Obama: Companies can help selves, US

Obama: Companies can help selves, US

WASHINGTON

Pushing his jobs agenda, President Barack Obama made the case Friday that companies can make money and build up the country at the same time. He cited chip maker Intel Corp. as a model of smart investing in education.

Though Republicans in Washington are balking at Obama’s call for more spending on education, the president said Intel’s example has shown that spending on education and worker training is a good investment — even in difficult financial times.

The president spoke during a West Coast swing designed to highlight his vision of making the U.S. more competitive globally. Before the visit, the White House announced that Obama had picked Intel CEO Paul Otellini, who at times has criticized the administration, to serve on a presidential competitiveness council.

Bernanke urges easing of trade gaps

PARIS

Federal Reserve Chairman Ben Bernanke on Friday urged countries with large trade surpluses, such as China, to let their currencies rise in value to help prevent another global financial crisis.

He also called on nations with persistent trade deficits, such as the U.S., to narrow their budget shortfalls and save more.

Both steps would help balance trade and investment flows among countries, Bernanke said in a speech at the G-20 conference in Paris. Many countries worry about speculative money flooding their economies and inflating assets such as real estate or stocks.

Ford plans to team with Russian firm

DETROIT

Ford Motor Co. is teaming up with Russian automaker Sollers to make and distribute cars in Russia, one of the fastest-growing auto markets.

Under a deal announced Friday, Sollers will build Fords at Russian plants, helping to boost a struggling local industry. Ford will have access to a huge market that could bolster its revenues.

Financial details weren’t disclosed, but the automakers said they will have equal stakes in their joint venture called Ford Sollers. Ford declined to give production or sales targets for the venture.

The announcement came shortly after Italian automaker Fiat SpA backed out of a potential partnership with the same Russian company. The unraveling of the Fiat Sollers venture gave Ford an opportunity to step in.

Southwest blames fuel for fare hike

DALLAS

Southwest Airlines Co. is raising fares by $10 for a round trip, saying it needs the money to offset higher fuel costs.

The move Friday was the latest in a series of price increases from major U.S. airlines, most of which are making money after a two-year slump.

Jet-fuel prices have risen about 50 percent to around $2.80 per gallon in the past year. Southwest CEO Gary Kelly says fuel is the only worrisome factor in the airline’s outlook for 2011.

Associated Press