Briefcase

Cleanup trust deal reached for former GM plant sites

WASHINGTON – The Obama administration has reached a deal on a $773 million environmental trust, the largest of its kind in U.S. history, to clean up dozens of former General Motors sites in 14 states, officials said Wednesday.

The funds will target automotive sites containing hazardous waste that were left shuttered by the auto giant’s bankruptcy last year. About half of the 89 sites covered by the trust are in Michigan, and others are in Indiana, New York and Ohio.

The trust fund, which was proposed in May, was filed with the U.S. Bankruptcy Court in New York and is expected to receive final approval in the first quarter of 2011.

About two-thirds of the properties are contaminated with hazardous materials, so the trust will enable properties to be cleaned up and put on the market for sale.

• Locations: Facilities include former GM plants in Wilmington, Del.; Kansas City, Kan.; Pontiac, Mich.; Flint, Mich.; Lansing, Mich.; and Moraine, Ohio. Other facilities are located in Syracuse, N.Y.; Janesville, Wis.; Indianapolis; Pittsburgh; Fredericksburg, Va.; Muncie, Ind.; Framingham, Mass.; Danville, Ill., and Trenton, N.J.

Associated Press

Sluggish growth also uneven

The U.S. economy grew unevenly in early fall, with more than half the regions of the country expanding modestly while others struggled to grow, according to a new Federal Reserve survey. The survey indicated that the economy isn’t weakening but is growing too sluggishly to drive down high unemployment, now at 9.6 percent. To strengthen growth, the Fed is widely expected to launch a new stimulus program at its Nov. 2-3 meeting.

Associated Press

Earnings roundup

• Boeing Co. saw its third-quarter profit rise as it delivered more commercial aircraft. The rebound from airline buyers is helping offset a sharp slowdown in the defense business. Boeing earned $837 million for the quarter, on revenue of $16.81 billion.

• Morgan Stanley reported a net loss during the third quarter as revenue fell 20 percent and because of some special one-time charges. Even stripping out the charges, adjusted earnings tumbled from the year-ago period.

• EBay Inc. said its third-quarter profit climbed 23 percent, helped by its growing PayPal business.

• Netflix Inc.’s video subscription service won another horde of new fans in the third quarter, overshadowing a rare earnings shortfall. The addition of 1.9 million subscribers seemed to matter far more to investors than an earnings figure that was a penny below analyst estimates.

• Wells Fargo & Co. reported a 19 percent increase in its third-quarter income as losses from bad loans declined.

• American Airlines parent AMR Corp. reported that it earned $143 million, or 39 cents per share, in the third quarter. Analysts expected AMR to earn 32 cents per share.