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IMF-GLOBAL FINANCIAL STABILITY
LIMA, Peru (AP) -- The International Monetary Fund says the biggest risks to the global economy are now in emerging markets, where private companies have racked up considerable debt amid a fifth straight year of slowing growth.
Top bank official Jose Vinals says the Fund estimates "that there is up to $3 trillion in over-borrowing in emerging markets."
Vinals presented the IMF's Global Financial Stability report today at its annual meeting, being held in Peru.
He says an unprecedented lending spree has come to an end with the plunge in prices for oil, minerals and other commodities that economists attribute to China's slowdown.
The risk is that shocks from bankruptcies in the developing world's private sector could be amplified in global financial markets.
WOLFSBURG, Germany (AP) -- Volkswagen says a recall of cars with software that can be used to evade emissions tests could start in Germany in January and last until the end of next year.
The recall does not yet include cars in the U.S., where the scandal engulfing the world's largest carmaker erupted. Any U.S. recall will have to be approved by the Environmental Protection Agency, which disclosed the rigging last month, and the California Air Resources Board.
Confirmation of the planned launch date of the recall of 2.8 million cars in Germany came in an interview with VW CEO Matthias Mueller published today in a daily newspaper (the Frankfurter Allgemeine Zeitung).
In it, he said many of the cars being recalled won't need much fixing, merely requiring an adjustment to software. Others though may require mechanical fixes such as new injectors or catalyzers.
TOYOTA-VEHICLES IN THE MIDDLE EAST
NEW YORK (AP) -- Toyota has spoken with U.S. officials about the prominent use of its vehicles by militants in Syria, Iraq and Libya.
Toyota trucks are conspicuous in extremist propaganda and are often what carry Islamic State group fighters to war, some with large caliber weapons affixed to truck beds.
The company says it prohibits sales to anyone who might modify them for paramilitary or terrorist activities.
There are procedures in place to prevent vehicles from being diverted for unauthorized military use, but Toyota says it's impossible to control channels through which vehicles may be misappropriated or resold by third parties.
The Treasury Department's Terrorism and Financial Intelligence wing monitors monetary transfers and the flow of goods that could aid militants, but the department today declined to comment on any ongoing inquiry.
DETROIT (AP) -- The threat of a strike is looming as Fiat Chrysler and the United Auto Workers continue negotiating a new contract.
The union sent a strike notice to FCA Tuesday. Factory workers could walk out as early as 11:59 p.m. EDT tonight.
A strike notice doesn't mean a walkout will happen. The union could reach a new agreement or could delay action. It could also choose to call off workers only at some key plants.
Union members overwhelmingly rejected a tentative agreement with the company last week, saying it didn't go far enough in restoring benefits that workers lost in previous contracts.
FCA and the UAW have been bargaining since then. They were still talking early Wednesday afternoon.
The contract represents around 40,000 workers at 23 plants in the Midwest.
BRUSSELS (AP) -- Any talk of a union between Budweiser and Miller should be put on hold for now as the owners of two of the world's most famous beers continue to haggle over the terms of a merger.
Earlier today, Budweiser's Belgian-Brazilian owner Anheuser-Busch InBev sweetened its offer for SABMiller to more than 68 billion pounds ($104 billion). Butthe reply remained as bitter as the rejection of the two previous proposals.
SABMiller's chairman says, "AB InBev is very substantially undervaluing SABMiller."
There was no outright rejection that a merger is possible so it remains possible that AB InBev could find a more genial response if it raises its offer further.
Were an agreement to eventually emerge, the combined company would have 31 percent of the global beer market, dwarfing the next biggest player, Heineken, which has 9 percent of the market.
COLUMBUS, Ohio (AP) -- Jury deliberations are underway in a civil trial over an Ohio woman's claims that she got kidney cancer after drinking water contaminated by a chemical from a DuPont plant.
The Columbus Dispatch reports the case is one of two that could influence thousands of similar lawsuits about the chemical giant's discharging of C8, which is used to make Teflon.
Fifty-nine-year-old Carla Bartlett is among 3,500 people who say they became ill because the company dumped C8 into the Ohio River and their drinking water from its Washington Works plant near Parkersburg, West Virginia. She used to live closer to the river.
Jurors deliberated briefly Tuesday before recessing for the night. If they find DuPont negligent, they then must decide whether the company acted with malice against Bartlett. If so, a separate hearing would be held to decide punitive damages.
Information from: The Columbus Dispatch, http://www.dispatch.com
ON-CALL RETAIL WORK
ALBANY, N.Y. (AP) -- New York's attorney general says Urban Outfitters will end on-call scheduling at stores in the state.
Attorney General Eric Schneiderman says the Philadelphia-based retailer plans to phase in the change next month.
In April, Schneiderman's office wrote to 13 major retailers questioning the practice of keeping workers on call for shifts on short notice.
The office also cited possible violations of New York's requirement to pay hourly staff for at least four hours when they report for work.
Schneiderman says Urban Outfitters agreed to provide New York employees with work schedules at least one week in advance.
Urban Outfitters did not immediately respond to a request for comment.
Other retailers with agreements are Bath & Body Works, Victoria's Secret, Abercrombie & Fitch and Gap Inc.
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