Business Briefs – August 29, 2016

Takata Troubles Worsen as Truck Explodes, Kills Texas Woman

DETROIT (AP) – Air bag maker Takata Corp.’s troubles worsened Monday as the company confirmed that a truck carrying its inflators and a volatile chemical exploded last week in a Texas border town, killing a woman and injuring four others.

The truck, operated by a subcontractor, crashed, caught fire and exploded Aug. 22 in the small town of Quemado, leveling the woman’s house. The company says it sent people to the site and is helping authorities investigate the crash.

Takata has a warehouse in nearby Eagle Pass, Texas, and it has an air bag inflator factory across the border in Monclova, Mexico.

Over 40 Percent of VW Owners Seek Emissions Cheating Settlement

DETROIT (AP) – About 210,000 owners of Volkswagens with 2-liter diesel engines that cheat on emissions tests have registered to settle with the company under the terms of a June court agreement.

The figure was revealed in a federal court motion by class action attorneys seeking final approval of the settlement involving 475,000 owners. It says only 235 have asked to stay out of the settlement and pursue legal action on their own. Another 110 objections to the settlement were filed.

U.S. District Court Judge Charles Breyer has given the $15 billion settlement preliminary approval, with a final decision expected Oct. 18.

U.S. Consumer Spending Posts Slower Growth in July

WASHINGTON (AP) – American consumers boosted spending at a slower pace in July, while their incomes accelerated slightly.

Spending grew 0.3 percent in July following a 0.5 percent increase in June, the Commerce Department reported Monday. The slowdown had been expected given an earlier report that retail sales were flat in July.

Economists are counting on solid gains in consumer spending, which accounts for 70 percent of economic activity, to power overall growth in the second half of the year.

Mondelez Says It Ended Talks to Buy Hershey

NEW YORK (AP) – Mondelez says it has ended discussions to buy The Hershey Co, a combination that would have created a global powerhouse selling some of the world’s best known chocolates and snacks.

Hershey said in June that it rejected a preliminary takeover bid from Mondelez International Inc. valued at roughly $22.3 billion. At the time, it said that the offer provided “no basis for further discussion.” A representative for Hershey did not immediately respond to a request for comment Monday.