Business Briefs – October 31, 2016

U.S. Approves 2 Types Of Genetically Engineered Potatoes

BOISE, Idaho (AP) – The U.S. Department of Agriculture has approved commercial planting of two types of potatoes that are genetically engineered to resist the pathogen that caused the Irish potato famine.

The approval announced Friday covers Idaho-based J.R. Simplot Co.’s Ranger Russet and Atlantic varieties of the company’s second generation of Innate potatoes.

The company says the potatoes will also have reduced bruising and black spots, enhanced storage capacity and a reduced amount of a chemical created when potatoes are cooked at high temperatures that’s a potential carcinogen.

Japan Lines MOL, NYK, K Line to Join Shipping, Terminal Ops

TOKYO (AP) – Three major Japanese container shipping lines said Monday they plan to merge their shipping and overseas terminal operations as the industry struggles with overcapacity and mounting losses.

Mitsui O.S.K. Lines, Nippon Yusen K.K. and Kawasaki Kisen Kaisha, or K Line, said in a statement that they are forming a joint venture to unite their shipping operations. They also are merging terminal management businesses outside Japan.

A Rare Feat: 100 Percent Of Recalled Trucks Repaired

DETROIT (AP) – All 16,000 Volvo heavy trucks that were recalled earlier this year for a dangerous steering problem have been repaired.

The National Highway Traffic Safety Administration says it’s a rare 100 percent completion rate for a recall. Most only get to 70 percent completion 18 months after they start.

The truck recall began in February after Volvo determined that a steering shaft problem in some 2016 and 2017 trucks could cause drivers to suddenly lose the ability to steer.

Bank of England Governor Carney To Stay Through June 2019

LONDON (AP) – Bank of England Governor Mark Carney announced Monday that he will extend his term in office by one year and stay in the position through June 2019, a decision that may help settle speculation about his future guiding Britain’s monetary policy.

In a letter to Treasury chief Philip Hammond, Carney said he was staying an extra year because he recognized “the importance to the country of continuity” during the U.K.’s negotiations to leave European Union.

Carney has played a key role in trying to manage the British economy and stave off a possible recession as the country prepares to exit the 28-nation bloc.