Business news in brief
By The Associated Press
U.S. reimposes oil sanctions
on Venezuela
MIAMI | The Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicolás Maduro’s attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation.
A senior U.S. official, discussing the decision with reporters, said any U.S. company investing in Venezuela would have 45 days to wind down operations to avoid adding uncertainty to global energy markets. The official spoke on the condition of anonymity to discuss U.S. policy deliberations.
Tesla asks shareholders to restore $56B Musk pay package
DETROIT | Tesla is asking shareholders to restore a $56 billion pay package for CEO Elon Musk that was rejected by a Delaware judge this year, and to shift the company’s corporate home to Texas. Stockholders will vote on the changes at a June 13 annual meeting.
The proposals come as the electric vehicle maker struggles with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled 37% so far this year.
In January, the Delaware court ruled that Musk is not entitled to the huge compensation plan that was to be granted over 10 years starting in 2018. But in a regulatory filing, Chairperson Robyn Denholm said Musk met all the stock value and operational targets in the package that was approved by shareholders.
Ford recalls over 456,000 Bronco Sports, Mavericks
NEW YORK | Ford is recalling more than 456,000 Bronco Sport and Maverick vehicles due to a battery detection issue that can result in loss of drive power.
According to the National Highway Traffic Safety Administration, the body and power train control modules for these cars may fail to detect changes in battery charge. When undetected, a low battery charge can cause an unexpected loss of drive power — including sudden stalling or inability to restart — and the use of other electric capabilities like hazard lights.
The recall covers about 403,000 model year 2021-2024 as well as more than 53,000 model year 2022-2023 Mavericks. To remedy the issue, dealers will recalibrate the impacted vehicles’ body and power train control modules at no cost. Owner notification letters are set to be mailed out May 13.
—From AP reports
