NEW YORK (AP) — One Wall Street analyst is telling clients that “the world is a safer place today.” He’s reacting to the European Central Banks’ raft of moves aimed at keeping the 18-country eurozone from slipping into deflation, which could kill the region’s economic recovery. The ECB actions have encouraged investors both in Europe and the U.S. The S&P 500 and the Nasdaq composite are all solidly higher in afternoon trading.
DETROIT (AP) — General Motors says it will launch a compensation program for crash victims or their families as a result of faulty ignition switches linked to at least 13 deaths. The problem led to the recall of 2.6 million cars, but only after years of delay. CEO Mary Barra says an internal investigation found a pattern of incompetency and neglect, but not a cover-up of the matter. GM says it expects to start accepting claims Aug. 1.
WASHINGTON (AP) — A federal investigation into the 2010 BP oil spill in the Gulf of Mexico concludes that the Deepwater Horizon’s blowout preventer wasn’t tested properly and suffered multiple failures. Moreover, the U.S. Chemical Safety Board report says problems in the last-ditch safety device were worse than previously realized and still pose a risk for many rigs drilling today.
NEW YORK (AP) — Barnes & Noble and Samsung are teaming up on the bookseller’s Nook tablets. The deal will allow Barnes & Noble to focus on developing its Nook digital software and leave the production of the tablet to Samsung. The device will be a 7-inch Samsung Galaxy Tab 4 with Nook’s digital reading software already on it. It will be available in early August. There’s no word yet on its price.
SAN FRANCISCO (AP) — A three-day sickout by San Francisco transit drivers appears to be over. The city’s famous cable cars are running again, while train and bus service is almost at full strength. The sickout came after workers rejected a contract proposal that would have given them an 11 percent pay raise, but also required them to cover a 7.5 percent pension payment currently paid by the transit agency. The union says that amounts to a pay cut.
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