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Japan's Economy Shaken by Quake; Damage May Be Costliest Ever
By Theunis Bates - AOL NewsThe human cost of last week's earthquake and tsunami in northern Japan is now well known. At least 10,000 people are thought to have died in the tragedy and another 500,000 have been left homeless. What's less clear is the long-term damage this natural disaster may have caused the country's economy, which has been struggling for years. Already, the country may be ringing up the largest reconstruction bill ever following a natural disaster. That bill, Credit Suisse estimates, is likely to top $170 billion -- which would surpass the $123 billion in damage Hurricane Katrina did to the U.S. Gulf ...
Earthquake Could Further Jolt Toyota and Other Japanese Automakers
By not in system - AOL NewsIt was already a difficult year for Japan's largest carmaker Toyota, dealing with the wake of a year of recalls affecting more than 10 million vehicles worldwide. In the aftermath of the devastating earthquake Friday, Toyota and other Japanese automakers could be facing supply interruptions that could compromise business all over the world. Worry over the extent of the damage to the companies facilities, as well as the Japanese economy, sent stocks reeling Monday morning in Tokyo after relatively calm after hours trading over the weekend. Mitsubishi Motors was down 11 percent in early ...
Toyota Recalls 2.17 Million Vehicles in US
By not in system - AOL NewsWASHINGTON - Toyota Motor Corp. recalled 2.17 million vehicles in the United States on Thursday to address accelerator pedals that could become entrapped in floor mats or jammed in driver's side carpeting. The world's No. 1 auto company said more than half of the vehicles under recall are being added to a massive 2009 recall that fixed gas pedals getting trapped in the floor mat. Toyota has now recalled more than 14 million vehicles globally over safety problems since 2009. U.S. regulators said earlier this month that electronic flaws were not to blame for reports of sudden, unintended ...
Opinion: The Feds' Toyota Study Wasted More Than Money
By Leonard Evans - AOL NewsThe government just spent almost a year and who knows how much money investigating Toyota's "unintended acceleration" problem. Surprise -- they found nothing. Why should anyone have expected anything more? The Toyota models sold in the U.S. did not spontaneously accelerate outside the U.S. How can the same cars malfunction here and not elsewhere? This was not merely a waste of taxpayers' money. It assigned skilled professionals to waste time refuting claims no more substantial than those of astrology, when they could have instead focused their attention where it could really make a ...
Government: No Electronic Flaws Found in Toyotas
By not in system - AOL NewsWASHINGTON -- The Obama administration's investigation into Toyota safety problems has found no electronic flaws to account for reports of sudden, unintentional acceleration and other safety problems. Government investigators said Tuesday the only known cause of the problems are mechanical defects that have been addressed by previous recalls. The Transportation Department, which was assisted by engineers with NASA, said its 10-month study of Toyota vehicles concluded there was no electronic cause of unintended high-speed acceleration in Toyotas. The study, which was launched at the request of ...
Opinion: Sensible Gift Ideas for 2010 Newsmakers
By Barry Weintraub - AOL NewsWith Christmas nearly upon us, it might be fun to take a look at what some newsmakers from the year gone by could be hoping to find under their tree. President Barack Obama: A clean copy of his birth certificate that he can send far and wide to all those "birthers" who still can't accept that he really is an all-American boy. And if Santa's feeling extra generous, he might also leave a couple of million new American jobs under Obama's tree, sparing the president from having to find a new one of his own come 2013. John Boehner: A good sunblock, I'm thinking maybe SPF 300, and a two-year ...
Toyota to Pay $32.4M in Extra Fines
By not in system - AOL NewsTOKYO -- Toyota Motor Corp. has agreed to pay the U.S. government a record $32.4 million in additional fines to settle an investigation into its handling of two recalls at the heart of its safety crisis. The civil penalties will settle investigations into how Toyota dealt with recalls over accelerator pedals that could get trapped in floor mats and steering relay rods that could break and lead to drivers losing control. The latest settlement, on top of a $16.4 million fine Toyota paid earlier in a related investigation, brings the total penalties levied on the company to $48.8 million. It ...
Toyota to Pay $32.4 Million in Additional Fines to U.S.
By Carla Baranauckas - Politics DailyToyota Motor Corp. has agreed to pay $32.425 million in fines for its handling of two auto recalls in the United States, the Transportation Department announced Monday. The fines are in addition to $16.375 million that Toyota agreed to pay in April, making the company's total fines for this year $48.8 million. The fines announced Monday, the maximums allowed by law, are the result of two investigations by the National Highway Traffic Safety Administration -- one involving unintended acceleration when gas pedals got stuck or became entrapped by floor mats, the other involving a defect that ...
Toyota to Fix 650,000 Prius Hybrids for Heat Risk
By Lauren Frayer - AOL News
(Nov. 30) -- Toyota says it will voluntarily fix 650,000 Prius hybrids worldwide because of a glitch with their water pumps that can cause the cars to overheat or lose power. Today's announcement isn't a formal recall, because the company says the problem isn't a safety issue and there have been no accidents or injuries, Toyota spokesman John Hanson told Bloomberg. A design flaw in the cars' water pumps can create air bubbles that disrupt the flow of coolant, which can lead to overheating, he said. Tim Boyle, Getty Images Toyota says it will cover the cost to repair Prius hybrids whose ...
Who Deserves Credit for GM's Revival?
By not in system - AOL News(Nov. 17) -- Punctuating an astonishing turnaround, General Motors will offer its stock to the public Thursday in what could be the biggest IPO in U.S. history. As investors line up to place their bets, it's striking to think that just 16 months ago the automaker was on its deathbed. With that in mind, who deserves credit for GM's revival? Business writers wrestle it out: It's an Amazing Turnaround Story, writes Halah Touryalai at Forbes: GM stock has become such a hot item that underwriters stopped taking orders for the IPO yesterday, which was more than seven times oversubscribed, ...
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