The daily business briefing: September 16, 2016
Fiat Chrysler announces recall over air bag defect, Deutsche Bank shares plummet, and more
- 1. Fiat Chrysler recalls 1.9 million vehicles over air bag defect
- 2. Deutsche Bank shares plummet on report of mortgage-security settlement
- 3. Samsung says replacement Galaxy Note 7s available shortly
- 4. Stocks get boost as weak sales figures douse rate-hike expectations
- 5. U.S. fails 'competitiveness' test due to political polarization
1. Fiat Chrysler recalls 1.9 million vehicles over air bag defect
Fiat Chrysler announced Thursday that it was recalling 1.9 million vehicles worldwide due to an air bag defect that has been linked to three deaths and five injuries. The defect involves air bags and seat-belt pretensioners that do not deploy in some crashes. The equipment was installed in the Chrysler Sebring, 200, Dodge Caliber, Avenger, Jeep Patriot, and Compass SUVs between 2010 and 2014. About 1.4 million of the recalled vehicles were sold in the U.S.
2. Deutsche Bank shares plummet on report of mortgage-security settlement
Deutsche Bank shares plunged by about 8 percent early Friday after a report that the U.S. Justice Department had asked the German lender to pay $14 billion to settle several investigations over the sale of mortgage securities during the financial crisis. The settlement was first reported in The Wall Street Journal; Deutsche Bank later confirmed that the Justice Department had proposed a $14 billion settlement, but said it had "no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Wall Street Journal MarketWatch
3. Samsung says replacement Galaxy Note 7s available shortly
Samsung officially recalled 1 million Galaxy Note 7 smartphones sold in the U.S., and told customers Thursday that replacements would be available in most stores no later than Sept. 21. Samsung has received 92 reports of overheating Galaxy Note 7 batteries in the U.S., resulting in 26 burns and 55 cases of property damage. The recall, which Samsung is undertaking in cooperation with the U.S. Consumer Product Safety Commission, marked a major setback for the South Korean electronics giant, which was hoping its latest smartphone update would help boost sales as rival Apple launched the new version of its iPhone.
4. Stocks get boost as weak sales figures douse rate-hike expectations
U.S. stocks rallied on Thursday after the release of worse-than-expected U.S. retail and automobile sales figures, which decreased expectations that the Federal Reserve would raise interest rates next week. Retail sales dropped by 0.3 percent last month; economists had forecast just 0.1 percent decline. The Dow Jones Industrial Average and the S&P 500 closed up by 1 percent. The tech-heavy Nasdaq Composite Index gained 1.5 percent, helped by a 3.4 percent surge for Apple shares.
5. U.S. fails 'competitiveness' test due to political polarization
The U.S. is "failing the test of competitiveness" largely due to its dysfunctional political system, according to a Harvard Business School U.S. Competitiveness Project report released Thursday. Politicians largely agree on a number of policies such as tax reform, easing immigration for highly skilled workers, and investing in infrastructure, which could unlock growth, but partisan gridlock is preventing compromises that could lead to progress, the researchers say.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'Fixer of Trump's problems has become one of them'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Pros and cons of oat milk
Pros and cons Oat has emerged as the king of Britain's plant-based milks, but how does it stack up against the alternatives?
By Rebecca Messina, The Week UK Published
-
What happens if TikTok is banned?
Today's Big Question Many are fearful that TikTok's demise could decimate the content creator community
By Justin Klawans, The Week US Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published