Tuesday, 18 May 2021

VW recalls Jettas to fix fuel leaks that can cause fires

Stock Alert: Mastercard Tumbles 7% As Q3 Results Miss Estimates

Shares of Mastercard Inc. (MA) are losing almost 7 percent or $21.51 in Wednesday’s morning trade at $295.60 after the company’s third-quarter results missed analysts’ expectations.

Wednesday, Mastercard reported third-quarter net income of $1.5 billion or $1.51 per share, down from $2.1 billion or $2.07 per share in the prior-year quarter. Adjusted earnings were $1.60 per share, compared to $2.15 per share a year ago. Net revenues declined 14 percent to $3.8 billion from $4.5 billion in the year-ago period.
Analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.66 per share for the quarter on revenues of $3.95 billion.

Mastercard has traded in a range of $199.99 to $367.25 in the past 52 weeks.

Donald Tusk in isolation: Ex-European Council President suffering from Covid symptoms

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The Polish politician led the council of EU member state leaders throughout the Brexit negotiations with Theresa May.

He stood down from the role last year.

More to follow…

Boeing CEO says 'very close to finish line' on getting 737 Max flight ban lifted

  • Boeing posted another loss but results weren't as bad as analysts' estimates.
  • The company's best-selling aircraft, the 737 Max, has been grounded since March 2019 after two fatal crashes.

Boeing's CEO Dave Calhoun on Wednesday said the company is "getting very close to the finish line" to the end of the worldwide grounding of its 737 Max plane, which hasn't flown passengers since March 2019 following two deadly crashes.

Boeing in July said it expected regulators to sign off on the plane in the fourth quarter. One of its biggest U.S. customers, American Airlines, has the jet in its schedule for several flights at the end of the year but other customers don't expect to fly it until next year.

Regulators are at the tail-end of their review of the planes, but they have not yet formally signed off. Once that happens, airlines will have to train 737 pilots, a process that is expected to include computer-based training and aircraft simulator sessions.

"The Max has cost us a lot of money and we've had to sort of up the ante with respect to liquidity to make up for the fact that we couldn't ship the world's most popular airplane," Calhoun told CNBC in an interview.

The ban has prevented Boeing from shipping the planes, devastating its sales as manufacturers get the bulk of aircrafts' cost upon delivery.

U.S. Eases Ban on Funding Projects in West Bank, Golan

Three U.S.-Israeli foundations will no longer be barred from funding projects in the West Bank and Golan Heights, areas Israel captured in the 1967 Middle East war.

The financing proscriptions were lifted from the Binational Industrial Research and Development Foundation, the Binational Science Foundation and the Binational Agricultural Research and Development Foundation, all established in the 1970s.

“These geographic restrictions are no longer consistent with U.S. policy,” the U.S. Embassy said, just days before President Donald Trump seeks re-election in a race that most polls suggest he’ll lose.

It cited the Trump administration’s recognition of Israel’s sovereignty over the southern section of the Golan, and its finding that the establishment of civilian settlements in the West Bank don’t intrinsically violate international law. Both policies represent a departure from decades of U.S. thinking.

The countries also signed an agreement establishing a new government-to-government framework to facilitate greater scientific cooperation, conduct joint research and innovation activities, and provide intellectual property protections.

Nigeria Covering Up Army Killing of Protesters, Amnesty International Says

Nigerian authorities must stop their attempts to cover up the army’s fatal shooting of unarmed protesters last week in the country’s commercial hub, Lagos, rights group Amnesty International said.

“The initial denials of the involvement of soldiers in the shooting was followed by the shameful denial of the loss of lives as a result of the military’s attack against the protests,” Amnesty’s Nigeria spokesman Isa Sanusi said Wednesday in an emailed statement. “Many people are still missing since the day of the incident, and credible evidence shows that the military prevented ambulances from reaching the severely injured in the aftermath.”

The army said though it was invited to help enforce a curfew, it had no involvement in the Oct. 20 shooting at one of the protest sites set up by young people during two weeks of demonstrations against police brutality, contradicting eye witness accounts.

Amnesty International said its investigations established that military vehicles left the Bonny Camp base in Lagos at 6:29 p.m. on the day in question and arrived at the protest site where troops opened fire at “approximately 6.45 p.m.”

VW recalls Jettas to fix fuel leaks that can cause fires

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DETROIT — Volkswagen is recalling more than 218,000 Jetta sedans in the U.S. to fix a fuel leak problem that can cause fires.

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The recall covers certain cars from the 2016 through 2018 model years.


Volkswagen says in documents posted Wednesday by U.S. safety regulators that bolts holding some high-pressure tubing can come loose over time, allowing fuel to leak and increasing the risk of a fire.

The German automaker hasn’t figured out yet what it will do to fix the problem, but it expects to start notifying owners around Dec. 20. Affected vehicles have 1.4-liter engines built from June 18, 2015 to Dec. 9, 2017.


Documents posted by the U.S. National Highway Traffic Safety Administration don't say if there have been any fires, but they mention an unspecified number of claims. The documents say owners could smell a fuel odor or see fuel leaking from the engine compartment.

Volkswagen says it’s not aware of any fires or injuries. The company said customers should contact a VW dealer immediately if they smell fuel or suspect a leak.


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