IN BRIEF
DETROIT — General Motors and Isuzu are recalling more than 258,000 SUVs in the U.S. and Canada to fix short-circuits in power-window and door-lock switches that can cause fires.
The recall covers Chevrolet TrailBlazer, GMC Envoy, Buick Rainier, Isuzu Ascender and Saab 97-X SUVs from the 2006 and 2007 model years. The SUVs were sold or registered in 20 U.S. states, Washington, D.C., and Canada, where salt and other chemicals are used to clear roads in the winter.
GM has reports of 28 fires. It doesn’t know of any injuries caused by the problem.
Fluid containing the road-clearing chemicals can get inside the driver’s door and cause corrosion in the power-window and door-switch circuit boards, according to documents posted on the U.S. National Highway Traffic Safety Administration website. The corrosion can cause short-circuits, knocking out the switches and causing fires.
The recall affects SUVs sold or registered in New York, Ohio, Pennsylvania, West Virginia and 16 other states.
Dealers will replace the power-window switch for free, according to NHTSA documents posted Saturday. Owners will get letters telling them when to schedule appointments.
Report: Best Buy to name new CEONEW YORK — Best Buy plans to announce today it has picked the former CEO of global hospitality company Carlson as its new CEO, according to a published online report.The Wall Street Journal says Hubert Joly is expected to take over the nation’s largest consumer electronics chain in early September. Carlson, which operates such businesses as Radisson and T.G.I Friday’s, announced on Sunday that Joly resigned from the top role.Joly is expected to succeed Mike Mikan, a board member who has served as interim CEO since April when former CEO Brian Dunn left Best Buy because of what the company called an “inappropriate” relationship with an employee.
Lowe’s revenue, 2Q net income declineMOORESVILLE, N.C. — Lowe’s fiscal second-quarter net income dropped 10 percent, hurt by a timing shift and a charge tied to job cuts.The world’s second-biggest home improvement retailer earned $747 million, or 64 cents per share, for the period ended Aug. 3. That’s down from $830 million, or 64 cents per share, a year ago.Fiscal 2012 has one less week than last year. Removing a charge tied to previously announced job cuts, earnings were 65 cents per share.Revenue fell 2 percent to $14.25 billion from $14.54 billion.Analysts expected earnings of 70 cents per share on revenue of $14.44 billion.
Liberty boosts Sirius XM stakeNEW YORK — Liberty Media said Friday it has boosted its stake in Sirius XM Radio and intends to take control of the satellite radio broadcaster if federal authorities approve.The conglomerate controlled by cable TV magnate John Malone said it bought 94.3 million shares in Sirius XM starting in the past week for $234.3 million, raising its stake to 48 percent.It also said in a regulatory filing that it filed a new application with the Federal Communications Commission for consent to take control of Sirius XM.
