Friday, May 19, 2017 1:00 am
Air bag deal would pay car owners
DETROIT – Toyota, Subaru, Mazda and BMW have reached a proposed settlement that would compensate owners of 15.8 million vehicles for money they lost due to the massive recall of Takata air bags.
In documents filed Thursday with a federal court in Miami, the automakers agreed to pay $553 million to compensate owners and widen their efforts to make sure vehicles are being repaired. The court must still approve the settlement.
Takata's air bag inflators are blamed for at least 16 deaths and 180 injuries worldwide. The problem touched off the largest automotive recall in U.S. history involving 42 million vehicles and 69 million air bag inflators.
The settlement would compensate owners for things like lost wages or child care while they were taking their vehicle in for the recall repair. Owners could also be compensated if they paid for a rental car or for vehicle storage while they were waiting for a car to be repaired. Owners may also get payments of up to $500 each.
Chevrolet leaving India, parts of Africa
General Motors Co. is pulling its Chevrolet brand out of India, South Africa and East Africa by the end of this year.
The company will retain its assembly plant in India but will only make vehicles for export. It is selling a plant in South Africa to Isuzu Motors.
GM says the changes will save the company $100 million per year. It will take a charge of $500 million in the second quarter to complete the actions
This spring GM exited the European market, selling its Opel and Vauxhall brands to PSA Group.
Poll: Older whites more likely to save
Older white Americans are nearly twice as likely as African-Americans to say they've saved enough for retirement, a new poll found.
The Associated Press-NORC Center for Public Affairs Research survey also found that African-Americans and Latinos have less financial security than whites and will rely on fewer sources of income during retirement. The retirement savings gap between white and other minority groups extends beyond pensions, 401(k)s or other retirement accounts.
The survey shows older white Americans are also more likely to collect Social Security benefits, inherit money from their families or receive income from the sale of a home or other physical assets.
The disparity in retirement readiness is a sign that the structural inequalities black and Latino workers face during their working years extend into retirement.
Fiat Chrysler in talks on alleged cheating
Fiat Chrysler Automobiles says it's in discussions with the U.S. Department of Justice and the U.S. Environmental Protection Agency over claims the company cheated on diesel emissions tests.
The EPA said in January that FCA was using software that allowed diesel vehicles to emit more pollution on the road than they do in emissions tests. The EPA said about 104,000 Jeep Grand Cherokee SUVs and Ram pickups from the 2014-2016 model years are affected. FCA denies that allegation.
Bloomberg reported late Wednesday that the Justice Department was preparing to file a civil lawsuit against FCA. But FCA says any litigation would be “counterproductive” to its talks with the EPA.