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NEW YORK (AP) — Stocks are lower in afternoon trading on Wall Street as banks and other financial services companies fall. Sportsman's Warehouse sank 11 percent after the company released a disappointing forecast. Shares in Office Depot and Staples surged on mounting optimism that a court will allow the office supply competitors to combine even though regulators oppose the deal.
BERLIN (AP) — Volkswagen and its Porsche unit say they're recalling a total of about 800,000 Touareg and Cayenne SUVs worldwide because of a potential problem with the pedal system. Volkswagen says it's recalling 391,000 Touaregs worldwide because of a problem that was detected in internal checks with "possible loosening of a retaining ring on the bearing block of the pedal system." The vehicles concerned are 2011-2016 models. Porsche said the recall also affects just over 409,000 of its Cayenne SUVs, made in the same years.
SAN FRANCISCO (AP) — A federal judge is giving Volkswagen and regulators a month to provide a specific plan about how they will bring nearly 600,000 diesel cars into compliance with clean air laws. Volkswagen acknowledged in September that it intentionally defeated emissions tests and put dirty vehicles on the road. Senior U.S. District Judge Charles Breyer says he wants to know the timing of the fix and any planned payments to owners by April 21, among other details.
ALBANY, N.Y. (AP) — The Securities and Exchange Commission has rejected Exxon Mobil's bid to block a shareholder proposal that would require it to disclose how its business will be affected by a 2-degree target limit on global warming. The SEC says it disagrees with the oil company that the proposal is "inherently vague and misleading" or that its existing disclosures cover it. Major shareholders want annual assessments of how Exxon Mobil's portfolio and oil and gas reserves would be affected by the limit endorsed by 195 nations in December.
STOCKHOLM (AP) — A new report says global investments in solar, wind and other sources of renewable energy reached a record $286 billion last year. And for the first time, the developing world accounted for the majority. The United Nations Environment Program says renewable investments in developing countries jumped 19 percent to $156 billion in 2015, with $103 billion in China alone. U.S. investments rose 19 percent to $44 billion but, overall, investments in developed countries fell 8 percent to $130 billion.
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