An $800 million expansion of a Toyota assembly plant will add 2,000 more jobs and help to increase the number of vehicles Toyota builds in North America by 200,000 to 1.45 million in four years.
Toyota officials said many details about the expansion at the Toyota Motor Manufacturing Indiana Inc. had not been worked out. The company did not say what models will be built there or when building construction or vehicle production will begin.
Earlier this month, the Nihon Keizai newspaper in Japan, citing unnamed sources, reported that Toyota will build Sienna minivans at a new Indiana factory starting in 2002.
The Toyota factory in Gibson County, about five miles south of Princeton, started producing the new Tundra full-size pickup truck a year ago and already has an expansion under way to begin making a new SUV, the Sequoia.
Sports stars launch Web site
CHICAGO (AP) -- Three legendary sports figures -- Michael Jordan, John Elway and Wayne Gretzky -- are teaming up to dispense advice and peddle sports and outdoor equipment on the Internet.
The three retired sports stars announced the formation of MVP.com today. The Web site will be based in Chicago and will launch in January.
Elway, last year's Super Bowl MVP for football's Denver Broncos, will serve as chairman of the company. Jordan, the recently retired basketball superstar for the Chicago Bulls, and Gretzky, the retired National Hockey League scoring champion, are investors.
The broadcaster CBS Corp. will provide $85 million in advertising and promotion over four years in exchange for an equity stake in the company.
WHX buys stake in Bethlehem Steel
NEW YORK (AP) -- WHX Corp., the steel company run by financier Ronald LaBow, has acquired a stake in Bethlehem Steel and is weighing its options with respect to the country's second-largest steel company.
WHX, which owns the steel fabrication company Wheeling-Pittsburgh Steel Co. and other companies, has purchased 2 million shares of Bethlehem Steel. While the investment represents just 1.6 percent of Bethlehem's shares, WHX may have bigger plans.
LaBow has notified antitrust regulators that WHX may acquire 15 percent or more of Bethlehem Steel.
A spokeswoman for Bethlehem, which is based in Bethlehem, Pa., said the company maintained a line of communications with all of its shareholders, but would not comment specifically on the WHX announcement.
T-bill yields hit four-year high
WASHINGTON (AP) -- The Treasury Department sold $9 billion in three-month bills at a discount rate of 5.400 percent, up from 5.210 percent last week.
An additional $8 billion was sold in six-month bills at a rate of 5.600 percent, up from 5.410 percent.
The new discount rates understate the actual return to investors -- 5.566 percent for three-month bills with a $10,000 bill selling for $9,863.50, and 5.859 percent for a six-month bill selling for $9,716.90.
Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 5.85 percent last week from 5.69 percent the previous week.
In other business news
General Motors Corp. announced a deal Monday with Honda Motor Co. that could result in some Honda engines ending up under the hood of GM vehicles sold in the United States. Under the agreement, Honda would provide low-emission V6 engines and automatic transmissions to the world's largest automaker, said Arv Mueller, group vice president of GM's engine division. In return, Honda would buy diesel engines through GM subsidiary Isuzu Motors Corp., most likely for use in Europe.
Ford Motor Co. said Monday it would send a team to South Korea in January to investigate a purchase of the ailing Daewoo Motor Co. While Ford has expressed an interest in Daewoo in the past, rival General Motors Corp. has already made a preliminary proposal to buy the automaker's Korean operations as well as plants in other countries.