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Friday Afternoon Business Brief

July 25, 2014, 1:39 PM by Brandon Van Westen

Friday Afternoon Business Brief

Stocks are sinking in afternoon trading on Wall Street, dragged down by disappointing news from Visa and Amazon. Amazon shares slumped 11 percent after the online retail giant posted a much wider loss than analysts had forecast, hit by expenses. Visa fell 4 percent after the credit card processing giant cut its full-year forecast on concerns about growth overseas.

  • The U.S. government's road safety agency is investigating complaints about engine stalling and alternator failures in Dodge Charger sedans. The probe covers about 123,000 Chargers from the 2011 and 2012 model years. The National Highway Traffic Safety Administration says it's also checking into a report that some Chevrolet Impala front passenger air bags may not inflate in a crash. A California crash analysis firm alleges that the weight sensor in the passenger seat can malfunction.
  • Air France and Germany's two biggest airlines have decided to resume flights to Israel after canceling operations for several days over safety concerns. Air France says its first flight to Tel Aviv will leave Paris tonight. Germany's Lufthansa plans to resume flights in stages starting tomorrow morning and Germany's second-biggest carrier, Air Berlin, says it will start flying at midday tomorrow.
  • The House has passed a bill that would gradually increase the popular child tax credit and make it available to more families with higher incomes. However, the White House says millions of low-income families would lose the $1,000-a-child credit in 2018, when certain enhancements are set to expire. The White House is threatening to veto the bill, saying it favors high-income taxpayers over the poor, while adding $90 billion to the budget deficit over the next decade.
  • The on-demand ride-sharing app Lyft plans to start limited service in New York City tonight after reaching agreement with officials to resolve regulatory issues. New York's attorney general and Department of Financial Services says Lyft has agreed to operate "in full compliance" with existing laws and regulations, and that it will start the new service with commercial drivers only.

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