GM recalls nearly 3.8M pickups, SUVs to fix brake issues
DETROIT | Under pressure from the federal government, General Motors is recalling nearly 3.8 million big pickups and SUVs in the U.S and Canada to fix a brake problem.
There have been 113 reports of crashes and 13 injuries related to the problem, according to GM.
The recall covers the Chevrolet Silverado and GMC Sierra 1500, 2500 and 3500 pickups from the 2014 through 2018 model years. Also included are the Cadillac Escalade from 2015 to 2017, and the GMC Yukon and Chevy Suburban and Tahoe from 2015 through 2018.
GM said that as it ages, the pump in the power-assist brakes can put out less vacuum power than needed, increasing stopping distance and the risk of a crash.
Wholesale prices up tiny 0.1% in August
WASHINGTON | U.S. wholesale prices edged up a slight 0.1% in August as energy prices took a big plunge, a further sign that inflation is remaining tame.
The Labor Department said Wednesday that the gain in its producer price index, which measures inflation pressures before they reach the consumer, followed a modest 0.2% rise in July. Core inflation, which excludes food and energy, rose a stronger 0.3%.
After bigger gains in April and May, driven by a surge in energy costs, wholesale inflation has returned in the past four months to the tiny increases seen during much of this record-long economic expansion, now in its 11th year.
Peloton plans to raise up to $1.3B in IPO
NEW YORK | The connected exercise machine company Peloton plans to raise as much as $1.3 billion in an initial public offering of stock.
The New York company, known for its stationary bikes that allow users to stream workouts live or on-demand, says it plans to offer 40 million shares. Underwriters will have a 30-day option to buy up to an additional 6 million shares. The stock is expected to be priced in a range of $26 to $29 per share.
Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription. The company also makes high end treadmills that cost more than $4,000.
— From AP reports