US Business News: GM's Volt Losing Money; IPhone News

By: AP
By: AP

DETROIT (AP) -- General Motors is offering big discounts to boost sales of the Chevrolet Volt, an electric car that struggled to attract buyers until its price began dropping early this year.
Discounts run as high as $10,000 per Volt, according to figures from, an auto pricing website. They include low-interest financing and subsidized leases.
Sales of the $40,000 car have quadrupled this year, and set a monthly record in August. They show that Americans, who have been slow to embrace electric cars, are willing to buy them if prices are low enough.
But electrics have a long way to go before they enter the mainstream and generate profits. Electrics and gas-electric hybrids account for 3.5 percent of U.S. auto sales this year. GM is losing thousands of dollars on every Volt.

It was possible to walk into a store Saturday and buy an iPhone 5. But it took some hunting.
Some stores reported having Apple's newest phone available for walk-up customers. But a random check of about a dozen stores indicated that most were sold out.
A Verizon store in New York City said the phone was available. A Sprint store in a suburb of St. Paul, Minn., said all but the most expensive 64 gigabyte iPhone 5s were sold out.
The iPhone 5 went on sale Friday. Apple's website said phones bought online would ship in three to four weeks. Verizon's website said they would ship by Oct. 19.
Apple and the phone companies haven't provided sales figures from the first day. Apple is expected to announce early results Monday.

NEW YORK (AP) -- The Verizon version of the iPhone 5, which went on sale Friday, comes with a secret and unexpected feature: it works on AT&T's network as well.
Confirming blog reports, The Associated Press found that a Verizon iPhone 5 accepts an AT&T "SIM card" -- a chip that identifies a phone to a network. The phone can then be active on AT&T's network.
It's the first time Verizon iPhones have been able to access AT&T's network without complicated hacking procedures. The feature gives Verizon customers the option to switch carriers rather than renewing an expired contract.
It's unclear whether the feature is intended and whether the phones will work with other carriers such as T-Mobile USA.
Verizon Wireless referred questions about the SIM card feature to Apple, which did not respond.

OREGON CITY, Ore. (AP) -- Police say a Nevada man who lost his iPad on an airplane used an app called Find My iPad to locate it inside the Oregon home of a flight attendant.
Officers in Oregon City, outside Portland, arrested 43-year-old Wendy Ronelle Dye Friday evening.
The flight attendant for Horizon Air allegedly told officers that a passenger brought her the tablet saying it was found on a seat. She said she never used the iPad and planned to turn it over to airline officials, but police found some of her personal information on it including her husband's birthday.
Arrangements are being made to return the tablet to its owner in Reno. Dye did not immediately respond to a phone message.
A spokeswoman for Alaska Airlines, which owns Horizon, says Dye was suspended.

HARTFORD, Conn. (AP) -- The U.S. Justice Department is holding summits around the nation to warn people about the mounting number of investment fraud cases.
The first regional conference will take place Oct. 1 in Connecticut. Summits are also planned for later in the month in Cleveland, Nashville, Miami, Denver and San Francisco.
Connecticut's U.S. attorney, David Fein (FINE'), says the weak economy is a factor in the growing problem of investment fraud. He says many defendants use the proceeds not for high-end luxuries but to pay for personal expenses including mortgage and tuition bills.
Victims are typically middle-class, often elderly, and in many cases they lose retirement savings.
Federal prosecutors in Connecticut have announced fraud cases this month including that of a man who cheated clients he met through his church.

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