GM to close Detroit factory for 5 weeks
General Motors plans to shutter a Detroit car factory for five weeks, laying off 1,500 workers as it tries to keep inventory under control.
The Detroit-Hamtramck plant makes the Chevrolet Impala, Cadillac CT6, Buick Lacrosse and Chevrolet Volt hybrid. It will be shut down through the end of the year starting Nov. 20.
GM also plans to lower the assembly line speed at the plant starting Oct. 20. The company said fewer than 200 workers will be laid off on that date.
Impala sales are off 32 percent through September. Volt sales are down 6 percent, and LaCrosse sales are off 21 percent. CT6 sales, up 51 percent for the year, fell 27 percent last month.
Equifax closes Web page over malicious adware
Equifax said Thursday that its systems were not compromised, after they looked into a report by an independent researcher that one of the company's credit assistance pages contained malicious links.
"Equifax can confirm that . . . the reported issue did not affect our consumer online dispute portal," a spokesman for the credit reporting agency said in a statement. "The issue involves a third-party vendor that Equifax uses to collect website performance data, and that vendor's code running on an Equifax website was serving malicious content. Since we learned of the issue, the vendor's code was removed from the webpage and we have taken the webpage offline to conduct further analysis."
Earlier on Thursday, Ars Technica reported that security analyst Randy Abrams was prompted to download fraudulent Adobe Flash updates when he visited the Equifax website to contest his credit report. Abrams determined that when those updates were clicked, adware would infect a visitor's computer. Abrams also encountered those links during at least three subsequent visits, according to Ars Technica. The Web page in question allowed people to access information under the "Credit Report Assistance" heading.
More than 500,000 child car seats made by Diono (formerly Sunshine Kids Juvenile) are being recalled because they may not adequately protect children in a crash. The recall covers the Radian R100, Radian R120, Radian RXT, Olympia, Pacifica and Rainier convertible and booster seats made between January 2014 and last month. The National Highway Traffic Safety Administration said Thursday that when the seats are secured using a lap belt without the top tether, children over 65 pounds have a greater risk of chest injury in a crash.
Rising energy costs caused prices at the wholesale level to climb 0.4 percent in September. The Labor Department said Thursday that its producer price index, which measures inflation pressures before they reach the consumer, has risen 2.6 percent over the past 12 months. September's burst of inflation is likely the result of oil refineries shuttering along the Gulf of Mexico due to Hurricane Harvey in August. As a result, gasoline prices surged 10.9 percent. Food costs were unchanged last month. A less volatile measure of inflation, which excludes food, energy and trade services, rose 0.2 percent in September.
Tesla is recalling 11,000 Model X SUVs worldwide because their rear seats might not lock into place. The recall involves vehicles with fold-flat second-row seats made between Oct. 28, 2016, and Aug. 16, 2017. Tesla said some cables in the seat may have been improperly tightened, which prevents the left seat from locking in an upright position. That could cause the seat to move forward during a crash.
Banking giant Citigroup said Thursday that its third-quarter profits increased 8 percent from a year earlier, helped by a boost in its investment banking division. Citigroup said it earned $4.13 billion, or $1.42 per share, compared with a profit of $3.84 billion, or $1.24 per share, in the same period a year earlier. Investment banking revenue was $4.6 billion in the quarter, up 16 percent from a year earlier. Its consumer banking division reported a 6 percent drop in profits in the quarter, to $1.17 billion, as the bank saw higher credit costs.
From news reports
8:30 a.m.: Commerce Department releases retail sales data for September.
8:30 a.m.: Labor Department releases consumer price index for September.
10 a.m.: Commerce Department releases business inventories for August.