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Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in all the cars built during this time period.   This is the first recall for the Model S, blemishing a clean public record for the electric sedan that received a rare, near-perfect score from influential Consumer Reports magazine. The U.S. automaker twice recalled its first model, the two-door Roadster sports car. In a statement posted on Tesla's website, Chief Executive Elon Musk said the Model S defect emerged after the factory made body side alignment changes that weakened the bracket. A worker at the plant's assembly line in California noticed the defect and reported it to managers, Tesla told the National Highway Traffic Safety Administration.

Germany's second-largest lender Commerzbank ( id="symbol_CBKG.DE_0"> CBKG.DE ) said on Wednesday it will cut 5,200 jobs, about 12 percent of its 45,000 full-time staff, adding to job-shedding by banks across Europe. _0"> Banks including Lloyds ( id="symbol_LLOY.L LLOY.L ), state-owned Dutch bank ABN AMRO ABNNV.UL and HSBC ( id="symbol_HSBA.L HSBA.L ) have been cutting jobs this year as tougher regulation after the global financial crisis and weak investment returns squeeze profit margins.   _1"> Commerzbank, 17 percent state-owned since a bailout during the crisis, posted a net loss of 94 million euros ($126 million) in the first three months of this year and booked a 493 million euro restructuring charge linked to 4,000-6,000 job losses. Around 3,900 jobs will be eliminated at the core bank in Germany , including 1,800 cuts at the retail bank. These are part of a 2 billion euro overhaul announced in November, which includes a revamp of r

Apparel retailer Men's Wearhouse ( id="symbol_MW.N_0"> MW.N ) ousted Executive Chairman George Zimmer, the face of the company founded 40 years ago, sending its shares down as much as 6 percent. _0"> The company, which gave no reason for the dismissal, also postponed its annual shareholder meeting scheduled for later on Wednesday in order to renominate existing directors without Zimmer. "The board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company," Men's Wearhouse said in a terse statement. Company spokesman Ken Dennard said he had no comment beyond what was in the statement. Efforts to reach Zimmer were unsuccessful. A query posted on the "Ask George" section of the company's website, did not elicit an immediate response.   Zimmer, 64, has appeared in his own commercials since 1985 and is known for his line: "You're going to like the way you look. I guarante

BlackBerry shares fell nearly 4 percent on Tuesday after a Bernstein Research analyst cut his rating on the stock to "underperform" ahead of the company's quarterly earnings release next week. _0"> While Bernstein's Pierre Ferragu said he expected disappointing results from the smartphone maker, other analysts have bullish expectations, pointing to an even more volatile run for a generally volatile stock.   In the last few days, there have been are both upgrades and downgrades to the stock as BlackBerry seeks to win back market share it has lost to the likes of Apple Inc and Samsung Electronics with new smartphones powered by its BlackBerry 10 operating system. "The initial enthusiasm that we observed for Blackberry 10 devices now appears to be waning," Ferragu said in a note to clients. He also cut his price target on the company to $10 from $15. Shares of BlackBerry, which reports fiscal first-quarter results on June 28, fell 3.6 percent to

Six awarding-winning writers are among a group of 12 poets, authors and academics vying for the 2013 Warwick Prize for Writing with themes ranging from the Australian war effort in France to opium sellers in 19th century India. _0"> The prize, handed out every two years since 2009, was set up as an international, cross-disciplinary award to recognise excellence in the English language in any genre or form.   Organisers said in a statement that this year's longlist of nominees, unveiled on Wednesday, demonstrated the uniqueness of the award. "We have here books in every genre, from all around the world. The only difficulty now will be choosing a winner from among them," said one of three judges, Ian Sansom, from Britain's University of Warwick which founded the prize. The fiction nominees include British writer Julian Barnes for "The Sense of an Ending" that won the Man Booker prize two years ago as well as American writers Amy Espeseth for &qu

Russian painter Wassily Kandinsky's expressionist masterpiece "Studie zu Improvisation 3, 1909" was the highlight and leading indicator for a flat Christie's London Impressionist and modern art sale on Tuesday. The painting fell short of its top estimate and a record for the artist at auction when it sold for just more than $21 million, the world's largest auctioneers said on Tuesday. The early 20th century artist's vibrantly colored painting of a knight on horseback was the highlight of the sale and had a top estimate of $24.19 million. A similar painting set a $23 million record for Kandinsky's work last year. The Russian expressionist was not the only leading light in an auction series of 44 lots that also included works from Pablo Picasso, Henry Moore, René Magritte, Amedeo Modigliani and Paul Signac.   The auction total for the evening of 64.07 million pounds ($100 million) fell short of a pre-sale top estimate of 75.8 million pounds but was wel

Wholesale inventories rose modestly in April, the latest suggestion that restocking will not be much of a boost to economic growth in the second quarter. _0"> The Commerce Department said on Tuesday wholesale inventories increased 0.2 percent after a 0.3 percent rise in March. The rise in April was in line with expectations. Inventories are a key component of gross domestic product changes. Excluding autos, inventories were flat. This component goes into the calculation of GDP. Coming on the heels of data last week showing factory inventories rose 0.2 percent in April, it suggested that restocking probably would not contribute much to growth this quarter.   Inventories added more than half a percentage point to first-quarter GDP growth, which advanced at a 2.4 percent annual rate. Estimates for growth in the April-June period currently range below a 2.0 percent pace. The value of petroleum stocks fell 0.1 percent in April after declining 3.3 percent in March. Automotive