David's Feed
Jul 14, 2015

Buffett may benefit as train lobby bids to weaken safety rule

WASHINGTON, July 14 (Reuters) – Billionaire investor Warren
Buffett is set to be a chief beneficiary of a bid by Senate
Republicans to weaken new regulations to improve train safety in
the $2.8 billion crude-by-rail industry, a key cog in the
development of the vast North American shale oil fields.

A series of oil train accidents, including the July 2013
explosion of a train carrying crude in Lac-Megantic, Quebec,
that killed 47 people, led U.S. and Canadian regulators to
announce sweeping safety rules in May. Among other things, U.S.
oil trains are required to install new electronically controlled
pneumatic (ECP) brakes.

Jul 10, 2015

Japan’s Takata Corp says ‘no’ to U.S. lawmaker’s call for compensation fund

WASHINGTON (Reuters) – Takata Corp has rejected the suggestion that it establish a compensation fund for the victims of defective air bag inflators that have been linked to at least eight deaths and more than 100 injuries, a U.S. senator announced on Friday.

Senator Richard Blumenthal, a Connecticut Democrat, urged the Japanese manufacturer to consider setting up a fund during a June 23 oversight hearing on Takata’s recall of nearly 34 million air bag inflators in the United States.

Jul 2, 2015

Top U.S. regulator expects action on Fiat Chrysler over recalls

WASHINGTON, July 2 (Reuters) – The top U.S. auto safety
regulator said on Thursday he will move quickly to take action
in response to Fiat Chrysler Automobiles NV’s
mishandling of recalls involving up to 11 million vehicles.

Mark Rosekind, who heads the National Highway Traffic Safety
Administration, said action could come by the end of July and
take the form of either a consent agreement with Fiat Chrysler
or unilateral enforcement action.

Jul 2, 2015

Fiat Chrysler seeks to rebut criticism ahead of U.S. safety hearing

WASHINGTON (Reuters) – Fiat Chrysler Automobiles NV (FCHA.MI: Quote, Profile, Research, Stock Buzz) (FCAU.N: Quote, Profile, Research, Stock Buzz) went on offense ahead of a hearing before federal regulators to blunt criticism of its plan to install trailer hitches on 1.5 million Jeep Cherokee and Liberty SUVs to avert a more costly fix to reduce the risk that fuel tanks could rupture and catch fire in rear-end collisions.

Thursday’s hearing, convened by the National Highway Traffic Safety Administration, is expected to highlight testimony from safety advocates and others who will argue that the trailer hitch fix is inadequate, and that regulators should order Fiat Chrysler to make more dramatic changes to the vehicles, which have fuel tanks positioned behind the rear axle, or buy them back.

Jun 28, 2015

U.S. urges Europe, IMF to reach a deal to keep Greece in euro zone

WASHINGTON (Reuters) – Top U.S. officials waded in at the weekend to try to help resolve Greece’s financial woes, urging Europe and the International Monetary Fund to come up with a recovery plan that keeps the country in the euro zone.

In a series of separate phone calls on Saturday to IMF Managing Director Christine Lagarde and the finance ministers of Germany and France, Treasury Secretary Jack Lew urged them to “find a sustainable solution that puts Greece on a path toward reform and recovery within the Eurozone,” according to a Treasury Department statement on Sunday about the calls.

Jun 28, 2015

IMF chief Lagarde says disappointed over inconclusive talks with Greece

WASHINGTON (Reuters) – The head of the International Monetary Fund said Sunday she is disappointed in the stalemate over talks to prevent Greece from defaulting on its IMF debt, but said the euro area is in a “strong position” to respond effectively to developments.

In a statement, IMF Managing Director Christine Lagarde endorsed a balanced approach to restore economic stability and growth in Greece, accompanied by structural and fiscal reforms, and remained committed to continuing negotiations.

Jun 25, 2015

Senate panel approves bill to monitor port performance

WASHINGTON (Reuters) – A divided Senate Commerce Committee on Thursday approved legislation requiring the government to report on the performance of major U.S. port operations, including during labor contract talks.

The voice vote, which follows a nine-month slowdown at 29 West Coast ports, sent the measure on to possible floor action, over the objections of Democrats and unions who warned that it could lead to improper federal intervention in contract talks.

Jun 24, 2015

GM to test Cisco technology for sharing road safety spectrum

WASHINGTON, June 24 (Reuters) – General Motors Co
plans to begin testing new Cisco Systems Inc technology
that could allow “talking” cars to share radio communication
bands with roadside Wi-Fi devices, a GM executive told U.S.

The technology could hold out the promise of allowing Wi-Fi
devices to share the same radio band as vehicle-to-vehicle (V2V)
safety systems without causing interference, he said in written
testimony posted to a House oversight committee website on

Jun 24, 2015

U.S. to fine railroads that fail to implement PTC safety system

WASHINGTON, June 24 (Reuters) – U.S. railroads that fail to
implement a safety technology system known as positive train
control, or PTC, will face federal fines beginning Jan. 1, the
top federal railroad regulator said on Wednesday.

Sarah Feinberg, acting administrator of the Federal Railroad
Administration, told a House of Representatives oversight panel
that the fines could be assessed per violation, per day,
depending on a railroad’s implementation progress.

Jun 23, 2015

Lawmakers say auto safety agency needs reform, not more funds

By David Morgan and Ben Klayman

(Reuters) – The U.S. agency that polices vehicle safety is not likely to get more money from Congress to overhaul its defective investigation system or deal with one of the most complex recalls in its history, lawmakers said on Tuesday.

The Obama administration has asked Congress to provide the National Highway Traffic Safety Administration’s defect investigations office with an additional $20 million a year, tripling the $10 million budget it has had for most of the past decade.

    • About David

      "David Morgan has covered news from Wall Street and Fleet Street to the White House, the Pentagon and Congress, including politics, macroeconomics, military affairs, corporate finance, U.S. intelligence, national security and the international markets. He has also reported from Atlanta on the rise of American conservatism, civil rights, homegrown terrorism and the Olympics, and helped chronicle the Sept. 11 attacks and their aftermath from Philadelphia, New York and Washington."
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