GENERAL MOTORS RECALL 3.46m VEHICLES

GENERAL Motors said yesterday it was recalling 3.46 million US pick-up trucks and SUVs to address a vacuum pump issue that could make braking more difficult and that has been linked to 113 accidents and 13 injuries. The recall covers 2014-2018 model year vehicles, including some Cadillac Escalade, Chevrolet Silverado, Chevrolet Tahoe, GMC Sierra, Chevrolet Suburban and GMC Yukon vehicles. It was triggered because the amount of vacuum created by the vacuum pump may decrease over time, GM told the National Highway Traffic Safety Administration (NHTSA) in documents posted yesterday. NHTSA opened a preliminary investigation into the issue in November 2018, and said it had reports of nine related crashes and two injuries. It provided GM in July with additional field reports that prompted the carmaker to open an investigation. NHTSA said in a statement the “vehicles may experience brake boost failure, which would require increased brake pedal effort, leading to a hard brake pedal feel, and potentially increased stopping distance.” GM said dealers will reprogramme the electronic brake control module to improve how the system utilises the hydraulic brake boost assist function when vacuum assist is depleted. | Reuters PAN AFRICAN Resources, a JSE-listed gold producer, climbed 9.13 percent to R2.39 a share on the JSE yesterday after it told shareholders it had pushed into the black during the year to June. Pan African, whose assets include the Evander Mines and Barberton Mines in Mpumalanga, said it expected to report an earnings a share jump of up to 134 percent in the year to June to US2.32 cents (R0.34) a share from a US6.79c loss in June 2018. Headline earnings a share were expected to rise 25 percent to US1.24c a share from headline earnings of 0.99c last year. Earnings a share in the current reporting period included the financial impact of a reversal of an impairment charge of $17.9 million, following commencement of development at Evander Mines’ 8 Shaft Pillar Project. Following the cessation of large-scale underground mining operations at Evander Mines in May 2018, an impairment charge of $140.3m was recognised. |