Federal judge decides
to keep GM suit in Ohio
A federal judge ruled Thursday that a lawsuit filed by the United Auto Workers against General Motors over the closing of three plants should be heard in Ohio.
The Warren Tribune Chronicle reported that U.S. District Judge Benita Pearson in Youngstown dismissed GM's arguments that the case should be moved to a federal court in Detroit for convenience. A GM spokesman declined to comment Friday about the ruling.
The UAW sued GM in February over a breach of contract claim while trying to stop it from closing Northeast Ohio's Lordstown assembly plant and transmission plants in White Marsh, Md., and Warren, Mich. Only the Michigan plant remains open.
Uber shares close lower
in initial public offering
After much hype leading up to the largest initial public offering in five years, Uber hit a few potholes on its first day of trading, closing down 8 percent and reflecting lingering doubts about its future prospects for profitability.
The ride-hailing company injected investors with a dose of reality right out of the gate, trading at $42 a share Friday — or nearly 7 percent below its IPO price of $45 on an already volatile day for the markets. Its shares closed at $41.57.
Despite the rocky debut, Uber CEO Dara Khosrowshahi said he was thrilled to complete the IPO, adding that the $8.1 billion that Uber raised in the process would be crucial to its future growth plans.
Gasoline, housing costs
boost consumer prices
U.S. consumer prices increased 0.3 percent in April, led by more expensive gasoline, apartment rents and appliances.
The Labor Department said Friday that the consumer price index climbed 2 percent in the year ending in April. Excluding the volatile food and energy categories, core prices increased 0.1 percent last month and 2.1 percent from a year ago.
Virgin Galactic moves
operations to launch site
Billionaire Richard Branson is moving Virgin Galactic's winged passenger rocket and more than 100 employees from California to a remote commercial launch and landing facility in southern New Mexico, bringing his space-tourism dream a step closer to reality.
Branon said Friday that Virgin Galactic's development and testing program has advanced enough to make the move to near the town of Truth or Consequences.