Hyundai and Kia sued by drivers over anti-lock brake system issue

Hyundai and Kia said faulty hydraulic electronic control units could cause electrical shorts, increasing the risk of fires in engine compartments while driving or even parking the vehicles.

They recommended vehicles be parked outdoors and away from others, and said dealers would install new fuses. The recall follows 11 reports of fires in the United States.

In their complaint, vehicle owners and lessees called the fix “just a band-aid” that did not adequately correct the defect or reimburse them for personal expenses and loss of use and value of their vehicles.

The lawsuit also covers numerous other Hyundai and Kia vehicles from model years 2006 through 2021 with similar alleged defects. She seeks unspecified compensatory and punitive damages.

Hyundai had no immediate comment. Kia did not immediately respond to requests for comment.

Pending home sales drop in January

A gauge of U.S. pending home sales unexpectedly fell in January for a third month as high prices and low inventory continued to constrain home buying.

The National Association of Realtors’ pending home sales index fell 5.7% from the previous month to 109.5, the biggest drop since February 2021, data showed Friday. The figure was worse than any estimate in a Bloomberg survey of economists.

The numbers suggest homebuyers are still struggling to enter a housing market marked by record prices and lean inventory. It will only become less affordable as mortgage rates rise ahead of expected Federal Reserve interest rate increases.

“Given the market situation – mortgages, house prices and inventories – it would not be surprising to see a decline in demand for housing,” said Lawrence Yun, chief economist of NAR.

Contract signings fell in three of the four regions from the previous month, led by a 12.1% drop in the North East. West posted the only gain.

The sale of the Biden administration offshore wind development rights off the coasts of New York and New Jersey has attracted a record $4.37 billion in high bids from developers. The auction, which began Wednesday and ran through Friday afternoon, is the first offshore wind lease sale under President Biden, who sees industry expansion as a way to combat climate change and create jobs. The U.S. Office of Ocean Energy Management, which oversees energy development in federal waters, has offered six leases on 488,201 acres between New York’s Long Island and New Jersey, an area known as New York Bight .

Goldman Sachs Group became the latest bank to be investigated over employees communicating using non-corporate-approved messaging services. Goldman is cooperating with the Securities and Exchange Commission and producing documents related to an investigation, the New York-based bank said in a regulatory filing on Friday. In December, the SEC and the Commodity Futures Trading Commission fined JPMorgan Chase $200 million, saying even the bank’s chief executives and other senior supervisors evaded regulatory scrutiny by using services such as WhatsApp. or personal email addresses. This week, HSBC Holdings said the CFTC was investigating bankers’ misuse of WhatsApp and other messaging platforms.

Exxon Mobil has made a final investment decision on the expansion of a carbon capture facility in LaBarge, Wyoming, with the $400 million project expected to start by 2025. The project will capture up to 1, 2 million metric tons of carbon dioxide per year, an increase of about 20 percent above current levels. The oil giant is feeling pressure from investors to do more to reduce its carbon footprint after losing a quarter of its board to an activist campaign last year.