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WICS Newschannel 20 :: News - Business News

Business News

Last Update on October 08, 2015 17:08 GMT


WASHINGTON (AP) -- While the minutes from the Federal Reserve's regular policy meetings can be a ho-hum affair, the mood is different this time.

In September, the Fed decided to hold off raising interest rates citing concerns about the global economy. That decision caught many people off guard. Investors are going to be looking for any clues as to whether the Fed will do the same this month, or even in December.


WASHINGTON (AP) -- Volkswagen's top U.S. executive apologized today as the emissions-rigging scandal engulfing the world's largest automaker deepened.

Volkswagen of America CEO Michael Horn made the apology as he testified before a House subcommittee.

Calling his company's admission "deeply troubling," Horn said, "We have broken the trust of our customers, dealerships, and employees, as well as the public and regulators."

Even so, Horn distanced himself from the company's behavior, saying he felt personally deceived by actions he said were taken by unknown individuals.

Lawmakers were skeptical of the explanation from Horn, who testified that three unidentified employees had been suspended since the EPA announced Sept. 18 that VW rigged its diesel cars to bypass U.S. emissions standards for clean air.


DETROIT (AP) -- General Motors is telling owners of some SUVs not to use their windshield wipers because an electrical short could cause the wiper motor to catch fire.

The company is recalling nearly 32,000 Buick Enclave, Chevrolet Traverse and GMC Acadia SUVs from the 2016 model to fix the problem.

Only 6,400 were sold and the rest are being held at dealerships until they are repaired. Most are in North America.

GM says if weather stops owners from taking their SUVs to dealers, it will pick up the vehicles for service. It also will arrange rental cars if parts aren't available.

The problem was discovered when a wiper motor overheated at a factory near Lansing, Michigan, where the SUVs are made.

The company says no fires have happened outside the plant.


WASHINGTON (AP) -- More flights are arriving on time but consumer complaints about the airlines have nearly doubled.

The U.S. Department of Transportation said Thursday that the nation's leading carriers posted an on-time rate of 80.3 percent in August. That's better than July and the previous August.

Delta Air Lines has the best on-time rate, while Spirit Airlines has the worst.

Consumers filed 1,450 complaints with the government against the airlines. That's up from 773 a year earlier. Spirit and Frontier Airlines had the highest complaint rates. Those airlines advertise low fares but charge more fees than most other carriers.


WASHINGTON (AP) -- The risk of fire is prompting federal officials to back a proposed ban on rechargeable battery shipments on passenger airlines.

An FAA official says "the risk is immediate and urgent." The FAA cites research showing the batteries can cause explosions and fires capable of destroying a plane.

The proposed ban is on cargo shipments of rechargeable lithium batteries on passenger airlines.

Billions of the lithium-ion batteries are used to power consumer electronics ranging from cellphones and laptops to power tools and toothbrushes. Tens of thousands of batteries are often shipped on a single plane.

FAA tests show even a small number of overheating batteries will emit gases that can cause explosions and fires that can't be prevented by current aircraft fire suppression systems.


NEW YORK (AP) -- Sometimes "liking" something just isn't enough.

And sometimes typing out a thoughtful comment about how you feel about someone's Facebook post isn't an option.

To fill that gap, Facebook is introducing Reactions. Instead of the "dislike" button many Facebook users have been clamoring for, the Menlo Park, California-based social network is testing out buttons that represent the emotions of love, yay, ha ha, wow, angry and sad.

Chris Cox, Facebook's chief product officer, says in a post that the new buttons address the spirit of the request for a "dislike" button, but in a broader way.

Facebook is testing Reactions in Ireland and Spain, with the hope of eventually rolling them out globally soon.

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Investors await release minutes from Fed's policy meeting

WASHINGTON (AP) -- While the minutes from the Federal Reserve's regular policy meetings can be a ho-hum affair, the mood is different this time.

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