NATION & WORLD

GM revamps Chevrolet Malibu just one year after makeover

DETROIT — General Motors is hoping that a hurry-up makeover of the Chevrolet Malibu will move it from also-ran to a top performer in the key midsize-car segment.

The company unveiled the 2014 version of the car Friday, hoping it will catch on in the heart of the U.S. auto market now dominated by Toyota’s Camry, Honda’s Accord and Ford’s Fusion.

The rapid revamp comes just a year after the current version of the Malibu reached U.S. showrooms. But it shows how increasing competition is forcing automakers to quickly make changes if their cars don’t catch on with consumers. In midsize cars, the largest piece of the U.S. auto market, the Malibu looks old when compared with new versions of the Fusion and Accord.

Worker is critically injured at mine 2 weeks after collapse

TIMIKA, Indonesia — A worker has been critically injured in an accident at a giant U.S.-owned mine in Indonesia two weeks after the collapse of an underground room killed 28 people.

Mine operator PT Freeport Indonesia says liquid ore material flowed into a truck during maintenance activities on Friday, injuring its driver.

It says the driver has been hospitalized in critical condition.

On May14, the roof of a tunnel inside the Big Gossan facility collapsed, killing 28 of 38 workers who were undergoing safety training in an underground classroom. The company said it was reviewing safety after that accident.

The mine in the resource-rich but impoverished area of Papua province is owned by Phoenix-based FreeportMcMoRan Copper & Gold Inc.

Spending down 0.2% in April as U.S. incomes stayed same

WASHINGTON — Americans cut back on spending in April after their income failed to grow, a sign that economic growth may be slowing.

Consumer spending dropped a seasonally adjusted 0.2 percent in April, the Commerce Department said Friday. That was the first decline since last May. It followed a 0.1 percent rise in March and a 0.8 percent jump in February. A drop in gas prices likely lowered overall spending. Adjusted for inflation, spending ticked up 0.1 percent last month. Still, that was the smallest gain since October.

Consumers also likely spent less to heat their homes last month, which may have reduced spending on utilities. April’s weather was mild after an unusually cold March.

Income was unchanged last month, after a 0.3 percent rise in March and 1.2 percent gain in February. Wages and salaries barely grew, while government-benefit payments fell.

Dell board backs buyout offer from CEO and investment firm

ROUND ROCK, Texas — The Dell board is standing behind a buyout offer from the company’s CEO and founder, and it has asked shareholders of the slumping PC maker to approve the deal in a July 18 vote.

The company’s announcement Friday is the latest volley in a battle with prominent shareholders over the company’s future and Michael Dell’s role in it. Dell directors unanimously recommended an offer from Michael Dell and the investment firm Silver Lake Partners to take the company private for $24.4 billion, or $13.65 per share, according to filings with the Securities and Exchange Commission.

A board special committee told shareholders in an open letter Friday that Michael Dell’s plan was the best option, and that it offered “a very material premium” in a challenging business environment. It noted that the price represented a premium of about 37 percent over the stock’s average closing price in the months before rumors about a potential deal surfaced.

Consumer confidence was at highest level in 6 years in May

WASHINGTON — A measure of U.S. consumer confidence jumped to its highest level in almost six years in May, lifted by rising home prices and record stock market gains. Greater confidence could help revive spending in coming months.

The University of Michigan said Friday that its consumer-sentiment index rose to 84.5 in May, up from 76.4 in April and the highest since July 2007.

A better job market contributed to the rise in consumer optimism. And for the first time in five years, more consumers said their finances had improved rather than worsened.