GER­MANY AR­RESTS EX-AUDI EM­PLOYEE IN VW SCAN­DAL

The Denver Post - - BUSINESS -

BER­LIN» Ger­man prose­cu­tors say they have ar­rested a for­mer em­ployee of the Volk­swa­gen unit Audi on charges in con­nec­tion with the com­pany’s diesel scan­dal.

The ar­rest comes a day af­ter U.S. au­thor­i­ties charged for­mer Audi ex­ec­u­tive Gio­vanni Pamio of lead­ing a con­spir­acy to cheat on U.S. diesel emis­sions tests.

He’s the eighth for­mer Volk­swa­gen em­ployee charged in the case that is be­ing in­ves­ti­gated by the FBI and the En­vi­ron­men­tal Pro­tec­tion Agency’s crim­i­nal unit.

Fed says more rate hikes on the way.

The Fed­eral Re­serve says ex­pected on­go­ing eco­nomic strength will war­rant fur­ther grad­ual in­creases in a key in­ter­est rate. That rate fore­cast was in­cluded in the Fed’s semi­an­nual mone­tary re­port to Congress, which Fed Chair Janet Yellen will de­liver next week.

Berk­shire buy­ing Texas power trans­mit­ter.

War­ren Buf­fett’s Berk­shire Hath­away is buy­ing the Texas power trans­mit­ter On­cor for $9 bil­lion, one of his big­gest ac­qui­si­tions. On­cor serves about 10 mil­lion Tex­ans. On­cor’s par­ent com­pany, En­ergy Fu­ture Hold­ings Corp. en­tered bank­ruptcy in 2014 fac­ing more than $40 bil­lion in debt af­ter en­ergy prices plunged.

Kush­n­ers face trial over N.J. mall project.

A law­suit pit­ting the am­bi­tions of Jared Kush­ner’s fam­ily real es­tate com­pany against res­i­dents of a small New Jersey town is set to go to trial next week. The Kush­ner com­pany hopes to add hun­dreds of rental apart­ments in what it bills as an ef­fort to save a strug­gling mall in Ea­ton­town. But some res­i­dents think the ex­pan­sion is ter­ri­ble and al­lege town of­fi­cials showed fa­voritism to the com­pany by il­le­gally rush­ing through ap­provals. One res­i­dent says “the whole feel of the town” is at risk.

U.S. in­ves­ti­gat­ing faulty parts.

DETROIT» U.S. safety reg­u­la­tors are try­ing to track down gas tank flanges that can crack and cause fuel leaks, pos­si­bly caus­ing a fire, on what could be mil­lions of cars and trucks. The gov­ern­ment be­gan in­ves­ti­gat­ing the parts made by a Ger­man sup­plier af­ter the com­pany filed re­call doc­u­ments this week say­ing the flanges could be de­fec­tive.

More Sears clos­ings.

Sears Hold­ings Corp. CEO Ed­die Lam­pert said in a blog post Fri­day that the com­pany would close an­other eight Sears and 35 Kmart stores that are un­prof­itable by early Oc­to­ber. None of the stores were in Colorado.

Yiannopoulous sues ove rc an­cele db ook.

Po­lar­iz­ing rightwing writer Milo Yiannopou­los has filed a $10 mil­lion law­suit against a New York pub­lish­ing com­pany over a can­celed book deal. He says he has filed a suit claim­ing Si­mon & Schus­ter breached a con­tract and bowed to “false and mis­lead­ing re­ports.”

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