Business Briefs – June 22, 2016

Uber, Lyft Battle Governments Over Driver Fingerprint Checks

DETROIT (AP) — Hailing a ride in many cities is coming down to a fight over fingerprints.

Following incidents where Uber drivers were found to have criminal records, a number of state and local officials have proposed fingerprint background checks for ride-hailing drivers. But Uber and Lyft have fought those checks, contending their own vetting method is just as safe.

Chicago and Rhode Island both recently passed regulation that exclude finger print checks. Several other cities and states are considering similar measures.

Uber and Lyft have recently made good on threats to leave places that impose fingerprint checks.

IMF Downgrades Outlook For US Economy

WASHINGTON (AP) — The International Monetary Fund downgraded its forecast for the U.S. economy this year and said America should raise the minimum wage to help the poor, offer paid maternity leave to encourage more women to work and overhaul the corporate tax system to boost productivity.

In its annual checkup of the U.S. economy, the IMF on Wednesday predicted 2.2 percent U.S. growth this year, down from 2.4 percent in 2015.

Infiniti Recalls Sedans To Fix Electronic Steering Problem

DETROIT (AP) — Nissan is recalling 60,000 Infiniti luxury sedans worldwide because the electronic steering can malfunction.

The recall covers certain Q50 gasoline and hybrid cars from the 2014 and 2015 model years. It includes more than 28,000 in the U.S.

The company said Wednesday in documents posted by the U.S. government a combination of low battery voltage and parking the cars with the wheels turned can confuse the steering control computer. That can change steering responsiveness and the turning radius, as well as cause the steering wheel to be off-center.

Tesla Dangles $2.8b To Bring SolarCity Into Its Orbit

SAN FRANCISCO (AP) – Electric car maker Tesla Motors wants to buy solar panel maker SolarCity for up to $2.8 billion in an attempt to create a one-stop shop for cleaner energy as consumers become more concerned about fossil fuels harming the environment.

The all-stock bid announced Tuesday values SolarCity Corp. at $26.50 to $28.50 per share, depending on a review of the company’s books.

Tesla shareholders reacted harshly. Tesla CEO Elon Musk is the chairman and largest shareholder in both companies, and SolarCity CEO Lyndon Rive is his cousin. Tesla slumped $22.95, or 10.5 percent, to $196.66. SolarCity stock added 69 cents, or 3.3 percent, to $21.88, far below the value of the offer.