GM to recall 392,459 more U.S. vehicles
General Motors Co., the largest U.S. automaker, said Friday that it's recalling 392,459 full-size pickups and sport utility vehicles in the U.S. to recalibrate software.
"In these vehicles, the transfer case may electronically switch to neutral without input from the driver," the Detroit-based company said in a statement. "If this occurs while a vehicle is in motion, no power will go to the wheels. If the vehicle is stopped or parked, it may roll away if the parking brake is not set."
GM said it isn't aware of any crashes or injuries.
GM said it's also recalling 29,019 Chevrolet Cruzes to replace the driver's side air bag inflator.
-- Bloomberg News
Court: Wal-Mart owes for store closure
OTTAWA, Ontario -- Canada's Supreme Court ruled Friday that Wal-Mart must compensate former workers at a Quebec store that was closed after they voted to become the first Wal-Mart store in North America to unionize.
The high court ruled in 2009 that Wal-Mart was entitled to close the store in Jonquiere in 2005, seven months after workers voted to unionize. But the workers filed a new case that said Wal-Mart contravened a section of Quebec labor law, which says working conditions must not be altered in any way, shape or form during a unionization process.
The court ruled in a 5-2 decision that the world's largest retailer modified working conditions for the employees without a valid reason when it shut down.
An arbiter will determine appropriate reparations, possibly with damages and interest.
-- The Associated Press
Daimler, Nissan team for Mexico plant
Daimler AG and Nissan Motor Co. will jointly produce luxury vehicles at a new $1.4 billion factory in Mexico, the biggest project to date in their 4-year-old partnership.
The German and Japanese automakers will assemble as many as 300,000 Mercedes-Benz and Infiniti compact cars at a facility near Nissan's plant in Aguascalientes, the companies said Friday in a joint statement. The first cars are due to roll off the line in 2017.
"This project shows how our collaboration, which began in Europe, has become global in scope," Carlos Ghosn, chief executive officer of Nissan and its French affiliate Renault SA, said on a webcast. "I am now even more optimistic" on the future of the cooperation.
Daimler and Renault-Nissan have worked together since 2010 to better compete with the likes of Volkswagen AG, which can spread costs across a stable of 12 brands. The partnership, which was initially focused on small cars and delivery vans, has since expanded to include motors and transmissions, while Infiniti's Q30 hatchback will use underpinnings from Mercedes.
-- Bloomberg News
Caesars to close its Showboat casino
ATLANTIC CITY, N.J. -- Casino contraction hit Atlantic City for the second time this year, as the parent company of the Showboat Casino Hotel announced Friday that it will close the Mardi Gras-themed casino Aug. 31.
Caesars Entertainment said Friday morning that the company will shutter the poorest-performing of its four Atlantic City casinos.
Chief Executive Officer Gary Loveman said in a statement that the "difficult decision" is necessary to protect the rest of its business in Atlantic City, where it currently owns four of the 11 casinos.
"While we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our remaining operations in the vicinity," he said. "Since 2006, revenue in Atlantic City has declined by more than $3 billion and competition in the city has increased. The dynamic in Atlantic City has led us to the difficult but necessary decision to close Showboat."
The closing will also shutter the casino's House Of Blues, one of New Jersey's most popular concert venues.
The Associated Press
Michaels up in return to public trade
NEW YORK -- Michaels Cos. stock rose slightly Friday in its return to public markets.
The arts and crafts store operator's shares rose 2 cents to $17.02 in trading on the Nasdaq stock exchange.
Michaels Cos., which also runs the Aaron Brothers chain, priced an initial public offering of 27.8 million shares at $17 each, at the low end of its predicted range.
The Irving, Texas, company raised $472 million from the offering.
Michaels' IPO was delayed two years after its then-Chief Executive Officer John Menzer resigned after a stroke. It comes at a time when the IPO market is heating up, as this is the third-busiest week for IPOs since 2000, according to Renaissance Capital.
Bain Capital and The Blackstone Group took Michaels private in 2006.
Michaels' stock is trading under the "MIK" ticker symbol.
-- The Associated Press
Business on 06/28/2014