Insured losses resulting from winter weather and extreme cold in the US and Europe could total hundreds of millions of dollars and possibly surpass $1 billion, according to Aon Benfield's Impact Forecasting. The losses include property damage and business interruption.
Nearly 1.4 million Ford Fusion and Lincoln MKZ sedans have been recalled after some owners reported steering wheels loosening or detaching. Ford said the defect is linked to at least two accidents and one injury.
Lawsuits filed by vehicle owners allege that Daimler, Fiat Chrysler Automobiles, General Motors and Volkswagen were aware of Takata's defective air-bag inflators years ahead of recalls, but still portrayed their vehicles as safe. The plaintiffs cite internal company documents to support their claims.
General Motors said it will conduct a pilot of peer-to-peer vehicle rentals this summer, according to people with knowledge of the matter. Owners will be able to rent their GM vehicles via the automaker's Maven platform, through which rental revenue will be shared with GM, the sources said.
Transportation-network company Lyft said it will collaborate with auto parts supplier Magna to develop and produce technology for self-driving vehicles. The intention is to make the technology accessible to original equipment manufacturers around the globe, Lyft CEO Logan Green said.
California Assembly member Adrin Nazarian is pushing for stricter building standards and a requirement for cities and counties to keep track of structures that are susceptible to earthquake damage. He has introduced two bills that would address those issues, with one that would create a statewide database of at-risk buildings based on the local data submitted.
Five Democratic senators are calling for alterations to a bill aimed at expediting the testing and wider adoption of fully autonomous vehicles. The legislation's "exemptions from current safety standards should be temporary and reviewable," and its provisions should "not interfere with traffic laws and other traditional state or local responsibilities," the senators wrote in a letter to the bill's sponsors.
A Hearts & Wallets report found that the number of households with less than $50,000 in investable assets dropped 2.1 million over the past four years to 49.4 million. Of those households, 33 million say they wish they were saving more money, according to the report.
While the US Court of Appeals for the 10th Circuit upheld the Labor Department's fiduciary rule this week, the US Court of Appeals for the 5th Circuit has yet to rule on a lawsuit brought by the U.S. Chamber of Commerce and financial and insurance industry groups. This appeal is considered the best chance opponents of the rule have to get all or part of the rule struck down.
Republicans and Democrats serving on a Congressional committee charged with producing a rescue package for failing multiemployer pension plans said the solution needs to be bipartisan. Failure to come up with a solution by the end of the year could lead to "an economic crisis," said Rep. Debbie Dingell, D-Mich.