DETROIT – The government and General Motors are warning vehicle owners that GM’s recall website may not be listing all the cars that need recall repairs.
The National Highway Traffic Safety Administration said Friday that GM’s vehicle identification number, or VIN, look-up system has been incorrectly telling some owners their cars aren’t involved in recalls if parts for the repairs aren’t ready. The system should say which cars are under active recalls even if the parts aren’t ready.
The agency said it asked GM to fix the problem.
Starting Aug. 20, all automakers must have systems that allow owners to search recall information by VIN, NHTSA said.
Microsoft sues over royalties
LOS ANGELES – Microsoft said Friday it is suing Samsung for threatening to stop paying Microsoft royalties for patents behind the Android operating system.
The two companies reached a deal in September 2011 to cross-license each other’s patent portfolios. Samsung wound up paying Microsoft royalties on a series of patents. Analyst Rick Sherlund of Nomura Securities has estimated royalties on its Android patents bring Microsoft nearly $2 billion a year.
In a blog post Friday, Microsoft Corp.’s deputy general counsel said Samsung Electronics Co. Ltd. decided to breach its contract after Microsoft announced in September it was acquiring Nokia’s devices business.
After initially refusing to pay royalties in the second year of the deal, Samsung made a late payment in November but did not add interest, according to a New York federal court document provided by Microsoft.
The complaint also alleged that Samsung has asked South Korean competition authorities to change the contract to reduce or eliminate its payments to Microsoft.
Samsung said in a statement, “We will review the complaint in detail and determine appropriate measures in response.”
Berkshire 2Q profit climbs 41%
OMAHA, Neb. – Warren Buffett’s company says its second-quarter profit soared 41 percent on a significant investment gain from a stock-swap deal completed earlier this year.
Berkshire Hathaway Inc. said Friday that its net income grew to $6.4 billion, or $3,889 per Class A share. That’s up from $4.5 billion, or $2,763 per Class A share, in the same quarter a year ago.
Berkshire agreed earlier this year to acquire a Miami-based TV station from Graham Holdings Co. in exchange for most of its shares in the company that once owned the Washington Post. As part of that deal, Berkshire and Graham Holdings exchanged assets worth roughly $1.1 billion.
Berkshire recorded a $1.1 billion gain in the second quarter because that’s when it took ownership of the WPLG television station and completed the exchange.
Berkshire finished the second quarter with more than $55 billion cash on hand, so Buffett has the resources for an acquisition if he finds an attractive target.
sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.