Business World

Tuesday 2 September 2014

Business in brief: Chrysler Group recalls 900,000 SUVs

Published 12/07/2014 | 02:30

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Some 2011-2014 models of Chysler's Jeep Grand Cherokee will be recalled
Some 2011-2014 models of Chysler's Jeep Grand Cherokee will be recalled

Chrysler Group said it would recall almost 900,000 sport utility vehicles (SUVs) to fix the wiring for vanity mirror lights in sun visors, to prevent short circuits.

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Some 2011-2014 models of the Jeep Grand Cherokee and Dodge Durango will be recalled, said Chrysler, a unit of Fiat Chrysler Automobiles.

About 651,000 of the 895,000 vehicles being recalled are in the United States.

UK banks fined

Britain's banks are in the process of paying out £1.2bn to compensate small businesses that were mis-sold complex interest rate hedging products, data from the UK financial watchdog showed.

The Financial Conduct Authority (FCA) in May ordered banks to review almost 30,000 cases for possible mis-selling after finding "serious failings" in the way the products - known as swaps - were sold.

Macau Wynn probe

Macau's corruption agency is examining a land deal relating to Las Vegas mogul Steve Wynn's upcoming $4bn casino in the world's biggest gambling hub.

The anti-graft body is investigating after the US-based International Union of Operating Engineers asked the Macau government to provide more details on how a little-known company secured rights to land before it was granted to Wynn.

The land is now part of Macau's multi-billion-dollar gambling precinct where Wynn's Wynn Macau Ltd is set to open its second casino.

US immigration row

Three of the world's richest men - Bill Gates, Warren Buffett and Sheldon Adelson - criticised the US Congress over its failure to revamp immigration laws.

"Whatever the precise provisions of a law, it's time for the House to draft and pass a bill that reflects both our country's humanity and its self interest, Microsoft co- founder Mr Gates, Berkshire Hathaway Inc chairman Mr Buffett and Las Vegas Sands Corp chairman Mr Adelson wrote in a 'New York Times' op- ed. "It's time for 535 of America's citizens to remember what they owe to the 318 million who employ them," they wrote.

Ravindra Simhabhatla

In a picture graphic carried on the business pages on July 11 we indicated that Aer Lingus chief technology officer Ravindra Simhabhatla is an Indian national. We are happy to clarify that Mr Simhabhatla is a US national.

Irish Independent

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