.6% in January. (Reuters)

GM is facing some serious allegations of cover up in the faulty ignition switch issue. Sealed documents produced by Delphi Automotive indicate higher-level GM execs knew safety issues with ignition switch existed. The conclusion contrasts from the GM-sponsored report which tied the ignition switch problems to ineffectiveness from lower-level employees. (Seeking Alpha)

The largest company in the world by market cap, Apple showing how important the iPhone is to them. They are planning to launch a new trade-in program to allow non-iPhone users to trade in their non-Apple device for a gift card that can be used to purchase an iPhone. (9to5Mac)

Burlington Coat Stores reported Q4 profits of $94.9 million. The discount retailer posted sales of $1.5 billion. Burlington Stores shares have climbed 21% year-to-date and has more than doubled in the last year. (AP)

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