FILE - This Jan. 13, 2008, file photo, shows the 2009 Hyundai Genesis at the North American International Auto Show in Detroit. U.S. safety regulators are investigating complaints of brake problems on Hyundai Genesis full-size luxury cars. The National Highway Traffic Safety Administration says in documents posted on its website Monday, Oct. 21, 2013, that the probe affects about 40,000 cars from the 2009 model year. (AP Photo/Paul Sancya, File)
Hyundai announces recall as probe opens
Just hours after federal safety regulators opened an investigation into problems with the brakes on the Hyundai Genesis on Monday, the South Korean automaker announced a recall for the car. Hyundai said it will recall about 27,500 Genesis sedans sold in the United States for the 2009 through 2012 model years. Earlier Monday, the National Highway Traffic Safety Administration said it has received 23 complaints that drivers have to push down hard on the brake pedal and brake effectiveness was reduced in upscale cars from Hyundai.
Twitter’s music app will go silent
Twitter will close its music app, which was introduced with great fanfare six months ago but has failed to gain traction in the marketplace. The company is expected to rethink its music strategy, according to a person with knowledge of its plans.
Nigerian stock exchange seeks IPOs
The Nigerian Stock Exchange will target 500 companies for initial public offerings over the next five years as Africa’s second-largest bourse seeks to reach a $1 trillion market capitalization by 2016, the regulator said. The exchange expects five companies to start trading their shares by year-end, Arunma Oteh, right, director-general of Nigeria’s Securities and Exchange Commission, said in an interview in London Oct. 18, without identifying the businesses. The bourse needs oil and gas, power and telecommunications companies to list stock to meet its market-value objective, she said.
Summers turned down bank job from Israel
Former U.S. Treasury Secretary Lawrence Summers rejected an approach about taking charge of Israel’s central bank after missing out on the Federal Reserve’s top job, according to a person with knowledge of the appointment process. Prime Minister Benjamin Netanyahu asked Summers to take the Bank of Israel job during his visit to the U.S. starting in late September, the person said.
Ford plans to reduce number of suppliers
Ford, the U.S. automaker that purchases about $100 billion worth of parts annually, plans to reduce its roster of suppliers by 40 percent to cut the cost of building its cars and trucks. Ford’s long-term goal is to buy parts from about 750 suppliers, from 1,260 last year, said Hau Thai-Tang, who became group vice president of global purchasing in August. The second- largest U.S. automaker is reducing the number of platforms that serve as the base of its vehicles, paring development costs and enabling the company to source from fewer suppliers.