Kia to recall some Soul small SUVs

Kia to recall some Soul small SUVs

DETROIT

Kia is recalling nearly 209,000 Soul small SUVs because the gas pedals can bend or break.

The recall covers certain Soul and Soul electric vehicles from the 2014 and 2015 model-years.

If the gas pedal bends or breaks, it can be hard to accelerate the SUVs, increasing the risk of a crash.

Kia Motors America says in documents filed with the government that an unsupported section of the pedal can bend if a driver stomps on it too hard when the vehicle isn’t moving.

The problem was discovered through warranty claims. Kia says no crashes or injuries have been reported.

Dealers will add rubber supports beneath the pedal stopper at no cost to owners. The recall is expected to start March 24.

Wholesale prices fall for 4th month

WASHINGTON

Wholesale prices fell for the fourth-straight month in February as a decline in food prices offset an increase in gasoline prices.

The Labor Department said Friday its producer price index, which measures inflation pressures before they reach consumers, dropped 0.5 percent in February. The figure follows a 0.8 percent fall in January, which had been a record decline in a government series that goes back to 2009.

Core producer prices, which exclude volatile food and energy costs, also fell 0.5 percent during the month. Over the past 12 months, producer prices have shed 0.6 percent while core prices have climbed a modest 1 percent.

Toyota, IOC ink $1B sponsorship deal

TOKYO

The world’s biggest automaker is driving onto the world’s biggest sports stage.

Toyota Motor Corp. signed on as a global Olympic sponsor Friday in a landmark deal reportedly worth nearly $1 billion, becoming the first car company to join the IOC’s top-tier marketing program.

The eight-year deal underlines Asia’s growing influence in the Olympics, bolsters the IOC’s long-term financial security and gives Toyota a worldwide platform that shuts out rival auto manufacturers.

The deal starts globally in 2017 and runs through the 2024 Olympics.

Lumber Liquidators: No plans to change

NEW YORK

The founder and chairman of Lumber Liquidators said Friday that the retailer has no plans to stop selling laminate flooring made in China, even as it continues to face fallout from a “60 Minutes” report that questioned the safety of such laminates.

The “60 Minutes” report earlier this month said that Lumber Liquidators’ laminate flooring made in China contained high levels of formaldehyde, a carcinogen. The report said Lumber Liquidators’ laminate flooring fell short of California’s standards. The company says it complies with all regulations for its products.

In a telephone interview with CNBC Friday, Lumber Liquidators founder and Chairman Tom Sullivan said that there are certain laminates that China is better at, adding that the company will “sell what customers want.”

Wire reports