Honda recalling 167,000 Acuras
WASHINGTON -- Honda is recalling about 167,000 Acura TSX cars to fix power steering hoses that could deteriorate and cause a fire under the hood.
The recall, announced Friday, involves TSXs from the 2004-2008 model years. The National Highway Traffic Safety Administration said on its website that high temperatures under the hood could cause the power steering hose to crack and leak power steering oil.
The oil can leak onto a hot exhaust pipe and cause smoke and a burning smell, or even a fire.
Spokesman Chris Naughton said Honda had received one report of a minor fire connected to the issue. He said there have been no reports of accidents or injuries.
Honda said the recall is expected to begin in late May. Dealers will replace the power steering hose and seal it at no charge. Owners can contact Acura Client Services at 800-382-2238.
Goldman's shares fall on news of inquiry
NEW YORK -- Shares of Goldman Sachs plunged more than 9 percent to $145.20 Friday after word that the Justice Department had opened a criminal investigation of the Wall Street bank over mortgage securities deals it arranged.
The criminal inquiry follows civil fraud charges filed by the government against Goldman two weeks ago. The investigation stems from a criminal referral by the Securities and Exchange Commission, a knowledgeable person said Thursday. The person spoke on condition of anonymity because the inquiry is in a preliminary phase.
The SEC brought civil fraud charges against Goldman and a trader in connection with transactions in 2006 and 2007. The agency alleged that the firm misled investors by not telling them that the subprime mortgage securities had been chosen with help from a Goldman hedge fund client, Paulson & Co., that was betting the investments would fail.
Goldman and the trader have denied wrongdoing.
D.R. Horton sales, profit rebounding
FORT WORTH, Texas -- D.R. Horton said Friday it turned a profit in the second quarter as the home builder reported a 19 percent increase in completed sales. The company also reported a 55 percent spike in new-home orders as its results outpaced analysts' expectations.
Horton said it had a profit of $11.4 million for the three months ended March 31. A year earlier it had a loss of $108.6 million.
Horton beat expectations with strong sales activity in the quarter. Completed sales increased to 4,260 homes, from 3,585 a year earlier. New-home orders increased to 6,438 from 4,160 in the year-ago period.
S.C. plastics recycler to add jobs in fall
TRENTON -- A plastics recycling company said it will expand one of its operations in Edgefield County and add about 85 jobs. The S.C. Commerce Department said Laurens-based US Fibers will invest about $10 million in expanding its polyester recycling operation in Trenton.
The company plans to begin hiring in the fall.
The holding company for US Fibers was founded in 1994 and began as a distributor for recycled plastic. The company has since added its own recycling facilities.