Delta, United cut battery shipments
Two major U.S. airlines say they will no longer accept rechargeable battery shipments as new government tests confirm that explosions and violent fires are likely to occur when large numbers of batteries enclosed in cargo containers overheat. Citing safety concerns, United Airlines informed its cargo customers it will no longer accept bulk shipments of the batteries, which are used to power smartphones, laptops and power tools. Delta Air Lines quietly stopped accepting bulk shipments of the rechargeable batteries on Feb. 1. The airline said in a statement that it took the action in response to government testing and concerns raised by its pilots.
New McDonald's CEO gets a 69% raise
McDonald's executive Steve Easterbrook is getting a big pay bump in his first year as CEO, while his predecessor Don Thompson stands to take home $3 million over the next year for consulting services. Easterbrook and other McDonald's executives, including its chief administrative officer and chief financial officer, started in their new roles Sunday. The company outlined their salary details and its retirement and consulting agreement with former CEO Thompson on Tuesday. As CEO, Easterbrook's base salary jumps 69.2 percent to $1.1 million, McDonald's said.
Canada's GDP growth more than expected
Canada's economy grew faster than expected in the fourth quarter, as consumers boosted spending and businesses built up stockpiles of unsold goods. Gross domestic product rose at a 2.4 percent annualized pace from October to December, Statistics Canada said Tuesday in Ottawa. The agency also raised third-quarter growth to 3.2 percent, from an initially reported 2.8 percent. The growth is in line with the 2.5 percent estimated by Bank of Canada Governor Stephen Poloz.
Bid made for former Atlantic City hotel
A Los Angeles developer involved in numerous projects there has made an 11th-hour bid to buy Atlantic City's former Revel Casino Hotel. Izek Shomof has submitted a letter of interest to Revel AC, offering to buy the casino for $80 million. He is reviving the former Rialto Theater in South Pasadena, as well as the former Sears building in downtown Los Angeles. A bankruptcy court judge is to rule Wednesday on a proposed sale of Revel to Florida developer Glenn Straub for $82 million.
Regulators decide against Michelin recall
The U.S. government's highway safety agency has closed an investigation into reports of Michelin truck tire failures without seeking a recall. The National Highway Traffic Safety Administration began investigating the 2014 model of Michelin's 22.5-inch diameter XZA tires in October after getting six complaints and a police report about seven crashes. But in documents posted Tuesday, the agency says the failures were not the fault of the tires. They were caused by a road hazard, owners using the tires on the wrong-size rim, or a combination of violating tire load limits, letting the air pressure get too low or traveling at a higher-than-rated speed.