Business Briefs – July 24, 2017

U.S. Seeks Dismissal of Charges In ‘London Whale’ Case

NEW YORK (AP) – The U.S. government says it seeks dismissal of charges against two ex-traders at JPMorgan Chase & Co. in a scandal that caused over $6 billion in losses after a trader known as the “London Whale” became an unreliable witness. Prosecutors made the request in the case against Javier Martin-Artajo and Julien Grout. The government was unable to extradite the men and prosecutors said ex-JPMorgan trader Bruno Iksil made statements spoiling him as a witness.

Police: Australian Likely Killed By Takata Air Bag Inflator

DETROIT (AP) – Police in Australia say a man who died this month in a traffic crash near Sydney likely is the 18th person killed by a faulty Takata air bag inflator. Police say the man was struck in the neck by a small fragment and died at the crash scene. He was driving a 2007 Honda CR-V. If death by the air bag defect is confirmed, the man’s death would be the first outside of the U.S. or Malaysia attributed to Takata.

London Blaze Makes U.S. Building Owners Mindful of Fire Threat

ATLANTA (AP) – Fire experts say U.S. building owners should review what materials are in their structures after a catastrophic fire in London showed how flames can quickly devour a high-rise building. Experts say concrete, steel or glass will generally merit few concerns. But potentially flammable material should be examined. Britain is investigating building materials to determine whether they helped spread a fire on Grenfell Tower that killed at least 80 people.

States Vie for Big Foxconn Display Panel Factory

LANSING, Mich. (AP) – Taiwanese electronics maker Foxconn’s plan to build a display panel factory in the U.S. has sparked a flurry of lobbying by states vying to land what some economic development officials say is a once-in-a-generation prize.

It’s not just jobs that are up for grabs — possibly 5,000 alone at the plant and potentially thousands more at other unspecified U.S. operations the company intends to launch. Luring Foxconn to build the country’s first liquid-crystal display factory would signal that the Midwest, which has hemorrhaged manufacturing jobs in recent decades, can diversify into again producing high-tech consumer gadgets often assembled in Asia.

The hunt for Foxconn is fluid and largely secretive, with Rust Belt governors and state officials declining to even confirm their interest due to non-disclosure agreements and Foxconn not elaborating much on why it will expand its U.S. footprint. But Foxconn, the biggest contract assembler of smartphones and other devices for Apple and other brands, has listed seven states with which it hopes to work. It’s expected to announce plans to develop operations in at least three states by early August.

To Read The Full Story

Are you already a subscriber?
Click to log in!