Financial
Comcast to buy Time Warner Cable for $45 billion PDF  | Print |  E-mail
Written by RYAN NAKASHIMA, AP Business Writer   
Thursday, 13 February 2014 07:07

LOS ANGELES (AP) — Comcast Corp. has agreed to buy Time Warner Cable Inc. for $45.2 billion in stock, or $158.82 per share, two people familiar with the matter said late Wednesday.

The deal will combine the nation's top two cable TV companies and make Comcast, which also owns NBCUniversal, a dominant force in both creating and delivering entertainment to U.S. homes.

The deal was approved by the boards of both companies and, pending regulatory approval, is expected to close by the end of the year, the people said.

The people spoke on condition of anonymity because the deal had not been announced formally. An announcement is set for Thursday morning, they said.

The price is about 17 percent above Time Warner Cable shares' Wednesday closing price of $135.31 and trumps a proposal by Charter Communications Inc. to buy Time Warner for about $132.50 per share, or $38 billion in cash and stock.

Last Updated on Thursday, 13 February 2014 07:09
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Ruling: U.S. courts can handle Chinese drywall suits PDF  | Print |  E-mail
Written by JANET McCONNAUGHEY, Associated Press   
Wednesday, 12 February 2014 07:35

NEW ORLEANS (AP) — U.S. courts have jurisdiction over claims that a Chinese drywall company's defective product wrecked homes, and a company that failed to show up in court must pay $2.7 million for damage to seven Virginia couples, a federal appeals court in New Orleans has ruled.

The 5th U.S. Circuit Court of Appeals upheld a district judge's ruling that Taishan Gypsum Co. Ltd must pay the couples, who were chosen as representative of about 300 Virginia families.

The case and appeal were heard in New Orleans, where all federal cases involving Chinese drywall have been consolidated.

Attorneys for Taishan, one of two major manufacturers of sulfur-emitting drywall, could not immediately be reached for comment.

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Lexus tops 2014 vehicle dependability list PDF  | Print |  E-mail
Written by DEE-ANN DURBIN, AP Auto Writer   
Wednesday, 12 February 2014 13:29

DETROIT (AP) — The race to increase vehicle fuel economy is taking a toll on quality.

Owners of three-year-old vehicles are reporting more problems than they did a year ago, according to J.D. Power and Associates' annual survey of vehicle dependability. It's the first time since 1998 that the average number of problems per vehicle has increased.

J.D. Power, a California-based ratings and consulting company, said engine issues accounted for most of the increase in problems reported by the original owners of cars and trucks from the 2011 model year. Owners reported an average of 133 problems per 100 vehicles, up from 126 problems a year ago. Only problems within the prior 12 months are counted.

Automakers are rapidly implementing new engine technology to save fuel, including direct fuel injection and turbocharging, stop-start systems that automatically shut cars down at traffic lights and transmissions with higher gears. But those more complex systems can cause problems. David Sargent, J.D. Power's vice president of global automotive, said the company saw an increase in complaints about engine hesitation, rough transmission shifts and lack of power.

"While striving to reduce fuel consumption, automakers must be careful not to compromise quality," Sargent said in a statement.

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Toyota recalls 1.9M Prius cars for software glitch PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 12 February 2014 07:32

TOKYO (AP) — Toyota said Wednesday it is recalling 1.9 million hybrid Prius cars globally for a software glitch that could cause the vehicle to stall.

Toyota Motor Corp. said that 997,000 Prius cars in Japan, some 713,000 in North America, another 130,000 in Europe and the rest in other regions are being recalled for a problem in the software to control the hybrid system.

No accidents or injuries have been reported related to the problem.

The software could cause transistors to become damaged, causing warnings lights to go off, driving power to be reduced or the car to stop. The recalled vehicles were manufactured between March 2009 and February 2014.

The Japanese automaker suffered massive recalls starting in 2009, affecting more than 14 million vehicles for problems including floor mats, gas pedals and brakes.


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