GM to develop new vehicles for markets

GM to develop new vehicles for markets

DETROIT

General Motors is spending $5 billion over the next decade to develop a new family of Chevrolet vehicles aimed at emerging markets such as China, India, Brazil and Mexico.

The money also will pay for an expanded partnership with Shanghai Automobile Industry Corp., or SAIC, to jointly develop the vehicle family and engine.

Together, GM and SAIC expect to reduce the number of separate vehicle architectures, now about 14 worldwide, to four by 2025, a consolidation that will save money while preserving the flexibility to add or subtract certain features that are more appropriate for specific markets.

Cortland Bancorp declares dividend

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Co., announced that its board of directors declared a quarterly cash dividend of $0.06 per share. The dividend will be payable Sept. 1 to shareholders of record as of the close of business Aug. 10.

United Community declares dividend

YOUNGSTOWN

United Community Financial Corp., holding company of The Home Savings and Loan Co. of Youngstown, announced that the board of directors declared a quarterly cash dividend of $0.025 per common share payable Aug. 18 to shareholders of record at the close of business Aug. 7.

Inflation ticking up

WASHINGTON

Apartment rents are up. So are prices for restaurant meals, haircuts, gym memberships and a cup of coffee.

For American consumers who have become used to flat or even falling prices for several years, an unfamiliar sight has emerged in many corners of the economy: Inflation is ticking up.

The price increases remain modest. And in many cases, they’re canceled out by price declines for other items that are keeping overall inflation historically low. Yet the stepped-up price tags for a range of consumer items are the largest since the Great Recession ended six years ago.

Ford’s income rises 44 percent

DEARBORN, Michigan

Ford Motor Co.’s net income jumped 44 percent to $1.9 billion in the second quarter as global sales rose and customers paid more for new trucks and SUVs with premium features.

Ford pulled off a record quarterly profit of $2.6 billion in North America even though dealerships weren’t fully stocked with its best-selling vehicle, the F-150 pickup. The results bode well for the second half of the year, when Ford’s two U.S. truck plants will be in full production and dealers will have more pickups to sell.

“We are now more confident than ever that we will deliver a breakthrough year,” Ford’s CEO Mark Fields said on a conference call with analysts. Fields said Ford still expects to achieve a pretax profit of $8.5 billion to $9.5 billion this year.

Staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 25.37 .01

Avalon Holdings,2.04.09

Clear Channel, .46 21.18 .08

Cortland Bancorp, 13.60.00

Farmers Nat., .128.22 .07

First Energy, 1.44, 32.82.07

Fifth/Third, .5220.92.07

FirstMerit Corp., .64,19.02 —1.15

First Niles Financial, .32,9.00.00

FNB Corp., .48,13.79—.03

General Motors, 1.2031.36.31

General Electric, .88,26.12.17

Huntington Bank, .20, 11.70.10

JP Morgan Chase, 1.60,68.09.08

Key Corp, .26,14.82.04

LaFarge, 15.75 .00

Macy’s, 1.25, 68.86—1.09

Parker Hannifin, 1.92, 109.72.56

PNC, 1.92,98.18.67

RTI Intl. Metals,28.26—.70

Simon Prop. Grp.,5.20,186.67.90

Stoneridge 10.38 —.24

Talmer Bank, 17.07.01

United Comm. Fin., .04 5.09.09

Selected prices at 4 p.m. Tuesday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.