THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, July 13, 1996 TAG: 9607130285
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 49 lines
Kia Motors Corp. said it's recalling some of its 1996 Sportage EX sport utility vehicles to replace defective accelerator pedal assemblies. The recall covers 693 vehicles made between March 21 and July 4 last year. The company said the pedals can stick, causing drivers to lose control of their car. Irvine, California-based Kia Motors America is the U.S. sales, marketing and distribution arm of Kia Motors Corp., based in Seoul, South Korea. (Bloomberg Business News) Fidelity to restrict distribution of funds
Discount brokerages no longer will be able to distribute Fidelity Investments' most popular mutual funds under a shift in marketing strategy set to take effect in January, Fidelity confirmed Friday. The plan gives Fidelity more control over distribution of its so-called retail funds, which include its popular Magellan, Puritan and Growth and Income funds. While its Advisor group of funds will continue to be available through third-party distributors, the retail funds will be distributed directly to customers, with few exceptions, by Fidelity itself. Fidelity said it was making the shift to eliminate inequities among outside parties who sell its funds. (AP) S&L bailout cost $481 billion
A new congressional study puts the price tag of the savings and loan debacle at $480.9 billion, much higher than previous estimates of the government bailout. Friday's General Accounting Office study arrives at the new figure by calculating indirect costs, such as the interest on government spending for the thrift rescue in the 1980s and early 1990s. Not factored into the GAO study is the money the government will have to pay the savings and loan industry as a result of a Supreme Court decision last week concerning changes in government accounting for thrift mergers. (AP) Chrysler earnings up in second quarter
Chrysler Corp. said today second-quarter earnings soared to its highest level ever for the three month period, citing the popularity of its car and truck lineup. It was the third best quarter ever for the nation's third biggest automaker, and slightly exceeded analysts' expectations. Chrysler earned $1.04 billion, or $2.77 a share before its recent stock split, in the April-through-June period, compared with $135 million, or 35 cents a share, a year ago. Sales increased 27 percent to $15.8 billion - a record for any quarter. (AP) by CNB