Justice Department opens Ford probe
Ford said the Justice Department has opened a criminal investigation into its U.S. emissions certification process.
The automaker said in a regulatory filing the “matter currently focuses on issues relating to road load estimations, including analytical modeling and coastdown testing.”
Last September, a group of employees reported possible problems with a mathematical model used to calculate pollution and mileage, prompting Ford to hire an outside firm to run tests. And in February, Ford launched an investigation into whether it overstated gas mileage and understated emissions from a wide range of vehicles.
Ford Motor Co. voluntarily disclosed the matter to the Environmental Protection Agency and the California Air Resources Board in February. It has also notified a number of other state and federal agencies.
Ford said Friday it’s fully cooperating with all government agencies.
American expects $1 billion hit in2019
DALLAS — American Airlines expects to take a $1 billion hit from two things it didn’t expect when 2019 started: That its newest Boeing jet would be grounded for months after two deadly crashes, and that oil prices would rise.
The airline’s top executives are confident that U.S. regulators will soon allow the Boeing 737 Max to fly again after Boeing completes changes to the jet. In the meantime, however, American is rebooking nearly 700,000 passengers who were supposed to be on the 15,000 Max flights that the airline canceled through Aug. 19.
American said Friday the grounding of its 24 Max planes will cut $350 million from 2019 pretax profit, partly because vacationers who bought cheap tickets some time ago will fill seats that American hoped to sell at higher prices closer to the peak summer vacation period.
The Max-related loss, along with a $650 million increase in projected fuel spending because of higher oil prices, caused American to cut its forecast of full-year earnings.
Uber plans to sell 180 million shares
NEW YORK — Uber is planning to sell 180 million shares for between $44 and $50 each, valuing the ride-hailing giant lower than previous estimates in a sign that some of the excitement around ride-hailing has cooled.
That would raise up to $9 billion for the San Francisco-based company, valuing Uber at an estimated $80.5 billion to $91.5 billion, compared with prior estimates that rose as high as $120 billion.
The figures are likely to be revised as Uber gets feedback from potential investors in the coming weeks.
Uber also disclosed that PayPal plans to buy $500 million in stock at the IPO price, and that the companies will explore future commercial collaborations.
Xi touts worldwide infrastructure plan
BEIJING — Chinese President Xi Jinping promised Friday to set high standards for Beijing’s sweeping infrastructure-building initiative as fellow leaders praised the effort despite worries it leaves some developing countries with too much debt.
Beijing wants “open, green and clean cooperation” with “zero tolerance for corruption,” Xi said.
The U.N.’s secretary-general, Antonio Guterres, said Belt and Road projects could help turn the balance in mitigating climate change.
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