Briefcase

Gear glitch prompts federal investigation

DETROIT – Federal safety regulators are investigating problems with the automatic shift levers on several General Motors cars because drivers may think the cars are in park when they actually are in gear.

Seven crashes have been reported because of the problem, including one in which a driver put a car in park, got out and was struck and injured when the car unexpectedly rolled backward, the National Highway Traffic Safety Administration said Monday in documents posted on its website.

NHTSA said the protective jacket around cables connecting the floor shift lever to the transmission can deteriorate, exposing the cables to the elements. Cables can corrode and weaken, and the shift lever position can change so it doesn’t match the car’s gear. That means a driver could put the car in park but the transmission could be in drive or reverse.

The probe began with complaints about the Saturn Aura midsize car from the 2007 and 2008 model years, affecting nearly 89,000 vehicles. But the agency said it is now checking to see if the problems extend to other GM vehicles. The Chevrolet Malibu from the 2004 to 2008 model years and the Pontiac G6 from the 2005 to 2008 model years have similar shifting systems, the agency said.

Associated Press

Bank of America selling shares of Chinese bank

CHARLOTTE, N.C. – In its latest step to build capital amid continued questions from regulators and investors, Bank of America Corp. has agreed to sell most of its remaining shares in China Construction Bank Corp., the bank said Monday.

The Charlotte-based lender, the nation’s second-largest by assets, said it will sell 10.4 billion common shares through private transactions with a group of investors – a deal expected to yield an after-tax gain of about $1.8 billion.

It’s part of Chief Executive Brian Moynihan’s ongoing strategy to shed noncore assets to improve efficiency and boost capital in the face of new international standards.

McClatchy

Starbucks drops charge on beans bought in store

BOSTON – Starbucks has stopped tacking on a fee for bags of coffee beans that weigh less than a pound.

The Seattle coffee company eliminated the fee at its stores nationwide this month after a Massachusetts consumer- protection agency fined the company over the practice.The Massachusetts Office of Consumer Affairs and Business Regulation found in August that the coffee chain failed to notify customers either in the store or on their receipts that it was adding a surcharge of about $1.50 for buying a partial bag of beans.

In order to sell less than a pound of coffee, an employee would break open a pre-sealed bag and sell customers a portion size of their choosing. Starbucks would then charge a roughly $1.50 fee to cover the extra labor and packaging.

Associated Press

Florida airline to charge for online purchases

NEW YORK – Spirit Airlines Inc. is nearly doubling the fee it charges to book domestic tickets online.

The Miramar, Fla., company increased its “passenger usage fee” from $8.99 each way to $16.99 last week, according to spokeswoman Misty Pinson. The international fee fell $2 each way to $16.99.

Spirit aims to charge its passengers low base fares but then adds a bevy of fees for everything from placing a carry-on bag in the overhead bin to having a glass of water onboard. In January it plans to start charging $5 for each boarding pass a ticket agent prints.

Associated Press