published Friday, November 15th, 2013

Business Briefs: Volkswagen recalls 1.4 million vehicles

Volkswagen recalls 1.4 million vehicles

German carmaker Volkswagen said on Thursday it is recalling about 1.4 million vehicles.

The company is recalling 800,000 models of its Tiguan compact sport-utility vehicle worldwide for risks of a partial malfunctioning of its lights. The recall will apply to Tiguans assembled between early 2008 and mid-2010, the Wolfsburg-based company said in a statement on Thursday.

Also, VW will recall 640,309 cars and minivans in China to replace oil in their transmissions that might cause an electrical problem, the Chinese government product quality agency said today.

It's the second recall of Volkswagen vehicles this year, a setback for the German automaker following a March report by state TV that criticized its quality standards, according to The Associated Press.


FSG narrows third quarter loss

The parent company of Chattanooga-based FSG Bank narrowed its third quarter losses this year after recapitalizing the bank in April.

But First Security Group, Inc. still suffered from stiffer competition and narrower margins for loans this summer.

First Security Group said Thursday it lost $1.4 million, or 2 cents per share, in the three months ended Sept. 30. In the same period a year ago, First Security lost $9.4 million, or $5.79 per share.

For the nine months of the year, First Security reported net income of $12 million, or 30 cents per share, compared to a $23.5 million loss, or $14.54 per share, for the same period in 2012.

"The third quarter represents the first full quarter after the April recapitalization," said Michael Kramer, First Security's chief executive officer.

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