The regulations were to be phased in, applying to all cars and light trucks by the 2014 model year.
Apple market value hits $500 billion
NEW YORK (AP) — Apple’s market capitalization topped $500 billion Wednesday, climbing to a mountain peak where few companies have ventured — and none have stayed for long.
Apple was already the world’s most valuable company. The gap between it and No. 2 Exxon Mobil Corp. has widened rapidly in the past month, as investors have digested Apple’s report of blow-out holiday-season sales of iPhones and iPads. And, more recently, Apple has raised investors’ hopes that it might institute a dividend.
The company’s market capitalization was near $506 billion at the market close. Shares rose $7.03, or 1.3 percent, to close at $542.44 Wednesday.
Murdoch son resigns from UK newspaper
LONDON (AP) — James Murdoch, his credibility diminished and his future at the helm of his father’s media empire in doubt, stepped down Wednesday as executive chairman of News International, the troubled British newspaper subsidiary embroiled in a deepening phone hacking scandal.
The move — which the company cast as allowing Rupert Murdoch’s younger son to focus on News Corp.’s international TV holdings — plucks the one-time heir apparent out of the cross-hairs of the crisis that has spurred judicial and police inquiries and claimed the careers of several top executives.
“No one is surprised at this development,” said Douglas McCabe, a media analyst at Enders Analysis. “The view is that James’ association with News International was becoming problematic and this is an attempt to move him away from it.”
The 39-year-old James will remain deputy chief operating officer of News Corp., and experts said removing him from the firestorm over News International doesn’t just help with damage control. It also leaves the embattled executive in a key position at the company and places him back into the role of TV executive, where he has shone in the past.
Automaker complaints delay car safety rules
WASHINGTON (AP) — Rules aimed at helping drivers avoid backing over children, already overdue, are being delayed again following complaints from automakers that requiring rearview video cameras systems on new cars and trucks would be too expensive.
In a letter to lawmakers, Transportation Secretary Ray LaHood said his department needs more time for “research and data analysis” before it can issue regulations.
Last year, the National Highway Traffic Safety Administration proposed requiring improved driver rear visibility in new vehicles, a standard that in most cases would necessitate rear-mounted video cameras with in-vehicle display screens.
The regulations were to be phased in, applying to all cars and light trucks by the 2014 model year.