Independence Day

Updated: Saturday, August 3 2013, 12:38 AM EDT
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KALAMAZOO, Mich. (NEWSCHANNEL 3) - On this day, 237 years ago, a group of men gathered in Philadelphia's Independence Hall and resolved to risk everything they had to chart the course for what has become the United States of America.

Tonight, in Tom's Corner, Tom Van Howe says that it's easy to forget between brats, parades, and fireworks, the incredible courage shown by the signers of the Declaration of Independence.

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It was a moment of truth on a hot Philadelphia day.

Hostilities between the King's armies and navies and whatever forces the colonies could muster had been going on already for a year. The King had proven himself ruthless and efficient.

The attitude in England was basically that the colonies should be dealt with quickly and brutally to bring them under control.

And on that July day, a document written by Thomas Jefferson, and edited heavily by the others, was placed on the table before them.

It began with... "When it the course of human events it becomes necessary for one people to dissolve the political bands which have connected them to another...," and went on denounce King George for taxation without representation, for his denial of civil liberties, for his use of Indians to make war on the colonists, and renounced allegiance to the British crown.

It went on to establish the theory of government on which the United States would be founded—on the right of "life, liberty, and the pursuit of happiness."

It was a Declaration of Independence. An treasonous act if ever there was one.

So there they stood—12 delegates to that Continental Congress knowing full well that to sign it meant they were risking their lives, their families, and their personal fortunes for an ideal they believed in.

In every way they were solemnly thumbing their noses at the most powerful country in the world.

As if to punctuate the gravity of the moment, when it came Ben Franklin's turn, he bent at the waist, pen in hand, and said quietly, "we must all hang together, or assuredly we will hang separately."

A month later, a total of 56 men had signed the document—a document that gave birth to a new nation. And a number of them over the course of the next eight years of the Revolutionary War did, indeed, lose everything they had. But the die was cast.

One of the signers, of course, was John Adams. The next day, in a letter to his wife, he said, "The day should be solemnized with pomp and parade, with games, sports, guns, bonfires and illuminations from one end of this continent to the other from this time forward and forever more."

"I am well aware of the toil and blood and treasure that it will cost us to maintain this declaration," he said. "Yet through all the gloom, I see rays of ravishing light and glory. I can see that the end is more than worth all the means...and that posterity will triumph."

That was 237 years ago. It wasn't easy then, and it isn't easy now.

Sometimes, I worry that our country has lost its way.

But if we can reclaim even a fraction of  Adams' optimistic perseverance, there is no obstacle we can fail to overcome.

So tonight—if you can—find a quiet moment, before or after  your favorite fireworks program, gather your friends, and offer a cosmic toast to that small group of men to whom we owe so much.

Happy Fourth of July.

In this corner, I’m Tom Van Howe.
Independence Day
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Business News

Last Update on April 24, 2014 17:31 GMT

UNEMPLOYMENT BENEFITS

WASHINGTON (AP) -- The number of people seeking U.S. unemployment benefits surged 24,000 to a seasonally adjusted 329,000 last week, though the gain likely reflected temporary layoffs in the week before Easter.

The Labor Department says the four-week average of applications, a less volatile number, rose 4,750 to 316,750. The four-week average fell two weeks ago to its lowest level since October 2007, two months before the recession began.

Applications can be volatile around Easter, because many school systems temporarily lay off bus drivers, cafeteria workers and other employees during spring break. Some of those workers file for unemployment benefits.

Despite the volatility, applications have generally been declining in recent months, a hopeful sign for the job market. Three weeks ago, applications fell to 301,000, the lowest level in nearly seven years.

DURABLE GOODS

WASHINGTON (AP) -- Orders to U.S. factories for long-lasting manufactured goods posted a solid gain for the second straight month in March. A key category that signals business investment plans increased at the fastest pace in four months.

The Commerce Department says that orders for durable goods increased 2.6 percent in March following a 2.1 percent rise in February. Those back-to-back gains followed two big declines in December and January which had raised concerns about possible weakness in manufacturing.

Demand for core capital goods, considered a good guide for business investment plans, rose 2.2 percent in March after a 1.1 percent drop in February. It was the best showing since a 3 percent rise in November.

Manufacturing seems to be recovering after a cold winter disrupted business activity.

JAPAN-US-TRADE

TOKYO (AP) -- Talks between the United States and Japan on a Pacific Rim trade pact have halted for now without any resolution in sight, spoiling plans for a showcase deal during President Barack Obama's visit to Tokyo.

Economy minister Akira Amari, Japan's top negotiator, said too many issues remained unresolved and further working-level talks will be needed to reach a market-opening pact as part of the Trans-Pacific Partnership.

Amari told reporters Thursday that no end was in sight. He described the negotiations as in a "tough situation."

The two sides had hoped to proclaim a broad agreement or at least significant progress during Obama's visit, which ends Friday.

A Japan-U.S. deal is seen as crucial for talks among the other 10 countries participating in the U.S.-led initiative to move ahead.

EARNS-GENERAL MOTORS

DETROIT (AP) -- General Motors says first-quarter profit fell 86 percent as a series of recalls dragged down its earnings.

GM had a net profit of $125 million, the company's worst quarterly performance since it posted a net loss after leaving bankruptcy protection in 2009.

The Detroit automaker says it took a $1.3 billion charge for recalling about 7 million vehicles worldwide. The company also incurred $300 million in restructuring costs, mostly in Europe. And it took a $419 million charge due to a change in the way it values Venezuela's currency.

GM made 6 cents per share, down from 58 cents per share a year ago.

Excluding one-time items, GM made 29 cents per share, far above Wall Street estimates of 3 cents per share.

EARNS-CATERPILLAR

Caterpillar 1Q profit climbs 5 pct, forecast rises

Caterpillar's first-quarter earnings climbed 5 percent and the construction equipment maker raised its 2014 forecast. But the company also says a mining equipment sales slump is still hurting results.

The Peoria, Ill., company says it now expects 2014 earnings of $6.10 per share excluding restructuring costs. That's up from its previous forecast for $5.85 per share.

Analysts expect $5.72 per share, on average.

Caterpillar Inc. says it earned $922 million, or $1.44 per share, in the quarter that ended March 31. That compares to $880 million, or $1.31 per share, last year.

Earnings totaled $1.61 per share, excluding restructuring costs. Total revenue was nearly flat at $13.24 billion.

Analysts forecast earnings of $1.21 per share on $13.09 billion in revenue.

EARNS-UPS

DALLAS (AP) -- First-quarter revenue at UPS slumped 12 percent as winter storms increased costs for the shipping giant and cut into its revenue.

The Atlanta company says the rough start to the year means that full-year earnings will come in at the low end of earlier forecasts.

UPS posted earnings of $911 million, or 98 cents per share, well short of the $1.08 that Wall Street was looking for, and less than the $1.04 billion, or $1.08 per share, it reported a year earlier.

UPS says winter storms reduced operating profit by $200 million as costs rose.

Revenue rose 2.6 percent to $13.78 billion, but that's still shy of the $13.91 billion that analysts had forecast.

EARNS-AIRLINES

DALLAS (AP) -- Even with the turbulence of severe winter storms and stubbornly high fuel prices, many of the major airlines are cruising and their stock prices are soaring.

On Thursday, American Airlines and Southwest Airlines reported record profits for the first quarter, usually the weakest time of year for the airlines. That followed a rousing report from Delta Air Lines a day earlier.

Still stuck on the tarmac: United Airlines. While rivals were making money, United lost another $609 million during the first three months of the year.

The No. 2 airline company behind American, United Continental Holdings Inc. is struggling to make the 2010 merger of United and Continental work. As costs rise, United is taking in less per mile from passengers -- it's not charging fares high enough to cover expenses.

"This quarter's financial performance is well below what we can and should achieve," conceded United Chairman and CEO Jeff Smisek. He said the airline is taking steps to fix its operations and service to boost financial results.

VACATION FORECAST

ORLANDO, Fla. (AP) -- The frugality of the Great Recession may be history.

Orbitz senior editor Jeanenne Tornatore (jeh-NEEN' TOR'-nah-tor) says the travel website's survey finds 88 percent of Americans plan real vacations this year. She says "people don't talk staycation anymore," as was popular a few years ago. This year's survey finds "people really getting back out, taking these longer vacations and kind of trading up for some bigger destinations."

Tornatore says Orbitz bookings show the Mexican resort of Cancun as the top destination, but most of the other hot spots for fun-seekers are in the U.S. -- with Las Vegas, Orlando, Seattle and Los Angeles rounding out the top five, and Honolulu ranks tenth.

Average airfares are up about six percent from a year ago, according to Tornatore. She urges vacation travelers to shop around for deals, and use rewards points -- they can save big time.

Tornatore says mid-June through late July is the peak summer vacation period, and you should get airline tickets about 60 days in advance. She says if you're planning your vacation during that busy period, "you really want to book now."

MANDALAY BAY CONVENTION CENTER-EXPANSION

LAS VEGAS (AP) -- The Mandalay Bay resort in Las Vegas is planning a $66 million expansion that will boost its convention center from the seventh-largest to the fifth-largest in America.

Company officials said Thursday that the 350,000 square feet of new exhibit space will help it attract larger trade shows, and will allow events already there to expand.

The convention center will hit 2 million total square feet after the expansion, putting it behind only McCormick Place in Chicago, the Orange County Convention Center in Orlando, the Las Vegas Convention Center and the Sands Expo that's also in Las Vegas.

Construction is scheduled to begin late this year and wrap up in January 2016.

Las Vegas hosted 53 of the nation's 250 largest trade shows last year, more than any other U.S. city.

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