Roundup: Pacific Cycle recalls jogging strollers; VW to pay California $86M; more
Pacific Cycle recalls 217K jogging strollers
Pacific Cycle is recalling more than 217,000 jogging strollers because of a defective front wheel.
The company said the front wheel can become loose and detach on certain Instep and Schwinn models. The company has received 132 reports of such complaints, resulting in 215 injuries ranging from head injuries, cuts and sprains to bumps and bruises.
The recall involves single- and double-occupant swivel wheel strollers that have a quick release mechanism for removing and re-attaching the front wheel. Models include the Instep Safari, Instep Grand Safari, Instep Flight, Schwinn Turismo and Schwinn Discover strollers in a variety of colors. The strollers were sold from January 2010 through June 2016 for between $130 and $350.
VW to pay California $86M for emissions cheat
Volkswagen AG will pay an additional $86 million in penalties to California over its emissions scandal, on top of a settlement of about $15 billion the automaker reached with U.S. officials last week, state Attorney General Kamala Harris said Thursday.
Harris' office said the civil penalties resolved certain claims California officials made against Volkswagen under the state's unfair competition law as well as under federal law. The settlement provides for $76 million to be paid to Harris' office to defray costs relating to investigation and litigation of the emissions scandal, according to court documents.
The other $10 million will be dedicated to grants for government agencies and universities, to be used in part to study technology that can help detect so-called “defeat devices,” which on Volkswagen cars produced false results during diesel emissions tests, Harris' office said.
Volkswagen, the world's second-biggest automaker, has admitted it used sophisticated secret software to cheat exhaust emissions tests, deceiving regulators and customers about pollution from its diesel engines.
172K jobs added in June, payroll processor says
U.S. companies added 172,000 jobs last month, according to a private survey, a sign that hiring may have recovered after a slowdown in April and May.
Payroll processor ADP said Thursday that service firms, such as retailers and transportation companies, added jobs at a solid pace in June. Manufacturers shed 21,000 jobs, while construction companies cut 5,000.
June's figure was slightly higher than May's gain of 168,000, which was revised lower.
The figures suggest that the government's jobs report, to be released Friday, could show that hiring picked up from May's dismal 38,000 gain. Average monthly job gains slowed to just 116,000 in March through May, about half last year's pace.
Majority of analysts bullish on natural gas
U.S. natural gas bulls may get another shot at $3 per million British thermal units as hot weather depletes a glut of supply.
Eight of 11 analysts and traders surveyed by Bloomberg predict gas prices will advance, while one is bearish and two are neutral. After touching a 13-month high of $2.998 on July 1, futures have retreated amid signs of easing summer temperatures that would limit power demand from Texas to the East Coast.
A rally to $3 would be the first time futures have breached that level since May 2015, marking a stark turnaround for a market that's been hammered by a flood of output from shale formations. The surplus has shrunk as exports climb and output from shale deposits including the Marcellus and Utica drops, stoking concern that inventories will fall below normal levels in the winter.