The problem occurred with GM's 2013-2015 Cadillac XTS and the 2014-2015 Chevrolet Impala, said the Sept. 19 letter from the National Highway Traffic Safety Administration (NHTSA), seen by Reuters. The total number of cars recalled was 221,558, the company said, including 205,309 in the United States, and the remainder in Canada and other countries. "If the vehicle is operated for an extended period of time in this condition, there is a potential for the rear brakes to generate significant heat, smoke and sparks," the NHTSA said. The NHTSA's deputy administrator David Friedman last week heavily criticized General Motors for not reporting and recalling cars promptly over problems with ignition switches that are now linked to at least 19 deaths.
Scotland's rejection of independence and a lack of any fireworks at a Fed meeting last week have calmed investors enough to shift the focus back to what some call the "Great Stagnation", and how to avoid it. The Group of 20 leading nations, meeting at the weekend, said they were tantalizingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs. Brazil is expected to revise down its growth rate just three weeks before a presidential election, Russia is mired in economic sanctions over Ukraine, and China's weak data is partly responsible for the 15 percent fall in the price of Brent crude since early July. A common G20 concern is the risk of Europe's malaise pulling others down.
The Group of 20 leading nations say they are tantalisingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block. The finance ministers and central bank chiefs gathered in the Australian city of Cairns claimed progress on fireproofing the world's financial system and on closing tax loopholes exploited by giant multinationals. They also dealt with the thorny problem of whether to invite Russian President Vladimir Putin to the G20 leaders' summit in November given events in Ukraine, with the consensus being to maintain diplomatic pressure but leave the door open for his attendance. "We are determined to lift growth, and countries are willing to use all our macroeconomic levers – monetary, fiscal and structural policies – to meet this challenge," said Australian Treasurer Joe Hockey, who hosted the event.