GERMANY ARRESTS EX-AUDI EMPLOYEE IN VW SCANDAL
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.”