Feds: New vehicles will need rearview cameras
WASHINGTON - The Transportation Department issued a rule Monday that will require rearview technology in many new vehicles - an effort to reduce deaths and serious injuries caused by backup accidents.
The final rule issued by the National Highway Traffic Safety Administration will require vehicles under 10,000 pounds and built on-or-after May 1, 2018, to meet the new standards. The rule includes buses and trucks.
NHTSA said the rule will save 13 to 15 lives per year and prevent as many as 1,125 injuries per year. The government estimates the cost will be between $132 and $142 per vehicle. Compliance will be phased in by manufacturers in May 2016, before it becomes mandatory.
Job markets need low rates, Fed's Yellen says
WASHINGTON - Federal Reserve Chair Janet Yellen made clear Monday that she thinks the still-subpar U.S. job market will continue to need the help of low interest rates "for some time."
Yellen's remarks signaled that even after the Fed phases out its monthly bond purchases, it has no plans to raise a key short-term rate anytime soon. The bond buys have been intended to keep long-term loan rates low. Many investors had grown anxious that the Fed might raise short-term rates by mid-2015.
Corn cropland to shrink by 4%, offset by beans
OMAHA, Neb. - The amount of U.S. cropland devoted to corn is expected to shrink about 4 percent this year as farmers devote more acres to soybeans, the Department of Agriculture said Monday.
The USDA said it expects 91.7 million acres of corn to be planted. Land devoted to soybeans is expected to grow about 6 percent to 81.5 million acres.
Over the last several years, farmers planted more corn in response to strong prices from growing demand and increasing ethanol production.
Now farmers are shifting back to a more normal split between corn and soybeans because corn prices have cooled after the government proposed reducing the amount of ethanol that must be blended with gas.
United Auto Workers' membership roll grows
NEW YORK - United Auto Workers membership grew by nearly 9,000 people last year, the union said in a filing with the Department of Labor. It was the fourth straight year the union has rebuilt its depleted ranks.
UAW's due-paying membership now stands at 391,415, compared to 382,513 in 2012. It hit a low of 355,191 in 2009.
Another year, another $1 for Google founders
SAN FRANCISCO - Google paid co-founders Larry Page and Sergey Brin their customary $1 salaries last year while executive chairman Eric Schmidt's compensation more than doubled to $19.3 million.
Page, Google's CEO, and Brin, another top executive, have cappied their salaries at $1 annually since Google went public nearly a decade ago. They each own Google stock worth about $26 billion.