Take stock – August 2

Ford Motor Co. is recalling 1.1 million pickup trucks, including 120,000 in Canada, because the gas tanks can fall off and cause fires.

Ford Recalls 1.1M pickup trucks to fix gas tanks

TRAVERSE CITY, Mich. — Ford Motor Co. is recalling 1.1 million pickup trucks, including 120,000 in Canada, because the gas tanks can fall off and cause fires. The National Highway Traffic Safety Administration said Monday on its website that the metal straps holding the tanks can rust, allowing them to fall, rupture and catch fire.

The defect has been blamed for eight fires, three of which spread to the rest of the truck.

One person was injured, suffering first- and second-degree burns, Ford spokesman Wes Sherwood said. The recall affects certain 1997 through 2004 Ford F-150 models, as well as some 1997 through 1999 model year F-250 pickups. Also affected are Lincoln Blackwood pickups from the 2002 and 2003 model years. They were sold in cold-weather states where salt is used to clear roads. The salt corroded straps holding the tanks and they broke, NHTSA said. Sherwood said the company will notify owners in September to bring their trucks to dealers who will replace the straps with new ones that are coated to resist corrosion.


Construction spending shows third monthly gain

WASHINGTON — Builders began work on more office buildings, shopping centres and hotels in June, pushing construction spending higher for a third straight month. But even with the gains, activity remains at depressed levels. The Commerce Department says construction spending rose 0.2 per cent in June to a seasonally adjusted annual rate of $772.3 billion. That put overall spending just 1.2 per cent higher than the 11-year low hit in March. It is just half of the $1.5 trillion pace considered healthy by most economists.

In June, residential construction declined, reflecting a big drop in apartment construction, and spending on government building projects also fell. But private nonresidential activity rose to the highest level since late 2010.

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