Ram pickups recalled over software bug
DETROIT -- Fiat Chrysler Automobiles said Friday that it would recall more than 1 million pickups to fix faulty software that can disable safety equipment. It said the flaw had been linked to at least one fatal accident.
The automaker told federal regulators that computer modules in Ram pickups could fail if the underbody of a truck was struck, causing side air bags and seat belt tension devices to shut off.
The defect has been linked to accidents resulting in one death and two injuries, the company said in documents submitted to the National Highway Traffic Safety Administration.
Fiat Chrysler said the recall covered 1.02 million vehicles in the United States, and an additional 259,000 trucks in Canada, Mexico and other international markets.
The company's safety practices have been overseen by an independent monitor since 2015 as part of a broad settlement with regulators for underreporting death and injury claims linked to possible defects in its vehicles.
The company identified the vehicles being recalled as 2013-16 Ram 1500 and 2500 pickups, and 2014-16 Ram 3500 models.
-- The New York Times
Miner OK'd to seek permit in Alaska
WASHINGTON -- President Donald Trump's administration settled a lawsuit Friday over the proposed development of a gold and copper mine at the headwaters of one of Alaska's premier salmon fisheries.
The Environmental Protection Agency settled the long-running case with the Pebble Limited Partnership, agreeing to allow the Canadian-owned company to seek a federal permit to build its mine near Bristol Bay.
Pebble sued in federal court over what it claimed was EPA's collusion with mine opponents to block the project, which a study shows could pose significant risk to salmon populations. A review by EPA's inspector general found no evidence the agency acted improperly.
"We understand how much the community cares about this issue, with passionate advocates on all sides," said Scott Pruitt, the EPA administrator. "The agreement will not guarantee or prejudge a particular outcome, but will provide Pebble a fair process for their permit application and help steer EPA away from costly and time-consuming litigation."
According to court documents, the two sides had been exploring ways to resolve the case since August, when President Barack Obama was still in office.
-- The Associated Press
Kushner firm pulls out of China events
BEIJING -- The real estate company owned by the family of Jared Kushner, son-in-law and senior adviser to President Donald Trump, said on Friday that its employees would no longer take part in a cross-country roadshow in China this month.
Executives from Kushner Cos., including Nicole Meyer, Kushner's sister, were expected to appear in the southern cities of Shenzhen and Guangzhou and the central city of Wuhan this month, according to ads for the events.
But after an uproar, the company and its Chinese partner said on Friday that Kushner Cos. would no longer be present at those events, although it will continue to actively court investors.
The company is seeking $150 million in financing for a New Jersey housing development through a program that gives foreigners who invest at least $500,000 a shot at green cards, which allow permanent residence in the United States. The overall sum represents about 15 percent of the total cost of the property project.
But the effort to raise money in China drew widespread criticism, with ethics experts saying it presented a conflict of interest. Kushner continues to benefit from a stake in his family's real estate business and other investments worth as much as $600 million.
On Friday, Risa Heller, a spokesman for Kushner Cos., said its employees would no longer participate in the roadshow after taking part in meetings in Beijing and Shanghai last weekend.
"No one from Kushner Cos. will be in China this weekend," she said in a statement, which was earlier reported by The Washington Post.
-- Bloomberg News
Anthem ends Cigna bid, will fight fee
INDIANAPOLIS -- Anthem announced Friday that it is ending its soured, $48 billion bid to buy rival Cigna, but the nation's second-largest health insurer isn't giving up a fight over whether Cigna deserves a termination fee for the scrapped deal.
Anthem said Cigna sabotaged the merger agreement and caused "massive damages" for Anthem, which provides Blue Cross and Blue Shield coverage in several states.
The Indianapolis-based insurer announced its decision a day after a Delaware judge refused its request to extend a ban blocking Cigna from pulling out of the deal.
The deal, announced in 2015, has already been rejected by a federal judge and an appeals court. Anthem Inc. said last week that it would seek a Supreme Court review of the case.
Cigna has sought a $1.85 billion termination fee and damages from Anthem.
-- The Associated Press
Business on 05/13/2017