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Tim Devaney

tdevaney@washingtontimes.com

Tim Devaney was a national reporter who covered business and international trade for The Washington Times.

Articles by Tim Devaney

** FILE ** Mary Barra, senior vice president for global product development at General Motors, speaks at the debut of the 2013 Buick Encore at the North American International Auto Show in Detroit on Jan. 10, 2012. (AP Photo/Paul Sancya)

GM’s Barra to be first woman to run top American carmaker

Longtime General Motors executive Mary Barra, currently the company's global product development chief, will be the next CEO of the Detroit-based automaker, succeeding Dan Akerson, who announced Tuesday he will retire next month.

December 10, 2013
FILE - In this Thursday, Jan. 10, 2013 file photo, the logo for General Motors decorates the entrance to a former UPS facility as GM announced plans to open an information technology center in the building, in Roswell, Ga. The U.S. government ended up losing $10.5 billion on its bailout of General Motors, but still says Monday, Dec. 9, 2013 that the alternative would have been much worse. (AP Photo/David Goldman, File)

Treasury sells last shares in ‘Government Motors’

Say goodbye to "Government Motors." The Obama administration announced Monday the Treasury Department has sold its remaining shares in General Motors at more than a $10 billion loss for taxpayers, about five years after providing the country's top automaker with a $49.5 billion bailout in exchange for a majority stake in the company that helped it earn the nickname "Government Motors."

December 9, 2013
Iranian President Hassan Rouhani says Sunday that the nuclear deal with world powers already has boosted the country's economy. "They're ready to buy; they have the money now," said E.J. Miller, founder of the Iran America Chamber of Commerce. (Office of the president of Iran via Associated Press)

U.S. businesses reach out quickly to partners in Iran

As the Obama administration lifts some of the sanctions against Iran as part of the West's nuclear deal with the Islamic republic, some U.S. companies are looking at Iran for possible business opportunities even as skeptics warn that Iran remains an unstable environment for business.

December 8, 2013
"Time is of the essence, and we will continue to move forward as quickly and efficiently as possible," said Detroit Emergency Manager Kevyn Orr after a judge Tuesday cleared the way for the city to proceed with a bankruptcy filing. Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history. Unions trying to preserve the pensions of city workers had objected. (ASSOCIATED PRESS)

‘Momentous day’ for in-debt Detroit

In the ongoing saga of the biggest municipal bankruptcy in U.S. history, a federal judge cleared the way Tuesday for Detroit to declare bankruptcy and shed $18 billion in debt, declaring the Motor City "was and is insolvent" and it is a "foregone conclusion" that it cannot meet its financial obligations.

December 3, 2013
Workers in Central Lake, Mich., prepare apples for shipment. Despite a bumper crop this year in Michigan, China still produced roughly half of the world's crop. Beijing is using its clout to press for expanded access to the long-restricted American market. (Associated Press)

Bye, bye American pie? China wants in on the U.S. apple market.

What's more American than baseball, hot dogs — and Chinese apple pie? China is the OPEC of apples, producing roughly half of the world's crop, and it is using its clout to press for expanded access to the long-restricted American market. But Beijing must first convince the U.S. Department of Agriculture that its apples are safe to eat and will not bring pesticides that could destroy crops and appetites alike.

November 27, 2013
Mythili Raman, Acting Assistant Attorney General of the Criminal Division for the Dept. of Justice, testifies at a Senate Homeland Security and Governmental Affairs hearing about virtual currencies, such as bitcoin, on Capitol Hill in Washington on Monday Nov. 18, 2013. (AP Photo/Jacquelyn Martin)

Bitcoin virtual cash raises real issues

Capitol Hill lawmakers are turning their attention to Bitcoin and other virtual currency websites this week, as they consider how to regulate a new technology that is revolutionizing financial markets around the world.

November 19, 2013
Traders work on the floor of the New York Stock Exchange Monday, Nov. 18, 2013. The Dow Jones industrial average crossed 16,000 points for the first time early Monday and the Standard & Poor's 500 index crossed 1,800 points. (AP Photo/Richard Drew)

Dow surges past 16,000

The Dow topped 16,000 for the first time Monday morning and the S&P 500 also hit a new milestone as Wall Street continued its record run.

November 18, 2013
A U.S. default "would be a tremendous problem," said Hiromasa Yonekura, chairman of the Japan-U.S. Business Council, but he added that Japanese business leaders don't think that will happen. (ASSOCIATED PRESS)

Budget bickering in the U.S. concerns Japanese

The recent federal partial government shutdown and the ongoing bickering in Washington between Democrats and Republicans could scare away potential trade partners in Asia, business leaders say.

November 17, 2013
Regular gas is priced at $ 2.88 per gallon at the Mobil gas filling station Tuesday, Nov. 12, 2013, in Chatham, Ill. U.S. pump prices are the lowest they've been since February 2011. (AP Photo/Seth Perlman)

Drivers getting a break at the gas pump

Gas prices at the pump are falling markedly all around the country, and the Washington area could soon join the growing number of states where the average price of gas is less than $3 a gallon, a level not seen in two years.

November 14, 2013
This Thursday, Nov. 14, 2013, photo, shows the main entrance of the Lockheed Martin plant in Goodyear, Ariz. Lockheed Martin is cutting 4,000 jobs, about 3.5 percent of its workforce, as the defense contractor continues to look for ways to lower costs amid reduced government spending. The Bethesda, Md.-based Lockheed Martin Corp. said Thursday that it will close plants in Arizona, Ohio, Pennsylvania and Texas, as well as four buildings in a California campus, by mid-2015, eliminating 2,000 jobs. (AP Photo/Matt York)

Pentagon cuts mean more layoffs for defense giant Lockheed Martin

In response to declining defense budgets and recent sequestration, Bethesda-based contractor Lockheed Martin said Thursday it is cutting 4,000 jobs — 3.5 percent of its workforce — and closing or downscaling several facilities around the country.

November 14, 2013
FILE - In this Sept. 6, 2013, file photo, President Barack Obama, right, walks with Germany's Chancellor Angela Merkel prior to a group photo of G-20 leaders outside of the Konstantin Palace in St. Petersburg, Russia. Reports based on leaks from former NSA systems analyst Edward Snowden suggest the U.S. has monitored the telephone communications of 35 foreign leaders. The fact that Merkel was among them has been particularly troubling to many in Europe and on Capitol Hill, given her status as a senior stateswoman, the leader of Europe’s strongest economy, and a key American ally on global economics, Iranian nuclear negotiations and the Afghanistan war. (AP Photo/Ivan Sekretarev, File)

Germany sees U.S. as sore loser in trade competition

It just recorded the highest trade surplus in its history, but Germany may find it difficult to celebrate the milestone as Berlin faces growing criticism that the country's prosperity is coming at the expense of its European neighbors and the health of the global economy.

November 11, 2013
** FILE ** This March 17, 2010, file photo, shows a closing Blockbuster stores in Racine, Wis. Dish Network announced Wednesday, Nov. 6, 2013, it will close the remaining 300 Blockbuster locations scattered across the United States. Dish Network expects the stores to be closed by early January. Dish Network says about 2,800 people will lose their jobs. (AP Photo/Journal Times, Scott Anderson, File)

Blockbuster turning off the lights at its movie-rental stores

The demise of movie rental giant Blockbuster marks the end of an era in home entertainment, as the company goes the way of the VHS tapes and VCRs that helped it bring Hollywood into American living rooms in the 1980s and 1990s.

November 6, 2013