VW Atlas SUV earns Good Housekeeping award
The Chattanooga-made Volkswagen Atlas has earned Good Housekeeping magazine's 2018 Best New Car Award in the midsize SUV category, according to Volkswagen of America.
Teaming up with experts at Car and Driver magazine, engineers from the Good Housekeeping Institute Lab rated its top picks on value, safety, reliability, smoothness, handling, interior design, comfort and onboard technology after driving the vehicles more than 3,000 miles on test tracks and open roads.
"We are extremely proud that Good Housekeeping magazine has honored the Atlas with this award," said Derrick Hatami, executive vice president of sales and marketing for Volkswagen of America, in a statement.
According to Good Housekeeping, the Atlas "gives you the best of both worlds - an effortless drive and an interior spacious enough for a carload of kids and adults."
China asks Trump not to limit trade
China appealed to President Donald Trump on Wednesday to avoid disrupting trade and to settle steel and aluminum disputes through negotiation after Trump said he would decide whether to impose tariffs or quotas.
U.S.-Chinese trade is "mutually beneficial" and disagreements are inevitable, said foreign ministry spokesman Geng Shuang. He said all governments should "spare no effort to avoid negative impacts" on the global recovery.
Trump said Tuesday he is "considering all options" in response to complaints Chinese steel and aluminum being sold at improperly low prices threatens American jobs. Speaking to legislators, the president said he might take action on national security grounds.
"We should see these differences in a reasonable and objective manner and properly handle and manage them through dialogue and consultation following the principle of mutual respect, equality and mutual benefit," said Geng.
Trump's government has raised tariffs on Chinese-made aluminum foil and stainless steel to offset what Washington says are improper subsidies. Last month, Trump also approved higher tariffs on solar cells and washing machines from China.
Uber's loss widens to $4.5 billion
Ride-hailing giant Uber's full-year net loss widened to $4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets and the replacement of its CEO.
The results also showed that Uber cut its fourth-quarter net loss by 25 percent from the third quarter as new CEO Dara Khosrowshahi moves to make the company profitable ahead of a planned initial public stock offering sometime next year.
The full-year loss grew from $2.8 billion in 2016, a year with results skewed by a gain from the sale of Uber's unprofitable business in China. Uber also said its U.S. ride-hailing market share fell from 82 percent at the start of last year to 70 percent in the fourth quarter. Uber said the share has now stabilized.
Gross revenue for the year rose 85 percent over 2016, to $37 billion.
For the fourth quarter, Uber's net loss was $1.1 billion, down from $1.46 billion it lost in the third quarter. Bookings from fares rose 14 percent to just over $11 billion for the quarter.
While the losses are significant, the results still are positive for Uber with revenue rising and losses falling in three of four quarters in 2017.
Warren wants Wells to explain problems
U.S. Sen. Elizabeth Warren is pressing Wells Fargo & Co. to explain reported problems in issuing refunds to customers for who were charged inappropriately for auto insurance and mortgage fees.
In a sharply worded letter to Chief Executive Tim Sloan, Warren called the problems "unacceptable."
"Wells Fargo has stolen money from its customers," wrote the Massachusetts Democrat, who has been an outspoken critic of the San Francisco bank's practices since its unauthorized-accounts scandal exploded in 2016.
"It has caused thousands of people to spend valuable time and money trying to deal with a problem Wells Fargo created
Last week, The Wall Street Journal reported Wells Fargo had sent erroneous letters to 38,000 customers who had been forced to buy unneeded auto insurance. The letters were unnecessary and did not contain refunds the bank has said it would pay.
Wells Fargo spokeswoman Catherine Pulley said a vendor caught a coding mistake that resulted in the letters, and that the bank would "work with our vendor to ensure these customers receive the appropriate communication - including any refunds they're eligible for."
Court seeks billions from payday lender
A federal judge appears likely to enter a forfeiture order of $3.5 billion against convicted felon Scott Tucker of Leawood, Kan., as part of his sentence for his illegal payday lending scheme.
A preliminary order entered late Tuesday by U.S. District Court of Southern New York Judge Kevin Castel indicates $3.5 billion represents the gross proceeds Tucker's payday lending businesses made from 2008 to 2013. A final order is expected later this year.
Tucker was convicted in October of several criminal charges related to a payday lending enterprise that charged exorbitant interest rates and duped consumers with deceptive loan terms. Tucker was the most prominent among several Kansas City businessmen, where payday lending is big business for both lenders and investors for those operations, who made millions from illegal lending enterprises. Some of them have been pursued by regulatory and criminal authorities.
A letter by Tucker attorney, Lee Ginsberg, to Castel indicated that he did not object to much of the forfeiture order, but wanted a chance to discuss with Tucker whether they may make a few objections.
Tucker has been in transit between U.S. Bureau of Prisons facilities, first in a detention center in Brooklyn and subsequently in Philadelphia where he has started serving a 16-year, 8- month prison sentence for his crimes.
Tucker is appealing his sentence and conviction.