Business briefs

Ford to repair cruise switches

WASHINGTON -- Ford Motor Co is recalling as many as 3.6 million vehicles because a switch that deactivates the speed control can overheat, the National Highway Traffic Safety Administration said Friday. The agency said the switch problem could result in a fire under the hood. The vehicles being recalled are F-Series and Ranger pickup trucks, Explorer, Bronco and Mountaineer SUVs, Econoline vans and some Crown Victoria, Town Car, Grand Marquis, Capri, Mark VII and Taurus Sho cars with model years ranging from 1992 to 2004.

Chrysler sale closes with new owner

DETROIT -- Private equity firm Cerberus Capital Management took control of Chrysler Group on Friday in a $7.4 billion deal designed to set the beleaguered 82-year-old automaker on a path to recovery as a private company. DaimlerChrysler AG of Germany, which also builds Mercedes luxury cars, agreed in May to transfer an 80.1 percent stake in Chrysler to New York-based Cerberus.

Ronco auction fails to lure bidder

WASHINGTON -- Ronco Corp. called off a planned auction for its business after failing to attract any qualified bids for its collection of rotisserie ovens, knife sets and food dehydrators. Ronco said in a bankruptcy filing it expected to clear about $6.5 million in cash from the sale. But that won't be enough to pay off secured lender Laurus Master Fund Ltd., which is owed $8.1 million. Ronco now will sell its business to a unit of Los Angeles private equity firm Marlin Equity Partners LLC. The company was founded in 1958 by Ron Popeil, the legendary pitchman who appeared in many of Ronco's ubiquitous TV infomercials. Popeil sold the company for about $56 million two years ago.

Warren Buffett still on a roll

NEW YORK -- Warren Buffett's Berkshire Hathaway Inc said Friday second-quarter earnings rose 33 percent, helped by higher insurance underwriting profit and investment income.