The Other Side of Life 24/7: Business Today: U.S. safety regulators end daily fines for GM on switch recall

Wednesday, June 11, 2014

Business Today: U.S. safety regulators end daily fines for GM on switch recall

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06/11/2014

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U.S. safety regulators end daily fines for GM on switch recall

DETROIT (Reuters) - U.S. safety regulators said on Wednesday that General Motors Co no longer has to pay a $7,000 daily fine for its failure to supply required documents about the defective ignition switch linked to at least 13 deaths.

EU investigates tax rulings on Apple, Starbucks, Fiat unit

BRUSSELS (Reuters) - The European Commission said on Wednesday it had opened three in-depth investigations into tax decisions affecting Apple, Starbucks and Fiat Finance and Trade in Ireland, the Netherlands and Luxembourg respectively.

Lew says as U.S. economy gains traction, income equality stands as ultimate test

WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew said on Wednesday the economy was gaining traction but that the lack of progress on wages and employment remains disappointing.

Alibaba to buy out UCWeb in China's biggest internet merger

BEIJING (Reuters) - Alibaba Group Holding Ltd [IPO-ALIB.N] will fully acquire mobile browser firm UCWeb in the biggest merger in Chinese internet history, upping the stakes in its battle with arch-rivals Tencent and Baidu.

U.S. futures dip after recent gains amid few incentives

NEW YORK (Reuters) - U.S. stock index futures were lower on Wednesday, as investors struggled to find reasons to keep buying with indexes still hovering near record levels.

Siemens, Mitsubishi say in talks on Alstom assets bid

BERLIN (Reuters) - German conglomerate Siemens and Japan's Mitsubishi Heavy Industries on Wednesday said they had joined forces for a possible bid for some assets of France's Alstom.

BofA's mortgage settlement in deadlock: NYT

(Reuters) - Bank of America Corp and the U.S. Department of Justice (DOJ) have reached an impasse in negotiating a multibillion-dollar settlement related to the bank's mortgage investments, the New York Times reported citing people briefed on the matter.

China ramps up spending to spur economy, central bank sees stable policy

BEIJING (Reuters) - China's central bank said on Wednesday it will keep monetary policy steady in 2014, even as the finance ministry said fiscal spending had surged nearly 25 percent in May from a year earlier, highlighting government efforts to energize the slowing economy.

Faulty Takata airbags prompt expanded Toyota recall

TOKYO (Reuters) - Japanese airbag maker Takata Corp's safety crisis deepened on Wednesday after the world's biggest carmaker Toyota Motor Corp recalled 650,000 more vehicles in Japan, and the supplier cautioned further fixes may be needed.

Zara owner Inditex and H&M report strong sales growth

MADRID (Reuters) - The world's two top fashion retailers Zara owner Inditex and Hennes & Mauritz reported strong sales growth on Wednesday, benefiting from a recovery in consumer spending in their core markets in Europe.