Business digest: Vote out most of Wells Fargo’s board, firm says


BANKING

Advisory firm: Vote out most of Wells Fargo’s board

An influential firm that advises big shareholders is saying that the majority of Wells Fargo’s board of directors should be removed at the bank’s annual shareholder meeting this month, accusing the board of having a lack of oversight over the bank’s sales practices.

Institutional Shareholder Services said Friday that Wells Fargo investors should vote against retaining 12 out of the 15 members of the bank’s board. The only members of the board ISS advises investors to vote for are the two members of the board who were elected after the sales practices scandal broke, and Tim Sloan, the recently appointed CEO.

ISS is also advising investors to vote in favor of a report on the bank’s business practices.

Wells Fargo’s annual meeting is April 25 in Jacksonville, Fla.

AUTOMOBILES

Honda recalls Accords in the U.S. to check replaced air bags

Japanese automaker Honda said Friday it was recalling 37,000 vehicles in the U.S. to check if replacement air bags contain the recalled Takata inflators that may have been installed prior to the massive Takata recalls last year.

Honda Motor Co. said the recall of the front air bag inflator of the 2003 two-door Accord doesn’t affect its vehicles in other regions. No ruptures have been reported.

The inflators made by Japanese supplier Takata Corp. are blamed in at least 16 deaths and more than 180 injuries worldwide.

The problem set off the biggest recall in U.S. automotive history, involving 42 million vehicles. Globally, the tally is more than 100 million.

The inflators can explode with too much force, sending shrapnel spewing.

The latest recall is unusual in that Honda is trying to find 2,500 inflators that were replaced during repairs, but it doesn’t know where the 2,500 inflators went, so it’s recalling all of the possibly affected vehicles so they can be checked.

RESTAURANTS

KFC to stop using chickens raised with human antibiotics

KFC said Friday that it will stop serving chickens raised with certain antibiotics.

The fried chicken chain said the change will be completed by the end of next year at its more than 4,000 restaurants in the U.S.

It is working with more than 2,000 farms around the country to stop using antibiotics important to human medicine. Antibiotics specific to animals may still be used to treat diseases in the chickens, KFC said.

Meat producers give animals antibiotics to make them grow faster and prevent illness, a practice that has become a public health issue. Officials have said that it can lead to germs becoming resistant to drugs, making antibiotics no longer effective in treating some illnesses in humans.

KFC’s rivals have already announced plans to curb their use of chickens raised with antibiotics. Chick-fil-A has said that by 2019 it will only serve chicken that has never been given any antibiotics. And McDonald’s Corp. has stopped using chickens raised with antibiotics important to human medicine for its McNuggets.

TRUCKING

U.S. probes Freightliner trucks for windshield wiper failures

U.S. safety regulators are investigating why windshield wipers can fail on almost 194,000 Freightliner big trucks.

The National Highway Traffic Safety Administration says in documents posted Friday that Freightliner maker Daimler Trucks has received four complaints, 12 reports from the field and more than 1,800 warranty claims due to the problem.

In one case a driver reported the wipers stopped working during a rain storm, causing him to lose vision and lose control of his truck.

The investigation covers Freightliner Cascadia trucks from the 2015 and 2016 model years.

The agency says it will conduct an engineering analysis on the wiper system performance. It also will study comparable vehicles. The investigation could lead to a recall.

Daimler Trucks said in a statement that it’s working with federal regulators on the investigation and that it thoroughly investigates issues that affect safety.



Reader Comments ...


Next Up in Business

Up the Ladder

Credit unions Greater Texas Credit Union has named Lisa Bateman vice president-consumer lending. Consulting Potomac Strategy Group has named Jamie Bennett vice president. E-Commerce Twyla has named Thomas Galbraith chief executive officer. Health care HNI Healthcare has named Michael Saunders president. Law firms Weisbart Springer Hayes has named Mia...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

TEXAS ECONOMY With tax overhaul as ‘tailwind,’ regional economy surged, Dallas Fed says: Economic activity in Texas and parts of two neighboring states surged over the past six weeks, as the federal tax overhaul boosted confidence across a wide range of businesses in the region, according to a report last week from the Federal Reserve Bank...
Despite tight labor market, Austin job growth maintains momentum
Despite tight labor market, Austin job growth maintains momentum

Back around the middle of last year, workforce experts looked at the easing rate of Austin-area job growth and figured the inevitable had finally arrived: The region’s tight labor market was bringing expansion back to more reasonable levels. In true Austin fashion, though, local hiring re-accelerated in the months since. And after modest job...
Amazon raises monthly Prime membership rate
Amazon raises monthly Prime membership rate

The monthly membership fee for Amazon Prime rose Friday from $10.99 to $12.99. Company officials said the annual membership will remain at $99 dollars. Monthly customers do not get access to Amazon Video, which costs $8.99 a month. The last Prime subscription hike came in 2014, when Amazon increased its yearly membership from $79 to $99. The e-commerce...
Top tips for selling your old stuff on eBay (and actually making cash)
Top tips for selling your old stuff on eBay (and actually making cash)

Too much clutter, too little money, too many gifts you didn't like... an eBay auction is one of the simplest solutions to all three issues. If your trash might be someone else's treasure, an eBay business is simple to start and accessible to just about anyone. "It has low start-up costs and it can be started out of your home," noted the ...
More Stories