U.S. Toyota probe finds no electronic glitchA government investigation into runaway Toyotas has found no new safety defects beyond problems with accelerator pedals that explain reports of sudden acceleration in the vehicles, according to preliminary findings by the U.S. Department of Transportation. Safety experts have said vehicle electronic systems could be to blame for the problems that have led to Toyota's massive recalls, but the review by the government, while still at an early stage, has not found any evidence of those issues.
Chinese exports strong, but imports cool offChina's exports grew strongly in July but import growth fell as its rapid economic expansion cooled, possibly hurting global demand. Exports rose 38.1 percent from a year ago to $145.5 billion while imports gained 22.7 percent to $116.8 billion, the customs agency reported Tuesday. Export growth eased from June's 43.9 percent rate while import growth tumbled from June's 34.1 percent expansion. Weakness in China's demand for imports could dent its ability to help to drive a global recovery amid Europe's debt crisis and slack sales elsewhere.
36 money funds were on brink, Moody's saysAt least three dozen money-market mutual funds were at risk of failing during the financial crisis, besides one that did end up collapsing, Moody's Investors Service said. The report shows how shaky the nearly $3 trillion money-fund industry was after Lehman Brothers' September 2008 collapse. Around the time that a soured Lehman investment triggered the demise of the $64 billion Reserve Primary Fund, Moody's said at least 36 other U.S. money funds were also at risk of "breaking the buck" -- failing to ensure clients could get back at least a dollar for each dollar they put in.
Netflix beefs up streaming-movie offeringsNetflix Inc. will pay nearly $1 billion during the next five years for the online streaming rights to movies from Paramount, Lionsgate and MGM in a deal that could help convert even more people to the idea of getting their entertainment piped over high-speed Internet connections. The agreement marks another breakthrough in Netflix's bid to stock its online streaming library with more compelling material, so it can keep its subscription service relevant as on-demand video systems supplant its core business of renting DVDs through the mail. The online streaming push also helps the company reduce its postage bill for mailing DVDs.
Like it or not, Germany getting Street ViewGoogle will introduce its Street View mapping feature for 20 of Germany's largest cities before the end of the year, the company announced, launching a new debate over privacy in Germany. German officials have been one of the harshest critics of the Street View program, which provides detailed photographs of neighborhoods taken by Google cameras. At the insistence of authorities, the faces of individuals and licenses plates will be blurred. People can also ask to have images of their homes removed from the database starting next week -- a move aimed at dispelling privacy fears.
Wells Fargo ordered to pay in overdraft suitWells Fargo & Co., the largest U.S. home lender, should pay about $203 million to customers who claim the bank manipulated debit-card transactions without their knowledge to increase revenue from overdraft fees, a federal judge ruled. U.S. District Judge William Alsup in San Francisco issued the ruling Tuesday, deciding the case without a jury. Wells Fargo will appeal the ruling, which isn't "in line with the facts of the case," said Richele Messick, a spokeswoman for the San Francisco-based bank.
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