Subaru recalls 5 models over air bags

Subaru recalls 5 models over air bags

DETROIT

Subaru is recalling an undetermined number of vehicles because of air-bag problems that have affected much of the global auto industry.

The recall covers the 2003-2005 Baja, Legacy and Outback and the 2004-2005 Impreza, as well as the 2005 Saab 9-2X made by Subaru.

It only affects vehicles in Florida, Puerto Rico, Hawaii and the U.S. Virgin Islands with air-bag inflators made by Takata Corp.

The front-passenger inflators can rupture, causing metal fragments to fly out when the air bags are deployed. That can injure passengers.

Marcellus Shale gas production hits high

PITTSBURGH

Federal energy experts say Marcellus Shale natural- gas production has hit an all-time high.

The U.S. Energy Information Administration said Tuesday that production from Pennsylvania and West Virginia totaled about 15 billion cubic feet per day in July. That’s more than seven times the 2010 production.

The Marcellus Shale generally lies about a mile or more underground, and is the most-productive natural-gas field in the U.S. At current rates, the total yearly production is the energy equivalent of about 800 million barrels of oil.

EIA says it expects that Marcellus production will continue to grow.

21st Century Fox abandons pursuit of Time Warner

Rupert Murdoch’s 21st Century Fox is abandoning its attempt to take over Time Warner in a proposed deal that would have combined two of the world’s biggest media companies.

The about-face announced Tuesday comes three weeks after Time Warner Inc. revealed that it had rejected 21st Century Fox’s unsolicited $76 billion buyout offer.

Murdoch, a voracious dealmaker throughout his colorful career, had envisioned creating a movie-and-television powerhouse by devouring Time Warner. Twenty First Century Fox owns the 20th Century Fox movie studio, Fox broadcast network, and cable-TV channels Fox News and FX while Time Warner’s stable includes the Warner Bros. movie studio and TV channels such as TNT, TBS and HBO.

‘Gluten-free’ labeling standards kick in

WASHINGTON

Starting Tuesday, “gluten- free” labels on packaged foods have real meaning. Until now, the term “gluten-free” was unregulated, and manufacturers made their own decisions about what it means.

This new requirement is especially important for people who suffer from celiac disease and don’t absorb nutrients well. They can get sick from the gluten found in wheat and other cereal grains.

Under a rule announced a year ago, food manufacturers had until this week to ensure that anything labeled gluten-free contains less than 20 parts per million of gluten — ensuring that those products are technically free of wheat, rye and barley.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 23.34 —.20

Avalon Holdings,4.25.06

Clear Channel, .61 22.59 —.13

Cortland Bancorp, 12.52.02

Farmers Nat., .127.59 .12

First Energy, 2.20, 31.791.09

FirstMerit Corp., .64,17.22 —.02

First Niles Financial, .32,9.00.00

FNB Corp., .48,12.12.00

General Motors,33.25—.36

General Electric, .76,25.01—.26

Huntington Bank, .20, 9.55—.14

JP Morgan Chase, 1.52,56.08—.57

Key Corp, .22,13.17—.06

LaFarge, 18.92 —.40

Macy’s, 1.00, 57.66—.92

Parker Hannifin, 1.80, 115.16—.41

PNC, 1.76,81.90—.40

RTI Intl. Metals,26.992.35

Simon Prop. Grp.,4.60,166.72—1.66

Stoneridge 11.10 .02

Talmer Bank, 13.22—.03

United Community Fin. 4.30—.01

Selected prices at 4 p.m. Tuesday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.