Ford moving jobs from Spain to US
DETROIT — Ford is moving production of a popular small engine from Spain to Cleveland as sales of four-cylinder motors rise.
Later this week, Ford will announce a $200 million investment at its factory in Brook Park, Ohio, so it can make the four-cylinder, 2-Liter “EcoBoost” engine, according to a person briefed on the matter. The move will add about 450 jobs at the factory that now employs about 1,300 hourly and salaried workers.
The factory now makes two larger six-cylinder engines.
The person didn’t want to be identified because the official Ford announcement won’t be made until Thursday.
Late payments on credit cards rise
LOS ANGELES — Ramped-up holiday season spending typically keeps some borrowers from making timely payments on their credit cards in the last three months of the year, and 2012 was no exception.
The rate of credit card payments at least 90 days overdue jumped to 0.85 percent in the fourth quarter from 0.78 percent a year earlier, credit reporting agency TransUnion said today.
That’s an increase of about 9 percent. The rate also climbed 13 percent from the third quarter, when it was 0.75 percent.
Much of the growth in late payments on credit cards in the October-December period is because of increased holiday spending.