Business Briefs – February 19, 2017

Trump’s Boeing Speech Shows Differences With Obama

WASHINGTON (AP) – President Donald Trump on Friday hyped the latest Boeing 787 Dreamliner as proof of a coming American manufacturing renaissance. It was a sharp contrast to Barack Obama, who toured a Boeing plant as president back in 2012 and spoke about the loss of factory jobs to automation and the need to retool the economy for the future.

Samsung Family Succession Hits Snag With Chief’s Arrest

SEOUL, South Korea (AP) — South Korea was taken by surprise Friday, with the arrest of the scion of the country’s richest family and de-facto leader at Samsung, over his alleged involvement in a massive corruption scandal that engulfed the president and riveted the nation.

Prosecutors believe Lee Jae-yong, 48, a vice chairman at Samsung Electronics and the only son of the ailing Samsung chairman, gave bribes worth $36 million to President Park Geun-hye and her close friend to help win government support for a smooth company leadership transition, including a contentious merger of two Samsung companies.

Fannie Mae to Pay Treasury $5.5 Billion After Profit Doubles

NEW YORK (AP) — Fannie Mae said Friday that it will pay the U.S. Treasury a $5.5 billion dividend next month after its profit doubled in its latest quarter.

The government-controlled mortgage company has already paid the Treasury $154.4 billion in dividends since receiving $116.1 billion in government bailouts between 2008 and 2011. Fannie Mae’s sibling Freddie Mac, which was also rescued by the government during the recession, said Thursday that it would pay the Treasury a $4.5 billion dividend next month after its profit soared.

Chrysler Recalls Some Cars for Loose Bolts

NEW YORK (AP) – Fiat Chrysler says it is recalling some Chrysler cars because driveshaft bolts can come loose on all-wheel drive models, increasing the risk of a crash.

The automaker says affected cars include 2014-2017 Dodge Charger and Chrysler 300 vehicles equipped with all-wheel drive. Chrysler says it will notify owners, and dealers will replace all eight front driveshaft bolts for the cars, free of charge.

The recall is expected to begin March 31. About 75,000 cars are affected in the U.S., Canada and Mexico.

There have been no reports nor accidents nor injuries.