Auto group seeks recalls from Hyundai, Kia


AUTO SAFETY

Group seeks recalls from Hyundai, Kia

A nonprofit auto safety group is demanding Hyundai and Kia recall 2.9 million cars and SUVs in the United States over complaints that they can catch fire.

The Center for Auto Safety said there have been more than 220 complaints to the U.S. government since 2010 about fires and another 200 complaints about melted wires, as well as smoke and burning odors.

The complaints involve the 2011 through 2014 Kia Sorento and Optima and the Hyundai Sonata and Santa Fe, as well as the 2010 through 2015 Kia Soul.

The National Highway Traffic Safety Administration is investigating the fires as part of a 2017 probe into Hyundai and Kia engine failures.

The fire reports have come in from across the country, including a death in Ohio in April 2017, the center’s executive director Jason Levine said Friday.

Associated Press

WALL STREET

Traders charged with Chicago futures fraud

Three commodities traders were charged by the Justice Department with orchestrating a $60 million fraud that involved spoofing and conspiring to manipulate futures contracts, according to prosecutors and court filings in Houston.

Yuchun “Bruce” Mao, 39, a Chinese national, is accused of working with two other traders at his firm to rig the purchase and sale of futures contracts on the Chicago Mercantile Exchange and Chicago Board of Trade, said an indictment made public Friday. A bench warrant for Mao’s arrest was issued Wednesday by a federal judge, court documents said.

The two others charged, Kamaldeep Gandhi, 36, of Chicago and Krishna Mohan, 33, of New York, were preparing to plead guilty to related charges, prosecutors said.

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The three traders worked for the same firm at the time of the alleged misconduct, prosecutors said without naming the firm.

Prosecutors said Mao’s alleged spoofing scheme ran from March 2012 through March 2014 and involved dozens of fraudulent orders that were canceled before execution. The victim of the alleged manipulation is an unidentified finance company with offices in Houston, according to the indictment.

Bloomberg

Also in Business

Toyota is recalling nearly 188,000 pickup trucks, SUVs and cars worldwide because the air bags may not inflate in a crash. The recall covers 2018 and 2019 Tundra pickups and Sequoia SUVs as well as 2019 Avalon sedans. Toyota says the air bag control computer can erroneously detect a fault when the vehicles are started. With a fault, the air bags may not deploy in a crash. The company wouldn’t say if the problem has caused any injuries. The recall is expected to begin Oct. 22. Toyota says the recall covers about 185,000 vehicles in North America and 2,600 in other markets.

Wells Fargo, still haunted by multiple scandals, reported higher earnings in the third quarter Friday but still short of forecasts. Wells saw its earnings jump to $6 billion from $4.5 billion in 2017’s third quarter, although last year the bank had to set aside $1 billion for legal expenses related to its mortgage practices before the financial crisis. The bank earned $1.13 a share, less than the $1.17 expected by analysts surveyed by Zacks Investment Research. The company’s revenue was up slightly from the same period last year at $21.9 billion.

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Gary Cohn, President Trump’s former chief economic aide, will serve as an adviser to blockchain-technology start-up Spring Labs. It’s the former Goldman Sachs chief’s most high-profile move since he resigned as National Economic Council director this year after Trump imposed tariffs on aluminum and steel that Cohn opposed. Spring Labs wants to use the distributed-ledger technology to allow lenders and data providers to exchange credit and identity information more efficiently, according to a company news release.

Subway Restaurants is partnering with UberEats, Grubhub, DoorDash and Postmates to start delivery from almost 9,000 of its about 26,000 U.S. restaurants. More stores will offer the service in “coming months,” the company said in a statement Friday. Subway is fighting to reverse a slump amid deepening restaurant competition and discounts and has been trying to energize sales with better technology such as self-order kiosks.

The United States is investigating alleged dumping of China-made mattresses after complaints from several U.S. manufacturers, including Leggett & Platt and Tempur Sealy, the Department of Commerce said Friday. Other privately held companies also signed the petition seeking the probe. The Commerce Department said the U.S. International Trade Commission would make its initial decision by Nov. 2, followed by the Commerce Department by Feb. 27. A final decision is scheduled for May 13.

From news reports





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