Business news briefs: Allegheny Valley Bancorp net income declines in '12

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Allegheny Valley Bancorp net income declines in '12

Allegheny Valley Bancorp, parent company of Allegheny Valley Bank, said net income last year fell to $2.5 million, or $2.62 per share, down from $2.9 million, or $3, in 2011.

After increases, Fed says manufacturing output falls

Manufacturing output fell 0.4 percent in January from December, the Federal Reserve said Friday. The decline followed increases of 1.1 percent in December and 1.7 percent in November. Overall industrial production edged down 0.1 percent in January compared with December. Output In mining, the category that covers oil and gas drilling, fell 1 percent.

BMW announces recall of SUVs over oil leaks

BMW is recalling more than 30,000 SUVs to fix an oil leak that can knock out the power-assisted braking. The German automaker says the recall covers X5 SUVs in the U.S. from the 2007 through 2010 model years. The vehicles were made between Sept. 12, 2006, and March 18, 2010. The company will replace a brake vacuum line hose for free. The recall is expected to start this month.

Bribery allegations force stall of Finmeccanica deal

India's Defense Ministry said Friday that it has put a $750 million contract to purchase helicopters from Italian company Finmeccanica on hold amid allegations that bribes were paid to obtain it. The ministry said a formal notice has been sent to Finmeccanica's AgustaWestland helicopter division seeking cancellation of the contract. The company has a week to respond to the notice.

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