Regulators OK fix for VW diesel cars
Volkswagen says U.S. environmental regulators have agreed to a plan for the German automaker to fix or buy back about half of the diesel cars involved in its emissions cheating scandal.
The company said the Environmental Protection Agency and the California Air Resources Board have approved the program, which involves about 326,000 VW cars sold between 2009 and 2014.
That’s the first generation of the “Clean Diesel” cars with 2.0 liter TDI engines, including the Jetta, Golf, Beetle and Audi A3.
Under the plan, VW owners can either choose to have the emissions systems repaired for free or have the company buy back the vehicles.
The company said the fix doesn’t impair driving performance.
Dave Ramsey expands operations in Franklin
Financial personality Dave Ramsey has broken ground on a new corporate headquarters in Tennessee.
Ramsey Solutions celebrated the groundbreaking Thursday at the Franklin site where its more than 223,000 square-foot building will stand. The estimated move-in date is August 2019.
The personal financial advice company known for a radio show, live events and other offerings expects to add 175 employees in the next year. Currently, more than 600 people work for the company.
Ramsey Solutions said the city of Franklin and Williamson County are offering tax breaks dependent on hiring about 400 people by 2023 and another 400 employees by 2028.
Amazon CEO Bezos becomes richest man
Forbes magazine says Amazon CEO Jeff Bezos briefly became the world’s richest man Thursday, as stock in his e-commerce company hit an all-time high.
Microsoft founder Bill Gates reclaimed the lead by afternoon, as Amazon’s stock fell below the day’s opening price.
Still, Amazon has been trading at a record high. Its shares hit $1,083.31 at about noon Thursday. According to securities filings, Bezos owns about 80 million shares, or 17 percent; those shares were valued at more than $87 billion at the peak. Bezos also owns The Washington Post through a holding company.
Forbes said Bezos’ net worth was about $90.6 billion when the market opened Thursday. Gates had $90.1 billion.
Dunkin Donuts may remove non-breakfast sandwiches
Dunkin’ Donuts is testing the removal of non-breakfast sandwiches as it looks to simplify its U.S. menu and attract more customers.
The chain had introduced “bakery” sandwiches such as ham and cheese as well as turkey, cheddar and bacon in 2012 with the hope of boosting food sales after breakfast hours. But CEO Nigel Travis says people are eating breakfast sandwiches throughout the day, and that paring down slower-selling items makes operations easier for employees.
On Thursday, the company said it will expand the test of its simplified menu that began in February to 1,000 locations by October. Other items the company is removing in tests include certain varieties of bagels and muffins, Travis said.
The expansion of the simplified menu comes after customer traffic to the chain’s established U.S. stores slowed during the second quarter compared to a year ago.
Mortgage rates fall for 2nd straight week
Long-term U.S. mortgage rates fell this week for the second week in a row, despite the Federal Reserve’s efforts to lift borrowing costs.
Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages slid to 3.92 percent from 3.96 percent the previous week. While historically low, that is still above last year’s average of 3.65 percent.
The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, eased to 3.2 percent from 3.23 percent last week
UPS sees growth from e-commerce
UPS said it is handling more shipments due to e-commerce, seeing more business in Europe and looking toward growth in China.
The company reported a second-quarter profit of nearly $1.4 billion, up 9.1 percent year-over-year.
UPS said growth in e-commerce is driving increased revenue in its U.S. domestic segment. But closures of brick-and-mortar retail stores are slowing growth in business-to-business shipments.
Overall, the company’s revenue increased 7.7 percent to nearly $15.8 billion, from $14.6 billion a year ago.
Europe was the fastest-growing segment for UPS in the second quarter. Competitor FedEx’s TNT Express unit in Europe suffered a cyber-attack in late June that disrupted its operations.