Morning Money Memo
ABC News' John Kapetaneas reports:
General Motors is under scrutiny for yet another round of safety recalls, focusing this time on the power switches of several SUV models that could potentially catch fire when left unattended. GM is advising owners of select SUVs to park their vehicles outdoors until the problem can be fixed. Originally issued June 30 but now updated with the fire risk, this is the third such recall for this group of automobiles, which includes the 2006 and 2007 model Chevy Trailblazer, GMC Envoy, Buick Rainer, Saab 97-X and Isuzu Ascender. The recall will cover about 189,000 vehicles, and will be the 60 th one issued this year. GM has faced some negative repercussions from the nearly 29 million cars it has called back for automotive issues, including an 80 percent drop in second-quarter profits two weeks ago.
To say Malaysian Airlines has had a tumultuous year would be a historic understatement. The airline behind two major disasters in five months this morning looks as if it will fall into the hands of its national government. According to the Financial Times, the proposed buyout through the Malaysian sovereign wealth fund, would see the company restructured as part of the rescue plan. Shares of the company could also be delisted from being publicly traded. Trading of MAS, shares have been halted on the public exchange since Monday.
Markets across the globe are largely mixed this morning. European markets are trading largely flat for the day, with the exception of Italy, whose market is up over 1.5 percent for the day. Markets in Asia were down slightly across the board today, with Japan's Nikkei and India's Sensex seeing heavier declines at 3 percent and 1 percent, respectively. U.S. futures are up slightly, after falling triple digits earlier in the morning. Gold is up to $1,313 an ounce. Crude oil is mostly unchanged.
Having a hard time getting a loan? Credit scoring company FICO announced Thursday it will no longer include records of previously outstanding bills in consumers' credit reports. The measure will make it easier for many people to increase their borrowing ability by providing a boost to their credit scores.
This weekend's battle at the box office pits Michael Bay's "Teenage Mutant Ninja Turtles" reboot against second-week blockbuster "Guardians of the Galaxy." Despite a dominant first week in theaters for "Guardians," bringing in roughly $220 million for Marvel and Disney, the space odyssey will face stiff competition from the "Turtles" in their 2014 real-life adaptation; the first since 1993. Analysts are expecting both films to pull in around $40 million this weekend.
GM Advises SUV Owners to Avoid Garages in 60th Recall